Old Dominion vs Toyota: Revenue, Profit and Business Model
Old Dominion reported $5.5B of revenue in FY2025 and $1B of net income. Toyota reported ~$339.6B of revenue in FY2026 and ~$25.8B of net income.
Latest financial snapshot
Old Dominion
- Latest revenue
- $5.5B (FY2025)
- Net income
- $1B
- Net margin
- 18.6%
- Revenue growth
- +7.0% a year, FY2016–FY2025
Toyota
- Latest revenue
- ~$339.6B (FY2026)
- Net income
- ~$25.8B
- Net margin
- 7.6%
- Revenue growth
- +6.0% a year, FY2016–FY2026
Financial summary
Old Dominion
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.
Toyota
Toyota's fiscal 2026 showed record revenue alongside sharply lower profit. Sales revenues reached ~$340 billion (¥50.68 trillion) while operating margin narrowed to about 7.4% from 10.0% a year earlier, mostly because of roughly $9.25 billion (¥1.38 trillion) in U.S. tariff costs. North America swung to a much weaker profit, Japan remained the largest profit contributor, and financial services kept growing. For fiscal 2027, Toyota's August 2026 forecast calls for ~$362 billion (¥54.0 trillion) in revenue, ~$22.8 billion (¥3.4 trillion) in operating income and ~$21.8 billion (¥3.25 trillion) in net income, assuming 160 yen per dollar.
Revenue and profit by year
Old Dominion
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.5B | $1B | 18.6% | -5.5% | Source |
| FY2024 | $5.8B | $1.2B | 20.4% | -0.9% | Source |
| FY2023 | $5.9B | $1.2B | 21.1% | -6.3% | Source |
| FY2022 | $6.3B | $1.4B | 22.0% | +19.1% | Source |
| FY2021 | $5.3B | $1B | 19.7% | +30.9% | Source |
| FY2020 | $4B | $672.7M | 16.8% | -2.3% | Source |
| FY2019 | $4.1B | $615.5M | 15.0% | +1.6% | Source |
| FY2018 | $4B | $605.7M | 15.0% | +20.4% | Source |
| FY2017 | $3.4B | $463.8M | 13.8% | +12.3% | Source |
| FY2016 | $3B | $295.8M | 9.9% | — | Source |
Toyota
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$339.6B | ~$25.8B | 7.6% | +5.5% | Source |
| FY2025 | ~$321.8B | ~$31.9B | 9.9% | +6.5% | Source |
| FY2024 | ~$302.1B | ~$33.1B | 11.0% | +21.4% | Source |
| FY2023 | ~$248.9B | ~$16.4B | 6.6% | +18.4% | Source |
| FY2022 | ~$210.2B | ~$19.1B | 9.1% | +15.3% | Source |
| FY2021 | ~$182.3B | ~$15B | 8.3% | -9.1% | Source |
| FY2020 | ~$200.5B | ~$13.9B | 6.9% | -1.0% | Source |
| FY2019 | ~$202.5B | ~$12.6B | 6.2% | +2.9% | Source |
| FY2018 | ~$196.8B | ~$16.7B | 8.5% | +6.5% | Source |
| FY2017 | ~$184.9B | ~$12.3B | 6.6% | -2.8% | Source |
| FY2016 | ~$190.3B | ~$15.5B | 8.1% | — | Source |
Where the revenue comes from
Old Dominion
- LTL services99%
LTL services revenue was $1.539B of $1.554B total in Q2 2026, including fuel surcharges.
- Other services1%
Truckload brokerage, household moving and related services: $15.1M in Q2 2026.
Toyota
- Automotive~89%
Toyota, Lexus, Daihatsu and Hino vehicles, plus parts and service
- Financial services~9%
Retail loans, leases and dealer financing
- All other~2%
Housing-related, telecommunications and other businesses
Business model and strategy
Old Dominion
How it makes money
Old Dominion runs an asset-heavy LTL network. Drivers pick up partial loads from many shippers, bring them to service centers, consolidate them onto linehaul trailers and deliver them across the country. Revenue is billed per shipment based on weight, distance, freight class, fuel surcharges and accessorial services.
Growth strategy
Old Dominion grows organically. It invests through the freight cycle in service centers, doors and equipment, then wins share when demand returns and competitors run out of capacity. When Yellow Corp. collapsed in 2023, Old Dominion briefly held a $1.5 billion stalking-horse bid for Yellow's terminals but later withdrew from the auction, choosing to rely on its own spare capacity and targeted real estate purchases.
Competitive advantage
Old Dominion's edge comes from service quality and network capacity built ahead of demand. It reports 99% on-time service and a cargo claims ratio near 0.1%, which lets it charge premium rates. The company owns most of its service centers and keeps spare door capacity, so it can take on volume in an upturn without the congestion that hurts service at fuller networks.
Toyota
How it makes money
Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux. A large financial services arm earns interest and lease income on loans and leases to Toyota buyers and dealers, and parts, service and other value-chain businesses add recurring revenue from the installed base of vehicles.
Growth strategy
Toyota's strategy centers on hybrid leadership, battery EV scaling, software improvement, localized manufacturing, Lexus and truck/SUV profitability, financial services, and disciplined capital allocation.
Competitive advantage
Toyota's advantage is manufacturing discipline, hybrid technology, global supplier relationships, brand trust, reliability, and scale. Those strengths are durable, but they must be paired with faster software and EV execution.
Questions about Old Dominion vs Toyota
Which company has higher revenue — Old Dominion Freight Line, Inc. or Toyota Motor Corporation?
Old Dominion Freight Line, Inc. reported $5.5B (FY2025), while Toyota Motor Corporation reported ~$339.6B (FY2026). By last reported revenue, Toyota Motor Corporation is the larger business, with Old Dominion Freight Line, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Old Dominion Freight Line, Inc. vs Toyota Motor Corporation?
Old Dominion Freight Line, Inc.'s market capitalisation stands at $36.5B, while Toyota Motor Corporation's is $258.0B. Toyota Motor Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Old Dominion Freight Line, Inc..
Which is more financially efficient — Old Dominion Freight Line, Inc. or Toyota Motor Corporation?
Old Dominion Freight Line, Inc. generates $267k / employee in revenue per employee, while Toyota Motor Corporation generates $905k / employee. Toyota Motor Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Old Dominion Freight Line, Inc. and Toyota Motor Corporation make money?
Old Dominion Freight Line, Inc. and Toyota Motor Corporation generate revenue in fundamentally different ways. Old Dominion Freight Line, Inc.: Old Dominion runs an asset-heavy LTL network. Toyota Motor Corporation: Toyota makes most of its money building and selling vehicles under the Toyota and Lexus brands (plus Daihatsu and Hino), led by high-volume models such as the RAV4, Corolla, Camry and Hilux.
Which company is valued higher relative to revenue — Old Dominion Freight Line, Inc. or Toyota Motor Corporation?
On a price-to-sales (P/S) basis, Old Dominion Freight Line, Inc. trades at 6.6x P/S and Toyota Motor Corporation at 0.8x P/S. Old Dominion Freight Line, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Toyota Motor Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Old Dominion Freight Line, Inc. bigger than Toyota Motor Corporation?
By last reported revenue, Toyota Motor Corporation (~$339.6B (FY2026)) is the larger company compared to Old Dominion Freight Line, Inc. ($5.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Old Dominion vs Toyota overview