EarningsQ2 2026 Earnings Report

Old Dominion Freight (ODFL) Q2 2026 Earnings Report

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Previous Report: Q1 2026

MX:ODFL Q2 2026 EPS Results

Actual EPS$28.38

Consensus EPS$25.93

Beat/MissBeat by +$2.45

One Year Ago EPS$21.46

MX:ODFL Q2 2026 Revenue Results

Actual Revenue$26.25B

Expected Revenue$26.01B

Beat/MissBeat by +$247.06M

YoY Revenue Growth+10.39%

Earnings Announcement Details

QuarterQ2 2026

Date07/29/2026

TimeBefore Open

Conference CallWednesday, July 29, 2026

MX:ODFL Upcoming Earnings

Old Dominion Freight's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

MX:ODFL Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

No slide deck is available for this earnings event.

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 29, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented multiple clear operational and financial strengths: return to revenue growth (10.4% YoY), strong operating leverage (450 bps OR improvement to 70.1%), a 32.3% increase in EPS to $1.68, robust cash generation, active shareholder returns, and high service quality (99% on-time, 0.1% claims). Management acknowledged near-term headwinds including lower tons per day (-4.1% YoY), fuel and fringe cost pressures, mix-driven yield moderation into Q3, and industry-level volatility (broker/legal scrutiny, insurance inflation, and some peer capacity issues). On balance the positive execution, yield progress, cash flow and capacity positioning outweigh the challenges discussed, while management remains cautious and measured about seasonality and mix effects.

Company Guidance

Management guided that, if recent momentum carries, third-quarter revenue could rise ~10% (implying roughly $1.54–$1.55 billion) while a conservative carry of July’s 7.5–8.0% would imply about $1.52 billion; they expect LTL revenue per hundredweight excluding fuel to improve ~4.0–4.5% in Q3 (assuming a baseline diesel of ~$4.95/gal) and cited incremental margins of roughly 45–50% on that revenue growth. For context, Q2 results included revenue of $1.55 billion (+10.4%), operating ratio improvement of 450 basis points to 70.1%, EPS of $1.68 (+32.3%), LTL revenue/ckwt up 15.2% (ex‑fuel +5.5%), LTL tons per day down 4.1% year‑over‑year but up 4.0% sequentially, revenue per day +14.6% sequentially, and monthly Q2 tonnage trends of April −2.8%, May +3.0% and June +0.9% (vs. 10‑yr averages of −0.9%, +2.2%, +1.7%). They also said GAAP Q3 OR seasonality is typically flat to +50 bps from Q2 but, after normalizing for the $17.2 million net property gain in Q2, they expect a ~150–200 bps increase; other guidance included Q3 effective tax rate ~25.0%, Q2 operating cash flow $272.7 million (YTD $646.3M), Q2 capex $77.0M (YTD $140M) with full‑year capex raised to ~ $380M (+$115M, including ~$60M for tractors/trailers and ~$55M for real estate), Q2 share repurchases $151.6M (YTD $240M) and Q2 dividends $60.2M (YTD $121M).

Revenue Growth

Revenue increased 10.4% year-over-year to $1.55 billion in Q2 2026, with sequential revenue per day up 14.6% versus Q1 2026 and management discussing the potential for ~10% revenue growth for Q3 if momentum is maintained.

Operating Ratio Improvement

Operating ratio improved 450 basis points year-over-year to 70.1% in Q2 2026, driven by improvements in direct operating cost and overhead as a percentage of revenue.

Earnings Per Share Record Match

Earnings per diluted share rose 32.3% to $1.68, matching the company record previously set in Q3 2022.

Yield and Revenue per Hundredweight Strength

Reported LTL revenue per hundredweight increased 15.2% YoY (5.5% excluding fuel surcharges), reflecting successful yield management and revenue quality initiatives.

Service Quality Metrics

Operational performance remained strong with 99% on-time service and a claims ratio of 0.1%, plus ~1,000 lane adjustments YTD to improve transit times.

Cash Generation and Capital Deployment

Operating cash flow was $272.7 million in Q2 and $646.3 million YTD; capital expenditures were $77.0 million in Q2 ($140 million YTD) and the 2026 capex plan was increased to ~$380 million to capture strategic opportunities.

Shareholder Returns

Share repurchases totaled $151.6 million in Q2 ($240 million YTD) and cash dividends were $60.2 million in Q2 ($121 million YTD), demonstrating active capital returns.

Sequential Volume Recovery and July Momentum

Sequentially LTL tons per day improved 4.0% and shipments per day improved 3.2% in Q2 vs Q1; July month-to-date revenue per day was up ~7.5%–8.0% YoY, with tons per day down ~1% YoY but sequential trends stronger than normal seasonality.

MX:ODFL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	26.95 / -	21.625	―
Jul 29, 2026	2026 (Q2)	25.93 / 28.38	21.456	32.28% (+6.93)
Apr 29, 2026	2026 (Q1)	17.72 / 19.26	20.104	-4.20% (-0.84)
Feb 04, 2026	2025 (Q4)	17.91 / 18.41	20.78	-11.38% (-2.37)
Oct 29, 2025	2025 (Q3)	20.56 / 21.62	24.159	-10.49% (-2.53)
Jul 30, 2025	2025 (Q2)	21.69 / 21.46	25.003	-14.19% (-3.55)
Apr 23, 2025	2025 (Q1)	19.31 / 20.10	22.638	-11.19% (-2.53)
Feb 05, 2025	2024 (Q4)	19.61 / 20.78	24.834	-16.33% (-4.05)
Oct 23, 2024	2024 (Q3)	23.96 / 24.16	26.102	-7.44% (-1.94)
Jul 24, 2024	2024 (Q2)	24.53 / 25.00	22.385	11.70% (+2.62)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed