10-Q · April 30, 2026
Saia, Inc. reported Q1 2026 results with revenue of $806.2 million, surpassing estimates of $788.3 million. EPS also matched analyst expectations at $1.86, reflecting stable financial performance despite a slight drop…
Earnings analysis · 10-Q
SAIA earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Saia delivered strong top-line and volume growth in the third quarter, with revenue of $982.5 million up 17.0% year over year and diluted EPS of $3.41 above consensus. However, operating leverage weakened as the GAAP…
Read full summary
Saia delivered strong top-line and volume growth in the third quarter, with revenue of $982.5 million up 17.0% year over year and diluted EPS of $3.41 above consensus. However, operating leverage weakened as the GAAP operating ratio rose to 87.6%, driven by compensation, purchased transportation and fuel costs, while EPS declined sequentially from $3.51. Liquidity improved materially, debt was reduced, and nine-month implied free cash flow was $244.9 million, but the filing provided no numeric revenue or EPS outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $3.41
- Operating margin
- 12.45%
What stood out
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Revenue growth accelerated year over year
Operating revenue increased 17.0% year over year to $982.5 million, up from $839.6 million, and increased approximately 2.8% sequentially from $956 million in the second quarter of 2026.
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EPS beat estimates despite sequential decline
Diluted EPS rose to $3.41 from $3.22 year over year, a 5.9% increase, although it declined from $3.51 in the prior quarter. EPS exceeded the $3.30 consensus estimate by $0.11.
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Volume and pricing supported revenue
LTL tonnage increased 8.9% to 1.7 million tons while shipments rose 0.8% to 2.4 million. LTL revenue per shipment increased 16.1% to $405.27, including fuel surcharges, and rose 5.8% excluding fuel surcharges to $311.34.
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Strong cash generation and lower capex
Nine-month operating cash flow increased to $480.8 million from $457.7 million, while net capital expenditures fell to $235.9 million from $446.1 million. Implied nine-month free cash flow was $244.9 million.
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Liquidity and working capital improved
Working capital increased to $322.0 million from $201.1 million year over year. Cash and cash equivalents increased by $167.0 million, reaching $202.5 million at September 30, 2026.
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Debt reduction supports capital returns
The company had no revolving-facility borrowings at September 30, 2026 versus $63.0 million at December 31, 2025, with $564.0 million of availability. The board also authorized a $250 million stock repurchase program on October 29, 2026.
What to watch
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Cost inflation weakened operating leverage
The GAAP operating ratio deteriorated to 87.6% from 85.9% year over year, and operating margin was approximately 12.45% versus 14.1% in the prior-year quarter. Salaries, wages and benefits increased $46.7 million, purchased transportation rose $31.1 million, and fuel and other operating expenses increased $47.0 million.
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Fuel and pricing mix remain headwinds
Fuel surcharge revenue represented 22.5% of operating revenue versus 15.2% a year earlier, while LTL revenue per hundredweight excluding fuel surcharge declined 2.2% to $21.25. This increases exposure to diesel prices and competitive pricing dynamics.
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Expanded litigation and insurance exposure
The updated litigation risk factor highlights claims involving brokered and contracted carriers, including automobile liability claims. Insurance availability has deteriorated, with some insurers exiting trucking coverage or raising premiums; the company had $130.4 million of accrued claims and insurance liabilities at September 30, 2026.
Management's outlook
No numeric revenue or EPS guidance was provided. Management currently anticipates approximately $350 million of full-year 2026 net capital expenditures, subject to ongoing evaluation of market conditions; $235.9 million had been spent through nine months and approximately $59.9 million of the remaining budget was committed at September 30, 2026.
Earlier filings 4
10-K · February 24, 2026
Saia emphasizes growth through network density, terminal expansion and technology, having invested in excess of $2.5 billion in capital expenditures over the past five years and operating 213 terminals as of December…
10-Q · October 30, 2025
Saia reported third-quarter operating revenue of $839.644 million, essentially flat year-over-year (-0.3%) while GAAP diluted EPS declined to $3.22 (adjusted diluted EPS $2.81). Operating income fell to $118.610 million…
10-K · February 24, 2025
Saia describes a growth strategy built on expanding its LTL network density and geographic footprint, investing in terminals, equipment and technology, and pursuing selective tuck‑in acquisitions. In 2024 Saia grew…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.