Key Highlights

  • Revenue of USD 982.45 million set a record, rising 17.0% and topping the consensus estimate of USD 966.98 million.
  • Diluted EPS of USD 3.41 beat the consensus estimate of USD 3.30 and last year adjusted EPS of USD 2.81.
  • LTL tonnage per workday reached a record, up 8.9%, while Revenue per shipment excluding fuel Surcharge rose 5.8%.
  • The board authorized a USD 250 million buyback, with year to date free Cash Flow above USD 240 million.

Saia, Inc. (NASDAQ:SAIA) reported third quarter 2026 revenue of USD 982.45 million, a company record and 17.0% above the USD 839.6 million of a year earlier. The result topped the consensus estimate of USD 966.98 million. Diluted Earnings per Share were USD 3.41, above the consensus estimate of USD 3.30 and USD 3.22 reported a year earlier, which included a real estate gain. Excluding that gain, adjusted diluted EPS in the prior year quarter was USD 2.81.

Volume, Pricing and Operating Ratio

LTL tonnage per workday rose 8.9% to a record, while shipments per workday grew only 0.8%, implying heavier shipments. LTL revenue per hundredweight reached USD 27.66, up 7.4%, and revenue per shipment excluding fuel surcharge increased 5.8%. President and Chief Executive Officer Fritz Holzgrefe credited pricing and mix progress and said investments in the network, people, equipment and technology support the strategy of building a national LTL carrier.

Operating income of USD 122.3 million rose 3.1% from USD 118.6 million and 17.5% from the prior year adjusted figure of USD 104.1 million. The operating ratio was 87.6% against 85.9% reported a year earlier, and flat against the 87.6% adjusted ratio. Cost lines grew with volume: purchased transportation climbed to USD 90.4 million from USD 59.3 million, salaries and benefits to USD 447.7 million from USD 401.1 million, and fuel, operating expenses and supplies to USD 212.7 million from USD 165.7 million. Net Income was USD 91.4 million.

Capital Spending, Cash and Repurchase Plan

Net Capital expenditures were USD 235.9 million for nine months, down from USD 446.1 million, and the company projects about USD 350 million of net capital spending for 2026, subject to market conditions. Nine month Operating Cash Flow was USD 480.8 million, and free cash flow was USD 244.9 million versus USD 11.6 million a year earlier.

Cash stood at USD 202.5 million against USD 35.5 million a year earlier, and total Debt fell to USD 100.0 million from USD 219.2 million. The new repurchase authorization of up to USD 250 million is effective immediately, has no expiration date and permits purchases through open market transactions, a 10b5-1 plan or private transactions. The Chief Financial Officer said strong free cash flow gives flexibility to support growth and return capital. The company also added a director to its board and Audit Committee with transportation, supply-chain and Capital Markets experience.

Metrics That Frame the Next Report

Several reported items provide reference points. The operating ratio of 87.6% and the nine month figure of 88.6% against 88.2% show how Margin moves with Volume and cost growth. Revenue per shipment growth of 5.8% and shipment growth of 0.8% show the pricing and mix balance in the volume base.

Capital items include the USD 350 million net Capital Expenditure projection for 2026, down from last year spending, and the pace of repurchases under the new USD 250 million program. Network scale stands at 219 terminals. Long-term debt of USD 100.0 million, compared with USD 163.0 million at year end, is another Balance Sheet marker, alongside the income tax provision of USD 29.9 million.