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Old Dominion Freight Line

Old Dominion Freight Line, Inc. (ODFL) is a leading American less-than-truckload (LTL) motor carrier providing regional, inter-regional, and national transportation services across through a single, union-free organization. Founded in 1934 by Earl Sr. and Lillian Congdon in , with just one truck, the company has evolved into a premier provider of freight solutions, emphasizing reliability, efficiency, and customer promise-keeping. Headquartered in , ODFL operates an extensive network of 261 service centers—239 owned and 22 leased—across the continental , supporting its core LTL operations as well as expedited transportation, container , truckload brokerage, and consulting. The company's growth reflects a commitment to operational excellence and technological innovation, expanding from its origins in the Southeast to a nationwide presence with strategic alliances enabling seamless North America-wide services. As of December 31, 2024, ODFL employed 21,895 full-time workers and maintained a fleet of 11,284 tractors and 46,714 trailers, handling approximately 9 million LTL tons and 12 million shipments annually, with an average haul length of 919 miles. In 2024, the company reported revenue of $5.8 billion, underscoring its position as a dominant player in the LTL sector amid a competitive freight market. ODFL's service model prioritizes on-time delivery, achieving over 99% reliability, while maintaining one of the industry's lowest claims ratios through substantial annual investments in and . Publicly traded on the under the ticker ODFL since 1991, the company continues to uphold its founding philosophy of "helping the world keep promises," driving expansions such as the addition of four new service centers in 2024 to enhance network capacity and efficiency.

Overview

Founding and headquarters

Old Dominion Freight Line was founded in 1934 by Earl Congdon Sr. and his wife Lillian Congdon in . The couple used their life savings to purchase a single straight , launching a modest operation that hauled goods along a 94-mile route between and , with an initial focus on local freight services. In 1962, the company relocated its headquarters from to , to improve operational efficiency by positioning closer to key southern markets, including major furniture and textile manufacturers in the region. This move facilitated better access to growing industrial demand in the South and coincided with a merger with Bottoms-Fiske Truck Lines. The headquarters was subsequently transferred to nearby , in the early 2000s to support expanded administrative needs and company growth. As of December 31, 2024, Old Dominion Freight Line employs approximately 21,895 full-time personnel across its operations. The Congdon family maintains significant influence through beneficial ownership of roughly 12% of the company's outstanding common stock. The firm transitioned to public trading on the NASDAQ in 1991.

Business model and services

Old Dominion Freight Line operates as a leading less-than-truckload (LTL) motor carrier, consolidating smaller freight shipments from multiple customers onto shared trailers to maximize efficiency and reduce costs compared to full truckload alternatives. This core business model emphasizes premium service quality, including high on-time delivery rates exceeding 98% and cargo claims ratios below 0.2%, enabling the company to serve businesses requiring flexible, reliable transportation without dedicating an entire vehicle. The company provides regional, inter-regional, and national LTL shipping services across the , , , and , with additional coverage to U.S. territories such as the and via steamship partnerships. Complementing its LTL offerings, delivers expedited freight options for urgent needs, including guaranteed and on-demand services with 24/7 tracking; truckload brokerage for full-load shipments via van, flatbed, or specialized equipment; logistics management encompassing assembly, , intermodal , and consulting; and household moving services through its dedicated OD Household division, which handles residential relocations using the company's trailer network. Positioned as one of North America's largest LTL providers, focuses on diverse industries including , , wholesale, and , delivering tailored solutions that prioritize and over volume-driven pricing. By , this model supported operations through 261 service centers, reinforcing its competitive edge in consolidated freight transportation.

