SAIA (SAIA) Company Report

SAIA, Inc. released its LTL operating data for October and November 2025 on December 2, 2025, covering the first two months of the fourth quarter.
In October 2025, LTL shipments per workday declined 3.4% and LTL tonnage per workday declined 3.3% compared to October 2024.
In November 2025, LTL shipments per workday increased 2.6% and LTL tonnage per workday increased 1.8% compared to November 2024.
For the combined October and November 2025 period, LTL shipments per workday were down 0.8% and LTL tonnage per workday was down 1.1% compared to the same period in 2024.

2 days ago

8-K

SAIA Reports Q3 2025 Results and Provides Q4 Outlook

SAIA

Earnings

Guidance Update

Demand Weakening

SAIA reported Q3 2025 revenue of $839.6 million, a 0.3% decrease compared to the prior year, with an adjusted operating ratio of 87.6%. This adjusted OR increased by 250 basis points year-over-year but improved by 20 basis points sequentially from Q2 2025.
Diluted earnings per share for Q3 2025 were $3.22, and adjusted diluted EPS was $2.81.
Shipments per workday decreased 1.9% year-over-year but improved 3.2% sequentially. The 39 ramping terminals opened since 2022 achieved a sub-95 operating ratio and saw a 4.2% sequential improvement in shipments per workday.
For Q4 2025, the company anticipates a 300 to 400 basis point degradation in operating ratio from Q3, with October shipments down approximately 3.5% and tonnage down 4%.
SAIA implemented a 5.9% General Rate Increase (GRI) on October 1 and expects 2026 capital expenditures to be in the range of $400 million to $500 million.

Nov 5, 2025, 9:23 PM

8-K

SAIA Reports Q3 2025 Financial Results

SAIA

Earnings

New Projects/Investments

Demand Weakening

SAIA reported Q3 2025 revenue of $839.6 million, a 0.3% decrease compared to Q3 2024, and Adjusted Diluted Earnings Per Share of $2.81, an 18.8% decline year-over-year. The Adjusted Operating Ratio worsened by 250 basis points to 87.6%.
The company plans to invest approximately $550 million to $600 million in 2025 to support its growth strategy, having expanded its network to 213 terminals as of Q3 2025.
SAIA maintains a solid financial position with $445.6 million in Revolving Credit Facility availability and a Net Debt / Total Capital ratio of 6.8% as of September 30, 2025.

Oct 30, 2025, 2:00 PM

Presentation

Saia Reports Q3 2025 Results with Flat Revenue and Sequential Operating Ratio Improvement

SAIA

Earnings

Guidance Update

Demand Weakening

Saia reported Q3 2025 revenue of $839.6 million, a 0.3% decrease compared to the prior year, with diluted earnings per share of $3.22 and adjusted diluted earnings per share of $2.81.
The adjusted operating ratio for Q3 2025 was 87.6%, improving 20 basis points sequentially from Q2 2025, primarily due to focused cost control efforts resulting in a 0.7% sequential improvement in adjusted cost per shipment.
Operational metrics showed shipments per workday decreased 1.9% year-over-year but improved 3.2% sequentially, while tonnage per workday decreased 1.5%.
The 39 ramping terminals, opened since 2022, continued to mature, improving their operating ratio by over 100 basis points sequentially to a sub-95 OR.
For Q4 2025, the company anticipates a sequential operating ratio degradation of 300-400 basis points, influenced by October trends showing shipments down around 3.5% and tonnage down about 4% so far. A 5.9% General Rate Increase (GRI) was implemented on October 1.

Oct 30, 2025, 2:00 PM

Transcript

SAIA Reports Q3 2025 Results with Flat Revenue and Increased Adjusted Operating Ratio

SAIA

Earnings

Guidance Update

Demand Weakening

SAIA reported Q3 2025 revenue of $839.6 million, a slight decrease of 0.3% year-over-year, and an adjusted operating ratio of 87.6%, which increased by 250 basis points compared to Q3 2024 but improved 20 basis points sequentially from Q2 2025.
Diluted earnings per share for Q3 2025 were $3.22, with adjusted diluted EPS at $2.81, down from $3.46 in Q3 2024.
The company's ramping markets, consisting of 39 terminals opened since 2022, showed sequential growth and improved their operating ratio by over 100 basis points compared to Q2, now operating at sub-95.
SAIA implemented a general rate increase of 5.9% on October 1, affecting approximately 25% of its operating revenue.
For Q4, the company anticipates an operating ratio degradation of 300 to 400 basis points sequentially from Q3, influenced by softer October trends and typical seasonality.

