Stock Analysis on Net
Stock Analysis on Net

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

$22.49

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

Income Statement

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.

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Old Dominion Freight Line Inc., consolidated income statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Revenue from operations
Salaries, wages and benefits
Operating supplies and expenses
General supplies and expenses
Operating taxes and licenses
Insurance and claims
Communications and utilities
Depreciation and amortization
Purchased transportation
Miscellaneous expenses, net
Operating expenses
Operating income
Interest expense
Interest income
Other expense, net
Non-operating income (expense)
Income before income taxes
Provision for income taxes
Net income

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).

Revenue from operations
Revenue exhibited a moderate increase from 2018 to 2019, followed by a slight decline in 2020. Notably, there was a substantial rise in 2021, which continued growing into 2022, reflecting a strong upward trend in the latter years.
Salaries, wages and benefits
These expenses increased steadily over the period, with a notable jump between 2020 and 2021. The upward trend continued into 2022, suggesting increased labor costs in alignment with rising operational activity.
Operating supplies and expenses
There was a decline in this category during 2020, but a sharp increase in both 2021 and 2022, peaking in the last year. This pattern may reflect greater expenditures on supplies correlating with the surge in operations.
General supplies and expenses
These expenses increased gradually each year without fluctuations, indicating consistent growth in general operational costs.
Operating taxes and licenses
Operating taxes and license costs displayed a steady upward trend throughout the period, increasing each year in line with business expansion.
Insurance and claims
Fluctuations were noted with a dip in 2020 followed by incremental increases in subsequent years, possibly influenced by changes in risk exposure or claims frequency.
Communications and utilities
Expenses in this category remained relatively stable with minor increases annually, culminating in a noticeable rise in 2022.
Depreciation and amortization
This expense showed a gradual increase overall, slightly declining in 2021 but reaching its highest level in 2022, which may indicate increased capital investments or asset base growth.
Purchased transportation
After a decline from 2018 to 2019, purchased transportation costs sharply increased in 2021 before dropping again in 2022, suggesting variability in outsourced transportation usage or pricing.
Miscellaneous expenses, net
These expenses fluctuated but without a clear trend, peaking in 2019 and 2021, and dropping markedly in 2022.
Operating expenses
Operating expenses generally rose each year, with a decrease noted only in 2020. The largest increases occurred in 2021 and 2022, corresponding to the revenue growth and expanded operations.
Operating income
Operating income increased steadily over the period, with significant growth observed from 2020 onwards. The strong increases in 2021 and 2022 reflect improved operational profitability aligned with rising revenues.
Interest expense
Interest expenses remained low and relatively stable, with minor fluctuations but no clear progressive trend.
Interest income
Interest income showed inconsistency, peaking in 2019, dipping in the following years, and partially recovering in 2022, indicating variable returns on investments or cash holdings.
Other expense, net
This category showed minor fluctuations without a significant trend, with relatively small net expenses throughout the period.
Non-operating income (expense)
Non-operating results varied considerably, swinging from expense to income and back, indicating volatility in components outside core operations.
Income before income taxes
Income before taxes closely followed the trend in operating income, with steady annual increases and particularly strong growth in 2021 and 2022, highlighting improving pre-tax profitability.
Provision for income taxes
The provision for income taxes increased progressively, proportionate to rising income, with the greatest increases in the last two years, consistent with higher taxable earnings.
Net income
Net income demonstrated steady growth each year, accelerating significantly from 2020 onward. The increase in net income is indicative of overall enhanced profitability and efficient expense management despite rising costs.