Old Dominion beats first quarter 2026 estimates with strong pricing power offsetting a 7.7% drop in LTL tons.

Old Dominion reported first quarter 2026 revenue of $1.34 billion, a 2.9% decrease year-over-year, and diluted EPS of $1.14, a 4.2% decrease. The results beat analyst expectations for both revenue and earnings.

Key Highlights

• The company's disciplined pricing strategy proved effective, with LTL revenue per hundredweight excluding fuel surcharges increasing 4.4% year-over-year.
• Weaker freight demand continued to impact volumes, reflected in a 7.7% decrease in LTL tons per day and a 7.9% decrease in LTL shipments per day.
• The operating ratio deteriorated by 80 basis points to 76.2% compared to the prior year, attributed to the deleveraging effect of lower revenue and an increase in overhead costs.