Oct 30, 2025, 2:00 PM

Transcript

Saia Reports Q3 2025 Results with Flat Revenue and Improved Sequential Operating Ratio

SAIA

Earnings

Guidance Update

Demand Weakening

Saia reported Q3 2025 revenue of $839.6 million, a slight decrease of 0.3% compared to the prior year, with an adjusted operating ratio of 87.6% and adjusted diluted earnings per share of $2.81.
The company's ramping markets, which include 39 terminals opened since the beginning of 2022, improved their operating ratio by over 100 basis points sequentially and are now operating at a sub-95 level.
Despite a 1.9% decrease in shipments per workday year-over-year, sequential shipments per workday improved by 3.2%, and adjusted cost per shipment improved 0.7% sequentially from Q2 2025 due to focused cost control efforts.
Saia implemented a 5.9% general rate increase on October 1, impacting approximately 25% of its operating revenue, and anticipates capital expenditures for 2026 to be in the range of $400 million to $500 million.

Oct 30, 2025, 2:00 PM

Transcript

Saia, Inc. Reports Third Quarter 2025 Results

SAIA

Earnings

Demand Weakening

New Projects/Investments

Saia, Inc. reported diluted earnings per share of $3.22 for the third quarter of 2025, or $2.81 adjusted to exclude a net gain on real estate, compared to $3.46 in the third quarter of 2024.
Revenue for Q3 2025 was $839.6 million, marking a 0.3% decrease compared to the third quarter of 2024.
The company's operating ratio was 85.9% (GAAP) and 87.6% (adjusted) in Q3 2025, compared to 85.1% in Q3 2024.
LTL shipments per workday decreased by 1.9% in the third quarter of 2025.
Saia ended the third quarter of 2025 with $35.5 million of cash on hand and total debt of $219.2 million. Net capital expenditures for the first nine months of 2025 were $446.1 million, with full-year 2025 anticipated to be $550 million to $600 million.

Oct 30, 2025, 11:45 AM

8-K

SAIA Reports Third Quarter 2025 Results

SAIA

Earnings

Guidance Update

Demand Weakening

Saia, Inc. reported diluted earnings per share of $3.22 for the third quarter of 2025, compared to $3.46 in the third quarter of 2024. Excluding a net gain on real estate, adjusted diluted earnings per share were $2.81.
Revenue for Q3 2025 was $839.6 million, marking a 0.3% decrease from the third quarter of 2024.
Operating income for Q3 2025 was $118.6 million, a 5.2% decrease year-over-year, with an operating ratio of 85.9%.
LTL shipments per workday decreased 1.9% and LTL tonnage per workday decreased 1.5% in the third quarter of 2025.
The company ended the third quarter of 2025 with $35.5 million of cash on hand and total debt of $219.2 million. Net capital expenditures for the first nine months of 2025 were $446.1 million, and are anticipated to be between $550 million and $600 million for the full year 2025.

Oct 30, 2025, 11:30 AM

Press Release

SAIA Reports Q2 2025 Results and Provides Q3 Operating Ratio Outlook

SAIA

Earnings

Guidance Update

Demand Weakening

SAIA reported a Q2 2025 operating ratio of 87.8% and revenue of $817 million, a 0.7% decrease year-over-year, with diluted earnings per share of $2.67.
The company anticipates its Q3 2025 operating ratio to degrade by approximately 100 basis points sequentially from Q2, which is at the lower end of the historical average degradation of 100 to 200 basis points.
Despite continued muted volume trends, including a 2.8% year-over-year decline in shipments per workday, SAIA achieved a 330 basis point sequential improvement in operating ratio from Q1 2025, attributed to cost optimization and network efficiency.
SAIA plans to invest $600 million to $650 million in capital expenditures for the year, focusing on network expansion, equipment, and technology.

Jul 31, 2025, 12:00 AM

8-K

Saia Reports Q2 2025 Results with Operating Ratio Improvement

SAIA

Earnings

Guidance Update

Demand Weakening

Saia reported a Q2 2025 operating ratio of 87.8%, an improvement of 330 basis points sequentially from Q1 2025, outperforming historical averages.
Revenue for Q2 2025 was $817 million, a slight decrease of 0.7% year-over-year, driven by muted volume trends. Shipments per workday were down 2.8% year-over-year, though tonnage increased 0.4% sequentially from Q1 2025.
The company achieved a 4% sequential decrease in cost per shipment and reduced headcount by approximately 4.2% from March to June, adapting to shifting volume levels.
Newer terminals (open less than three years) showed strong performance, with a 4% sequential improvement in shipments per workday and operating in the mid-90s (OR) in Q2 2025, up from breakeven in Q1.
Management expects the operating ratio degradation from Q2 to Q3 2025 to be around 100 basis points, which is at the lower end of the historical 100-200 basis point range, due to network optimization and cost control.

Jul 25, 2025, 9:15 PM

Earnings Transcripts

Quarterly earnings call transcripts for SAIA.

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