Old Dominion Q1 Revenue Dips 3% to $1.335B as Tonnage Falls 7.7%
Old Dominion reported Q1 2026 revenue of $1.335 billion (down 3% y/y) and net income of $238.3 million (down 6.4%), with LTL tons per day falling 7.7%. Management noted 6% yield growth, a 76.2% operating ratio and 1% higher shipment weights, while April tonnage eased 6.5% due to customer uncertainty.
1. Q1 Financial Results
Old Dominion recorded Q1 revenue of $1.335 billion, down 3% year-over-year, with net income of $238.3 million, down 6.4%, and earnings per share of $1.14, beating consensus by $0.09. Operating income declined 6.1%, reflecting volume headwinds despite revenue exceeding guidance.
2. Operational Performance
LTL tons per day fell 7.7%, while revenue per hundredweight rose 6% and weight per shipment increased 1%, driving revenue per shipment up 5%. The operating ratio improved 50 basis points to 76.2%, highlighting disciplined yield management and high on-time service levels.
3. Market Outlook and Volume Trends
Management said volumes outperformed normal seasonality through March but April tonnage declined 6.5% as customer uncertainty resurfaced. Strategic investments of nearly $2 billion in terminal capacity have created over 35% excess capacity, positioning the network for incremental volume as markets recover.