History

Foundation and early years

Old Dominion Freight Line was established in 1934 by Earl Congdon Sr. and his wife Lillian Congdon in Richmond, Virginia, during the height of the Great Depression. The couple sold their family car—a wedding gift from Lillian's parents—to purchase a single used truck for $1,700, which Lillian had saved from her job at a local telephone company. With this modest investment, Earl began hauling general commodities, such as coffee, paper, and chemicals, along a 94-mile route between Richmond and Norfolk, focusing on reliable local service to build customer trust amid widespread economic uncertainty. The early operations were a true family endeavor, with Lillian handling administrative duties from their home dining room, including taking shipment orders, managing dispatches, and performing while raising their young . concentrated on driving the truck and developing routes, occasionally relying on Lillian as an alternative driver when needed. This hands-on approach allowed the business to navigate the phase without formal incorporation at the outset; Old Dominion was not legally incorporated as a company until 1950 in , after which Lillian assumed a more prominent role following 's death. The Great Depression posed significant hurdles, including scarce freight demand and financial strain typical of the era's trucking startups, as businesses and consumers curtailed spending. A notable example occurred on Earl's first delivery run, when he sold the truck's spare tire to afford fuel and later repurchased it upon receiving payment, highlighting the precarious . Despite these challenges, the company's emphasis on dependability helped sustain operations. In 1935, Old Dominion received approval from the (ICC) under the Motor Carrier Act to transport general commodities without restrictions on that route, enabling modest fleet and staff expansions through the late 1930s as economic conditions slowly improved.

Wartime and post-war expansion

During , Old Dominion Freight Line experienced significant growth driven by heightened demand for freight transportation to military bases in and , where activities related to war materials created a boom in traffic along its Richmond-Norfolk route. In 1941, the company expanded beyond for the first time by purchasing the truck fleet of New Dixie Transfer and leasing its certificate of public convenience and necessity (CPCN) for one year, enabling interstate operations. To accommodate the surge in wartime business, Old Dominion converted an abandoned lumber mill into a dedicated trucking terminal in 1942. This period marked a rapid fleet expansion from its origins with a single truck in 1934 to over 20 power units by the mid-1940s, supporting the transport of essential goods amid national mobilization efforts. Following the war's end in 1945, faced immediate challenges, including a sharp decline in military-related freight volume and postwar economic adjustments. A major labor by the Teamsters Union in 1946, lasting more than 10 weeks, forced a temporary shutdown of operations, but the company reopened as a carrier, maintaining profitability. To rebuild and extend its reach into the Southeast, pursued strategic acquisitions of smaller s, building on the 1941 New Dixie deal with further purchases that facilitated regional network growth. A pivotal development in the late 1940s was the construction of the company's first purpose-built service center in in 1948, enhancing operational efficiency and supporting out-of-state route integration initiated during the war. By 1950, following the death of founder Earl Congdon and the incorporation of the business under Lillian Congdon's leadership, annual revenues surpassed $1 million, reflecting successful postwar recovery and sustained expansion.

Deregulation and national growth

The passage of the marked a pivotal shift for Old Dominion Freight Line by deregulating the interstate trucking industry, eliminating many federal restrictions on routes, pricing, and market entry. This legislation enabled the company to expand its less-than-truckload (LTL) services more freely, fostering a competitive environment that rewarded efficient operators while challenging less adaptable ones. In response, pursued aggressive growth through strategic acquisitions of regional carriers, including Virginia-Carolina Freight Lines in 1983, which bolstered its southeastern presence and facilitated inter-regional connectivity. While exact counts vary, these moves—part of a broader pattern of over a dozen such integrations from the late into the —allowed the company to integrate complementary networks and accelerate its transition from a southeastern focus to a national footprint. By the mid-1980s, Old Dominion had extended operations to key markets like , , , , and , laying the groundwork for broader coverage across the , with full service to all 48 states achieved by 2008. To support this, opened 27 new service centers in the early for better geographic concentration and , growing to 47 terminals across 20 states by 1990. Concurrently, the introduction of computerized routing and dispatch systems in the enhanced shipment tracking, reduced costs, and improved service reliability, enabling faster inter-regional LTL hauls. This era of drove substantial financial growth, with revenues surging to $134.8 million by 1990—a 17% increase from 1989—primarily fueled by expanded inter-regional LTL volumes and operational improvements. The focus on high-density lanes and network density positioned as a resilient national player amid industry consolidation.

