Adjusted EBITDA was $1.3 billion, up 1.8% year-over-year.
Adjusted operating expenses increased 28 basis points to 13.7% of sales due to investments in fleet, buildings, and sales headcount.
Adjusted operating income was $1.1 billion, up 1.1% year-over-year, with adjusted EPS growth of 6.5% to $1.48.
A noncash goodwill impairment charge of $92 million was recorded related to the guests worldwide business.
Gross profit grew 3.9% with 19 basis points of gross margin expansion, driven by strategic sourcing efforts.
International segment posted 3.6% top line growth reported and 8.3% excluding Mexico, with 4% local case growth and 20.1% adjusted operating income increase.
Local U.S. Foodservice case volume declined 1.5%, a 200 basis point improvement from Q3, with a 1% decline excluding an intentional business exit.
SYGMA segment sales grew 5.9% in Q4 and 8.3% for the year, with bottom line growth of 12.5%.
Sysco reported Q4 sales of $21.1 billion, up 2.8% on a reported basis and 3.7% excluding the divestiture of the Mexican business.
US Foodservice national sales volume grew 1.3%, with gross profit growing nearly 3x faster than volume due to customer optimization and contract provisions.
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.
Adjusted Q2 operating profit was $5 million, significantly down from prior year, excluding $15 million in severance and asset impairment costs.
Bolzoni revenues declined year-over-year due to phasing out lower-margin legacy products, but showed sequential revenue growth.
Lift Truck segment margins were negatively impacted by $10 million in tariff-driven material and freight cost increases.
Net debt improved year-over-year due to excess cash generation and debt reduction; liquidity remains strong with nearly $260 million unused borrowing capacity.
Operating cash flow improved to approximately $30 million in Q2, driven by working capital management and inventory reductions.
Q2 2025 revenues declined 19% year-over-year due to lower volumes and tariff-related economic uncertainty.
Tax expense was $200,000 in Q2 compared to $26 million prior year, influenced by lower pretax earnings and capitalization of R&D costs.
Ended the quarter with $19 million in cash and a net leverage ratio of 0.1x, with no outstanding borrowings under the revolving credit facility.
Government segment revenue was approximately $7 million, impacted by contract terminations but partially offset by reactivation of Dilley, Texas assets.
HFS and other segments delivered approximately $39 million in revenue, maintaining substantial asset utilization.
Recurring corporate expenses were approximately $10 million for the quarter.
Second quarter total revenue was approximately $62 million with adjusted EBITDA of approximately $4 million.
Strong cash flow from operations of over $15 million in the first half of 2025.
Total capital spending was approximately $6 million, focused on Government segment asset enhancements.
Workforce Hospitality Solutions segment generated approximately $15 million in revenue, primarily from construction activity.
Dafinchi
