Old Dominion Freight nears sub-70 operating ratio in Q2 2026 earnings
Old Dominion Freight Line reported a second-quarter operating ratio of 70.1%, approaching the milestone sub-70% level, a sharp improvement from 74.6% a year earlier. Despite lower shipment volumes and tonnage, the LTL carrier boosted revenue per hundredweight excluding fuel by 5.5% to $29.71, and revenue per shipment excluding fuel rose 7.2%. CEO Marty Freeman cited improved demand trends, yield discipline, and operational execution. The company also achieved a 99% on-time service rate and a 0.1% claims ratio. Earnings per share of $1.68 beat Wall Street consensus by $0.15, while revenue of $1.55 billion slightly exceeded expectations. Old Dominion's stock has faced pressure since early June amid Amazon's potential entry into LTL, but remains up 37.7% over 52 weeks.
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