On this page of StockholderLetter.com we present the latest annual shareholder letter from OLD DOMINION FREIGHT LINE, INC. — ticker symbol ODFL. Reading current and past ODFL letters to shareholders can bring important insights into the investment thesis.
OLD DOMINION FREIGHT LINE, INC. 2025 ANNUAL REPORT OD DOMESTIC OD EXPEDITED OD PEOPLE OD GLOBAL OD TECHNOLOGY
POSITIONED FOR LONG-TERM PROFITABLE GROWTH OLD DOMINION FREIGHT LINE continued to execute on the fundamental elements of our long-term strategic plan in 2025. We remained focused on delivering best-in-class service to our customers, while also operating efficiently and maintaining our disciplined approach to pricing. In addition, we continued to make key strategic investments in our business. Over the past three years we have invested $1.9 billion in capital expenditures, including $415 million in 2025. These investments in our network capacity and technology, along with our ongoing investments in our OD Family of employees, position us to grow with our customers in the years ahead. As a result, we remain con dent in our ability to win market share, generate pro table revenue growth and increase shareholder value over the long term.
OD DOMESTIC Providing our customers with superior service at a fair price is the cornerstone of our strategic plan and has been key to our ability to win market share over the long term. In 2025, our best-in-class customer service and commitment to excellence earned OD the Mastio Quality Award* for National LTL Carrier for a 16th consecutive year. Over the past 10 years, we have invested $2.4 billion in our service center network to provide capacity for further customer growth and additional market share opportunities. Our consistent investment in our service center network allows us to support our customers throughout the economic cycle and is a fundamental aspect of our value proposition. OD EXPEDITED We are proud of our commitment to on-time delivery of time-sensitive and highly critical shipments. Our ability to consistently meet customer demand through various economic cycles is a hallmark of our success. As supply chains tighten and delivery windows contract, OD Expedited service provides customers with customizable solutions to meet their needs, from Guaranteed and OnDemand shipping to Weekend Promise with Friday pickup and Monday delivery. We tailor each service to meet the customers needs and monitor each shipment 24 hours a day, 7 days a week to help ensure on-time delivery. In addition, OD s Must Arrive By Date service helps our retail customers meet their increasingly complex and stringent supply chain demands. OD PEOPLE OD s dedicated, highly-trained employees have made us an industry leader. We are proud to foster a culture of safety and performance excellence, while also providing competitive compensation, robust bene ts, and career advancement opportunities. We support our employees ability to grow and progress in their careers by offering skills and leadership development training programs. This commitment to our team allows us to attract and retain exceptional talent, which drives improvement across all areas of our business. Our efforts have earned us recognition, including being named as one of the Top Companies for Women to Work in Transportation** and inclusion on Forbes listing of America s Best Large Employers***. OD GLOBAL OD Global offers established freight services with a global reach through our strategic alliances. Our customers enjoy extensive door-to-door freight tracking and professional customer service. OD Global helps our customers manage less-than-container load (LCL) and full-container load (FCL) shipping, nationwide container drayage, ocean and air freight forwarding and expedited LCL imports. We also provide access to customs compliance consulting for international cross-border shipments. OD TECHNOLOGY We are committed to making our services efficient and convenient for our customers and that means keeping pace with the industry s latest developments in technology. Our investments in information systems have made the OD network one of the most efficient in the industry. We create value for our customers by providing superior service and data visibility. From our convenient customer website, connected systems and mobile experience, to our track-and-trace system, to our load planning and routing processes, OD s advanced technologies are another example of how we make it easy to do business with us. *Source: 2025 Mastio and Company National LTL Carrier Report ** Source: Women in Trucking Association, 2025 ***Source: Forbes Magazine, 2025 2
TO OUR SHAREHOLDERS AND OUR OD FAMILY OF EMPLOYEES OLD DOMINION S FINANCIAL RESULTS in 2025 re ect our ongoing commitment to revenue quality and cost discipline. We focused on controlling what we could control during the year to help ensure that we continued to deliver a best-in-class value proposition for our customers. In addition, we continued to make strategic investments in our network, our technology and, most importantly, our people, which we believe will drive longterm value for our customers and our shareholders. We generated revenue of $5.5 billion in 2025, which represents a decline of 5.5% compared to 2024. Our operating ratio of 75.2% resulted in diluted earnings per share of $4.84 in 2025. While the challenging macroeconomic environment was a headwind to our nancial performance in 2025, we continued to make business decisions that we believe will produce the best results over the long term. In measuring our nancial performance over the past 10 years, we have increased revenue and diluted earnings per share at a compound annual growth rate of 6.3% and 15.1%, respectively. We are proud of our track record of long-term nancial