Highlights

  • Second quarter 2026 operating revenue was $956.5 million, and diluted EPS was $3.51, compared with $2.67 a year earlier.
  • Operating income was $125.2 million and the operating ratio was 86.9 percent, compared with 87.8 percent in the prior-year quarter.
  • Operating cash flows were $291.2 million for the first six months, with no outstanding revolver borrowings at June 30.
  • Saia implemented a 7.1 percent general rate increase on July 6, 2026, covering approximately 25 percent of operating revenue.

Saia, Inc. (NASDAQ:SAIA) shares were trading at USD 323.76 on October 28, 2026, down 5.02%, with a relative volume at time of 2.91. The less-than-truckload carrier filed its quarterly report on Form 10-Q for the period ended June 30, 2026 on July 30, 2026, which includes a July 2026 general rate increase and a wage increase effective July 1, 2026.

Saia, Inc. is incorporated in Delaware and lists its principal executive offices in Johns Creek, Georgia. The company provides national less-than-truckload (LTL) services through a single integrated organization. Approximately 97 percent of its revenue is derived from transporting LTL shipments. It also offers brokered truckload, expedited transportation and other logistics services across North America. Its common stock trades on the Nasdaq Global Select Market, and its fiscal year ends December 31.

Second Quarter 2026 Results

Saia reported operating revenue of $956.5 million for the quarter ended June 30, 2026, compared with $817,115 thousand a year earlier. The company said revenue increased 17.1 percent, citing higher fuel surcharge revenue, a 4.4 percent increase in LTL shipments per workday and a 1.5 percent increase in LTL revenue per shipment excluding fuel surcharges.

Operating income was $125.2 million, compared with $99.4 million. Net income was $94.3 million, or $3.51 per diluted share, compared with $71.4 million, or $2.67 per diluted share. The effective tax rate was 24.9 percent, compared with 25.3 percent. Salaries, wages and employees' benefits increased $43.4 million, and the company cited higher group health insurance costs of $7.0 million.

For the six months ended June 30, 2026, operating income was $192.0 million, compared with $169.6 million, and net income was $144.1 million, or $5.37 per diluted share, compared with $121.2 million, or $4.53.

Operating Statistics

LTL shipments increased 4.4 percent to 2.4 million, and LTL tonnage increased 8.4 percent to 1.7 million tons. LTL revenue per shipment was $393.56, compared with $351.36, and LTL revenue per shipment excluding fuel surcharge was $303.12, compared with $298.71. Fuel surcharge revenue was 22.3 percent of operating revenue, compared with 14.6 percent.

Liquidity and Capital

Cash and cash equivalents were $84,014 thousand at June 30, 2026. Working capital was $216.7 million, compared with $148.3 million a year earlier. Net cash used in investing activities was $158.0 million for the six months, compared with $384.0 million, and net cash used in financing activities was $68.9 million, which the company attributed to repayments on its credit arrangements.

At June 30, 2026, the company had no outstanding borrowings and $36.0 million of letters of credit under its Revolving Credit Facility, with $564.0 million in availability. It also had $100.0 million of outstanding notes under its Private Shelf Agreement. The company said it was in compliance with its debt covenants.

Outlook and Plans

The 10-Q does not provide numerical earnings guidance. Saia implemented a 7.1 percent general rate increase on July 6, 2026 for customers comprising approximately 25 percent of operating revenue, following a 5.9 percent increase on October 1, 2025. Effective July 1, 2026, it implemented a salary and wage increase of approximately three percent for all employees except executives, which it expects to be partially offset by productivity and efficiency gains.

The company anticipates net capital expenditures in 2026 of approximately $350 million to $400 million, subject to ongoing evaluation of market conditions. Net capital expenditures were $158.0 million in the first six months, and approximately $74.3 million of the remaining 2026 capital budget was committed at June 30, 2026.