Earl and Lillian Congdon started Old Dominion in 1934 in Richmond, Virginia, with one truck running between Richmond and Norfolk. The name comes from Virginia's nickname, the Old Dominion. The company later moved its headquarters to Thomasville, North Carolina, went public on Nasdaq in 1991, and expanded from a regional Southeastern carrier into a national LTL network after trucking deregulation in 1980.
Why LTL Is Different
LTL carriers combine shipments from many customers on each trailer, so profit depends on terminal networks and freight density. Old Dominion pairs that network with high service levels, reporting 99% on-time delivery and a 0.1% claims ratio in Q2 2026.
Through the Freight Cycle
Old Dominion's revenue peaked at $6.26 billion in 2022 during the post-pandemic freight boom, then declined to $5.87 billion in 2023, $5.81 billion in 2024 and $5.50 billion in 2025 as industrial shipments softened. Net income followed, falling from $1.38 billion in 2022 to $1.02 billion in 2025, yet margins stayed far above most LTL peers. In 2025 the company spent $415.0 million on capital expenditures, repurchased $730.3 million of stock and paid $235.6 million in dividends. In the first half of 2026 revenue rose 3.8% to $2.89 billion and net income rose 12.5% to $588.9 million; Q2 alone delivered a 70.1% operating ratio versus 74.6% a year earlier. Management lifted its 2026 capital budget to about $380 million, and the balance sheet carried $283.9 million of cash against roughly $20 million of debt at June 30, 2026.