success and remain con dent in our ability to generate pro table revenue growth in the years ahead. The foundation of our value proposition is our ability to provide our customers with superior service at a fair price. Our customers know that they can depend on OD to deliver best-in-class service every day. Doing so consistently, through the ups and downs of the macroeconomic cycle, speaks to the strength of our culture and the unwavering dedication of our OD Family of employees. As a result, in 2025 we were pleased to once again achieve an on-time service performance of 99% and a cargo claims ratio of 0.1%. In addition, we were honored to be named the No. 1 national LTL carrier in 2025 by Mastio and Company for the sixteenth consecutive year. Our team takes tremendous pride in this accomplishment and remains committed to continuing to deliver the highest standard of service to our customers in the years ahead. 3 The strength of our service supports our yield management initiatives, which are designed to offset our cost in ation over the long term as well as support our continued investment in our business. We spent $415 million on capital expenditures in 2025, and we have spent $1.9 billion on capital expenditures over the past three years. We also plan to invest an additional $265 million in 2026 as a part of our ongoing capital spending plan. As a result of these strategic investments, we now have more than 35% excess capacity in our real estate network. We believe that our superior service and ultimately the value we offer to our customers is what will continue to drive our ability to win market share. To achieve our long-term objectives, we believe we must have the capacity to grow, which is why we will continue to invest ahead of our anticipated growth curve. Although these investments in our network, our eet and our technology are important factors that we expect to support our longterm growth, the key component to our success is our OD Family of employees. Our outstanding team and our unique culture are truly what sets us apart and makes our Company The Best In The Game . We continue to invest in our people by providing a competitive wage and bene t package as well as opportunities for career development through our Driver Training, Supervisor Training and Management Training programs. In addition, within our bene ts package is our 401(k) plan, which includes both a matching provision and a discretionary contribution opportunity. Our people work hard every day to generate value for both our customers and our shareholders, and we are proud that they view themselves as both employees and nancial stakeholders in our Company. We were honored that these efforts were recognized in 2025 when we were named as one of the Top Companies for Women to Work in Transportation as well as one of America s Best Large Employers by Forbes. We continued to operate efficiently in 2025 while also managing our discretionary spending. Our team has done an effective job controlling our variable operating costs over the last few years, despite the decline in our overall network
density from lower volumes and headwinds from in ationary pressures. To put this in context, our direct operating expenses in 2025 were 53% of revenue, the same as in 2022, when we generated a Company record annual operating ratio of 70.6%. These efforts to enhance our productivity have been made possible by key technology investments as well as business process improvements, which we believe will allow us to improve our operating ratio when business levels ultimately reaccelerate. Our strong balance sheet and cash ow allow us to make strategic investments to support our growth, while also giving us the nancial exibility to continue returning cash to shareholders. During 2025, we utilized $730 million in cash for share repurchases and $236 million for our cash dividend program. We were pleased that our Board of Directors approved a 3.6% increase to our cash dividend for the rst quarter of 2026 to $0.29 per share. The compounded annual total shareholder returns, assuming the reinvestment of all dividends, were 10.5% and 23.6% over the past ve-year and ten-year periods, respectively. As a result of the hard work and relentless determination of our OD Family of employees, over the past year we have continued to deliver best-in-class service for our customers, maintain our disciplined approach to yield management, effectively control our costs and make strategic investments in our business that we believe will position us for long-term nancial success. With the combination of our industryleading service and more network capacity than we have ever had, we believe we are better positioned than any other carrier to capitalize on an improving economy to generate pro table revenue growth and improve shareholder value over the long term. In closing, our team produced solid results over the past year while also continuing to position our Company for future growth. We thank our OD Family of employees for Helping the World Keep Promises in 2025. We are especially grateful to all our valued customers for choosing Old Dominion. Finally, we thank our fellow shareholders for your continued support. Together, we look forward to the opportunities ahead for Old Dominion in 2026. Kevin M. Freeman President and Chief Executive Officer David S. Congdon Executive Chairman of the Board 4
 • shareholder letter icon 4/20/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/17/2023 ODFL Stockholder Letter
 • stockholder letter icon 4/15/2024 ODFL Stockholder Letter
 • stockholder letter icon 4/21/2025 ODFL Stockholder Letter
 • stockholder letter icon More "Trucking" Category Stockholder Letters
 • Benford's Law Stocks icon ODFL Benford's Law Stock Score = 86


