Saia Reports Second Quarter Results
Rhea-AI Summary
Saia (Nasdaq: SAIA) reported second quarter 2026 revenue of $956.5 million, up 17.1% from Q2 2025, with operating income of $125.2 million, up 26.0%, and an operating ratio of 86.9% versus 87.8%. Diluted EPS rose to $3.51 from $2.67.
LTL shipments per workday grew 4.4% and LTL tonnage per workday increased 8.4%. LTL revenue per hundredweight excluding fuel declined 2.2%, while revenue per shipment excluding fuel increased 1.5%. According to Saia, the quarter included record revenue, record tonnage and a record-low claims ratio of 0.3%.
Saia ended Q2 2026 with $84.0 million in cash and $100.1 million in total debt, compared with $18.8 million cash and $309.1 million debt a year earlier. Net capital expenditures for the first six months were $158.0 million, with full-year 2026 net capex expected at $350–$400 million.
Positive
- Q2 2026 revenue up 17.1% year-over-year to $956.5 million
- Q2 2026 operating income up 26.0% year-over-year to $125.2 million
- Diluted EPS increased to $3.51 from $2.67 year-over-year
- Operating ratio improved to 86.9% from 87.8%
- LTL tonnage per workday up 8.4%; shipments per workday up 4.4%
- Total debt reduced to $100.1 million from $309.1 million year-over-year
- Net cash provided by operating activities for first six months rose to $291.2 million from $279.8 million
Negative
- LTL revenue per hundredweight excluding fuel surcharge declined 2.2% year-over-year
- Average LTL length of haul decreased 0.6% year-over-year
News Explained
In the first half of 2026, Saia generated
Market Reaction – SAIA
Following this news, SAIA has declined 9.13%, reflecting a notable negative market reaction. Our momentum scanner has triggered 29 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $358.43.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 30 | Q1 earnings report | Positive | +6.3% | Revenue reached a record level while diluted EPS remained flat year over year. |
| Feb 10 | Q4 earnings report | Negative | -6.8% | Diluted EPS and operating income declined amid elevated self-insurance costs. |
| Oct 30 | Q3 earnings report | Negative | +2.2% | Revenue and operating income declined despite slightly higher revenue per shipment. |
| Jul 25 | Q2 earnings report | Negative | +7.0% | EPS, revenue and operating income declined compared with the prior-year quarter. |
| Apr 25 | Q1 earnings report | Negative | -30.7% | EPS and operating income fell despite higher revenue, shipments and tonnage. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
SAIA's earnings releases produced mixed reactions, with three aligned moves and two divergences across the tag-specific history.
Key Terms
operating ratio financial
LTL technical
fuel surcharge financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
JOHNS CREEK, Ga., July 30, 2026 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA) today reported second quarter 2026 financial results. Diluted earnings per share for the quarter were
Highlights from the second quarter operating results were as follows:
Second Quarter 2026 Compared to Second Quarter 2025 Results
- Revenue was
$956.5 million , a17.1% increase - Operating income was
$125.2 million , a26.0% increase - Operating ratio of
86.9% compared to87.8% - LTL shipments per workday increased
4.4% - LTL tonnage per workday increased
8.4% - LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased
2.2% - LTL revenue per shipment, excluding fuel surcharge revenue, increased
1.5%
Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “Our strong second quarter results highlight the continued enhancement of our expanded service offering, disciplined execution and the commitment of our team members. We achieved record revenue and tonnage, along with a second-quarter record in shipments, reflecting solid growth across our network. At the same time, we maintained our disciplined focus on execution, as demonstrated by a record-low claims ratio of
Executive Vice President and CFO, Matt Batteh, noted that, “The quarter's results were driven by continued focus on pricing and mix optimization, healthy volume trends and strong operational execution. Our expanded network enables us to provide more solutions to customers, which helped drive record top line revenue and improved operating income compared to last year. We remain focused on core execution, which will continue to create long-term value for our shareholders.”
Financial Position and Capital Expenditures
Saia ended the second quarter of 2026 with
Net capital expenditures were
Conference Call
Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-833-890-5317 and request to join the Saia, Inc. call. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through August 30, 2026 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-855-669-9658 referencing conference ID #4952046.
Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, brokered truckload, expedited transportation and other logistics services. With headquarters in Georgia, Saia LTL Freight operates 218 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations.
Cautionary Note Regarding Forward-Looking Statements
The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) changes in U.S. trade policy and the impact of tariffs; (18) capacity and highway infrastructure constraints; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) dependence on key employees; (26) employee turnover from changes to compensation and benefits or market factors; (27) increased costs of healthcare benefits; (28) damage to our reputation from adverse publicity, including from the use of or impact from social media; (29) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (30) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (31) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (32) unforeseen costs from new and existing data privacy laws; (33) the effect of governmental regulations, including hours of service and licensing compliance for drivers, engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (34) changes in accounting and financial standards or practices; (35) widespread outbreak of an illness or any other communicable disease; (36) international conflicts and geopolitical instability; (37) evolving stakeholder expectations regarding environmental and social issues; (38) government shutdown or failure to fund services; (39) provisions in our governing documents and Delaware law that may have anti-takeover effects; (40) issuances of equity that would dilute stock ownership; (41) weakness, disruption or loss of confidence in financial or credit markets; and (42) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings.
As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
| CONTACT: | Saia, Inc. |
| Matthew Batteh | |
| Executive Vice President and Chief Financial Officer | |
| Investors@saia.com |
| Saia, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Amounts in thousands) | ||||||||
| (Unaudited) | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | ||||||||
| Accounts receivable, net | 423,841 | 332,206 | ||||||
| Prepaid expenses and other | 79,791 | 82,630 | ||||||
| Total current assets | 587,646 | 434,556 | ||||||
| Property and Equipment: | ||||||||
| Cost | 4,385,988 | 4,259,438 | ||||||
| Less: accumulated depreciation | 1,481,142 | 1,415,087 | ||||||
| Net property and equipment | 2,904,846 | 2,844,351 | ||||||
| Operating Lease Right-of-Use Assets | 177,513 | 150,301 | ||||||
| Other Assets | 54,955 | 53,473 | ||||||
| Total assets | ||||||||
| Liabilities and Stockholders' Equity | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable | ||||||||
| Wages, vacation and employees' benefits | 92,162 | 50,723 | ||||||
| Other current liabilities | 83,463 | 78,362 | ||||||
| Current portion of long-term debt | 124 | 980 | ||||||
| Current portion of operating lease liability | 30,312 | 27,895 | ||||||
| Total current liabilities | 370,903 | 265,384 | ||||||
| Other Liabilities: | ||||||||
| Long-term debt, less current portion | 100,000 | 163,000 | ||||||
| Operating lease liability, less current portion | 138,755 | 113,119 | ||||||
| Deferred income taxes | 299,531 | 284,370 | ||||||
| Claims, insurance and other | 89,043 | 79,109 | ||||||
| Total other liabilities | 627,329 | 639,598 | ||||||
| Stockholders' Equity: | ||||||||
| Common stock | 27 | 27 | ||||||
| Additional paid-in capital | 313,245 | 307,605 | ||||||
| Deferred compensation trust | (9,828) | (9,088) | ||||||
| Retained earnings | 2,423,284 | 2,279,155 | ||||||
| Total stockholders' equity | 2,726,728 | 2,577,699 | ||||||
| Total liabilities and stockholders' equity | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| For the Quarters and Six Months Ended June 30, 2026 and 2025 | ||||||||||||||||
| (Amounts in thousands, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Second Quarter | Six Months | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating Revenue | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||
