Saia (SAIA) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $956.5 million, up 17.1% year-over-year, with operating income rising 26% to $125.2 million and diluted EPS increasing 31.5% to $3.51.

• LTL shipments per workday grew 4.4% and tonnage per workday increased 8.4%, with improved service metrics and a record-low claims ratio of 0.3%.

• Continued network expansion, opening new terminals and investing in technology, supporting market share gains and customer satisfaction.

• Maintained a diverse customer base, with no single customer accounting for more than 5% of revenue.

• Record safety metrics achieved, including improved miles between preventable accidents and hours between lost time injuries.

Financial highlights

• Q2 2026 revenue reached $956.5 million, with operating ratio improving to 86.9% from 87.8% and net income rising to $94.3 million.

• Diluted EPS was $3.51, up from $2.67 year-over-year; adjusted EBITDA for Q2 2026 was $191.4 million.

• Cash on hand at quarter-end was $84 million, with total debt at $100.1 million.

• Net capital expenditures for the first six months were $158 million.

• LTL revenue per shipment, excluding fuel surcharge, increased 1.5% to $303.12.

Outlook and guidance

• 2026 capital expenditures projected at $350–$400 million, with $74.3 million committed as of June 30, 2026.

• Expecting typical seasonal shipment trends in Q3, with a projected 100 basis point sequential OR degradation, better than historical averages.

• Ongoing focus on pricing, mix optimization, and network expansion to drive long-term value.

• Customer sentiment remains positive, supporting expectations for continued demand improvement.

• Technology and network investments anticipated to support future volume growth and efficiency.