UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ . Commission File Number: 0-19582 (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (State or other jurisdiction of incorpo ...

Jon Tetzlaff/iStock Editorial via Getty Images Introduction This year, it feels like I have written countless articles on my longer-term thesis, which is that "value" stocks are likely a better place than "growth" stocks. For example, in a recent article, I wrote that Antero Midstream (AM) is my favorite high-yield stock and a great way to benefit from the attractive relative valuation of value stocks. I often refer to the data from JPMorgan (JPM), which can be seen below. Value stocks are very attractive ...

Exhibit 99.1 Contact: Adam N. Satterfield Executive Vice President and Chief Financial Officer (336) 822-5721 OLD DOMINION FREIGHT LINE REPORTS FIRST QUARTER 2024 EARNINGS PER DILUTED SHARE OF $1.34 THOMASVILLE, N.C. (April 24, 2024) – Old Dominion Freight Line, Inc. (Nasdaq: ODFL) today announced financial results for the three-month period ended March 31, 2024. All prior-period share and per share data in this release have been adjusted to reflect the Company's March 2024 two-for-one stock split. | | Thre ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. Commission File Number: 0-19582 OLD DOMINION FREIGHT LINE, INC. (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ . Commission File Number: 0-19582 OLD DOMINION FREIGHT LINE, INC. (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (St ...

Financial Performance & Market Position - ODFL's 2022 revenue was $626 billion, positioning it as the 2nd largest LTL carrier with approximately 12% market share[71] - In Q2 2023, ODFL's operating ratio decreased by 280 bps to 723%[46] - For the year-to-date 2023, diluted earnings per share decreased by 114%[46] - Revenue decreased 152% in Q2 2023[34] Strategic Investments & Capacity - Capital expenditures typically range between 10% to 15% of total annual revenue[8] - From 2013 to 2022, ODFL invested $20 billion in real estate to expand and improve its service center network[64] - Since the beginning of 2013, the company has invested $21 billion in service center additions and expansions, adding 38 service centers (a 17% increase) and increasing door count by 51%[56] Service & Operational Excellence - On-time service has improved from 94% in 2002 to 99% in 2022[56] - Cargo claims ratio has declined from 15% in 2002 to 01% in 2022[56] Market Share & Growth - The North America LTL market is valued at $525 billion, with ODFL having a CAGR of 51%[9] - ODFL's market share in various regions ranges from 115% to 151% in 2023[68]

