ODFL US S&P 500NASDAQ-100Russell 1000 Earnings call · transcribed from the recording
Old Dominion (ODFL) · Q3 2026 results and valuation
Share price: $170.50 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · published 28 Oct 2026 and 29 Jul 2026
Net income down 2.0% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−2.0%
Net income vs Q2 2026
Outlook given
Net income 343.7M vs 350.6M
Revenue +2.4%
2 · How management spoke
Upbeat
More upbeat than 68% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out Nothing unusual flagged this period.
Valuation
Is Old Dominion undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −4.2% growth a year (3-year revenue growth), the model's fair value is $40.23 a share — the stock trades 324% above it. Today's price assumes 16.0% growth a year.
Current price
$170.50
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.0% for 10 yrs
Fair value / share
$40.23
Buy below
$30.17
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Key theme
Old Dominion's operating ratio improved 280 basis points to 71.5% for the third quarter of 2026 with improvements in both its direct operating costs…
Source quote
“Our operating ratio improved 280 basis points to 71.5% for the third quarter of 2026 with improvements in both our direct operating costs... As usual, we will provide the actual revenue-related details for October in our third quarter Form 10-Q. Within our direct operating costs, improvement in our salaries, wages, and benefits as a percent of revenue more than offset an increase in our operating supplies and expenses.”
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Guidance
That was something that Old Dominion talked about at the end of the second quarter call that it anticipated that that would be further pressure on its costs...
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Figure
Old Dominion produced strong financial results in the third quarter that include a 13.1% increase in revenue and a 28.9%...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As a As a result, we continue to believe that we are uniquely positioned within our industry to win market share, generate profitable revenue growth, and increase shareholder value over...”
“Old Dominion produced strong financial results in the third quarter that include a 13.1% increase in revenue and a 28.9% increase in earnings per diluted share.”
“On a sequential basis, our revenue per day for the third quarter increased 2.4% when compared to the second quarter of 2026, with LTL tons per day increasing 1.2% and...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.59B | 1.55B | +2.4% | 1.41B | +13.1% |
| Operating income | 452.6M | 465.3M | −2.7% | 360.8M | +25.4% |
| Net income | 343.7M | 350.6M | −2.0% | 270.9M | +26.9% |
| EPS | 1.65 | 1.68 | −1.8% | 1.28 | +28.9% |
| P/E today 29.6 | 31.2 | 41.7 | −10.5 | 28.3 | +2.9 |
Topics
Most discussed now
- Old Dominion's ability to consistently deliver the highest standard of service through the ups and downs of the economic cycle has...
- Old Dominion's people and its technology provides us with significant flexibility to respond quickly to changes in the operating…
- Teams remain highly motivated to continue delivering superior customer service every single day.
- Its business model contains significant operating leverage which will allow us to further improve its profits as Old Dominion...
- Old Dominion continues to have really strong performance with its retail-related customers as well, and that's something that its retail…
Faded since Q2 2026
- Fading While Old Dominion continues to have plenty of service center and equipment capacity to accommodate anticipated growth opportunities, These…
- Fading Old Dominion has really again kind of getting into forecasting for next year, it has got to think about when's the...
- Fading I expect that will continue as the truckload rate environment continues to be really strong.
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Director or officer change · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results; Other events · SEC 8-K