Modern developments and public listing

In 1991, Old Dominion Freight Line transitioned to a publicly traded company by launching an on the exchange under the ODFL. The offering, priced at $12.50 per share, raised approximately $15.6 million before expenses, which the company allocated toward repaying and accelerating the construction and acquisition of additional terminals to support its growing less-than-truckload network. This move provided capital for strategic growth amid industry effects from the prior decade, enabling the firm to enhance its regional density and . By , reflecting its sustained performance, Old Dominion was added to the Nasdaq-100 Index effective January 24, marking its recognition as a leading component in the benchmark for non-financial equities. Following the IPO, Old Dominion pursued a combination of organic development and selective asset purchases to broaden its footprint, including the acquisition of Carter & Sons Freightways in 2001, which strengthened its presence in . With established cross-border services to (since 2004) and (since 2001), the company capitalized on rising North American trade volumes. These efforts, supported by significant investments in and facilities—totaling over $2.5 billion in the preceding decade—expanded the company's service center network to 261 locations across 48 states by the end of 2024, with 239 owned and 22 leased. This growth emphasized denser regional coverage and improved transit times, aligning with the firm's super-regional model to handle increasing LTL demand. Amid supply chain disruptions in the 2020s, including those stemming from the and global trade shifts, Old Dominion adapted by enhancing capacity through and to manage volatile freight patterns and last-minute adjustments. To counter ongoing inflationary pressures on operational costs, the company implemented a general rate increase of 4.9% across its key tariffs (ODFL 559, 670, and 550), effective November 3, 2025. This adjustment aimed to maintain profitability while supporting continued network investments amid softer tonnage trends.

Operations

Service network and terminals

Old Dominion Freight Line operates a network of 261 service centers across the continental as of December 31, 2024, enabling efficient less-than-truckload (LTL) freight consolidation and distribution. These facilities support day and night shift processing to handle incoming shipments, sort freight by destination, and prepare outbound loads, ensuring streamlined operations for daily LTL volumes. The 's design emphasizes density in high-volume areas, with service centers functioning as key nodes for regional and inter-regional transfers. Terminal operations at these locations include freight sorting to organize shipments by route and customer, to transfer cargo directly between inbound and outbound trailers with minimal storage, and assembly services for consolidated loads. Regional hubs, such as the headquarters facility in , and the service center in , serve as central points for coordinating larger-scale processing and distribution within the Southeast and Midsouth regions. This infrastructure allows for optimized routing and reduced handling times, contributing to the company's 99% on-time delivery rate for domestic LTL services. The service network provides comprehensive coverage of all 50 U.S. states, including and , along with direct access to major markets in and , and scheduled sailings to . International extensions facilitate seamless cross-border shipments, supported by tools like satellite tracking for routes. Average transit times for inter-regional LTL shipments typically range from 2 to 5 days, depending on origin, destination, and service level, with expedited options available for faster delivery. This geographic reach and operational efficiency underpin Old Dominion's ability to serve diverse customer needs across .

Fleet and technology

Old Dominion Freight Line operates a fleet comprising 11,284 tractors with an average age of 4.3 years, primarily consisting of day cab models designed for efficient slip-seating operations in less-than-truckload (LTL) service. The company also maintains 31,451 linehaul trailers averaging 7.3 years old and 15,263 pickup-and-delivery (P&D) trailers averaging 7.0 years old, including pup trailers optimized for maneuverability in urban environments. These configurations support the use of twin 28-foot trailers and, where permitted, long-combination vehicles such as triple 28-foot setups to enhance freight density and route flexibility. The company has integrated advanced technologies since the to optimize operations, including GPS-enabled real-time tracking for shipments and vehicles, RFID systems for automated arrival and dispatch, and on-board computer systems for driver . Automated dispatch tools and AI-driven solutions further enable for routing and load planning, reducing empty miles and improving overall efficiency. These technologies are supported by cloud-based platforms and electronic logging devices (ELDs) to ensure compliance with hours-of-service regulations while providing visibility into workforce productivity. Maintenance practices are centralized at 47 fleet maintenance centers located at service centers, with tractors scheduled for inspections every 90 days or based on mileage thresholds, and trailers checked quarterly to minimize downtime. The fleet emphasizes fuel-efficient engines equipped with aerodynamic features, such as skirts on pup trailers and fairings on , alongside regular overhauls to sustain performance and extend asset life.

