Second Quarter 2026
Filed Jul 30, 2026Saia reported second-quarter record revenue of $956.5 million, with operating income up 26.0% and diluted earnings per share of $3.51.
Revenue increased 17.1%, operating income increased 26.0%, diluted earnings per share rose to $3.51 from $2.67, and the company reported record revenue and tonnage. Volume growth and an improved operating ratio offset a decline in LTL revenue per hundredweight excluding fuel surcharge revenue.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating Revenue, Second QuarterGAAP | $956,494 (Amounts in thousands) | – | 17.1% increase |
| Operating Revenue, Six MonthsGAAP | $1,762,720 (Amounts in thousands) | – | – |
| Operating income, Second QuarterGAAP | $125.2 million | – | 26.0% increase |
| Diluted earnings per share, Second QuarterGAAP | $3.51 | – | – |
| Operating ratio, Second Quarterother | 86.9% | – | – |
| Salaries, wages and employees' benefits, Second QuarterGAAP | 434,385 (Amounts in thousands) | – | – |
| Salaries, wages and employees' benefits, Six MonthsGAAP | 827,681 (Amounts in thousands) | – | – |
| Purchased transportation, Second QuarterGAAP | 84,980 (Amounts in thousands) | – | – |
| Purchased transportation, Six MonthsGAAP | 149,308 (Amounts in thousands) | – | – |
| Fuel, operating expenses and supplies, Second QuarterGAAP | 198,743 (Amounts in thousands) | – | – |
| Fuel, operating expenses and supplies, Six MonthsGAAP | 372,232 (Amounts in thousands) | – | – |
| Operating taxes and licenses, Second QuarterGAAP | 22,438 (Amounts in thousands) | – | – |
| Operating taxes and licenses, Six MonthsGAAP | 44,670 (Amounts in thousands) | – | – |
| LTL shipments per workday, Second Quarterother | – | increased 4.4% | |
| LTL tonnage per workday, Second Quarterother | – | increased 8.4% | |
| LTL revenue per hundredweight, excluding fuel surcharge revenue, Second Quarterother | – | decreased 2.2% | |
| LTL revenue per shipment, excluding fuel surcharge revenue, Second Quarterother | – | increased 1.5% |
2026 outlook
- NoteNet capital expenditures will be approximately $350 million to $400 million.
What drove it
- Revenue was $956.5 million, a 17.1% increase.
- LTL shipments per workday increased 4.4%.
- LTL tonnage per workday increased 8.4%.
- LTL revenue per shipment, excluding fuel surcharge revenue, increased 1.5%.
- Management cited continued focus on pricing and mix optimization, healthy volume trends and strong operational execution.
- Management said its expanded network enabled it to provide more solutions to customers.
- The company reported a record-low claims ratio of 0.3%.
Concerns
- LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 2.2%.
- The company said its anticipated 2026 net capital expenditures are subject to ongoing evaluation of market conditions.
- The filing identifies downward pricing pressures, cost and availability of labor, purchased transportation and fuel, inflationary expense increases, and execution of service-geography expansion as risks.
What to watch
- LTL revenue per hundredweight, excluding fuel surcharge revenue, following the 2.2% decrease.
- LTL shipment and tonnage trends following respective 4.4% and 8.4% increases per workday.
- Execution of the expanded network and integration of network growth initiatives.
- Net capital expenditures versus anticipated 2026 net capital expenditures of approximately $350 million to $400 million.
- Operating ratio and claims ratio performance.
Balance sheet and cash flow
- Cash on hand was $84.0 million at the end of the second quarter of 2026, compared to $18.8 million at June 30, 2025.
- Total debt was $100.1 million at the end of the second quarter of 2026, compared to $309.1 million at June 30, 2025.
- Net capital expenditures were $158.0 million during the first six months 2026, compared to $375.6 million in net capital expenditures during the first six months of 2025.
- Cash and cash equivalents were $84,014 (Amounts in thousands) at June 30, 2026, compared to $19,720 (Amounts in thousands) at December 31, 2025.
- Total assets were $3,724,960 (Amounts in thousands) at June 30, 2026, compared to $3,482,681 (Amounts in thousands) at December 31, 2025.
- Total stockholders' equity was $2,726,728 (Amounts in thousands) at June 30, 2026, compared to $2,577,699 (Amounts in thousands) at December 31, 2025.
Analysis
Saia delivered a strong second quarter, reporting operating revenue of $956,494 (Amounts in thousands), up 17.1% from $817,115 (Amounts in thousands). The company characterized the quarter as record revenue and tonnage, while noting a second-quarter record in shipments. LTL shipments per workday increased 4.4% and LTL tonnage per workday increased 8.4%, indicating that reported growth was supported by higher network activity.
Profitability improved faster than revenue. Operating income was $125.2 million, a 26.0% increase, while the operating ratio was 86.9% compared to 87.8%. Diluted earnings per share were $3.51 compared to $2.67 in the second quarter of 2025. Management attributed the results to pricing and mix optimization, healthy volume trends and operational execution, and highlighted a record-low claims ratio of 0.3%.
Pricing and mix require attention. LTL revenue per shipment, excluding fuel surcharge revenue, increased 1.5%, but LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 2.2%. This contrast occurred alongside higher shipments and tonnage per workday and is relevant to the durability of revenue quality as the company expands its network and service offering.
The balance sheet showed $84.0 million of cash on hand and $100.1 million of total debt at the end of the second quarter of 2026, compared with $18.8 million of cash on hand and $309.1 million of total debt at June 30, 2025. Net capital expenditures were $158.0 million during the first six months 2026, compared to $375.6 million during the first six months of 2025. The company anticipates 2026 net capital expenditures of approximately $350 million to $400 million, subject to ongoing evaluation of market conditions.
The filing did not provide revenue, margin, expense or tax-rate guidance for a future quarter. Accordingly, the disclosed outlook is limited to the 2026 net-capital-expenditure range. Investors should monitor freight pricing excluding fuel surcharge revenue, volume momentum, operating-ratio execution, and the pace of capital deployment as Saia continues its network-growth initiatives.
Management, verbatim
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.
Fritz Holzgrefe, President and CEO
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.
Matt Batteh, Executive Vice President and CFO
Not in the filing
stated, not guessed- The filing text is truncated during the condensed consolidated statements of operations, so complete second-quarter and six-month operating-expense details are unavailable.
- GAAP net income for the second quarter and six months is not available in the provided filing text.
- Gross profit and gross margin are not reported in the provided filing text.
- Operating cash flow and free cash flow are not reported in the provided filing text.
- Share repurchases and dividends are not reported in the provided filing text.
- Revenue, gross-margin, operating-expense and tax-rate guidance are not provided.
- Prior-quarter comparisons for reported financial and operating metrics are not provided.
- The prior-year six-month operating taxes and licenses figure is truncated in the provided filing text.
- Financial segment revenue is not reported in the provided filing text.
- Absolute values for LTL shipments per workday, LTL tonnage per workday, LTL revenue per hundredweight excluding fuel surcharge revenue, and LTL revenue per shipment excluding fuel surcharge revenue are not reported.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.