The thermodynamic stability of odd-frequency pairing states is investigated within an Eliashberg-type framework. We find the rigorous result that in the weak coupling limit a continuous transition from the normal state to a spatially homogeneous odd-in-ω superconducting state is forbidden, irrespective of details of the pairing interaction and of the spin symmetry of the gap function. For isotropic systems, it is shown that the inclusion of strong coupling corrections does not invalidate this result. We discuss a few scenarios that might escape these thermodynamic constraints and permit stable odd-frequency pairing states.