Saia, Inc. (NASDAQ: SAIA) lifts Q2 2026 earnings and cuts debt
Rhea-AI Filing Summary
Saia, Inc. reported strong second quarter 2026 results, with revenue of $956.5 million, a 17.1% increase from the second quarter of 2025. Operating income rose to $125.2 million, up 26.0%, and diluted earnings per share were $3.51 compared to $2.67 a year earlier. The operating ratio improved to 86.9% from 87.8% as LTL shipments per workday grew 4.4% and LTL tonnage per workday increased 8.4%.
LTL revenue per hundredweight excluding fuel surcharge declined 2.2%, while LTL revenue per shipment excluding fuel surcharge increased 1.5%. Saia ended the quarter with $84.0 million of cash on hand and total debt of $100.1 million, versus $18.8 million of cash and $309.1 million of debt at June 30, 2025. Net capital expenditures were $158.0 million in the first six months of 2026, and the company anticipates full‑year 2026 net capital expenditures of approximately $350 million to $400 million, subject to market conditions.
Positive
- Revenue and profit growth: Second quarter 2026 revenue reached $956.5 million, up 17.1%, with operating income of $125.2 million, up 26.0%, and diluted EPS of $3.51 versus $2.67.
- Stronger network volumes: LTL shipments per workday increased 4.4% and LTL tonnage per workday increased 8.4%, supporting record revenue and tonnage.
- Improved efficiency: Operating ratio improved to 86.9% from 87.8%, and the company reported a record-low claims ratio of 0.3%, indicating more efficient operations and lower losses.
- Balance sheet strengthening: Cash on hand increased to $84.0 million and total debt declined to $100.1 million from $309.1 million at June 30, 2025.
Negative
- None.
Filing Explained
Through June 30, operating cash exceeded capital spending and debt repayment, while the results remained furnished rather than filed under Section 18.
The July 30 Form 8-K reports Saia’s completed second-quarter 2026 results. For the six months ended
That cash-flow mix left cash and equivalents at
8-K Event Classification
Key Figures
Key Terms
operating ratio financial
less-than-truckload technical
fuel surcharge financial
Deferred income taxes financial
forward-looking statements regulatory
Earnings Snapshot
For 2026, Saia anticipates net capital expenditures of approximately $350 million to $400 million, subject to ongoing evaluation of market conditions.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Saia (SAIA) perform financially in the second quarter of 2026?
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What is Saia (SAIA)’s cash and debt position after the second quarter of 2026?
How much did Saia (SAIA) spend on capital expenditures in early 2026?
What trends did Saia (SAIA) see in LTL pricing and mix in Q2 2026?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition |
On July 30, 2026 Saia, Inc. issued a press release announcing its second quarter 2026 results. A copy of the press release is attached as Exhibit 99.1 to this Report on Form 8-K.
The information furnished under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise expressly stated in any such filing.
Item 9.01 |
Financial Statements and Exhibits |
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99.1 |
Press release of Saia, Inc. dated July 30, 2026 announcing results of operations. |
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104 |
Cover Page Interactive Date File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SAIA, INC. |
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Date: July 30, 2026 |
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/s/ Kelly W. Benton |
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Kelly W. Benton |
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Vice President and Chief Accounting Officer (Principal Accounting Officer) |
Exhibit 99.1
Saia Reports Second Quarter Results
JOHNS CREEK, GA – July 30, 2026 – Saia, Inc. (Nasdaq: SAIA) today reported second quarter 2026 financial results. Diluted earnings per share for the quarter were $3.51 compared to $2.67 in the second quarter of 2025.
Highlights from the second quarter operating results were as follows:
Second Quarter 2026 Compared to Second Quarter 2025 Results
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 0.3%. The team's ability to generate strong operating results while continuing our focus on supporting our customers and integrating network growth initiatives continues to differentiate Saia in the marketplace.”
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.”
Saia, Inc. Second Quarter 2026 Results
Page 2
Financial Position and Capital Expenditures
Saia ended the second quarter of 2026 with $84.0 million of cash on hand and total debt of $100.1 million, which compares to $18.8 million of cash on hand and total debt of $309.1 million at June 30, 2025.
