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FinanceOld Dominion Freight Q2 operating ratio nears 70% milestone at 70.1%
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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.
Source report
Author: John Kingston Reading Time: 2 minutes
Old Dominion is approaching a milestone operating ratio (OR) below 70%.
The less-than-truckload (LTL) carrier reported a second-quarter OR of 70.1%, a significant improvement from 74.6% in the same period last year. For the first six months of 2026, the company's OR stands at 72.9%.
Key Metrics
Despite the strong OR performance, most business volume metrics declined year-over-year:
- Tons shipped: Decreased
- Tonnage per day: Lower
- Shipments: Reduced
However, pricing improved notably:
- Revenue per hundredweight (excluding fuel): Rose 5.5% to $29.71
- Revenue per hundredweight (including fuel): Jumped to $37.84 from $32.84, with fuel appearing to be a tailwind
- Revenue per shipment (excluding fuel): Increased 7.2%
- Weight per shipment: Inched up 1.7%
Operational Highlights
In the earnings statement, CEO Marty Freeman highlighted:
- On-time service rate: 99%
- Claims ratio: 0.1%
"The strength of our second quarter financial results reflects continued improvement in demand trends and the benefits of our long-term focus on yield discipline and operational execution," Freeman said.
Stock Performance
Like several other publicly traded LTL companies, Old Dominion's stock has faced pressure since early June, partly due to concerns over Amazon's potential entry into the LTL space.
- 52-week high: $252.03 (June 9, 2026)
- Closing price (Tuesday): $226.28
- 52-week gain: Still up 37.7%
Earnings vs. Consensus
- Earnings per share: $1.68 (beat Wall Street consensus by $0.15, per SeekingAlpha)
- Revenue: $1.55 billion (slightly above consensus)
An earnings call is scheduled for 10 a.m. EDT.
This article originally appeared on FreightWaves.
Source
Yahoo FinanceWestern
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Old Dominion Freight nears sub-70 operating ratio in Q2 2026 earnings