| Salaries, wages and employees' benefits | 434,385 | 390,975 | 827,681 | 780,231 | ||||||||||||
| Purchased transportation | 84,980 | 57,699 | 149,308 | 117,548 | ||||||||||||
| Fuel, operating expenses and supplies | 198,743 | 161,634 | 372,232 | 328,305 | ||||||||||||
| Operating taxes and licenses | 22,438 | 22,014 | 44,670 | 42,451 | ||||||||||||
| Claims and insurance | 24,409 | 22,826 | 47,311 | 44,371 | ||||||||||||
| Depreciation and amortization | 64,181 | 62,546 | 126,371 | 121,589 | ||||||||||||
| Other operating losses, net | 2,146 | 22 | 3,129 | 628 | ||||||||||||
| Total operating expenses | 831,282 | 717,716 | 1,570,702 | 1,435,123 | ||||||||||||
| Operating Income | 125,212 | 99,399 | 192,018 | 169,567 | ||||||||||||
| Nonoperating (Income) Expenses: | ||||||||||||||||
| Interest expense | 2,048 | 4,742 | 4,622 | 9,027 | ||||||||||||
| Interest income | (317) | (34) | (380) | (73) | ||||||||||||
| Other, net | (1,994) | (873) | (2,734) | (516) | ||||||||||||
| Nonoperating expenses, net | (263) | 3,835 | 1,508 | 8,438 | ||||||||||||
| Income Before Income Taxes | 125,475 | 95,564 | 190,510 | 161,129 | ||||||||||||
| Income Tax Provision | 31,215 | 24,173 | 46,381 | 39,928 | ||||||||||||
| Net Income | ||||||||||||||||
| Weighted average common shares outstanding - basic | 26,779 | 26,739 | 26,771 | 26,730 | ||||||||||||
| Weighted average common shares outstanding - diluted | 26,833 | 26,785 | 26,822 | 26,782 | ||||||||||||
| Basic earnings per share | ||||||||||||||||
| Diluted earnings per share | ||||||||||||||||
| Saia, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| For the six months ended June 30, 2026 and 2025 | ||||||||
| (Amounts in thousands) | ||||||||
| (Unaudited) | ||||||||
| Six Months | ||||||||
| 2026 | 2025 | |||||||
| Operating Activities: | ||||||||
| Net cash provided by operating activities | ||||||||
| Net cash provided by operating activities | 291,231 | 279,815 | ||||||
| Investing Activities: | ||||||||
| Acquisition of property and equipment | (161,063) | (377,540) | ||||||
| Proceeds from disposal of property and equipment | 3,041 | 1,967 | ||||||
| Other | – | (8,394) | ||||||
| Net cash used in investing activities | (158,022) | (383,967) | ||||||
| Financing Activities: | ||||||||
| Borrowing (repayment) of revolving credit facility, net | (63,000) | 113,000 | ||||||
| Proceeds from stock option exercises | 427 | 2,463 | ||||||
| Shares withheld for taxes | (5,486) | (7,744) | ||||||
| Other financing activity | (856) | (4,203) | ||||||
| Net cash (used in) provided by financing activities | (68,915) | 103,516 | ||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 64,294 | (636) | ||||||
| Cash and Cash Equivalents, beginning of period | 19,720 | 19,473 | ||||||
| Cash and Cash Equivalents, end of period | ||||||||
| Saia, Inc. and Subsidiaries | ||||||||||||||||||
| Financial Information | ||||||||||||||||||
| For the Quarters Ended June 30, 2026 and 2025 | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| Second Quarter | ||||||||||||||||||
| Second Quarter | % | Amount/Workday | % | |||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||
| Workdays | 64 | 64 | ||||||||||||||||
| Operating ratio | 86.9 | % | 87.8 | % | ||||||||||||||
| LTL tonnage (1) | 1,709 | 1,576 | 8.4 | 26.70 | 24.63 | 8.4 | ||||||||||||
| LTL shipments (1) | 2,361 | 2,261 | 4.4 | 36.89 | 35.33 | 4.4 | ||||||||||||
| LTL revenue/cwt. | 7.9 | |||||||||||||||||
| LTL revenue/cwt., excluding fuel surcharge | (2.2) | |||||||||||||||||
| LTL revenue/shipment | 12.0 | |||||||||||||||||
| LTL revenue/shipment, excluding fuel surcharge | 1.5 | |||||||||||||||||
| LTL pounds/shipment | 1,448 | 1,394 | 3.9 | |||||||||||||||
| LTL average length of haul (2) | 888 | 893 | (0.6) | |||||||||||||||
| (1 | ) | In thousands. | ||||||||||||||||
| (2 | ) | In miles. | ||||||||||||||||
| Note: | LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy. | |||||||||||||||||