Net capital expenditures were $158.0 million during the first six months 2026, compared to $375.6 million in net capital expenditures during the first six months of 2025. In 2026, we anticipate that net capital expenditures will be approximately $350 million to $400 million, subject to ongoing evaluation of market conditions.
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
Saia, Inc. Second Quarter 2026 Results
Page 3
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.
# # #
Saia, Inc. Second Quarter 2026 Results
Page 4
CONTACT: Saia, Inc.
Matthew Batteh
Executive Vice President and Chief Financial Officer
Investors@saia.com
Saia, Inc. and Subsidiaries |
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Condensed Consolidated Balance Sheets |
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(Amounts in thousands) |
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(Unaudited) |
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June 30, 2026 |
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December 31, 2025 |
Assets |
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Current Assets: |
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Cash and cash equivalents |
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$84,014 |
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$19,720 |
Accounts receivable, net |
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423,841 |
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332,206 |
Prepaid expenses and other |
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79,791 |
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82,630 |
Total current assets |
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587,646 |
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434,556 |
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Property and Equipment: |
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Cost |
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4,385,988 |
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4,259,438 |
Less: accumulated depreciation |
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1,481,142 |
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1,415,087 |
Net property and equipment |
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2,904,846 |
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2,844,351 |
Operating Lease Right-of-Use Assets |
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177,513 |
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150,301 |
Other Assets |
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54,955 |
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53,473 |
Total assets |
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$3,724,960 |
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$3,482,681 |
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Liabilities and Stockholders' Equity |
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Current Liabilities: |
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Accounts payable |
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$164,842 |
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$107,424 |
Wages, vacation and employees' benefits |
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92,162 |
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50,723 |
Other current liabilities |
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83,463 |
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78,362 |
Current portion of long-term debt |
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124 |
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980 |
Current portion of operating lease liability |
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30,312 |
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27,895 |
Total current liabilities |
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370,903 |
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265,384 |
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Other Liabilities: |
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Long-term debt, less current portion |
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100,000 |
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163,000 |
Operating lease liability, less current portion |
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138,755 |
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113,119 |
Deferred income taxes |
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299,531 |
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284,370 |
Claims, insurance and other |
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89,043 |
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79,109 |
Total other liabilities |
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627,329 |
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639,598 |
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Stockholders' Equity: |
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Common stock |
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27 |
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27 |
Additional paid-in capital |
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313,245 |
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307,605 |
Deferred compensation trust |
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(9,828) |
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(9,088) |
Retained earnings |
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2,423,284 |
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2,279,155 |
Total stockholders' equity |
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2,726,728 |
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2,577,699 |
Total liabilities and stockholders' equity |
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$3,724,960 |
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$3,482,681 |
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Saia, Inc. and Subsidiaries |
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Condensed Consolidated Statements of Operations |
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For the Quarters and Six Months Ended June 30, 2026 and 2025 |
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(Amounts in thousands, except per share data) |
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(Unaudited) |
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Second Quarter |
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Six Months |
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2026 |
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2025 |
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2026 |
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2025 |
Operating Revenue |
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$956,494 |
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$817,115 |
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$1,762,720 |
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$1,604,690 |
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Operating Expenses: |
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Salaries, wages and employees' benefits |
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434,385 |
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390,975 |
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827,681 |
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780,231 |
Purchased transportation |
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84,980 |
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57,699 |
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149,308 |
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117,548 |
Fuel, operating expenses and supplies |
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198,743 |
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161,634 |
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372,232 |
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328,305 |
Operating taxes and licenses |
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22,438 |
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22,014 |
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44,670 |
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42,451 |
Claims and insurance |
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24,409 |
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22,826 |
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47,311 |
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44,371 |
Depreciation and amortization |
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64,181 |
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62,546 |
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126,371 |
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121,589 |
Other operating losses, net |
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2,146 |
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22 |
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3,129 |
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628 |
Total operating expenses |
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831,282 |
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717,716 |
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1,570,702 |
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1,435,123 |
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Operating Income |
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125,212 |
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99,399 |
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192,018 |
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169,567 |
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Nonoperating (Income) Expenses: |
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Interest expense |
