Old Dominion Freight Line (ODFL), a North American less-than-truckload carrier, reported third-quarter revenue of $1.59 billion, a 13.1% increase from a year earlier, as the pace of volume decline narrowed and the operating ratio improved.

The year-over-year revenue gain accelerated from a 10.4% increase in the second quarter and a 2.9% decline in the first quarter. Diluted earnings were $1.65 a share, up 28.9% from $1.28 a year earlier. Operating income rose 25.4% to $452.6 million.

President and Chief Executive Officer Marty Freeman said the revenue increase was primarily due to a 13.3% rise in LTL revenue per hundredweight, partially offset by a 0.1% decrease in LTL tons per day. LTL tonnage per day was 32,194 tons per day, after a 4.1% decline in the second quarter and a 7.7% decline in the first. LTL shipments per day fell 2.0% to 43,332 shipments per day. Weight per shipment increased 1.9% to 1,486 pounds.

Freeman said demand for the company’s service improved during the quarter and that LTL tons per day increased on a year-over-year basis in September. LTL revenue per hundredweight excluding fuel surcharges rose 5.1% to $30.25, which the company attributed to a disciplined approach to yield management.

The operating ratio improved 280 basis points year over year to 71.5%, after a 450-basis-point improvement to 70.1% in the second quarter and an 80-basis-point deterioration to 76.2% in the first quarter. Within direct operating costs, the company said improvement in salaries, wages and benefits as a percentage of revenue more than offset an increase in operating supplies and expenses. Salaries, wages and benefits fell to 44.3% of revenue from 47.1% a year earlier; operating supplies and expenses rose to 11.9% of revenue from 10.3%. Overhead costs improved 170 basis points versus the third quarter of 2025, which the company attributed primarily to leverage from higher revenue and continued control of discretionary spending.

Freeman said the combination of revenue growth and operating-ratio improvement produced the 28.9% increase in diluted earnings per share. Service metrics, he said, were 99% on-time service and a claims ratio of 0.1%. Average active full-time employees declined 4.1% year over year to 20,202.

Cash and cash equivalents were $466.2 million at September 30, 2026, up from $283.9 million at June 30. Net cash provided by operating activities was $469.5 million in the third quarter. Capital expenditures were $67.1 million in the quarter. The company expects aggregate 2026 capital expenditures of approximately $380 million, including $180 million for real estate and service-center expansion, $155 million for tractors and trailers, and $45 million for information technology and other assets.

For the first nine months of 2026, Old Dominion used $400.6 million of cash for share repurchases and paid $180.7 million in cash dividends. Freeman said the company remains confident in its ability to win profitable market share and increase shareholder value over the long term.