1. The UPS or FedEx for business-to-business freight.

2. A national shipping network for companies' partial truckload shipments, similar to how UPS or FedEx handles packages.

• Less-Than-Truckload (LTL) Shipping: This is their primary service, involving the consolidation and transport of multiple smaller shipments from various customers in a single trailer.
• Full Truckload (TL) Shipping: They provide transportation for larger shipments that occupy an entire trailer exclusively for one customer.
• Expedited Shipping: Offering faster, time-sensitive delivery options for urgent freight within their network.
• Global Services: Facilitating international shipping through air and ocean freight, customs brokerage, and door-to-door delivery for cross-border needs.
• Supply Chain Services: Providing integrated logistics solutions including warehousing, supply chain consulting, and technology integration to optimize customer freight flows.

Old Dominion Freight Line (symbol: ODFL) primarily sells its freight transportation and logistics services to other companies (B2B), not directly to individuals.

ODFL operates as a leading less-than-truckload (LTL) freight carrier, serving a vast and diverse customer base that includes a wide range of businesses from various industries, such as manufacturing, retail, and wholesale distribution. These customers utilize ODFL's services for shipping goods across regional, inter-regional, and national lanes.

Due to its business model as a common carrier serving thousands of different enterprises, Old Dominion Freight Line does not have "major customers" that individually account for a significant portion of its total revenue. According to the company's public filings (e.g., 10-K reports), no single customer accounts for more than a very small percentage (typically less than 1.5%) of its operating revenue. Therefore, specific names of major customer companies are not identified or disclosed.

Kevin M. Freeman, President and Chief Executive Officer

Kevin M. Freeman has served as President and Chief Executive Officer of Old Dominion Freight Line since July 2023. He joined the company in February 1992 and has accumulated 45 years of experience in the transportation industry. Prior to his current role, he held positions including Executive Vice President and Chief Operating Officer from May 2018, Senior Vice President – Sales from January 2011 to May 2018, and Vice President of Field Sales from May 1997 to December 2010.

Adam N. Satterfield, Executive Vice President, Chief Financial Officer and Assistant Secretary

Adam N. Satterfield was appointed Executive Vice President, Chief Financial Officer and Assistant Secretary in July 2023. He has been with Old Dominion Freight Line since October 2004, initially serving as Manager - SEC Reporting. His career at the company includes roles such as Director - Finance and Accounting, Vice President - Treasurer, and Senior Vice President - Finance, Chief Financial Officer and Assistant Secretary. Before joining Old Dominion, Mr. Satterfield was an Audit Manager with KPMG LLP. He is a Certified Public Accountant.

David S. Congdon, Executive Chairman of the Board

David S. Congdon was appointed Executive Chairman of the Board in May 2018. He is the grandson of the company's founders, Earl Congdon Sr. and Lillian Congdon, and has over 40 years of service to Old Dominion. Mr. Congdon served as Vice Chairman of the Board and Chief Executive Officer from May 2015 to May 2018, and President and Chief Executive Officer from January 2008 to April 2015. He was instrumental in developing the company's strategic plan and growing operations through geographic expansion and acquisitions. He held various roles in operations, maintenance, and engineering between 1978 and 1997, and was President and Chief Operating Officer from May 1997 to December 2007.

Gregory B. Plemmons, Executive Vice President and Chief Operating Officer

Gregory B. Plemmons was appointed Executive Vice President and Chief Operating Officer effective July 2023. He has 36 years of experience in the transportation industry and joined Old Dominion Freight Line in April 1997. His previous roles at the company include Senior Vice President – Sales from January 2019, Vice President – Field Sales from September 2013 to January 2019, and Vice President – OD Global from December 2002 to September 2013.

Steven W. Hartsell, Senior Vice President – Sales

Steven W. Hartsell was appointed Senior Vice President – Sales effective July 2023. He joined Old Dominion Freight Line in January 1998 and has served in various operations and sales positions. His prior roles include Vice President – Field Sales since January 2019, Director – Expedited Sales & Service from May 2008 to January 2019, and one of the Regional Sales Directors from March 2002 to May 2008.