Sustainability initiatives

Old Dominion Freight Line has been a partner in the U.S. Environmental Protection Agency's (EPA) SmartWay Transport Partnership since 2009, committing to voluntary strategies that improve and reduce (GHG) emissions in freight transportation. The company has earned the SmartWay Excellence Award for superior environmental performance multiple times, including seven consecutive years through 2021, recognizing its leadership in freight efficiency and emissions reductions among less-than-truckload carriers. These efforts have contributed to a 15.5% improvement in miles per gallon since 2010 and a 12% decrease in Scope 1 and Scope 2 GHG emissions from 2018 to 2020. To enhance operational efficiency and lower environmental impact, has implemented aerodynamic trailer upgrades, including skirts, air dams, and deflectors, which reduce air resistance and support better fuel economy. The company has also pursued pilots, such as ordering its first in May 2021 for testing in and incorporating renewable diesel—comprising about 20% of bulk fuel purchases—across service centers in states including , Oregon, Illinois, , , and . These measures complement the company's use of fuel-efficient engines in its fleet, focusing on technologies that minimize emissions without specified numerical reduction targets. Old Dominion collaborates with shippers through green logistics programs, earning recognition as a Green 75 Supply Chain Partner by Inbound Logistics for at least 13 years through 2022, which highlights joint efforts to optimize supply chains for sustainability. Waste reduction initiatives include recycling programs for coolant, engine oil, and other materials, alongside paperless technologies to decrease overall environmental footprint, though specific incentives for recycled packaging are integrated into broader operational efficiencies. The company publishes annual sustainability reports, beginning with its inaugural ESG report in 2020 aligned with Sustainability Accounting Standards Board standards, and continued through the 2024 Sustainability Report with verified Scope 1 and Scope 2 GHG inventories.

Corporate affairs

Leadership and governance

Old Dominion Freight Line is led by President and Kevin "Marty" Freeman, who assumed the role in July 2023 after serving as Executive Vice President and . Freeman brings over 45 years of experience in the transportation industry, having joined the company in and rising through operational roles that emphasized and network efficiency. Under his leadership, the company continues to prioritize and in the less-than-truckload sector. The Executive Chairman of the Board is David S. Congdon, who has been in the position since May 2018 and represents the Congdon family's longstanding legacy in the , with more than 40 years of involvement in strategic and operations. Congdon family affiliates beneficially own approximately 12% of the company's outstanding , maintaining significant alignment with shareholder interests since the 1991 . The consists of 12 members, including eight independent directors, with an average tenure of nine years as of May 2025. The board features 42% in terms of , racial, or ethnic among directors. Key committees include the , which oversees financial reporting and internal controls; the Talent and Compensation Committee, focused on executive pay and ; the Governance and Nomination Committee, responsible for board composition and director nominations; and the Risk Committee, which addresses enterprise risks including those related to and compliance. These committees ensure robust oversight, with the Governance and Nomination Committee actively seeking qualified candidates from diverse backgrounds, including women and minorities, to enhance board effectiveness. Governance practices at emphasize ethical conduct, as outlined in the company's Code of Business Conduct, which applies to all directors, officers, and employees and promotes principles of honesty, integrity, impartiality, and compliance with laws. The code prohibits retaliation against good-faith reports of misconduct and supports a culture of accountability. initiatives extend beyond the board to employee programs, addressing recruitment, training, and workplace equity to foster an inclusive environment. Shareholder alignment is reinforced through performance-based compensation structures, such as the Performance Incentive Plan and stock ownership guidelines requiring executives and directors to hold shares valued at five times their annual cash retainer, which received 97% approval from shareholders in 2024. An ESG Steering Committee, comprising senior executives including the CEO and , reports to the Risk Committee to integrate into strategic decision-making.