ODFL Shareholder/Stockholder Letter Transcript:

OLD DOMINION
FREIGHT LINE, INC.
2025 ANNUAL REPORT
OD DOMESTIC
OD EXPEDITED
OD PEOPLE
OD GLOBAL
OD TECHNOLOGY

POSITIONED
FOR LONG-TERM
PROFITABLE GROWTH
OLD DOMINION FREIGHT LINE continued to execute on the fundamental elements of our long-term strategic
plan in 2025. We remained focused on delivering best-in-class service to our customers, while also
operating efficiently and maintaining our disciplined approach to pricing. In addition, we continued to make
key strategic investments in our business. Over the past three years we have invested $1.9 billion in capital
expenditures, including $415 million in 2025. These investments in our network capacity and technology,
along with our ongoing investments in our OD Family of employees, position us to grow with our customers
in the years ahead. As a result, we remain con   dent in our ability to win market share, generate pro   table
revenue growth and increase shareholder value over the long term.

OD DOMESTIC
Providing our customers with superior service at a fair price
is the cornerstone of our strategic plan and has been key to
our ability to win market share over the long term. In 2025,
our best-in-class customer service and commitment to
excellence earned OD the Mastio Quality Award* for National
LTL Carrier for a 16th consecutive year. Over the past 10
years, we have invested $2.4 billion in our service center
network to provide capacity for further customer growth
and additional market share opportunities. Our consistent
investment in our service center network allows us to
support our customers throughout the economic cycle
and is a fundamental aspect of our value proposition.
OD EXPEDITED
We are proud of our commitment to on-time delivery
of time-sensitive and highly critical shipments. Our
ability to consistently meet customer demand through
various economic cycles is a hallmark of our success. As
supply chains tighten and delivery windows contract, OD
Expedited service provides customers with customizable
solutions to meet their needs, from Guaranteed and OnDemand shipping to Weekend Promise with Friday pickup
and Monday delivery. We tailor each service to meet the
customers    needs and monitor each shipment 24 hours
a day, 7 days a week to help ensure on-time delivery. In
addition, OD   s Must Arrive By Date service helps our retail
customers meet their increasingly complex and stringent
supply chain demands.
OD PEOPLE
OD   s dedicated, highly-trained employees have made us
an industry leader. We are proud to foster a culture of
safety and performance excellence, while also providing
competitive compensation, robust bene   ts, and career
advancement opportunities. We support our employees   
ability to grow and progress in their careers by offering
skills and leadership development training programs.
This commitment to our team allows us to attract and
retain exceptional talent, which drives improvement
across all areas of our business. Our efforts have earned
us recognition, including being named as one of the Top
Companies for Women to Work in Transportation** and
inclusion on Forbes    listing of America   s Best Large
Employers***.
OD GLOBAL
OD Global offers established freight services with a global
reach through our strategic alliances. Our customers enjoy
extensive door-to-door freight tracking and professional
customer service. OD Global helps our customers manage
less-than-container load (LCL) and full-container load (FCL)
shipping, nationwide container drayage, ocean and air freight
forwarding and expedited LCL imports. We also provide
access to customs compliance consulting for international
cross-border shipments.
OD TECHNOLOGY
We are committed to making our services efficient and
convenient for our customers     and that means keeping pace
with the industry   s latest developments in technology. Our
investments in information systems have made the OD network
one of the most efficient in the industry. We create value for our
customers by providing superior service and data visibility.
From our convenient customer website, connected systems
and mobile experience, to our track-and-trace system, to
our load planning and routing processes, OD   s advanced
technologies are another example of how we make it easy
to do business with us.
*Source: 2025 Mastio and Company National LTL Carrier Report ** Source: Women in Trucking Association, 2025 ***Source: Forbes Magazine, 2025
2

