Saia Reports Third Quarter Results

Rhea-AI Summary

Saia (NASDAQ: SAIA) reported third quarter 2025 results on October 30, 2025. Revenue was $839.6 million, down 0.3% year-over-year. Diluted EPS was $3.22 versus $3.46 a year earlier; adjusted diluted EPS excluding a real estate gain was $2.81. Operating income was $118.6 million (down 5.2%); adjusted operating income was $104.1 million (down 16.8%).

Key balance sheet and cash items: $35.5 million cash on hand and $219.2 million total debt at September 30, 2025. Net capex was $446.1 million for the first nine months of 2025 with 2025 net capex guidance of $550–$600 million. LTL shipments and tonnage per workday declined modestly while LTL revenue per shipment was slightly higher.

Positive

• Revenue of $839.6M in Q3 2025
• Adjusted diluted EPS of $2.81 after real estate items
• Net capex guidance of $550–$600M for 2025 signals continued investment
• Expanded network: 213 terminals nationally

Negative

• Diluted EPS down to $3.22 from $3.46 year-over-year
• Adjusted operating income down 16.8% year-over-year to $104.1M
• Operating ratio worsened to 87.6% adjusted from 85.1%
• Cash of $35.5M with total debt of $219.2M at Sept 30, 2025

Insights

Transportation financial analyst

Saia reported marginal revenue and EPS declines; adjusted margins and shipments weakened while capex guidance narrows.

Revenue of $839.6 million fell 0.3% year-over-year and GAAP diluted EPS declined to $3.22 from $3.46. Excluding a $16.4 million real-estate gain and a $1.9 million impairment, adjusted diluted EPS was $2.81, and adjusted operating income fell 16.8% to $104.1 million. LTL activity shows modest pullbacks: shipments per workday down 1.9% and tonnage per workday down 1.5%, while revenue per shipment excluding fuel rose slightly 0.3%.

The company increased cash to $35.5 million and reported total debt of $219.2 million at quarter end, with nine-month net capex of $446.1 million and full-year net capex guidance of $550 million to $600 million. Core risks and dependencies are operational volume recovery and effective deployment of recent terminal openings; the reported real-estate gain boosted GAAP results but masked a larger decline in adjusted performance. Watch near-term indicators including sequential LTL shipments and tonnage, adjusted operating income trends, and updates to capex expectations into Q4 2025 and beyond; the replay is available through November 30, 2025 for management commentary and color.

JOHNS CREEK, Ga., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported third quarter 2025 financial results. Diluted earnings per share for the quarter were $3.22 compared to $3.46 in the third quarter of 2024. Excluding a net gain on real estate recorded in the third quarter of 2025, adjusted diluted earnings per share¹ for the quarter were $2.81.

Highlights from the third quarter operating results were as follows:

Third Quarter 2025 Compared to Third Quarter 2024 Results

• Revenue was $839.6 million, a 0.3% decrease
• Operating income was $118.6 million, a 5.2% decrease
• Excluding a net gain on real estate, adjusted operating income¹ was $104.1 million, a 16.8% decrease
• Operating ratio of 85.9% and adjusted operating ratio¹ of 87.6% compared to 85.1%
• LTL shipments per workday decreased 1.9%
• LTL tonnage per workday decreased 1.5%
• LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 0.1%
• LTL revenue per shipment, excluding fuel surcharge revenue, increased 0.3%

Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, "I was pleased with our team's ability to focus on what was within our control throughout the quarter. We remain intently focused on the customer, while at the same time maintaining cost management and improving core execution."

"We saw continued benefits from our ongoing investments in technology and network optimization efforts. These initiatives continued to drive improved efficiency across our national footprint, while also enhancing the customer experience. Our national footprint will continue to scale moving forward, aligning with our long term strategy of getting closer to the customer, providing unique solutions to meet their needs and getting more opportunities as a result of these investments."

Executive Vice President and CFO, Matt Batteh, noted that, "We continue to experience volume and revenue growth in our ramping markets, and we are pleased with the progress of our 2024 terminal openings, many of which have just completed their first year of operations. Customers continue to see the value of our expanded network, and our customer first focus puts us in a great position to provide unique solutions across all markets for years to come."

Financial Position and Capital Expenditures

We ended the third quarter of 2025 with $35.5 million of cash on hand and total debt of $219.2 million, which compares to $14.4 million of cash on hand and total debt of $191.0 million at September 30, 2024.

Net capital expenditures were $446.1 million during the first nine months of 2025, compared to $873.2 million in net capital expenditures during the first nine months of 2024. In 2025, we anticipate that net capital expenditures will be approximately $550 million to $600 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 November 30, 2025 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-877-344-7529 referencing conference ID #5795490.

Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, non-asset truckload, expedited and logistics services. With headquarters in Georgia, Saia LTL Freight operates 213 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) capacity and highway infrastructure constraints; (18) changes in U.S. trade policy and the impact of tariffs; (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) failure to operate and grow acquired businesses in a manner that support the value allocated to acquired businesses; (26) dependence on key employees; (27) employee turnover from changes to compensation and benefits or market factors; (28) increased costs of healthcare benefits; (29) damage to our reputation from adverse publicity, including from the use of or impact from social media; (30) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (31) 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; (32) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (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) unforeseen costs from new and existing data privacy laws; (35) changes to the way LTL freight is categorized; (36) costs from new and existing laws regarding how to classify workers; (37) changes in accounting and financial standards or practices; (38) widespread outbreak of an illness or any other communicable disease; (39) international conflicts and geopolitical instability; (40) evolving stakeholder expectations regarding environmental and social issues; (41) provisions in our governing documents and Delaware law that may have anti-takeover effects; (42) issuances of equity that would dilute stock ownership; (43) weakness, disruption or loss of confidence in financial or credit markets; and (44) 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.

¹ Non-GAAP Financial Disclosure and Reconciliation:

From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures.  These include “adjusted” total operating expenses, “adjusted” operating income, “adjusted” diluted earnings per share, and "adjusted" operating ratio. The Company’s management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

A gain from the sale of a terminal of $16.4 million and a loss on real estate impairment of $1.9 million was recorded during the third quarter of 2025. This resulted in a decrease in operating expenses and an increase in operating income of $14.5 million, an increase in diluted earnings per share of $0.41 and an improvement of 170 basis points in the operating ratio for the third quarter. The terminal sale occurred as the result of management’s efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company’s overall strategy. The impairment loss came as a result of management's continued assessment of the recoverability of property and equipment.

Saia, Inc. and Subsidiaries
Reconciliation of Certain GAAP and Non-GAAP Statement of Operations Items, Ratios and Operating Data
For the Quarters and Nine Months Ended September 30, 2025 and 2024
(Amounts in thousands, except per share data, operating ratio and cost per shipment)
(Unaudited)
		Third Quarter								Nine Months
			2025				2024				2025				2024
Total operating expenses (GAAP)		$	721,034			$	716,932			$	2,156,157			$	2,039,446
Add: Net total operating expense impact of Gain on Real Estate Disposal and Impairment of Real Estate			14,503				-				14,503				-
Adjusted total operating expenses (Non-GAAP)		$	735,537			$	716,932			$	2,170,660			$	2,039,446
Operating Income (GAAP)		$	118,610			$	125,171			$	288,177			$	380,676
Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate			(14,503	)			-				(14,503	)			-
Adjusted operating income (Non-GAAP)		$	104,107			$	125,171			$	273,674			$	380,676
Diluted earnings per share (GAAP)		$	3.22			$	3.46			$	7.75			$	10.68
Less: Net Diluted earnings per share impact of Gain on Real Estate Disposal and Impairment of Real Estate			(0.41	)			-				(0.41	)			-
Adjusted diluted earnings per share (Non-GAAP)		$	2.81			$	3.46			$	7.34			$	10.68
Operating Ratio (1)			85.9	%			85.1	%			88.2	%			84.3	%
Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate			1.7	%			-				0.6	%			-
Adjusted operating ratio			87.6	%			85.1	%			88.8	%			84.3	%
Cost per shipment (2)		$	309.06			$	301.36			$	318.77			$	299.32
Add: Net cost per shipment impact of Gain on Real Estate Disposal and Impairment of Real Estate			6.22				-				2.14				-
Adjusted cost per shipment		$	315.28			$	301.36			$	320.91			$	299.32

(1	)	Operating Ratio is total operating expenses divided by operating revenue, using the underlying unrounded amounts.
(2	)	Cost per shipment is total operating expenses divided by shipments.

CONTACT:	Saia, Inc.
	Matthew Batteh
	Executive Vice President and Chief Financial Officer
	Investors@saia.com

Saia, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
		September 30, 2025				December 31, 2024
Assets
Current Assets:
Cash and cash equivalents		$	35,500			$	19,473
Accounts receivable, net			365,343				322,991
Prepaid expenses and other			96,151				93,305
Total current assets			496,994				435,769
Property and Equipment:
Cost			4,181,930				3,790,069
Less: accumulated depreciation			1,368,123				1,233,134
Net property and equipment			2,813,807				2,556,935
Operating Lease Right-of-Use Assets			138,845				126,828
Other Assets			51,314				47,325
Total assets		$	3,500,960			$	3,166,857
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable		$	112,534			$	114,560
Wages, vacation and employees' benefits			72,318				49,953
Other current liabilities			82,852				81,162
Current portion of long-term debt			1,199				5,313
Current portion of operating lease liability			27,001				27,372
Total current liabilities			295,904				278,360
Other Liabilities:
Long-term debt, less current portion			218,000				194,981
Operating lease liability, less current portion			102,175				96,798
Deferred income taxes			287,123				219,062
Claims, insurance and other			71,731				66,385
Total other liabilities			679,029				577,226
Stockholders' Equity:
Common stock			27				27
Additional paid-in capital			303,268				295,106
Deferred compensation trust			(8,904	)			(7,981	)
Retained earnings			2,231,636				2,024,119
Total stockholders' equity			2,526,027				2,311,271
Total liabilities and stockholders' equity		$	3,500,960			$	3,166,857

