Old Dominion Freight Line Inc. (NASDAQ:ODFL) shares fell Wednesday after the company reported first-quarter 2026 results.

Revenue and Earnings

Revenue declined 2.9% year over year to $1.335 billion, topping analyst expectations of $1.312 billion. The decrease was driven by a 7.7% drop in less-than-truckload (LTL) tons per day, reflecting a 7.9% decline in shipments per day during the quarter.

LTL revenue per hundredweight, excluding fuel surcharges, increased 4.4% from a year earlier.

Operating income fell 6.1% to $317.3 million. The operating ratio rose 80 basis points to 76.2%, as higher overhead costs as a percentage of revenue offset improvements in direct operating expenses.

Net income decreased 6.4% to $238.3 million. Earnings came in at $1.14 per share, down 4.2% year over year but above the consensus estimate of $1.06.

Cash Flow and Capital Allocation

Operating cash flow totaled $373.6 million in the quarter, while capital expenditures were $62.6 million.

The company returned capital to shareholders through $88.1 million in share repurchases and $60.5 million in dividends.

Outlook

For fiscal 2026, Old Dominion continues to expect aggregate capital expenditures of approximately $265 million.

ODFL Price Action: Old Dominion Freight Line shares were down 6.40% at $207.58 at the time of publication on Wednesday, according to Benzinga Pro data.

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