TO OUR SHAREHOLDERS AND
OUR OD FAMILY OF EMPLOYEES
OLD DOMINION   S FINANCIAL RESULTS in 2025 re   ect our
ongoing commitment to revenue quality and cost discipline.
We focused on controlling what we could control during the
year to help ensure that we continued to
deliver a best-in-class value proposition for
our customers. In addition, we continued to
make strategic investments in our network,
our technology and, most importantly, our
people, which we believe will drive longterm value for our customers and our
shareholders.
We generated revenue of $5.5 billion in
2025, which represents a decline of 5.5%
compared to 2024. Our operating ratio of
75.2% resulted in diluted earnings per
share of $4.84 in 2025. While the
challenging macroeconomic environment
was a headwind to our    nancial
performance in 2025, we continued to
make business decisions that we believe
will produce the best results over the
long term. In measuring our    nancial
performance over the past 10 years,
we have increased revenue and diluted
earnings per share at a compound annual
growth rate of 6.3% and 15.1%, respectively. We are proud
of our track record of long-term    nancial success and remain
con   dent in our ability to generate pro   table revenue growth
in the years ahead.
The foundation of our value proposition is our ability to
provide our customers with superior service at a fair price.
Our customers know that they can depend on OD to deliver
best-in-class service every day. Doing so consistently,
through the ups and downs of the macroeconomic cycle,
speaks to the strength of our culture and the unwavering
dedication of our OD Family of employees. As a result, in
2025 we were pleased to once again achieve an on-time
service performance of 99% and a cargo claims ratio of 0.1%.
In addition, we were honored to be named the No. 1 national
LTL carrier in 2025 by Mastio and Company for the sixteenth
consecutive year. Our team takes tremendous pride in this
accomplishment and remains committed to continuing to
deliver the highest standard of service to our customers
in the years ahead.
3
The strength of our service supports our yield management
initiatives, which are designed to offset our cost in   ation over
the long term as well as support our continued investment
in our business. We spent $415 million on
capital expenditures in 2025, and we have
spent $1.9 billion on capital expenditures over
the past three years. We also plan to invest an
additional $265 million in 2026 as a part
of our ongoing capital spending plan. As a
result of these strategic investments, we
now have more than 35% excess capacity in
our real estate network. We believe that our
superior service     and ultimately the value we
offer to our customers     is what will continue
to drive our ability to win market share. To
achieve our long-term objectives, we believe
we must have the capacity to grow, which is
why we will continue to invest ahead of our
anticipated growth curve.
Although these investments in our network,
our    eet and our technology are important
factors that we expect to support our longterm growth, the key component to our
success is our OD Family of employees.
Our outstanding team and our unique culture
are truly what sets us apart and makes our Company
The Best In The Game  . We continue to invest in our people
by providing a competitive wage and bene   t package as well
as opportunities for career development through our Driver
Training, Supervisor Training and Management Training
programs. In addition, within our bene   ts package is our
401(k) plan, which includes both a matching provision and
a discretionary contribution opportunity. Our people work
hard every day to generate value for both our customers
and our shareholders, and we are proud that they view
themselves as both employees and    nancial stakeholders
in our Company. We were honored that these efforts were
recognized in 2025 when we were named as one of the Top
Companies for Women to Work in Transportation as well as
one of America   s Best Large Employers by Forbes.
We continued to operate efficiently in 2025 while also
managing our discretionary spending. Our team has done
an effective job controlling our variable operating costs over
the last few years, despite the decline in our overall network

density from lower volumes and headwinds from in   ationary
pressures. To put this in context, our direct operating
expenses in 2025 were 53% of revenue, the same as in 2022,
when we generated a Company record annual operating ratio
of 70.6%. These efforts to enhance our productivity have
been made possible by key technology investments as well
as business process improvements, which we believe will
allow us to improve our operating ratio when business levels
ultimately reaccelerate.
Our strong balance sheet and cash    ow allow us to make
strategic investments to support our growth, while also
giving us the    nancial    exibility to continue returning cash to
shareholders. During 2025, we utilized $730 million in cash
for share repurchases and $236 million for our cash dividend
program. We were pleased that our Board of Directors
approved a 3.6% increase to our cash dividend for the    rst
quarter of 2026 to $0.29 per share. The compounded annual
total shareholder returns, assuming the reinvestment of all
dividends, were 10.5% and 23.6% over the past    ve-year and
ten-year periods, respectively.
As a result of the hard work and relentless determination
of our OD Family of employees, over the past year we have
continued to deliver best-in-class service for our customers,
maintain our disciplined approach to yield management,
effectively control our costs and make strategic investments
in our business that we believe will position us for long-term
   nancial success. With the combination of our industryleading service and more network capacity than we have
ever had, we believe we are better positioned than any other
carrier to capitalize on an improving economy to generate
pro   table revenue growth and improve shareholder value
over the long term.
In closing, our team produced solid results over the past
year while also continuing to position our Company for future
growth. We thank our OD Family of employees for Helping the
World Keep Promises   in 2025. We are especially grateful to
all our valued customers for choosing Old Dominion. Finally,
we thank our fellow shareholders for your continued support.
Together, we look forward to the opportunities ahead
for Old Dominion in 2026.
Kevin M. Freeman
President and Chief Executive Officer
David S. Congdon
Executive Chairman of the Board
4


shareholder letter icon 4/20/2026 Letter Continued (Full PDF)
 

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