Old Dominion Freight Line is one of the largest less-than-truckload (LTL) carriers in North America. LTL carriers consolidate shipments from multiple customers onto a single truck, routing freight through a network of service centers before final delivery — as opposed to truckload carriers, which dedicate an entire truck to a single customer. Old Dominion serves a diversified base of industrial and commercial customers across the continental U.S., with industrial customers representing roughly 55-60% of revenue and retail customers 25-30%. LTL transportation accounts for more than 98% of revenue; ancillary services include expedited transportation, container drayage, truckload brokerage, and supply chain consulting. Old Dominion charges customers per hundredweight (per 100 lbs), with profitability driven by volume, yield, and network density — as more shipments flow through the same fixed service center infrastructure, overhead costs are spread over more revenue. Operating ratio (operating expenses as a percent of revenue) is the key profitability metric. Old Dominion owns roughly 95% of its 260 service centers and operates a union-free workforce, which it argues enables consistent, fast service without relying on partner carriers. The company's growth strategy centers on organic share gains: invest in service quality and network capacity, attract more customers, improve density, and lower cost per shipment. Old Dominion does not pursue M&A, returning capital to shareholders through buybacks and dividends instead.