Short answer
Old Dominion (ODFL) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $5.8B (−0.9% year over year) and net income of $1.2B.
- Top risk flagged: Regulatory risk: potential increased insurance collateralization requirements could reduce borrowing capacity per insurance market conditions changes
FY2024 key financial metrics · XBRL
- Revenue
- $5.8B
- −0.9% YoY
- Net income
- $1.2B
- −4.3% YoY
- Operating margin
- 26.6%
- −1.4 pp YoY
- EPS (diluted)
- $5.48
- −51.3% YoY
- ROE
- 27.9%
- −1.2 pp YoY
- Operating cash flow
- $1.7B
- +5.7% YoY
Source: XBRL data from the Old Dominion (ODFL) FY2024 10-K on SEC EDGAR. USD.
Old Dominion FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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