North American LTL transportation leader Old Dominion Freight Lines has released its latest operational figures for the second quarter of 2026. Despite a year-over-year decline in shipment volumes, the company achieved double-digit revenue growth, driven by its superior pricing power and service quality.
According to data disclosed to investors, daily revenue for May 2026 increased by 12.3% compared to the same period last year. This growth was primarily fueled by an increase in revenue per hundredweight of LTL freight, which rose by 15.6% year-over-year. Even after excluding the impact of fuel surcharges, this metric still grew by 5.4%. However, this growth was accompanied by adjustments in operational volume. Data shows that daily LTL tonnage for May decreased by 3.8% year-over-year, mainly due to a 5.3% reduction in daily shipments, partially offset by a 1.6% increase in average weight per shipment.
President and CEO Marty Freeman stated that Old Dominion achieved solid revenue growth in the first two months of the second quarter. He noted that although daily LTL tonnage for April and May was down compared to the prior year, market demand has shown consistent improvement as the quarter has progressed.
Freeman emphasized, "Our industry-leading service metrics continue to support our yield management initiatives and the ongoing improvement in revenue per hundredweight." He added that the company's ongoing investments in its network, technology, and team throughout the economic cycle enable it to better support customers as business conditions evolve. Consequently, the company remains confident in its ability to gain market share and drive long-term profitable growth by executing the fundamental elements of its strategic plan.
This operational update comes as the LTL freight market navigates a complex demand cycle. Previous earnings calls indicated that while the first quarter saw some demand softness in April due to customer concerns over the geopolitical environment, the company has maintained strong pricing power in the market, supported by its high-quality service metrics, including a cargo claims ratio below 0.1% and an on-time service performance exceeding 99%.
As one of the largest LTL carriers in North America, Old Dominion Freight Lines operates approximately 260 service centers, providing regional, inter-regional, and national LTL services. The company reaffirmed its consistent capital allocation strategy, planning to continue investing in network expansion and fleet upgrades to address the relatively tight industry capacity and capitalize on growth opportunities presented by the demand recovery.