OLD DOMINION FREIGHT LINE, INC. Segments Disclosure
Note 11. Segment Information
We have one operating and reportable segment that provides regional, inter-regional and national LTL services through a single integrated, union-free organization. We derive revenue primarily in North America and manage our business activities on a Company-wide basis. For the last three fiscal years, more than 95% of our revenue was derived from services performed in the United States and less than 5% of our revenue was generated from services performed internationally. Additionally, no single customer exceeds 5% of our revenue. The accounting policies of our reportable segment are the same as those described in Note 1.
Our , who is our President and Chief Executive Officer, reviews Company-wide financial information. The CODM uses “Net income” on our Statements of Operations to make capital allocation and spending decisions, which is initially performed as part of our annual strategic planning process. As part of our strategic planning process, we develop an annual budget for capital expenditures to support our forecasted tonnage and shipment growth. This annual capital expenditure plan, and any other spending decisions that the CODM believes will help prepare our Company for future growth, are generally considered our first priorities for allocating capital. Once those decisions are made, other capital considerations may include share repurchases, dividends, and acquisitions. The CODM monitors actual results against forecast throughout the year and evaluates necessary changes in operating activities or capital allocation. Segment assets are reported as “Total assets” on our Balance Sheets but “Total assets” are not used to measure segment performance or allocate resources. Long-lived assets, which consist primarily of property and equipment, net, are all located in the United States.
The following table presents financial information with respect to our segment:
|
|
Year Ended December 31, |
|
|||||||||
(In thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Revenue from operations |
|
$ |
5,496,389 |
|
|
$ |
5,814,810 |
|
|
$ |
5,866,152 |
|
|
|
|
|
|
|
|
|
|
|
|||
Less significant expenses: |
|
|
|
|
|
|
|
|
|
|||
Salaries and wages |
|
|
1,883,020 |
|
|
|
1,958,390 |
|
|
|
1,912,231 |
|
Employee benefit costs |
|
|
752,305 |
|
|
|
730,924 |
|
|
|
717,445 |
|
Operating supplies and expenses |
|
|
570,981 |
|
|
|
635,320 |
|
|
|
718,326 |
|
General supplies and expenses |
|
|
169,161 |
|
|
|
176,546 |
|
|
|
162,416 |
|
Operating taxes and licenses |
|
|
138,940 |
|
|
|
144,690 |
|
|
|
145,642 |
|
Insurance and claims |
|
|
74,416 |
|
|
|
92,359 |
|
|
|
75,368 |
|
Communications and utilities |
|
|
38,939 |
|
|
|
40,827 |
|
|
|
43,269 |
|
Depreciation and amortization |
|
|
364,683 |
|
|
|
344,568 |
|
|
|
324,435 |
|
Purchased transportation |
|
|
110,036 |
|
|
|
122,815 |
|
|
|
121,516 |
|
Miscellaneous expenses, net |
|
|
32,863 |
|
|
|
24,373 |
|
|
|
4,831 |
|
Total non-operating income |
|
|
(263 |
) |
|
|
(13,599 |
) |
|
|
(7,103 |
) |
Provision for income taxes |
|
|
337,605 |
|
|
|
371,524 |
|
|
|
408,274 |
|
Segment net income |
|
$ |
1,023,703 |
|
|
$ |
1,186,073 |
|
|
$ |
1,239,502 |
|
See the Company’s financial statements for other financial information regarding our segment as there are no reconciling items or adjustments between segment and total Company.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 24, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.