Adjusted EPS was $0.11 per share, a 10% increase compared to last year, or $0.13 on an apples-to-apples basis excluding convertible notes and other share impacts.
Adjusted free cash flow in Q2 was $6 million, an 11% conversion of adjusted EBITDA, bringing the first half of 2025 total to $35 million.
Capital structure improvements included a $400 million convertible note offering and refinancing of Term Loan B to $450 million, lowering total cost of capital.
Medical segment adjusted EBITDA was $30.1 million, up nearly 20% versus last year, with margins increasing approximately 280 basis points.
Nuclear & Safety segment revenue grew 5.8% to $141.7 million, with organic revenue growth of 2.9%. Adjusted EBITDA declined slightly to $37.9 million, down 2.6% year-over-year.
Second quarter adjusted EBITDA was $51.2 million, up 4.9% versus last year's second quarter.
Second quarter revenue totaled $222.9 million, reflecting a 5.4% increase in organic revenue and a 7.6% increase in total revenue versus Q2 2024.
Year-to-date CapEx totaled $17 million, approximately $7 million lower than the first half of 2024, on track for $40 million in 2025, an 18% reduction versus 2024.
Cash flow from operations was $285.9 million for Q2 and $622.4 million for the first six months of 2025; capital expenditures were $187.2 million and $275.3 million respectively.
Direct operating costs increased as a percent of revenue, driven primarily by higher employee benefit costs, which rose to 39.5% of salaries and wages from 37.2% the prior year.
Effective tax rate was 24.8% in Q2 2025, slightly up from 24.5% in Q2 2024, with an expected rate of 24.8% for Q3.
Old Dominion's revenue totaled $1.41 billion for the second quarter of 2025, a 6.1% decrease from the prior year, reflecting a 9.3% decrease in LTL tons per day partially offset by a 3.4% increase in LTL revenue per hundredweight.
Operating ratio increased 270 basis points to 74.6% due to deleveraging effects from decreased revenue and increased overhead costs, including depreciation and miscellaneous expenses.
Sequentially, revenue per day increased 0.8% compared to the first quarter of 2025, with LTL tons per day increasing 0.1% and LTL shipments per day increasing 0.8%.
Share repurchases totaled $223.5 million in Q2 and $424.6 million in the first six months; cash dividends were $59.0 million and $118.5 million respectively.
Dafinchi