Demand
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ODFL
FY2026 Q1
개선
Old Dominion Freight Line, Inc. 실적 발표
Buzzberg 분석
April revenue per day up 7% year-over-year despite tonnage down 6.5%
ODFL reported Q1 2026 revenue down 2.9% YoY to $1.33B, with a 7.7% drop in LTL tons/day partially offset by a 4.4% increase in revenue per hundredweight. Despite the decline, management highlighted strong sequential volume improvement in February and March, marking five straight months of normal seasonal trends, and remains optimistic about a demand recovery as weights per shipment grow and industrial freight shows early signs of improvement. Q1 Revenue: $1.33B (-2.9% YoY); LTL tons/day -7.7%; LTL rev/cwt +4.4% ex-fuel.
Buzzberg 분석 April revenue per day up 7% year-over-year despite tonnage down 6.5% ODFL reported Q1 2026 revenue down 2.9% YoY to $1.33B, with a 7.7% drop in LTL tons/day partially offset by a 4.4% increase in revenue per hundredweight. Despite the decline, management highlighted strong sequential volume improvement in February and March, marking five straight months of normal seasonal trends, and remains optimistic about a demand recovery as weights per shipment grow and industrial freight shows early signs of improvement. Q1 Revenue: $1.33B (-2.9% YoY); LTL tons/day -7.7%; LTL rev/cwt +4.4% ex-fuel. 전체 분석 보기분석 접기
ODFL reported Q1 2026 revenue down 2.9% YoY to $1.33B, with a 7.7% drop in LTL tons/day partially offset by a 4.4% increase in revenue per hundredweight. Despite the decline, management highlighted strong sequential volume improvement in February and March, marking five straight months of normal seasonal trends, and remains optimistic about a demand recovery as weights per shipment grow and industrial freight shows early signs of improvement. Q1 Revenue: $1.33B (-2.9% YoY); LTL tons/day -7.7%; LTL rev/cwt +4.4% ex-fuel.
- Operating ratio worsened 80 bps to 76.2% due to overhead deleverage, but management guided for a 300-350 bps sequential improvement in Q2.
- Volume trends show sequential improvement (Feb +4.9%, Mar +4.6%), and April revenue/day is tracking +7% YoY.
- The April weight-per-shipment is up ~1% YoY, a leading indicator of a recovering industrial economy.
매출$1.3347B+2% 전분기 대비
주당순이익(EPS)$1.14+5% 전분기 대비
매출총이익률27.67%보고값
영업이익률23.78%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Margins
Management expects 2Q OR to improve 300-350 bps sequentially
Demand
Company wins more bids, sees truckload freight returning to LTL
핵심 내용 3개 더 보기
Demand
Weight per shipment up over 1% in April, early sign of industrial recovery
Capacity
Capacity still ample at 35% excess, ready for volume rebound
Costs
Fuel cost spike expected to create headwinds in 2Q
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $1.3347B | +2% 전분기 대비 |
| 주당순이익(EPS) | $1.14 | +5% 전분기 대비 |
| 매출총이익률 | 27.67% | 보고값 |
| 영업이익률 | 23.78% | 보고값 |
| 잉여현금흐름 | $0.3111B | +18% 전분기 대비 |
| 자본지출 | $0.0626B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 영업이익률 | FY2026 Q2 | 79.7%–80.2% | 79.95% | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Cautiously Optimisti
Management acknowledged continued volume declines and geopolitical risks, but expressed confidence in sequential improvement, market share wins, and long-term growth driven by superior service.
투자 및 생산능력
Old Dominion invested nearly $2 billion in capital expenditures over the past three years despite a challenging environment, and plans to invest $265 million in 2026 to stay ahead of the growth curve and ensure capacity availability. These investments fund service center network expansion and technology upgrades to support future market share gains.
아래에 언급된 기업 3개 모두 표시
기업발표 이후 수익률
경쟁사
경쟁사
Adam Satterfield
Management notes that post-Yellow closure, capacity was absorbed by private carriers, indicating the LTL industry remains capacity constrained, which is a positive supply signal for remaining LTL players.
근거
“I think that once Yellow closed, it seems like a lot of those service centers went into the private world. And I think that a lot of that market share that Yellow had ended up with the private carriers as well.”
공급망
공급망
Adam Satterfield
Management believes the LTL industry is capacity constrained, not over-supplied, with shipments per day per service center near 2022 peak levels despite 3 years of volume decline, lowering the risk of a pricing war. — If the industry's actual spare capacity is lower than perceived, any demand uptick will be met with pricing power across the sector rather than volume discounting.
근거
“when you look at the total number of service centers throughout the industry, both the public and the private carriers, you can see that from that 22 to 25 period that shipments per day per service center is down about 3%, so pretty close.”
외부 신호
공급망 알파 · 3발표 이후 수익률
Management believes the LTL industry is capacity constrained, not over-supplied, with shipments per day per service center near 2022 peak levels despite 3 years of volume decline, lowering the risk of a pricing war.
근거
“when you look at the total number of service centers throughout the industry, both the public and the private carriers, you can see that from that 22 to 25 period that shipments per day per service center is down about 3%, so pretty close.…”
Freight that shifted from LTL to truckload during the soft period is starting to return as truckload capacity tightens, providing a volume tailwind from mode conversion.
근거
“we see some of this truckload volume that LTL went to last year and the year before, we see some of that coming back because of the tightness of the drivers and so forth.”
Management observed a return of weight per shipment growth (up ~1% YoY), typically a leading indicator of industrial freight recovering, which is higher-margin than retail freight.
근거
“in April, our wait for shipment is up on a year-over-year basis a little over 1%. So, you know, that's usually a leading indicator of an improving demand environment.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 3개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.