Saia (SAIA) Q4 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of $790 million in Q4 2025, despite muted demand and volume declines year-over-year.

• Celebrated 100 years in business, expanded to 213 terminals, and delivered ~35,000 shipments daily with a workforce of ~15,000 non-union employees.

• Significant capital investments over three years ($2B+) enabled rapid network expansion and improved service quality.

• Core operations performed as expected, but Q4 results were impacted by a $4.7M reserve increase for prior-year accident claims.

• Safety investments led to a 21% reduction in preventable accident frequency and a 10% decline in lost-time injuries in 2025.

Financial highlights

• Q4 2025 revenue was $790.0M, up 0.1% year-over-year; operating income fell 36.9% to $64.0M; diluted EPS dropped 37.7% to $1.77.

• FY 2025 revenue grew 0.8% to $3,234.3M; adjusted operating income declined 30.0% to $337.7M; adjusted diluted EPS was $9.11.

• Operating ratio worsened to 91.9% in Q4 2025 and 89.6% for FY 2025.

• EBITDA for FY 2025 was $602.3M, down 13.2% year-over-year.

• Fuel surcharge revenue rose 6.1%, now 15% of total revenue.

Outlook and guidance

• Net capital expenditures for 2026 are expected to be $350–$400 million, primarily for maintenance fleet investments.

• Management expects sequential margin improvement in 2026, with potential for 100-200 basis points OR improvement if macro trends are favorable.

• Focus remains on pricing ahead of inflation and ensuring returns on recent capital investments.

• Every 1% revenue improvement is expected to add $0.91 to EPS.

• 20-25% excess capacity in the network positions the company to scale efficiently as demand recovers.