Old Dominion Freight Line saw further improvement in its operating metrics during May, as the less-than-truckload industry is now seeing a demand bump from the industrial economy.
The Thomasville, North Carolina-based company reported a 12.3% year-over-year increase in revenue per day during the month. The result outpaced a previously reported 7.6% revenue increase in April. May tonnage was down just 3.8% y/y (down 6.1% in April), with yield increasing approximately 16% during the month.
Through the first two months of the quarter, Old Dominion’s yield increased 15.6% y/y inclusive of fuel surcharges (up 5.4% excluding fuel).
The revenue-based metrics are being positively influenced by a runup in diesel fuel prices. Less-than-truckload fuel surcharge programs include a step function as diesel prices rise, typically resulting in margin accretion.
On a two-year-stacked comparison, Old Dominion’s (NASDAQ: ODFL) tonnage was off 12% in May, which was an improvement from a 15% decline in April. The carrier’s per-day tonnage appears to have troughed in the first quarter.
“Old Dominion produced solid revenue growth for the first two months of the second quarter,” said President and CEO Marty Freeman in a news release. “While our LTL tons per day declined on a year-over-year basis in both April and May, demand has continued to improve as the quarter has progressed.”
Manufacturing data released Monday showed industrial activity was positive for a fifth consecutive month in May. The Purchasing Managers’ Index registered a 54 reading for the month, which was 130 basis points higher than April. (A reading above 50 signals expansion, while one below 50 indicates contraction.) The May reading was the highest for the dataset in four years.
The new orders subindex—an indicator of future activity—came in at 56.8, 270 bps higher sequentially. (Inflections in PMI data usually lead LTL volumes by a few months.)
Old Dominion’s shipment weights are up approximately 1.5% y/y so far in the quarter. Heavier shipments are a sign that the market is turning and often lead to margin improvement.
The carrier previously guided to 300 to 350 bps of sequential operating margin improvement in the second quarter, which is in line with its historical margin progression. The forecast implies a 73% operating ratio (inverse of operating margin) at the midpoint of the range, which would be 160 bps better y/y and the first meaningful y/y improvement since 2022.
“We remain confident in our ability to win market share and drive profitable revenue growth over the long-term as we continue to execute on the fundamental elements of our strategic plan,” Freeman said.
The company normally outgrows the market by 9 to 10 percentage points in an upcycle.
Shares of ODFL were up 1.6% at 9:54 a.m. EDT on Wednesday compared to the S&P 500, which was off 0.5%. Shares of ODFL are up 46% year-to-date.
More FreightWaves articles by Todd Maiden:
- Saia’s tonnage growth accelerates in May on easier comp
- Transportation pricing index logs record growth rate in May
- FedEx Freight embarks on journey as standalone LTL carrier
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Five people were killed and two others were injured in four separate freight train collisions across the U.S. over the past week, including fatal incidents in the San Antonio area and southeast Michigan.
The accidents, which occurred between Thursday and Tuesday, involved both vehicles and pedestrians being struck by freight trains in Texas, Michigan, North Carolina and Pennsylvania.
The most recent incident occurred Tuesday evening in southwest Bexar County, Texas, near San Antonio, when a vehicle was struck by a train on Macdona-Lacoste Road near Wisdom Road.
Authorities said three people in the vehicle suffered critical injuries. One of the victims later died, while the two others are expected to recover, according to KSAT News. Investigators have not released details on what led to the collision.
Earlier Tuesday morning, a man was killed after being struck by a Norfolk Southern freight train in a rural area southeast of Ypsilanti, Michigan, reported The Ann Arbor News.
Officials said the victim was on foot when he was hit around 4:41 a.m. on tracks between McKean and Bunton roads in Augusta Township. The collision did not occur at a public crossing, according to local fire officials.
Two other fatal train-pedestrian accidents were reported on Thursday.
In Reidsville, North Carolina, two people were killed after a Norfolk Southern freight train struck them while they were sitting on railroad tracks, according to police. Officers responded to the scene shortly after 6 p.m. and continued to investigate the circumstances surrounding the incident, according to ABC45.
Later that night in Erie, Pennsylvania, a 16-year-old boy was killed after being struck by a freight train near the intersection of Grahamville and South Lake streets, reported Erie News Now. Emergency responders were called to the scene shortly before 11 p.m., and the victim was pronounced dead early the following morning.
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FreightWaves’ Freight Brokerage Rate Report — sponsored by Truckstop.com — provides a review of the previous quarter and a forecast for the coming months.
Featuring responses from a freight brokerage survey alongside SONAR data, the report is designed to provide intelligence that brokers can use to inform their strategies in the months ahead.
Key areas of exploration include:
- Key themes to watch in Q2 2026
- FreightWaves broker survey insights
- Key takeaways for brokers in 2026
Complete the form below to download your complimentary copy.
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The Shipper Rate Report — presented in partnership with Trimble — is a quarterly publication using SONAR datasets to create the most in-depth rate and demand outlook for shippers.
The insights within this paper are curated by the market experts at FreightWaves and backed by the proprietary data and analytics housed in SONAR’s platform.
Key areas of exploration include:
- Key themes to watch in Q2 2026
- FreightWaves shipper survey insights
- Key takeaways for shippers in 2026
Complete the form below to download your complimentary copy.
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FreightWaves’ Carrier Rate Report — sponsored by Trimble and Cargowise Landside — provides a review of the previous quarter and a forecast for the coming months.
Featuring responses from a carrier survey alongside SONAR data, the report is designed to provide intelligence that carriers can use to inform their strategies in the months ahead.
Key areas of exploration include:
- Key Themes to Watch in Q2 2026
- FreightWaves Carrier Survey Insights
- Key Takeaways for carriers in 2026
Complete the form below to download your complimentary copy.
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The June 2026 “State of the Industry Report” — presented in affiliation with Ryder — shares an in-depth overview across the trucking, maritime and intermodal markets, as well as what to expect in the coming weeks. The data contained within the report provides breakdowns of capacity, volumes and rates.
In this report, you will find:
- Freight market remains volatile and capacity-sensitive: Disruptions like Roadcheck quickly drove tender rejections and spot rates higher, highlighting an unstable, supply-constrained environment.
- Spot rates are outpacing contract rates: A widening gap is pulling capacity into the spot market, increasing rejection rates and signaling upward pricing pressure for shippers.
- Demand is stable but not strong: Freight demand remains flat overall, with limited import activity and cautious shipper ordering due to inflation concerns.
- Inflation continues to impact transportation costs: Elevated fuel and broader input costs (PPI ~6%) are contributing to higher freight rates and economic uncertainty.
- Capacity tightening persists: Ongoing carrier exits and stricter broker vetting are reducing available capacity, creating longer-term upward rate pressure.
- Modal shifts and cost strategies emerging: Shippers are leveraging intermodal and LTL to secure capacity, even at higher unit costs, as truckload tightens.
- Growth pockets offset broader softness: Data center construction is driving strong flatbed demand, while housing remains weak and consumer sentiment continues to decline.
Download the complimentary report today to access the full insights.
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