Saia, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Quarters and Nine Months Ended September 30, 2025 and 2024
(Amounts in thousands, except per share data)
(Unaudited)
		Third Quarter								Nine Months
			2025				2024				2025				2024
Operating Revenue		$	839,644			$	842,103			$	2,444,334			$	2,420,122
Operating Expenses:
Salaries, wages and employees' benefits			401,058				398,134				1,181,289				1,112,087
Purchased transportation			59,329				65,584				176,877				179,138
Fuel, operating expenses and supplies			165,727				158,733				494,032				475,935
Operating taxes and licenses			20,867				19,942				63,318				59,401
Claims and insurance			23,614				19,274				67,985				55,565
Depreciation and amortization			64,037				54,656				185,626				156,041
Other operating, net			(13,598	)			609				(12,970	)			1,279
Total operating expenses			721,034				716,932				2,156,157				2,039,446
Operating Income			118,610				125,171				288,177				380,676
Nonoperating (Income) Expenses:
Interest expense			4,483				2,997				13,510				5,951
Interest income			(44	)			(45	)			(117	)			(910	)
Other, net			(654	)			(460	)			(1,170	)			(1,574	)
Nonoperating expenses, net			3,785				2,492				12,223				3,467
Income Before Income Taxes			114,825				122,679				275,954				377,209
Income Tax Provision			28,509				29,931				68,437				91,247
Net Income		$	86,316			$	92,748			$	207,517			$	285,962
Weighted average common shares outstanding - basic			26,745				26,695				26,735				26,686
Weighted average common shares outstanding - diluted			26,790				26,789				26,784				26,785
Basic earnings per share		$	3.23			$	3.47			$	7.76			$	10.72
Diluted earnings per share		$	3.22			$	3.46			$	7.75			$	10.68

Saia, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
For the nine months ended September 30, 2025 and 2024
(Amounts in thousands)
(Unaudited)
		Nine Months
			2025				2024
Operating Activities:
Net cash provided by operating activities		$	457,665			$	418,963
Net cash provided by operating activities			457,665				418,963
Investing Activities:
Acquisition of property and equipment			(467,814	)			(875,302	)
Proceeds from disposal of property and equipment			21,736				2,079
Other			(8,394	)			4,999
Net cash used in investing activities			(454,472	)			(868,224	)
Financing Activities:
Borrowing of revolving credit facility, net			24,000				83,000
Borrowing of private shelf agreement			–				100,000
Proceeds from stock option exercises			2,463				2,033
Shares withheld for taxes			(8,534	)			(8,820	)
Other financing activity			(5,095	)			(8,762	)
Net cash provided by financing activities			12,834				167,451
Net (Decrease) Increase in Cash and Cash Equivalents			16,027				(281,810	)
Cash and Cash Equivalents, beginning of period			19,473				296,215
Cash and Cash Equivalents, end of period		$	35,500			$	14,405

Saia, Inc. and Subsidiaries
Financial Information
For the Quarters Ended September 30, 2025 and 2024
(Unaudited)
														Third Quarter
			Third Quarter								%			Amount/Workday				%
				2025				2024			Change			2025		2024		Change
Workdays														64		64
Operating ratio				85.9	%			85.1	%
LTL tonnage (1)				1,581				1,605			(1.5	)		24.70		25.08		(1.5	)
LTL shipments (1)				2,333				2,379			(1.9	)		36.45		37.17		(1.9	)
LTL revenue/cwt.			$	25.76			$	25.64			0.5
LTL revenue/cwt., excluding fuel surcharge			$	21.72			$	21.75			(0.1	)
LTL revenue/shipment			$	349.07			$	345.93			0.9
LTL revenue/shipment, excluding fuel surcharge			$	294.35			$	293.39			0.3
LTL pounds/shipment				1,355				1,349			0.4
LTL length of haul (2)				894				890			0.4
(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.

FAQ

What were Saia's reported revenue and diluted EPS for Q3 2025 (SAIA)?

Saia reported $839.6 million in revenue and diluted EPS of $3.22 for Q3 2025.

How did Saia's adjusted diluted EPS change in Q3 2025 (SAIA) after excluding real estate items?

Adjusted diluted EPS was $2.81 in Q3 2025 after excluding a net real estate gain.

What guidance did Saia give for 2025 capital expenditures (SAIA)?

Saia expects 2025 net capital expenditures of approximately $550–$600 million, subject to market conditions.

What was Saia's cash and total debt position at September 30, 2025 (SAIA)?

At September 30, 2025 Saia had $35.5 million cash on hand and $219.2 million total debt.

How did Saia's operating income and adjusted operating income perform in Q3 2025 (SAIA)?

Operating income was $118.6 million (down 5.2%); adjusted operating income was $104.1 million (down 16.8%).

Did Saia report volume or yield changes in Q3 2025 (SAIA)?

LTL shipments per workday decreased 1.9%, LTL tonnage per workday decreased 1.5%, and LTL revenue per shipment excluding fuel rose 0.3%.