Yield-Driven Revenue Growth
LTL revenue per hundredweight rose 15.2% year-over-year, fueled by yield management and higher fuel surcharges; excluding fuel, yield increased 5.5%.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
ODFL’s Q2 FY2026 results were defined by exceptional yield discipline, as a 15.2% increase in LTL revenue per hundredweight more than offset a 4.1% decline in daily tonnage, driving revenue growth and an operating ratio of 70.1%. Management attributed the pricing strength to its cost-based yield management strategy and a continued demand recovery, while volume softness reflected broader industrial sluggishness. The quarter saw record profitability, supported by tight cost control and gains on equipment sales. However, the company remains exposed to fuel price volatility and potential further economic deceleration.
EPS (Diluted)
$1.68
+32.28% YoY
Operating Income
$465.3M
+30.01% YoY
Source: SEC XBRL
ODFL's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 1.68 | 1.54 | Beat +9.0% |
| Mar 2026 | 1.14 | 1.07 | Beat +6.5% |
| Dec 2025 | 1.09 | 1.08 | Beat +0.8% |
| Sep 2025 | 1.28 | 1.24 | Beat +3.1% |
Reported EPS of $1.68 versus the $1.54 analyst consensus — a +9.0% beat for Jun 2026.
Compiled by AI from 10-Q Item 2 of this filing
LTL revenue per hundredweight rose 15.2% year-over-year, fueled by yield management and higher fuel surcharges; excluding fuel, yield increased 5.5%.
Source: 10-Q Item 2 MD&A
The operating ratio improved to 70.1% from 74.6% in Q2 2025, reflecting disciplined cost control and productivity gains despite lower shipment volumes.
Source: 10-Q Item 2 MD&A
ODFL lowered its full-year 2026 capital expenditure estimate to $380 million, below its historical range, as it leverages existing network capacity for growth.
Source: 10-Q Item 2 MD&A
In July, revenue per day increased 8.2% and LTL revenue per hundredweight rose 9.3% (4.2% ex-fuel), while tonnage per day declined only 1.0%, improving from Q2 trends.
Source: 10-Q Item 2 MD&A
With $1.31 billion remaining on its buyback authorization, ODFL repurchased $239.7 million of stock in the first half of FY2026 and paid a quarterly dividend of $0.29 per share.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 2 high, 3 medium, 0 low
ODFL's revenue is closely tied to U.S. industrial production and economic health; the 5.7% decline in Q2 shipments and 4.1% drop in tonnage highlight demand vulnerability in a weakening economy.
Source: 10-Q Item 1A Risk Factors
As a major consumer of diesel fuel without hedging, ODFL faces margin pressure from price spikes; Q2 saw a 70.5% average cost increase, significantly raising operating supplies expenses.
Source: 10-Q Item 1A Risk Factors
Salaries, wages, and benefits comprise over 44% of revenue; rising benefit costs (up to 42% of salaries) and annual wage increases could erode the operating ratio if not offset by productivity gains.
Source: 10-Q Item 1A Risk Factors
ODFL's ability to maintain and grow yield depends on disciplined pricing; aggressive competition in the LTL industry could force rate reductions, threatening the yield management strategy that drove current results.
Source: 10-Q Item 1A Risk Factors
The company's growth strategy relies on expanding its network and technology; if demand growth fails to materialize as expected, ODFL could face overcapacity and higher fixed costs, impacting returns.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Income $M | 465.30 $M | 357.90 $M | +30.01% |
Net Income $M | 350.60 $M | 268.63 $M | +30.52% |
EPS (Basic) $ | 1.69 $ | 1.27 $ | +33.07% |
EPS (Diluted) $ | 1.68 $ | 1.27 $ | +32.28% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
ODFL reported a modest earnings decline in Q1 FY2026, with net income falling 6.4% YoY to $238.3M and EPS (diluted) dropping to $1.14, though operating cash flow surged 11.0% and the balance sheet remained exceptionally strong with minimal long-term debt.
ODFL reported a challenging FY2025 with net income declining 13.7% to $1.02B and operating income falling 11.8% to $1.36B, though the company maintained a strong balance sheet with low leverage and robust ROE of 23.7%.
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