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Old Dominion Freight Line Inc. (NASDAQ:ODFL)

This company has been moved to the archive! The financial data has not been updated since August 4, 2023.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Old Dominion Freight Line Inc., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Revenue from operations 1,413,189 1,442,136 1,491,659 1,603,690 1,667,448 1,497,280 1,410,358 1,400,046 1,319,409 1,126,515 1,073,389 1,058,166 896,210 987,364 1,009,206 1,048,457 1,060,666 990,782 1,026,944 1,058,233 1,033,498 925,020
Salaries, wages and benefits (642,841) (652,075) (655,852) (675,084) (705,710) (680,189) (661,123) (649,685) (611,518) (545,659) (543,847) (524,658) (460,906) (524,483) (534,086) (533,451) (532,583) (522,344) (515,529) (536,513) (522,249) (501,311)
Operating supplies and expenses (165,373) (192,384) (207,626) (217,260) (236,712) (191,357) (159,373) (146,509) (137,577) (124,156) (100,057) (90,269) (75,412) (107,693) (112,004) (117,343) (122,410) (121,357) (127,417) (127,557) (126,566) (115,936)
General supplies and expenses (38,606) (39,545) (39,418) (45,951) (39,116) (35,513) (33,152) (37,312) (34,427) (31,168) (23,407) (27,383) (25,881) (33,608) (26,391) (33,633) (32,391) (31,560) (28,104) (31,209) (29,891) (29,976)
Operating taxes and licenses (36,890) (36,701) (35,458) (35,753) (34,952) (35,076) (34,902) (34,028) (33,256) (31,266) (30,663) (29,923) (27,043) (29,314) (29,267) (29,117) (29,384) (29,071) (29,305) (27,952) (28,165) (26,788)
Insurance and claims (15,381) (16,028) (7,739) (17,491) (16,964) (16,107) (9,970) (15,674) (14,983) (12,922) (9,783) (11,821) (10,910) (9,850) (18,510) (11,280) (11,587) (11,172) (9,608) (12,069) (11,342) (11,099)
Communications and utilities (11,515) (11,017) (10,522) (10,288) (9,898) (9,876) (8,825) (8,738) (8,390) (8,196) (8,467) (7,622) (7,262) (8,191) (7,530) (8,098) (6,134) (7,839) (8,370) (8,215) (7,439) (7,046)
Depreciation and amortization (79,784) (75,947) (72,053) (68,347) (68,310) (67,340) (66,789) (65,160) (63,947) (63,987) (65,106) (64,983) (65,735) (65,435) (64,544) (63,493) (62,571) (63,073) (62,555) (58,086) (56,235) (53,481)
Purchased transportation (28,596) (30,615) (28,477) (34,453) (42,681) (52,500) (55,107) (52,037) (43,927) (34,714) (32,759) (25,405) (18,983) (20,800) (21,418) (23,063) (24,468) (20,687) (22,860) (25,373) (26,044) (21,740)
Miscellaneous expenses, net (2,609) (4,775) (4,285) (2,983) (4,400) (3,704) (8,626) (7,493) (5,340) (4,790) (4,998) (5,858) (4,912) (4,820) (7,192) (11,452) (4,649) (5,253) (4,351) (2,874) (5,086) (8,303)
Operating expenses (1,021,595) (1,059,087) (1,061,430) (1,107,610) (1,158,743) (1,091,662) (1,037,867) (1,016,636) (953,365) (856,858) (819,087) (787,922) (697,044) (804,194) (820,942) (830,930) (826,177) (812,356) (808,099) (829,848) (813,017) (775,680)
Operating income 391,594 383,049 430,229 496,080 508,705 405,618 372,491 383,410 366,044 269,657 254,302 270,244 199,166 183,170 188,264 217,527 234,489 178,426 218,845 228,385 220,481 149,340
Interest expense (89) (200) (280) (997) (213) (73) (384) (371) (465) (507) (846) (1,071) (765) (100) (92) (3) (160) (122) (138) (29) (11) (11)
Interest income 2,368 2,811 2,951 1,333 471 129 126 178 196 286 228 123 231 1,248 1,797 1,714 1,769 1,483 1,211 778 668 456
Other income (expense), net (1,947) (1,511) (898) (351) (750) (605) (457) (266) (1,387) (128) (361) (961) 373 (3,617) (375) (844) (524) 600 (2,567) 70 334 (2,299)
Non-operating income (expense) 332 1,100 1,773 (15) (492) (549) (715) (459) (1,656) (349) (979) (1,909) (161) (2,469) 1,330 867 1,085 1,961 (1,494) 819 991 (1,854)
Income before income taxes 391,926 384,149 432,002 496,065 508,213 405,069 371,776 382,951 364,388 269,308 253,323 268,335 199,005 180,701 189,594 218,394 235,574 180,387 217,351 229,204 221,472 147,486
Provision for income taxes (99,564) (99,111) (108,073) (118,664) (132,135) (105,318) (92,970) (96,317) (94,812) (69,949) (63,491) (66,467) (51,200) (47,524) (45,570) (54,295) (61,502) (47,064) (57,892) (55,762) (58,038) (38,153)
Net income 292,362 285,038 323,929 377,401 376,078 299,751 278,806 286,634 269,576 199,359 189,832 201,868 147,805 133,177 144,024 164,099 174,072 133,323 159,459 173,442 163,434 109,333

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Revenue and profitability exhibited substantial growth between March 2018 and June 2023, characterized by a period of relative stability followed by a sharp acceleration starting in 2021. Net income transitioned from a quarterly range of approximately $110 million to $170 million in the initial years to a peak exceeding $377 million in 2022, indicating a significant expansion in the bottom line over the five-year period.

Revenue Growth and Volatility
From 2018 through 2020, revenue remained consistently near the $1 billion mark per quarter. A period of rapid escalation began in early 2021, with revenue climbing from $1.13 billion in March 2021 to a peak of $1.67 billion in June 2022. Following this peak, a downward trend was observed, with revenue normalizing to approximately $1.41 billion by June 2023.
Operating Expense Analysis
Salaries, wages, and benefits represent the largest cost component. These expenses grew in tandem with revenue, rising from approximately $500 million per quarter in 2018 to peak at $705.7 million in March 2022. Operating supplies and expenses showed a more volatile trend, spiking significantly in 2022 to a high of $236.7 million in June 2022 before receding to $165.4 million by June 2023. Depreciation and amortization costs showed a steady, incremental increase over the entire period, rising from $53.5 million to nearly $80 million per quarter, reflecting continuous capital investment.
Operating Profitability and Margins
Operating income demonstrated strong growth that outpaced revenue increases, suggesting margin expansion. Operating income rose from an average of approximately $200 million per quarter (2018-2020) to a peak of $508.7 million in June 2022. The ability to maintain higher operating income levels despite the slight revenue decline in 2023 indicates improved operational efficiency or successful pricing adjustments.
Non-Operating and Tax Trends
Interest expenses remained negligible throughout the period, while interest income saw a marked increase starting in late 2022, rising from modest amounts to peaks near $2.95 million per quarter. This suggests an increase in cash reserves. The provision for income taxes scaled proportionally with the growth in pre-tax income, increasing from an average of $50 million per quarter in 2018 to nearly $100 million per quarter by 2023.

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