[Part I – FINANCIAL INFORMATION](index=4&type=section&id=Part%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed financial statements for the period ended June 30, 2023, showing a decrease in revenue and net income compared to the prior year due to a softer economic environment [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2023, total assets increased to **$4.98 billion** and shareholders' equity grew to **$3.83 billion**, while total liabilities slightly decreased Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$4,978,932** | **$4,838,610** | | Total current assets | $730,609 | $933,740 | | Net property and equipment | $4,001,099 | $3,687,068 | | **Total Liabilities** | **$1,146,897** | **$1,185,693** | | Total current liabilities | $503,018 | $529,793 | | **Total Shareholders' Equity** | **$3,832,035** | **$3,652,917** | [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) Q2 2023 revenue decreased to **$1.41 billion** and net income fell to **$292.4 million**, with similar declines for the six-month period and diluted EPS Key Performance Indicators (Q2 & H1 2023 vs 2022) | Metric (in thousands, except per share) | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $1,413,189 | $1,667,448 | $2,855,325 | $3,164,728 | | **Operating Income** | $391,594 | $508,705 | $774,643 | $914,323 | | **Net Income** | $292,362 | $376,078 | $577,400 | $675,829 | | **Diluted EPS** | $2.65 | $3.30 | $5.23 | $5.90 | [Condensed Statements of Changes in Shareholders' Equity](index=7&type=section&id=Condensed%20Statements%20of%20Changes%20in%20Shareholders%27%20Equity) Shareholders' equity increased to **$3.83 billion** by June 30, 2023, driven by net income, partially offset by **$305.0 million** in share repurchases and **$87.8 million** in cash dividends - For the six months ended June 30, 2023, the company returned capital to shareholders through **$305.0 million** in share repurchases and **$87.8 million** in cash dividends[17](index=17&type=chunk) [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to **$703.2 million** in H1 2023, while cash used in investing activities increased and cash used in financing activities decreased, ending with **$55.1 million** in cash and cash equivalents Cash Flow Summary (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash from operating activities | $703,207 | $816,053 | | Net cash used in investing activities | ($412,934) | ($274,248) | | Net cash used in financing activities | ($421,444) | ($808,235) | | **Decrease in cash and cash equivalents** | **($131,171)** | **($266,430)** | | **Cash and cash equivalents at end of period** | **$55,141** | **$196,134** | [Notes to the Condensed Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements) The notes detail the company's predominant LTL services, the approval of a new **$3.0 billion** stock repurchase program, and **$80.0 million** in long-term debt as of June 30, 2023 - The company's revenue is dominated by LTL services, which generated **$2.82 billion** in the first six months of 2023, compared to **$33.1 million** from other services[22](index=22&type=chunk) - On July 26, 2023, the Board of Directors approved a new **$3.0 billion** stock repurchase program, which will become effective after the completion of the 2021 Repurchase Program. As of June 30, 2023, **$376.9 million** remained authorized under the 2021 program[30](index=30&type=chunk)[31](index=31&type=chunk) - Total long-term debt, including current maturities, was **$80.0 million** as of June 30, 2023, down from **$100.0 million** at the end of 2022[35](index=35&type=chunk)[46](index=46&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=14&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the decline in Q2 and H1 2023 revenue and profitability to a soft domestic economy, while maintaining disciplined pricing and investing in long-term growth [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Q2 2023 revenue decreased **15.2%** to **$1.41 billion** due to lower LTL tons, leading to an increased operating ratio despite disciplined pricing and lower salary expenses Key Operating Metrics (Q2 2023 vs Q2 2022) | Metric | Q2 2023 | Q2 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenue (in thousands) | $1,413,189 | $1,667,448 | (15.2)% | | Operating Ratio | 72.3% | 69.5% | +280 bps | | LTL tons (in thousands) | 2,296 | 2,672 | (14.1)% | | LTL shipments (in thousands) | 3,008 | 3,398 | (11.5)% | | LTL revenue per hundredweight | $30.44 | $30.78 | (1.1)% | | LTL rev/cwt (ex-fuel) | N/A | N/A | +7.6% | - The decline in revenue was primarily due to decreases in LTL shipments per day and LTL weight per shipment, attributed to a challenging macroeconomic environment[55](index=55&type=chunk) - Operating costs were impacted by a **9.9%** decrease in average full-time employees in Q2 2023, which lowered salary expenses. However, depreciation costs rose due to ongoing capital expenditure programs[60](index=60&type=chunk)[64](index=64&type=chunk) [Liquidity and Capital Resources](index=17&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity is supported by cash from operations, which decreased to **$703.2 million** in H1 2023, with planned **$700 million** in capital expenditures and a new **$3.0 billion** share repurchase program - The company estimates total capital expenditures for 2023 to be approximately **$700 million**, funded primarily through cash from operations and existing cash[71](index=71&type=chunk)[72](index=72&type=chunk) 2023 Estimated Capital Expenditures (in millions) | Category | Amount | | :--- | :--- | | Service center facilities | ~$260 | | Tractors and trailers | ~$365 | | Technology and other assets | ~$75 | | **Total** | **~$700** | - The company continues to return capital to shareholders, declaring a quarterly dividend of **$0.40 per share** in 2023 (up from **$0.30** in 2022) and authorizing a new **$3.0 billion** share repurchase program[74](index=74&type=chunk)[76](index=76&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) There have been no material changes to the company's market risk exposures since the fiscal year ended December 31, 2022 - There have been no material changes to the company's market risk exposures since its most recent fiscal year-end[93](index=93&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes in internal control over financial reporting during the last quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by this report[94](index=94&type=chunk) - No changes occurred in the company's internal control over financial reporting during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, these controls[95](index=95&type=chunk) [Part II – OTHER INFORMATION](index=24&type=section&id=Part%20II%20%E2%80%93%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing legal proceedings are not expected to have a material adverse effect on the company's financial position, results of operations, or cash flows - Ongoing legal proceedings are not expected to have a material adverse effect on the company's financial position, results of operations, or cash flows[98](index=98&type=chunk) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the Annual Report on Form 10-K for the year ended December 31, 2022 - There have been no material changes to the risk factors identified in the company's Annual Report on Form 10-K for the year ended December 31, 2022[101](index=101&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=25&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 501,471 shares at an average price of $320.18 per share in Q2 2023 and approved a new **$3.0 billion** stock repurchase program Share Repurchases (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 139,931 | $335.77 | | May 2023 | 198,395 | $309.29 | | June 2023 | 171,964 | $320.06 | | **Total Q2** | **510,290** | **$320.18** | - As of June 30, 2023, approximately **$376.9 million** remained available for repurchase under the 2021 Repurchase Program[103](index=103&type=chunk) - On July 26, 2023, the Board of Directors approved a new **$3.0 billion** stock repurchase program, which will begin after the completion of the current program[104](index=104&type=chunk) [Item 5. Other Information](index=25&type=section&id=Item%205.%20Other%20Information) No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the second quarter of 2023 - No director or Section 16 officer adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2023[105](index=105&type=chunk) [Item 6. Exhibits](index=25&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Form 10-Q report, including CEO and CFO certifications and iXBRL formatted financial data - The report includes certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, as well as financial statements formatted in iXBRL[109](index=109&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ . Commission File Number: 0-19582 OLD DOMINION FREIGHT LINE, INC. (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________. Commission File Number: 0-19582 OLD DOMINION FREIGHT LINE, INC. (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (Stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ . Commission File Number: 0-19582 OLD DOMINION FREIGHT LINE, INC. (Exact name of registrant as specified in its charter) VIRGINIA 56-0751714 (St ...