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Old Dominion

ODFL Nasdaq Cargo Ground Transportation Financials FY2016–FY2025

Old Dominion's revenue fell 5.5% to $5.5 billion in fiscal 2025. Its operating margin was 24.8%, down from 26.6% a year earlier. Free cash flow was $955 million, up 7.6%. It paid out $966 million in dividends and buybacks, 101% of free cash flow. The diluted share count fell 2.3%.

Last close · Oct 23, 2026

$182.70

3.8%
Value it Compare
Revenue Total sales reported in the income statement.
$5.5B
5.5% vs prior year
Operating margin Operating income as a share of revenue.
24.8%
1.8 pts
Net income Profit after all expenses, interest and tax.
$1.0B
13.7%
Free cash flow Cash from operations minus capital spending.
$955M
7.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.3%
4.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$38.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
35.1x
On $5.20 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for stock splits (2-for-1 and 1.5-for-1), so every year is on today's share basis.

What Old Dominion does

No business description yet.

Legal name
OLD DOMINION FREIGHT LINE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-067161
0000878927

Revenue and margins

Old Dominion had $5.5B of revenue in fiscal 2025, down 5.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 16.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $955M in fiscal 2025, 17.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Old Dominion returned $966M to shareholders in fiscal 2025, 101% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Old Dominion yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $80.1M and divides by 211.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 35.1x · peers 45.8x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Old Dominion can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $717M$236M$434M$109M$120M
Debt incl. finance leases $99.9M$100M$80.0M$60.0M$40.0M
Net debt / EBITDA −0.4x−0.1x−0.2x−0.0x−0.1x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Interest coverage 805.8x1,177.6x3,535.9x7,283.0x4,598.1x
Current ratio 3.0x1.8x2.1x1.3x1.4x
Quick ratio 3.0x1.8x2.1x1.3x1.4x
Total assets $4.8B$4.8B$5.5B$5.5B$5.5B
Total liabilities $1.1B$1.2B$1.3B$1.2B$1.2B
Shareholders' equity $3.7B$3.7B$4.3B$4.2B$4.3B
Net debt (− = net cash) −$617M−$136M−$354M−$48.7M−$80.1M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$26.2M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 25, 2026 Cecil E. Overbey Jr.SVP - Strategic Development Sold 19,952 $198.39 $4.0M Form 4
May 4, 2026 Greg C GanttDirector Sold 22,107 $191.52 $4.2M Form 4
Feb 26, 2026 Earl E CongdonChair Emeritus & Sr. Advisor Sold 25,000 $196.13 $4.9M Form 4
Feb 19, 2026 David S CongdonExecutive Chairman, Director Sold 52,000 $194.77 $10.1M Form 4
Feb 18, 2026 Bradley R GaboschDirector Sold 3,134 $194.27 $0.6M Form 4
Feb 18, 2026 Christopher James KelleySVP - Operations Sold 80 $200.43 $0.0M Form 4
Feb 9, 2026 Greg C GanttDirector Sold 12,024 $196.43 $2.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 6 / 85 / 86 / 8
Accruals ratio −6.4%−8.6%−6.3%
Altman Z'' 8.648.058.25

