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Old Dominion Q3 Earnings & Revenues Surpass Estimates, Down Y/Y
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Key Takeaways
Old Dominion's Q3 EPS of $1.28 beat estimates but fell 10.5% from the prior-year quarter.
Q3 revenues of $1.40B beat forecasts but fell 4.3% year over year owing to a 9% decrease in LTL tons per day.
For 2025, ODFL continues to anticipate its aggregate capital expenditures to be around $450 million.
Old Dominion Freight Line (ODFL - Free Report) reported solid third-quarter 2025 results wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Quarterly earnings per share of $1.28 beat the Zacks Consensus Estimate of $1.22 but dipped 10.5% year over year. The combination of the decrease in ODFL’s revenue and the increase in its operating ratio resulted in the year-over-year decline in the bottom line in the third quarter.
Revenues of $1.40 billion beat the Zacks Consensus Estimate of $1.39 billion but decreased 4.3% year over year. The downside in ODFL’s third-quarter revenues was owing to a 9% decrease in ODFL’s LTL tons per day, which was partially offset by an increase in the company’s LTL revenue per hundredweight. The decrease in LTL tons per day reflects a 7.9% decrease in LTL shipments per day and a 1.2% decrease in LTL weight per shipment (which is an outcome of the softness in the macroeconomic environment). LTL revenue per hundredweight, excluding fuel surcharges, grew 4.7% year over year.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Marty Freeman, president and chief executive officer of Old Dominion, stated, “During the third quarter, Old Dominion produced solid financial and operating results as we navigated through a challenging operating environment. Our proven track record of long-term financial success is grounded in our ability to consistently execute on the core elements of our strategic plan, and we continue to believe that we are the best positioned carrier to respond to a positive inflection in demand when it materializes. This long-term plan has guided us through many economic cycles and created an unmatched value proposition in our industry. We remain highly motivated to continue delivering superior service for our customers, while also maintaining our yield discipline and operating efficiently, which will support our ability to win profitable market share and increase shareholder value over the long term.”
Other Aspects of Q3 Earnings Report
Revenues from LTL services came in at $1.39 billion (down 4.3% year over year), which matched our estimate. Revenues from other services fell 7.1% year over year to $12.17 million, which was below our projection of $14.2 million.
In the quarter under review, LTL weight per shipment dipped 1.2%, and LTL revenue per shipment inched up 3.4% year over year. LTL shipments and LTL shipments per day were both down 7.9% on a year-over-year basis. LTL revenue per hundredweight increased 4.7%.
Total operating expenses declined 2.5% year over year to $1.05 billion. The operating income decreased 10.2% year over year to $360.84 million.
Old Dominion exited the September-end quarter with cash and cash equivalents of $46.59 million compared with $24.05 million at the end of the prior quarter. Long-term debt at the end of the third quarter was $64.99 million compared with $149.99 million at the second quarter of 2025-end.
During the first nine months of 2025, ODFL rewarded its shareholders with $177.2 million of cash dividends and $605.4 million in the form of share repurchases.
ODFL generated $437.5 million of net cash from operating activities during the third quarter of 2025. Capital expenditures were $94 million during the reported quarter.
For 2025, ODFL continues to anticipate its aggregate capital expenditures to be around $450 million, which includes planned expenditures of $210 million for real estate and service center expansion projects; $190 million for tractors and trailers; and $50 million for information technology and other assets.
Currently, Old Dominion carries a Zacks Rank #5 (Strong Sell).
Delta Air Lines (DAL - Free Report) reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.
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Old Dominion Q3 Earnings & Revenues Surpass Estimates, Down Y/Y
Key Takeaways
Old Dominion Freight Line (ODFL - Free Report) reported solid third-quarter 2025 results wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Quarterly earnings per share of $1.28 beat the Zacks Consensus Estimate of $1.22 but dipped 10.5% year over year. The combination of the decrease in ODFL’s revenue and the increase in its operating ratio resulted in the year-over-year decline in the bottom line in the third quarter.
Revenues of $1.40 billion beat the Zacks Consensus Estimate of $1.39 billion but decreased 4.3% year over year. The downside in ODFL’s third-quarter revenues was owing to a 9% decrease in ODFL’s LTL tons per day, which was partially offset by an increase in the company’s LTL revenue per hundredweight. The decrease in LTL tons per day reflects a 7.9% decrease in LTL shipments per day and a 1.2% decrease in LTL weight per shipment (which is an outcome of the softness in the macroeconomic environment). LTL revenue per hundredweight, excluding fuel surcharges, grew 4.7% year over year.
