Explaining the company's outsize decline in earnings relative to revenue, Old Dominion's operating ratio ( operating expenses as a percent of revenue) rose to 74.3% from 72.7% a year earlier. Management attributed that to "deleveraging" -- when volumes fall, many of its costs do not fall in tandem, so margins compress.In Old Dominion's third-quarter 2025 results, total revenue fell to about $1.41 billion, down 4.3% year over year. Net income declined, and diluted earnings per share fell 10.5% year over year ...