Old Dominion Freight Line, Inc. reported its financial results for the second quarter and first half of 2025, revealing a decline in both revenue and net income compared to the same periods in 2024. For the three months ended June 30, 2025, the company generated $1.41 billion in revenue, a decrease of 6.1% from $1.50 billion in the prior year. Net income for the quarter was $268.6 million, down 16.6% from $322.0 million in the same quarter of 2024. Diluted earnings per share also fell to $1.27, a 14.2% decrease from $1.48 in the previous year.
In the first half of 2025, Old Dominion's revenue totaled $2.78 billion, reflecting a 6.0% decline from $2.96 billion in the first six months of 2024. Net income for this period was $523.3 million, down 14.8% from $614.3 million in the prior year. The company attributed these declines primarily to reduced shipping volumes amid a softening domestic economy, with LTL (less-than-truckload) tonnage per day decreasing by 9.3% in the second quarter and 7.8% in the first half of 2025.
Operationally, Old Dominion reported a decrease in LTL shipments, with 2.87 million shipments in the second quarter, down 7.3% from 3.10 million in the same period of 2024. The average weight per shipment also declined slightly, contributing to the overall decrease in tonnage. However, the company experienced a 3.4% increase in LTL revenue per hundredweight in the second quarter, indicating a successful execution of its yield management strategy despite the volume drop. The company maintained a strong service performance, achieving a 99% on-time delivery rate and a cargo claims ratio of 0.1%.
In terms of financial position, Old Dominion's total assets increased to $5.55 billion as of June 30, 2025, compared to $5.49 billion at the end of 2024. The company reported a decrease in cash and cash equivalents, which fell to $24.1 million from $108.7 million at the end of the previous year. The company also increased its long-term debt to $150.0 million, up from $40.0 million at the end of 2024, reflecting a strategic decision to enhance liquidity amid changing market conditions. Looking ahead, Old Dominion anticipates continued challenges in the domestic economy but remains focused on maintaining operational efficiency and customer service excellence. The company plans to invest approximately $450 million in capital expenditures for 2025, aimed at expanding its service center facilities and upgrading its fleet and technology.
About OLD DOMINION FREIGHT LINE, INC.
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