Saia Reports First Quarter Results

JOHNS CREEK, Ga., April 30, 2026 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA) today reported first quarter 2026 financial results. For both the first quarter of 2026 and 2025 diluted earnings per share were $1.86.

Highlights from the first quarter operating results were as follows:

First Quarter 2026 Compared to First Quarter 2025 Results

• Revenue was $806.2 million, a 2.4% increase
• Operating income was $66.8 million, a 4.8% decrease
• Operating ratio of 91.7% compared to 91.1%
• LTL shipments per workday increased 1.0%
• LTL tonnage per workday decreased 2.1%
• LTL revenue per hundredweight, excluding fuel surcharge revenue, increased 1.9%
• LTL revenue per shipment, excluding fuel surcharge revenue, decreased 1.2%
  

Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, “Our results reflected record first quarter revenue levels as customers increasingly continued to rely on our national network as volumes grew in March following a challenging January and February.  As our national network continues to mature, I was pleased to see year-over-year improvements in our core efficiency metrics. We will continue to execute our long-term strategy of getting closer to the customer, providing a high level of service and driving price to compensate for the quality of service provided.”

Executive Vice President and CFO, Matt Batteh, noted that, “I was pleased with our team's ability to execute throughout the first quarter, especially in what was a highly dynamic operating environment.  Our team's commitment to the customer remained paramount, evidenced by a first quarter claims ratio of 0.5%. Reinforced by our commitment to our customers, shipments grew in both legacy and ramping facilities compared to the prior year, and we remain excited about the further opportunities that a national network will provide.”

Financial Position and Capital Expenditures

Saia ended the first quarter of 2026 with $39.2 million of cash on hand and total debt of $112.8 million, which compares to $16.5 million of cash on hand and total debt of $295.5 million at March 31, 2025.

Net capital expenditures were $63.7 million during the first quarter of 2026, compared to $202.1 million in net capital expenditures in the first quarter 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 May 30, 2026 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-855-669-9658 referencing conference ID #7759155.

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 214 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 [email protected]   

Saia, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(Amounts in thousands)(Unaudited)       March 31, 2026 December 31, 2025Assets         Current Assets:    Cash and cash equivalents $39,177  $19,720 Accounts receivable, net  376,967   332,206 Prepaid expenses and other  83,248   82,630 Total current assets  499,392   434,556      Property and Equipment:    Cost  4,303,820   4,259,438 Less: accumulated depreciation  1,450,959   1,415,087 Net property and equipment  2,852,861   2,844,351 Operating Lease Right-of-Use Assets  157,924   150,301 Other Assets  53,460   53,473 Total assets $3,563,637  $3,482,681      Liabilities and Stockholders' Equity         Current Liabilities:    Accounts payable $147,132  $107,424 Wages, vacation and employees' benefits  70,402   50,723 Other current liabilities  80,949   78,362 Current portion of long-term debt  759   980 Current portion of operating lease liability  29,253   27,895 Total current liabilities  328,495   265,384      Other Liabilities:    Long-term debt, less current portion  112,000   163,000 Operating lease liability, less current portion  119,847   113,119 Deferred income taxes  293,701   284,370 Claims, insurance and other  83,357   79,109 Total other liabilities  608,905   639,598      Stockholders' Equity:    Common stock  27   27 Additional paid-in capital  306,287   307,605 Deferred compensation trust  (9,101)  (9,088)Retained earnings  2,329,024   2,279,155 Total stockholders' equity  2,626,237   2,577,699 Total liabilities and stockholders' equity $3,563,637  $3,482,681      

Saia, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the Quarters Ended March 31, 2026 and 2025(Amounts in thousands, except per share data)(Unaudited)     First Quarter   2026   2025 Operating Revenue $806,226  $787,575      Operating Expenses:    Salaries, wages and employees' benefits  393,296   389,256 Purchased transportation  64,328   59,849 Fuel, operating expenses and supplies  173,489   166,671 Operating taxes and licenses  22,232   20,437 Claims and insurance  22,902   21,545 Depreciation and amortization  62,190   59,043 Other operating losses, net  983   606 Total operating expenses  739,420   717,407      Operating Income  66,806   70,168      Nonoperating (Income) Expenses:    Interest expense  2,574   4,285 Interest income  (63)  (39)Other, net  (740)  357 Nonoperating expenses, net  1,771   4,603      Income Before Income Taxes  65,035   65,565 Income Tax Provision  15,166   15,755 Net Income $49,869  $49,810      Weighted average common shares outstanding - basic  26,764   26,720 Weighted average common shares outstanding - diluted  26,807   26,788      Basic earnings per share $1.86  $1.86 Diluted earnings per share $1.86  $1.86      

Saia, Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2026 and 2025(Amounts in thousands)(Unaudited)  First Quarter   2026   2025 Operating Activities:    Net cash provided by operating activities $139,634  $109,073 Net cash provided by operating activities  139,634   109,073 Investing Activities:    Acquisition of property and equipment  (66,116)  (202,889)Proceeds from disposal of property and equipment  2,392   826 Net cash used in investing activities  (63,724)  (202,063)Financing Activities:    Borrowing (repayment) of revolving credit facility, net  (51,000)  97,000 Proceeds from stock option exercises  229   2,463 Shares withheld for taxes  (5,461)  (7,644)Other financing activity  (221)  (1,767)Net cash (used in) provided by financing activities  (56,453)  90,052 Net Increase (Decrease) in Cash and Cash Equivalents  19,457   (2,938)Cash and Cash Equivalents, beginning of period  19,720   19,473 Cash and Cash Equivalents, end of period $39,177  $16,535      

Saia, Inc. and SubsidiariesFinancial InformationFor the Quarters Ended March 31, 2026 and 2025(Unaudited)                     First Quarter    First Quarter % Amount/Workday %   2026   2025  Change 2026 2025 ChangeWorkdays      63 63  Operating ratio 91.7%  91.1%        LTL tonnage (1) 1,513   1,545  (2.1) 24.02 24.52 (2.1)LTL shipments (1) 2,192   2,170  1.0  34.79 34.44 1.0 LTL revenue/cwt.$25.93  $24.97  3.8       LTL revenue/cwt., excluding fuel surcharge$21.52  $21.12  1.9       LTL revenue/shipment$357.93  $355.48  0.7       LTL revenue/shipment, excluding fuel surcharge$297.11  $300.76  (1.2)      LTL pounds/shipment 1,380   1,424  (3.1)      LTL average length of haul (2) 890   905  (1.7)                   (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.