Analysis of Revenues
Revenues as Reported
Old Dominion Freight Line Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
Total revenue exhibited a period of relative stability from 2018 through 2020, followed by a phase of rapid acceleration in 2021 and 2022. Total revenue increased from $4,043,695 thousand in 2018 to $6,260,077 thousand by the end of 2022.
- Total Revenue Growth Trajectory
- A marginal increase was noted between 2018 and 2019, followed by a slight contraction in 2020, where revenue decreased to $4,015,129 thousand. A significant inflection point occurred in 2021, with revenue increasing to $5,256,328 thousand, and continuing this upward momentum into 2022 to reach $6,260,077 thousand.
- LTL Services Performance
- Less-than-truckload (LTL) services serve as the primary driver of financial performance, consistently accounting for the vast majority of total revenue. This segment mirrored the total revenue trend, experiencing a sharp increase from $3,961,054 thousand in 2020 to $6,177,055 thousand in 2022. The growth in this segment was particularly pronounced between 2020 and 2021, representing the largest single-year increase in the analyzed period.
- Other Services Contribution
- Other services represent a small fraction of the overall revenue stream. While this segment remained relatively flat between 2018 and 2020, oscillating between $53,644 thousand and $61,037 thousand, it experienced a growth trend starting in 2021, ending the period at $83,022 thousand in 2022.
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