Saia (SAIA) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached a record $806.2 million, up 2.4% year-over-year, driven by strong late-March volume and higher fuel surcharge revenue.

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

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

• LTL shipments per workday grew 1.0%, while LTL tonnage per workday fell 2.1%.

• Customer satisfaction and Net Promoter Scores reached all-time highs, supported by network expansion and technology investments.

Financial highlights

• Revenue per shipment excluding fuel fell 1.2% year-over-year to $297.11, while LTL revenue per shipment increased 0.7% to $357.93.

• Fuel surcharge revenue rose 12.3% and accounted for 16.5% of total revenue.

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

• Cash provided by operating activities increased to $139.6 million from $109.1 million.

• Net income was $49.9 million, nearly unchanged from $49.8 million a year ago.

Outlook and guidance

• Management expects 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.

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

• April shipments and tonnage are up 5.5% and 6.5% year-over-year, respectively, with normal seasonality expected for May and June.

• Management targets sub-80 operating ratio long-term as network maturity and density improve.