• The emergence and growth of digitally native freight platforms and advanced digital brokerages (e.g., Uber Freight, Convoy). These platforms leverage artificial intelligence, machine learning, and sophisticated data analytics to optimize freight matching, routing, and pricing, offering shippers increased transparency, efficiency, and flexibility. While many began in the Full Truckload (FTL) sector, their expanding capabilities and increasing market penetration pose a threat by potentially diverting freight volume or pressuring pricing from traditional Less-than-Truckload (LTL) carriers through more efficient or cost-effective alternative solutions.
• Amazon's aggressive expansion into third-party logistics. Amazon has developed an extensive internal logistics and transportation network and is increasingly leveraging this infrastructure to offer freight services to external shippers (e.g., Amazon Freight). Given Amazon's immense scale, technological leadership, capital resources, and a demonstrated history of disrupting established industries through efficiency and competitive pricing, its continued growth in third-party freight services represents a significant emerging threat that could directly compete with or substitute for ODFL's core LTL offerings.

Old Dominion Freight Line (ODFL) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Market Share Gains and Economic Recovery: Old Dominion Freight Line is strategically positioned to capitalize on an eventual economic recovery. The company consistently emphasizes its readiness to gain market share due to its robust capacity, modern fleet, and dedicated team, even amidst prevailing economic challenges. Its sustained focus on customer retention and market share expansion is expected to translate into revenue growth as economic conditions improve.

2. Disciplined Yield Management and Pricing Power: ODFL has consistently demonstrated strong pricing discipline and effective yield management strategies. Despite fluctuations in shipment volumes (LTL tons per day), the company has been able to increase its LTL revenue per hundredweight. This ability to command higher prices, as evidenced by a recent 4.9% general rate increase effective November 3, is crucial for offsetting rising costs and enhancing revenue efficiency.

3. Strategic Investments in Capacity, Technology, and Infrastructure: The company continues to invest significantly in its operational infrastructure, including its fleet, service centers, and information technology. These ongoing capital expenditures are aimed at enhancing operational capabilities, improving efficiency, and supporting long-term growth by providing ample capacity for future demand. While these investments can create short-term margin pressures, management believes this strategy provides a competitive advantage and positions them for growth during economic upturns.

4. Sustained Superior Service Quality: Old Dominion Freight Line has consistently been recognized for its superior service, holding the title of the number one national LTL provider by Mastio & Company for fifteen consecutive years. Maintaining high service standards, such as 99% on-time service and a cargo claims ratio below 0.1%, is a critical differentiator that fosters strong customer loyalty and retention, ultimately contributing to stable and growing revenue streams.

Share Repurchases

• Old Dominion Freight Line authorized a new $700 million stock repurchase program on May 1, 2020.
• In 2023, the company's board approved a new share repurchase program allowing for the buyback of up to $3 billion of outstanding stock.
• For the first nine months of 2025, Old Dominion Freight Line utilized $605.4 million for share repurchases. As of March 31, 2025, $2.06 billion remained authorized under the 2023 Repurchase Program.

Share Issuance

• Information regarding significant dollar amounts of new share issuances by Old Dominion Freight Line was not readily available within the last 3-5 years.

Inbound Investments

• There is no information available indicating large investments made in Old Dominion Freight Line by third-party strategic partners or private equity firms within the specified timeframe.

Outbound Investments

• Old Dominion Freight Line's growth has been almost entirely organic since 2008, with no significant acquisitions of other companies expected or reported, as it does not align with their strategy to buy competitors.

Capital Expenditures

• Old Dominion Freight Line expects its aggregate capital expenditures for 2025 to total approximately $450 million.
• Planned 2025 capital expenditures focus on $210 million for real estate and service center expansion projects, $190 million for tractors and trailers, and $50 million for information technology and other assets.
• In 2024, the company spent $771 million in capital expenditures, including $373 million invested in real estate and service center expansion projects.