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Old Dominion ODFL $38.1B −5.5% 24.8% 17.4% 24.3% 35.1x 6
Landstar System LSTR $5.6B −1.6% 3.2% 4.5% 24.9% 45.8x 4 Compare →
Knight-Swift KNX $10.0B 0.8% 2.9% 16.9% 1.6% — 6 Compare →
XPO XPO $21.6B 1.1% 8.0% 4.0% 9.5% 54.2x 5 Compare →
FedEx Freight FDXF $16.5B −1.1% 6.1% −2.4% 13.0% 25.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $3.4B $4.0B $4.1B $4.0B $5.3B $6.3B $5.9B $5.8B $5.5B
Operating income $484M $576M $817M $819M $907M $1.4B $1.8B $1.6B $1.5B $1.4B
Interest expense $4.3M $2.2M $0.2M $0.4M $2.8M $1.7M $1.6M $0.5M $0.2M $0.3M
Pretax income $478M $576M $816M $824M $901M $1.4B $1.8B $1.6B $1.6B $1.4B
Income tax $182M $112M $210M $208M $229M $354M $464M $408M $372M $338M
Net income $296M $464M $606M $616M $673M $1.0B $1.4B $1.2B $1.2B $1.0B
Diluted EPS $1.19 $1.88 $2.46 $2.55 $2.84 $4.45 $6.09 $5.63 $5.48 $4.84
Diluted shares 0.25B 0.25B 0.25B 0.24B 0.24B 0.23B 0.23B 0.22B 0.22B 0.21B
Cash flow
Cash from operations $566M $536M $900M $984M $933M $1.2B $1.7B $1.6B $1.7B $1.4B
Capital expenditure $418M $382M $588M $479M $225M $550M $775M $757M $771M $415M
Free cash flow $148M $154M $312M $505M $708M $663M $916M $812M $888M $955M
Depreciation and amortization $190M $206M $230M $254M $261M $260M $276M $324M $345M $365M
Stock-based compensation $1.4M $3.2M $4.9M $16.7M $11.3M $15.0M $15.9M $11.1M $11.3M $12.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $130M $8.0M $163M $241M $364M $537M $1.3B $454M $967M $730M
Dividends paid $0.0M $33.0M $42.6M $54.6M $71.0M $92.4M $135M $175M $224M $236M
Dividends and buybacks $130M $41.0M $206M $296M $435M $629M $1.4B $629M $1.2B $966M
Balance sheet
Cash and short-term investments $10.2M $128M $190M $404M $732M $717M $236M $434M $109M $120M
Total debt $105M $95.0M $45.0M $45.0M $99.9M $99.9M $100M $80.0M $60.0M $40.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $383M $585M $706M $867M $1.2B $1.4B $934M $1.1B $721M $695M
Current liabilities $289M $351M $357M $366M $373M $464M $530M $545M $541M $484M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $2.2B $2.4B $2.8B $3.0B $2.9B $3.2B $3.7B $4.1B $4.5B $4.5B
Total assets $2.7B $3.1B $3.5B $4.0B $4.4B $4.8B $4.8B $5.5B $5.5B $5.5B
Total liabilities $845M $792M $865M $915M $1.0B $1.1B $1.2B $1.3B $1.2B $1.2B
Shareholders' equity $1.9B $2.3B $2.7B $3.1B $3.3B $3.7B $3.7B $4.3B $4.2B $4.3B
Margins
Operating margin 16.2% 17.2% 20.2% 19.9% 22.6% 26.5% 29.4% 28.0% 26.6% 24.8%
EBITDA margin 22.5% 23.3% 25.9% 26.1% 29.1% 31.4% 33.8% 33.5% 32.5% 31.4%
Net margin 9.9% 13.8% 15.0% 15.0% 16.8% 19.7% 22.0% 21.1% 20.4% 18.6%
FCF margin 4.9% 4.6% 7.7% 12.3% 17.6% 12.6% 14.6% 13.8% 15.3% 17.4%
Returns
Return on capital 16.0% 22.1% 25.4% 23.3% 25.0% 36.0% 41.8% 33.3% 29.0% 24.3%
Return on capital employed 21.1% 22.5% 27.7% 24.0% 23.8% 33.3% 42.5% 35.4% 31.1% 27.4%
Return on equity 16.7% 22.5% 24.4% 21.4% 21.0% 29.5% 37.6% 31.3% 27.9% 23.9%
Return on assets 11.5% 16.1% 18.3% 16.3% 16.1% 22.5% 28.5% 24.0% 21.6% 18.7%
Growth
Revenue growth — 12.3% 20.4% 1.6% −2.3% 30.9% 19.1% −6.3% −0.9% −5.5%
Net income growth −2.9% 56.8% 30.6% 1.6% 9.3% 53.8% 33.1% −10.0% −4.3% −13.7%
EPS growth −0.3% 58.2% 31.1% 3.7% 11.4% 56.5% 37.0% −7.6% −2.7% −11.7%
FCF growth 60.8% 4.4% 102.3% 61.8% 40.3% −6.4% 38.3% −11.4% 9.4% 7.6%
Share count change −2.6% −0.9% −0.5% −2.0% −1.8% −1.8% −2.9% −2.6% −1.7% −2.3%
Financial health
Net debt / EBITDA 0.1x −0.0x −0.1x −0.3x −0.5x −0.4x −0.1x −0.2x −0.0x −0.1x
Debt / equity 0.1x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Interest coverage 111.7x 267.4x 4,323.0x 2,171.6x 326.0x 805.8x 1,177.6x 3,535.9x 7,283.0x 4,598.1x
Current ratio 1.3x 1.7x 2.0x 2.4x 3.3x 3.0x 1.8x 2.1x 1.3x 1.4x
Quick ratio 1.3x 1.7x 2.0x 2.4x 3.3x 3.0x 1.8x 2.1x 1.3x 1.4x
Capital allocation
Capex / revenue 14.0% 11.4% 14.6% 11.7% 5.6% 10.5% 12.4% 12.9% 13.3% 7.6%
Stock comp / revenue 0.1% 0.1% 0.1% 0.4% 0.3% 0.3% 0.3% 0.2% 0.2% 0.2%
Payouts / FCF 88.3% 26.6% 66.0% 58.6% 61.5% 94.9% 154.0% 77.4% 134.1% 101.1%
Quality scores
Piotroski F-score — 8.0 8.0 6.0 5.0 7.0 7.0 6.0 5.0 6.0
Altman Z'' 5.8 7.0 7.8 8.1 8.4 8.9 8.6 8.6 8.1 8.3
Accruals ratio −10.5% −2.5% −8.9% −9.8% −6.2% −3.9% −6.5% −6.4% −8.6% −6.3%

Source: SEC EDGAR XBRL filings (CIK 0000878927). Data updated October 10, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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