Old Dominion Freight Line, Inc. Price, Consensus and EPS Surprise
Old Dominion Freight Line, Inc. price-consensus-eps-surprise-chart | Old Dominion Freight Line, Inc. Quote
Marty Freeman, president and chief executive officer of Old Dominion, stated, “During the third quarter, Old Dominion produced solid financial and operating results as we navigated through a challenging operating environment. Our proven track record of long-term financial success is grounded in our ability to consistently execute on the core elements of our strategic plan, and we continue to believe that we are the best positioned carrier to respond to a positive inflection in demand when it materializes. This long-term plan has guided us through many economic cycles and created an unmatched value proposition in our industry. We remain highly motivated to continue delivering superior service for our customers, while also maintaining our yield discipline and operating efficiently, which will support our ability to win profitable market share and increase shareholder value over the long term.”
Other Aspects of Q3 Earnings Report
Revenues from LTL services came in at $1.39 billion (down 4.3% year over year), which matched our estimate. Revenues from other services fell 7.1% year over year to $12.17 million, which was below our projection of $14.2 million.
In the quarter under review, LTL weight per shipment dipped 1.2%, and LTL revenue per shipment inched up 3.4% year over year. LTL shipments and LTL shipments per day were both down 7.9% on a year-over-year basis. LTL revenue per hundredweight increased 4.7%.
Total operating expenses declined 2.5% year over year to $1.05 billion. The operating income decreased 10.2% year over year to $360.84 million.
Old Dominion exited the September-end quarter with cash and cash equivalents of $46.59 million compared with $24.05 million at the end of the prior quarter. Long-term debt at the end of the third quarter was $64.99 million compared with $149.99 million at the second quarter of 2025-end.
During the first nine months of 2025, ODFL rewarded its shareholders with $177.2 million of cash dividends and $605.4 million in the form of share repurchases.
ODFL generated $437.5 million of net cash from operating activities during the third quarter of 2025. Capital expenditures were $94 million during the reported quarter.
For 2025, ODFL continues to anticipate its aggregate capital expenditures to be around $450 million, which includes planned expenditures of $210 million for real estate and service center expansion projects; $190 million for tractors and trailers; and $50 million for information technology and other assets.
Currently, Old Dominion carries a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported third-quarter 2025 earnings (excluding 46 cents from non-recurring items) of $1.71 per share, which beat the Zacks Consensus Estimate of $1.52. Earnings increased 14% on a year-over-year basis due to low fuel costs.
Revenues in the September-end quarter were $16.67 billion, beating the Zacks Consensus Estimate of $15.79 billion and increasing 6.4% on a year-over-year basis. Due to improving air-travel demand, adjusted operating revenues (excluding third-party refinery sales) increased 4.1% year over year to $15.2 billion.
J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported third-quarter 2025 earnings of $1.76 per share, which surpassed the Zacks Consensus Estimate of $1.47 and improved 18.1% year over year.
Total operating revenues of $3.05 billion surpassed the Zacks Consensus Estimate of $3.02 billion and were down 0.5% year over year. JBHT’s third-quarter revenue performance was hurt by a 1% and 4% decline in gross revenue per load in Intermodal (JBI) and Truckload (JBT), respectively, a decrease in load volume of 8% and 1% in Integrated Capacity Solutions (ICS) and Dedicated Contract Services (DCS), and 8% fewer stops in Final Mile Services (FMS). These items were partially offset by a 3 % improvement in DCS productivity, a 9% increase in revenue per load in ICS and 14% load growth in JBT. Total operating revenue, excluding fuel surcharge revenue, fell less than 1% year over year.
United Airlines Holdings, Inc. (UAL - Free Report) reported mixed third-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's third-quarter 2025 adjusted earnings per share (EPS) (excluding 12 cents from non-recurring items) of $2.78 surpassed the Zacks Consensus Estimate of $2.64 but declined 16.5% on a year-over-year basis. The reported figure lies above the guided range of $2.25 and $2.75.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.3 billion but increased 2.6% year over year. Passenger revenues (which accounted for 90.7% of the top line) increased 1.9% year over year to $13.8 billion. UAL flights transported 48,382 passengers in the third quarter, up 6.2% year over year.