Financial performance

Old Dominion Freight Line has exhibited robust financial performance since its in 1991, characterized by steady growth and high profitability margins in the less-than-truckload (LTL) shipping sector. The company's annual reached $5.81 billion in 2024, reflecting a modest 0.88% decline from the previous year amid broader market softening, yet underscoring its scale as one of North America's leading LTL carriers. In the third quarter of 2025, totaled $1.41 billion, down 4.3% year-over-year due to reduced freight volumes, though this figure aligned with analyst expectations. per diluted share for the same period rose to $1.28, surpassing consensus estimates of $1.22 and demonstrating effective cost management despite pressures. Profitability remains a of Old Dominion's financial strength, with the company maintaining an operating ratio below 80% since the mid-2010s—a key industry metric measuring , where lower values indicate superior cost control relative to . This trend continued into 2025, with the Q3 operating ratio at 74.3%, up 160 basis points year-over-year due to revenue deleveraging but still among the sector's best. Net cash provided by operating activities totaled approximately $1.1 billion for the first nine months of 2025, supporting investments in fleet and while bolstering . The firm also sustains a conservative , with total at just $60 million as of December 2024—representing less than 1% of —and no significant short-term borrowings. Key financial trends highlight Old Dominion's resilience, particularly its recovery from the 2020 pandemic disruptions, when freight demand plummeted before rebounding sharply in 2021-2022 with revenue growth exceeding 20% annually. By , the company implemented a 4.9% general rate increase effective November 3 to offset inflationary pressures on labor, fuel, and costs, aiming to stabilize margins amid softer . This strategic pricing, combined with ongoing efficiency gains, positions Old Dominion to navigate cyclical challenges while prioritizing long-term shareholder returns through dividends and share repurchases.

Recognition

Awards and rankings

Old Dominion Freight Line has received consistent recognition for its in the less-than-truckload (LTL) sector, earning the top as the #1 National LTL Carrier for Quality from Mastio & Company for 16 consecutive years through 2025, including #1 placements from 2020 to 2024 based on shipper surveys evaluating attributes such as on-time performance and trustworthiness. The company has also been honored multiple times by the U.S. Environmental Protection Agency's SmartWay program, receiving the SmartWay Excellence Award for superior environmental performance in freight transportation for seven consecutive years through 2021. Additionally, Old Dominion has been included on ' lists of top employers since 2018, appearing on the World's Best Employers list in 2018 as the only trucking company recognized and on America's Best Large Employers list in subsequent years, including 2022, 2023, 2024, and 2025. In 2025, the company received two Quest for Quality Awards from Logistics Management, recognizing excellence in on-time delivery and customer service in the LTL sector. It also earned the Diamond Award in the 2025 Global Logistics Partners Excellence Awards for strong performance in logistics partnerships. Furthermore, DeeDee Cox, of , was named a 2025 Influential Woman in Trucking by the Women's Trucking Federation. In terms of financial and market stature, Old Dominion joined the Index on January 24, 2022, reflecting its strong performance among non-financial Nasdaq-listed companies. The company has maintained status since 2015 and was ranked #278 in the 2024 list based on annual revenues exceeding $5.8 billion.

Industry impact

Old Dominion Freight Line played a pivotal role in the post-deregulation era of the less-than-truckload (LTL) industry following the , which dismantled regulatory barriers and spurred among carriers. The company capitalized on the newfound freedom by rapidly expanding its footprint, constructing 27 service centers in the early 1980s to optimize freight sorting, distribution, and geographic density without prior approval requirements. This approach enhanced and set a benchmark for competitors, many of whom adopted similar strategies to improve cost structures and service reliability amid intensified market competition. In the 1990s, Old Dominion advanced industry standards through early investments in , including the computerization of operations starting in 1987, which facilitated the adoption of (EDI) for streamlined data exchange and reduced manual processing errors across the LTL sector. The company also advocated for enhancements, with then-CEO David Congdon emphasizing through the American Trucking Associations the economic costs of inadequate highway funding, urging federal investment to support freight mobility and prevent disruptions. Old Dominion's expansive terminal network has significantly boosted employment in rural communities, where facilities like the one in White Pine, Tennessee, provide stable jobs in dock operations, maintenance, and driving, contributing to local economic vitality in underserved regions. In the , the company has further influenced the LTL landscape by scaling its infrastructure to accommodate surging volumes, enabling efficient handling of smaller, frequent shipments from online retailers and reinforcing the sector's adaptability to digital commerce trends.

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    Rating 3.6 (1,800) Aug 8, 2025 · It's really good place to work. The pay is excellent. You just have to be willing to drive team. Till you get your time in to go to the single. Great benefits.