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Saia
Saia (SAIA) investor relations material
Saia Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record Q4 2025 revenue of $790 million, despite muted demand, volume declines, and higher self-insurance costs; full year revenue reached $3.2 billion, up 0.8%.
Completed first full year as a national network, expanding to 213 terminals and delivering ~35,000 shipments daily with ~15,000 non-union employees.
Significant capital investments over the past three years ($2B+) enabled rapid network expansion, improved service quality, and market share gains.
Q4 results were impacted by a $4.7 million reserve increase for self-insurance due to adverse developments on prior-year accident cases.
Ranked #6 among US LTL carriers in 2024, up from #9 in 2017, reflecting market share gains.
Financial highlights
Q4 2025 revenue was $790 million, up 0.1% year-over-year; operating income fell 36.9% to $64 million; diluted EPS dropped 37.7% to $1.77.
Full-year 2025 revenue grew 0.8% to $3,234.3 million; adjusted operating income declined 30.0% to $337.7 million; adjusted diluted EPS was $9.11.
Q4 operating ratio deteriorated to 91.9% from 87.1% a year ago; full-year adjusted operating ratio was 89.6%.
Salaries, wages, and benefits increased 6.1% year-over-year, offset by a 5.1% reduction in headcount.
EBITDA for Q4 was $127.3 million, down 18.3%; full year EBITDA was $602.3 million, down 13.2%.
Outlook and guidance
Management expects sequential margin seasonality from Q4 to Q1 to be better than the historical 30-50 bps degradation, assuming normal conditions.
Full-year 2026 operating ratio improvement of 100-200 bps is targeted, with upside if macro trends are favorable.
Revenue per shipment is expected to improve as weight per shipment headwinds abate in Q2/Q3.
2026 focus remains on driving returns from recent investments, maintaining pricing discipline, and scaling the network.
Plans to invest $350M–$400M in 2026 to support customer needs and network growth.
CapEx reduction impact on network expansion
Explain LTL tonnage/revenue per cwt divergence
Key drivers of operating ratio decline in 2025
New terminal OR path to company average
Yield growth vs. volume in soft market
Incremental margins from excess capacity
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Next Saia earnings date
Q1 202624 Apr, 2026
Saia
Next Saia earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Saia Inc. operates as a transportation company providing less-than-truckload (LTL) logistics services. It offers regional and interregional freight shipping, as well as value-added services such as expedited and consolidation solutions. The company is headquartered in Johns Creek, Georgia, and its shares are listed on the NASDAQ.
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