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2,048 |
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4,742 |
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4,622 |
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9,027 |
Interest income |
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(317) |
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(34) |
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(380) |
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(73) |
Other, net |
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(1,994) |
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(873) |
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(2,734) |
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(516) |
Nonoperating expenses, net |
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(263) |
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3,835 |
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1,508 |
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8,438 |
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Income Before Income Taxes |
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125,475 |
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95,564 |
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190,510 |
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161,129 |
Income Tax Provision |
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31,215 |
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24,173 |
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46,381 |
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39,928 |
Net Income |
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$94,260 |
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$71,391 |
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$144,129 |
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$121,201 |
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Weighted average common shares outstanding - basic |
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26,779 |
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26,739 |
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26,771 |
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26,730 |
Weighted average common shares outstanding - diluted |
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26,833 |
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26,785 |
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26,822 |
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26,782 |
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Basic earnings per share |
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$3.52 |
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$2.67 |
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$5.38 |
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$4.53 |
Diluted earnings per share |
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$3.51 |
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$2.67 |
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$5.37 |
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$4.53 |
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Saia, Inc. and Subsidiaries |
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Condensed Consolidated Statements of Cash Flows |
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For the six months ended June 30, 2026 and 2025 |
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(Amounts in thousands) |
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(Unaudited) |
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Six Months |
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2026 |
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2025 |
Operating Activities: |
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Net cash provided by operating activities |
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$291,231 |
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$279,815 |
Net cash provided by operating activities |
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291,231 |
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279,815 |
Investing Activities: |
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Acquisition of property and equipment |
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(161,063) |
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(377,540) |
Proceeds from disposal of property and equipment |
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3,041 |
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1,967 |
Other |
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– |
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(8,394) |
Net cash used in investing activities |
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(158,022) |
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(383,967) |
Financing Activities: |
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Borrowing (repayment) of revolving credit facility, net |
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(63,000) |
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113,000 |
Proceeds from stock option exercises |
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427 |
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2,463 |
Shares withheld for taxes |
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(5,486) |
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(7,744) |
Other financing activity |
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(856) |
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(4,203) |
Net cash (used in) provided by financing activities |
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(68,915) |
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103,516 |
Net Increase (Decrease) in Cash and Cash Equivalents |
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64,294 |
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(636) |
Cash and Cash Equivalents, beginning of period |
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19,720 |
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19,473 |
Cash and Cash Equivalents, end of period |
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$84,014 |
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$18,837 |
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Saia, Inc. and Subsidiaries |
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Financial Information |
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For the Quarters Ended June 30, 2026 and 2025 |
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(Unaudited) |
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Second Quarter |
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Second Quarter |
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% |
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Amount/Workday |
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% |
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2026 |
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2025 |
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Change |
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2026 |
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2025 |
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Change |
Workdays |
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64 |
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64 |
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Operating ratio |
86.9% |
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87.8% |
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LTL tonnage (1) |
1,709 |
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1,576 |
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8.4 |
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26.70 |
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24.63 |
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8.4 |
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LTL shipments (1) |
2,361 |
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2,261 |
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4.4 |
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36.89 |
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35.33 |
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4.4 |
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LTL revenue/cwt. |
$27.18 |
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$25.20 |
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7.9 |
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LTL revenue/cwt., excluding fuel surcharge |
$20.94 |
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$21.42 |
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(2.2) |
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LTL revenue/shipment |
$393.56 |
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$351.36 |
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12.0 |
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LTL revenue/shipment, excluding fuel surcharge |
$303.12 |
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$298.71 |
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1.5 |
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LTL pounds/shipment |
1,448 |
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1,394 |
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3.9 |
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LTL average length of haul (2) |
888 |
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893 |
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(0.6) |
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(1) |
In thousands. |
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(2) |
In miles. |
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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. |
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