Revenue Decline and Key Metrics: Old Dominion's revenue for Q2 2025 decreased by 6.1% year-over-year to $1.41 billion, with a significant decline of 9.3% in LTL (less-than-truckload) tons per day. However, the company achieved a 3.4% increase in LTL revenue per hundredweight, reflecting a focus on yield improvements amidst declining volumes.

Operating Ratio Challenges: The operating ratio increased by 270 basis points to 74.6%, primarily due to the decrease in revenue leading to deleveraging effects on operating expenses. The company anticipates further increases in operating ratio by 80 to 120 basis points in Q3, as revenue is expected to remain flattish.

Positive Cash Flow and Shareholder Returns: Old Dominion reported cash flow from operations of $285.9 million in Q2, with total capital expenditures of $187.2 million. The company remains committed to shareholder returns, having repurchased $223.5 million of shares in the quarter and paid $59 million in dividends, suggesting confidence in long-term growth potential.