Old Dominion Freight Line Inc. (ODFL): 2Q26 EPS Beat; Raising Estimates on Better Margin Trend; Buy on Freight Recovery

Research evidence excerpt

Old Dominion Freight Line Inc. (ODFL): 2Q26 EPS Beat; Raising Estimates on Better Margin Trend; Buy on Freight Recovery

Equity Research

29 July 2026 | 3:27PM EDT

Old Dominion Freight Line Inc. (ODFL): 2Q26 EPS Beat; Raising

Estimates on Better Margin Trend; Buy on Freight Recovery

Bottom Line: ODFL’s (Buy) 2Q26 adjusted EPS of $1.62 (reported EPS of $1.68 Jordan Alliger

+1(212)357-4913 |

included $17M of gains on sale) was above the $1.50/$1.53 forecasts as per jordan.alliger@gs.com

Goldman Sachs & Co. LLC

GSe/FactSet consensus. Adjusted OR of 71.2% (70.1% including the gain) was 140

Andrzej Tomczyk, CFA

bps ahead of our forecast of 72.6% (120 bps ahead of Street’s 72.4% forecast) on +1(212)357-4445 |

total revenue of ~$1.6B, which was ~+2%/+1% above GSe/Street. LTL revenue was andrzej.tomczyk@gs.comGoldman Sachs & Co. LLC

above our forecast given tonnage per day growth inline at -4.1% YoY (-4.0% Paul Stoddard

forecast) and revenue per hundredweight rev/cwt including fuel growth above at +1(801)744-3761paul.x.stoddard@gs.com|

+15% YoY vs +13% forecast (rev/cwt ex-fuel growth inline at +5.5% YoY). Expense Goldman Sachs & Co. LLC

leverage was better on net (lower operating supplies expenses primarily drove a

better OR vs GSe) with EBIT +8% vs GSe (on 2% revenue beat) and +5% vs consensus

(on 1% revenue beat).

We raise our estimates and price target based on a better margin trend versus

our prior forecast, but continue to point to further potential Blue Sky Upside

should the underlying demand environment see a firmer and definitive

inflection. Under the blue sky upside case, our yields and in turn margin

incrementals would see a boost over our base case - a situation that could arise

should the recovery from the freight recession be more fulsome than our potentially