Saia, Inc. Reports Record Q2 2026 Earnings with 17% Revenue Growth and Strong Operating Performance

Saia, Inc. Reports Record Second Quarter 2026 Results: Key Highlights for Investors

Summary of Second Quarter 2026 Performance

Saia, Inc. (NASDAQ: SAIA) has delivered a strong set of financial and operational results for the second quarter ended June 30, 2026, marking new records in revenue, tonnage, and shipments. The company’s continued expansion and operational discipline are evident in its improved profitability and financial position.

Key Financial Highlights

Diluted Earnings Per Share (EPS): \$3.51, up from \$2.67 in Q2 2025 (a 31.5% increase).
Revenue: \$956.5 million, a 17.1% increase from \$817.1 million in Q2 2025.
Operating Income: \$125.2 million, a 26.0% increase from \$99.4 million last year.
Operating Ratio: Improved to 86.9% from 87.8%, reflecting stronger operational efficiency.
Net Income: \$94.3 million, up from \$71.4 million, an increase of 32.1%.
Net Capital Expenditures: \$158.0 million for the first six months, down sharply from \$375.6 million a year ago.
Cash Position: \$84.0 million on hand, up from \$18.8 million a year ago.
Total Debt: \$100.1 million, dramatically reduced from \$309.1 million in June 2025.

Operational Achievements

LTL Shipments per Workday: Increased by 4.4% year-over-year.
LTL Tonnage per Workday: Surged by 8.4%.
LTL Revenue per Hundredweight (excl. fuel surcharge): Decreased by 2.2%, indicating pricing pressures, but is offset by volume growth and improved mix.
LTL Revenue per Shipment (excl. fuel surcharge): Up 1.5%.
Record-low Claims Ratio: 0.3%, reflecting superior service quality and claims management.

Management Commentary

Fritz Holzgrefe, President and CEO: “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.”

Matthew Batteh, EVP and CFO: “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 Allocation

Balance Sheet Strengthening: The company ended the quarter with \$84.0 million in cash and a dramatic reduction in total debt to \$100.1 million, down by over \$200 million in one year. This significant improvement in leverage and liquidity is a positive signal for shareholders and may impact the company’s cost of capital, flexibility, and potential for shareholder returns or further growth investments.
Capital Expenditures: Net capex for the first half of 2026 was \$158.0 million (down sharply from \$375.6 million last year). Management expects full-year 2026 net capex to be \$350–\$400 million, subject to market conditions. The reduction in capex demonstrates discipline and a more balanced approach to growth and returns.

Detailed Financial Statements

Condensed Consolidated Balance Sheet (as of June 30, 2026)

Total Assets: \$3.72 billion (vs. \$3.48 billion at December 31, 2025).
Total Stockholders’ Equity: \$2.73 billion (up from \$2.58 billion at year-end 2025).
Accounts Receivable: \$423.8 million (up from \$332.2 million at year-end).
Net Property and Equipment: \$2.90 billion (up from \$2.84 billion at year-end).

Income Statement (Q2 2026 vs. Q2 2025)

Operating Expenses: \$831.3 million (vs. \$717.7 million).
Salaries, Wages, and Benefits: \$434.4 million (vs. \$391.0 million).
Purchased Transportation: \$85.0 million (vs. \$57.7 million).
Depreciation and Amortization: \$64.2 million (vs. \$62.5 million).
Interest Expense: \$2.0 million (down from \$4.7 million last year).
Income Tax Provision: \$31.2 million (vs. \$24.2 million).

Cash Flow Statement (First Six Months 2026 vs. 2025)

Net Cash from Operations: \$291.2 million (up from \$279.8 million).
Net Cash Used in Investing: (\$158.0 million) (vs. \$384.0 million used last year).
Net Cash Used in Financing: (\$68.9 million) (vs. \$103.5 million provided last year).
Cash Balance at Period End: \$84.0 million (vs. \$18.8 million last year).

Operational Statistics (Q2 2026 vs. Q2 2025)

LTL Tonnage: 1,709,000 tons (up 8.4%).
LTL Shipments: 2,361,000 (up 4.4%).
LTL Revenue per CWT: \$27.18 (up 7.9%).
LTL Revenue per CWT, ex. fuel: \$20.94 (down 2.2%).
LTL Revenue per Shipment: \$393.56 (up 12.0%).
LTL Revenue per Shipment, ex. fuel: \$303.12 (up 1.5%).
LTL Pounds per Shipment: 1,448 (up 3.9%).
LTL Average Length of Haul: 888 miles (down 0.6%).

Potential Share Price Drivers and Risks

Record financial performance, improved operating ratio, and strengthened balance sheet are all positive catalysts for share price appreciation.
Significant reduction in debt enhances financial flexibility and may increase investor confidence.
Lower capital expenditures indicate a more disciplined approach, which could improve returns on invested capital and free cash flow.
Operational risks and uncertainties remain, including industry competition, pricing pressures, labor market challenges, inflation, supply chain disruptions, cyber risks, and regulatory factors, as disclosed in detail in the forward-looking statements.

Upcoming Events

Conference Call: Management will host a call to discuss these results at 10:00 a.m. Eastern Time on July 30, 2026. Details for access are available on the company’s investor relations website.

About Saia, Inc.

Saia, Inc. is a leading provider of less-than-truckload (LTL), brokered truckload, expedited transportation, and logistics services, operating through a network of 218 terminals nationwide.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Investors are encouraged to review the company’s filings with the SEC and consult with a financial advisor before making investment decisions.