Saia (SAIA) investor relations material

Executive summary

• Achieved record Q1 2026 revenue of $806.2 million, up 2.4% year-over-year, with shipment growth in both legacy and new terminals and improved efficiency metrics despite weather disruptions.

• Operating income declined 4.8% to $66.8 million, while diluted EPS remained flat at $1.86 and net income was stable at $49.9 million.

• Operating ratio increased to 91.7% from 91.1% year-over-year, reflecting higher expenses and insurance costs.

• Investments in network and technology drove productivity gains, with touches per shipment up over 2.5% year-over-year and network expansion continuing.

• Service metrics and safety KPIs improved, with record miles between preventable accidents and a claims ratio at 0.5%.

Financial highlights

• Q1 2026 revenue was $806.2 million, up 2.4% year-over-year; operating income was $66.8 million, down 4.8%; net income was $49.9 million.

• Diluted EPS was $1.86, flat year-over-year; adjusted EBITDA rose 0.7% to $129.7 million.

• Operating expenses rose to $739.4 million from $717.4 million, mainly due to higher insurance, fuel, and employee costs.

• Revenue per shipment excluding fuel fell 1.2% to $297.11; including fuel, it rose 0.7% to $357.93.

• Cash flow from operations improved to $139.6 million from $109.1 million year-over-year.

Outlook and guidance

• Expecting 400–450 basis points sequential improvement in operating ratio from Q1 to Q2, above historical averages.

• Full-year operating ratio improvement guidance remains at 100–200 basis points, with upside possible if demand strengthens.

• 2026 capital expenditures projected at $350–$400 million, with $141.3 million already committed.

• April shipments and tonnage up 5.5% and 6.5% respectively, with normal seasonality assumed for May and June.

• Management remains optimistic about further opportunities from the maturing national network.