Saia Posts Record Q3 Revenue of $982.5 Million
Saia reported record third-quarter 2026 revenue of $982.5 million, a 17% year-over-year increase, with diluted earnings per share of $3.41. The carrier's operating ratio improved to 87.6% as it deliberately shifted toward higher-weight freight.
Saia, Inc. posted record third-quarter 2026 revenue of $982.5 million, a 17.0% increase from $839.6 million a year earlier. Diluted earnings per share were $3.41, compared to $3.22 in the third quarter of 2025, while net income reached $91.4 million.
Operating ratio improvement
The operating ratio improved to 87.6%, compared with 85.9% reported and 87.6% adjusted in the prior-year quarter. This margin expansion was supported by record LTL tonnage per workday, which rose 8.9%, while LTL shipments per workday grew a more modest 0.8%. LTL revenue per shipment excluding fuel surcharge increased 5.8% to $311.34.
Internally tracked metrics also showed progress. The claims ratio fell 40% year over year, and the company's Net Promoter Score improved 15% over the same period.
Network expansion and network effects
Saia's ongoing network build-out is a core driver of its performance. Since 2022, the carrier has added more than 40 facilities and relocated 25 others. It now operates 219 facilities across the lower 48 states. The expansion has significantly improved market access: 60% of its locations are now within 50 miles of 60% of the addressable U.S. market, a major increase from 35% in 2017.
Newly opened facilities are contributing to profitability, showing an operating ratio improvement of roughly 40 basis points year over year, with operating income at those locations up about 22%.
Freight mix and pricing strategy
The disparity between tonnage and shipment growth shows a strategic shift. Tonnage per workday rose 8.9% year over year, but shipments per workday grew less than 1%. This is a deliberate outcome of attracting higher-weight freight. The company noted that the Los Angeles region remains soft year over year, creating a mix headwind due to modal shift and disciplined pricing.
Pricing dynamics were mixed. Total LTL revenue per hundredweight rose 7.4%, while revenue per hundredweight excluding fuel surcharge fell 2.2%.
Capital returns and balance sheet
Saia's board authorized a new $250 million share repurchase program on October 29, 2026. The authorization, which has no expiration date, permits the company to buy back stock through open-market purchases, a 10b5-1 trading plan, or privately negotiated transactions.
The company's financial position strengthened considerably. It generated $244.9 million of free cash flow in the first nine months of 2026, a sharp increase from $11.6 million in the same period of 2025. Net capital expenditures for the first nine months were $235.9 million, down from $446.1 million a year earlier, with full-year 2026 net capital expenditures expected at approximately $350 million.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Revenue | $982.5 million | $839.6 million |
| Diluted EPS | $3.41 | $3.22 |
| Operating Ratio | 87.6% | 85.9% (reported) |
| LTL Tonnage per Workday Change | +8.9% | N/A |
| LTL Shipments per Workday Change | +0.8% | N/A |
Saia ended the quarter with $202.5 million in cash and $100.0 million of total debt, a reversal from $35.5 million of cash and $219.2 million of debt at the end of September 2025. Operating income rose 3.1% to $122.3 million. Adjusted operating income, which strips out a prior-year net gain on real estate, was $104.1 million, making the 2026 figure a 17.5% increase.
Looking ahead, future expansion will be more measured, with focus on underpenetrated markets like Trenton, New Jersey, and Laredo, Texas. Fritz Holgrefe said, "Good quarter, but just kind of tip of the iceberg of where I think we could take this." The company is targeting an operating ratio in the low 80s to upper 70s as the network matures.
