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
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 from operations
- Revenue displayed a generally increasing trend from 2018 through 2023, with some fluctuations. It grew steadily from 925,020 thousand US$ in March 2018 to a peak of 1,667,448 thousand US$ in June 2022, followed by a slight decline towards June 2023.
- Salaries, wages and benefits
- These expenses fluctuated over the periods but showed a marked increase from 2020 to 2022, rising from approximately 460,906 thousand US$ in June 2020 to 705,710 thousand US$ in June 2022, before slightly decreasing towards mid-2023.
- Operating supplies and expenses
- Operating supplies and expenses generally rose over time, particularly from 2020 onward, increasing steeply from 75,412 thousand US$ in March 2020 to 236,712 thousand US$ in June 2022, then declined gradually through 2023.
- General supplies and expenses
- These expenses were relatively stable with some variability but exhibited a slight upward trend over the entire period, increasing from about 29,976 thousand US$ in March 2018 to near 39,606 thousand US$ by mid-2023.
- Operating taxes and licenses
- Operating taxes and licenses remained fairly consistent, showing only slight increases over time. The values ranged roughly from 26,788 thousand US$ in early 2018 to about 36,890 thousand US$ by June 2023.
- Insurance and claims
- Insurance and claims fluctuated significantly, with notable volatility. Some quarters showed marked decreases, such as December 2020 and December 2022, while other quarters reflected higher amounts, peaking around 17,491 thousand US$ in September 2022.
- Communications and utilities
- Communications and utilities expenses demonstrated a gradual increase over time, rising from about 7,046 thousand US$ in March 2018 to 11,515 thousand US$ by June 2023.
- Depreciation and amortization
- This expense grew steadily, rising from approximately 53,481 thousand US$ in March 2018 to 79,784 thousand US$ by June 2023, reflecting ongoing capital investments or asset base expansion.
- Purchased transportation
- Purchased transportation expenses were volatile with no consistent trend. They saw peaks in late 2020 through 2021, reaching over 55,000 thousand US$, followed by marked decreases in 2022 and 2023.
- Miscellaneous expenses, net
- These expenses showed a general tendency to decrease over time from 8,303 thousand US$ in March 2018 to around 2,609 thousand US$ by June 2023, although some quarters showed increased spending.
- Operating expenses
- Operating expenses increased over the years, closely following revenue trends but lagging slightly due to efficiency gains in some periods. They increased from approximately 775,680 thousand US$ in March 2018 to a peak near 1,158,743 thousand US$ in June 2022, before decreasing moderately by mid-2023.
- Operating income
- Operating income showed growth with some fluctuations, rising from 149,340 thousand US$ in March 2018 to a high of 508,705 thousand US$ in June 2022, followed by a decrease in late 2022 and early 2023, indicating variable profitability despite revenue growth.
- Interest expense
- Interest expense remained relatively low throughout, with occasional minor spikes but no significant upward trend, suggesting stable debt levels or interest costs.
- Interest income
- Interest income varied but generally increased towards the end of the period, peaking near 2,951 thousand US$ in March 2023, indicative of improved cash or investment returns.
- Other income (expense), net
- Other income (expense) was variable, with both positive and negative amounts across quarters, indicating sporadic gains or losses outside core operations. There was no clear directional trend.
- Non-operating income (expense)
- This category showed volatility, fluctuating between positive and negative values without a clear pattern, likely reflecting irregular items not related to operations.
- Income before income taxes
- Income before taxes reflected operating income trends, increasing overall from 2018 to mid-2022, peaking at over 508,000 thousand US$, and subsequently declining in 2023, consistent with fluctuations in profitability.
- Provision for income taxes
- Tax provisions increased significantly over time, from about 38,153 thousand US$ in early 2018 to approximately 132,135 thousand US$ in June 2022, then decreased following the reduction in income before taxes, reflecting tax expense scaling with earnings.
- Net income
- Net income followed a generally upward trajectory with some volatility. It grew from 109,333 thousand US$ in March 2018 to a high near 377,401 thousand US$ in June 2022 before declining to approximately 285,038 thousand US$ by March 2023, mirroring overall operational performance and tax impacts.