Old Dominion (ODFL) FY2024 10-K Annual Report
Old Dominion (ODFL) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Old Dominion FY2024 10-K Analysis
Business Overview
- • Core business: North American less-than-truckload (LTL) motor carrier providing integrated regional and national freight services through 261 service centers
- • Service center expansion: Opened 4 new centers in past year, totaling 261 locations with 239 owned and 22 leased as of Dec 31, 2024
- • Capital expenditures: $322.6 million spent on tractors and trailers in 2024, down from $385.0 million in 2023, with 11,284 tractors owned averaging 4.3 years old
- • Workforce growth: 21,895 full-time employees, up from prior years, with 10,941 drivers and 47 fleet maintenance centers enhancing operational capacity
- • Unique fact: 34% of drivers completed Old Dominion’s no-cost Driver Training Program, with driver safety bonuses totaling $5.8 million in 2024
Management Discussion & Analysis
- • Revenue $5.815B, down 0.9% YoY, driven by 2.8% decline in LTL tons partially offset by 2.4% increase in LTL revenue per hundredweight
- • Operating margin 26.6% vs 28.0%; net income margin 20.4% vs 21.1%; operating ratio 73.4% vs 72.0%—profitability declined due to lower volumes and cost inflation
- • Best segment: LTL revenue per hundredweight up 2.4% to $32.05; worst segment: LTL tonnage down 2.8% to 9 million tons
- • Cash flow from operations $1.66B, capital expenditures $751M; share repurchases $200M completed under ASR; dividends $0.26 per share quarterly in 2024
- • 2025 outlook: capital expenditures guidance ~$575M; dividend raised to $0.28/share; expects liquidity via operations, cash, and borrowings; domestic economy softness is key risk
Risk Factors
- • Regulatory risk: potential increased insurance collateralization requirements could reduce borrowing capacity per insurance market conditions changes
- • Macroeconomic threat: freight volume declines in 2023-2024 from U.S. economic softness reducing shipment density and profitability
- • Operational vulnerability: shortages and cost increases for tractors, trailers, and parts raise maintenance, depreciation, and capital expenditure expenses
- • Market disruption risk: customer shifts to alternative LTL providers or intermodal transport in response to capacity, service, and pricing pressures
- • Financial risk: high capital intensity with ongoing large cash requirements limits growth if sufficient capital cannot be raised
Old Dominion FY2024 Key Financial MetricsXBRL
Revenue
$5.8B
▼ -0.9% YoY
Net Income
$1.2B
▼ -4.3% YoY
Operating Margin
26.6%
▼ -142bp YoY
Net Margin
20.4%
▼ -73bp YoY
ROE
27.9%
▼ -117bp YoY
Total Assets
$5.5B
▼ -0.4% YoY
EPS (Diluted)
$5.48
▼ -51.3% YoY
Operating Cash Flow
$1.7B
▲ +5.7% YoY
Source: XBRL data from Old Dominion FY2024 10-K filing on SEC EDGAR. All figures in USD.
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