Saia (SAIA) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $982.454M, up 17.0% YoY, and LTL tonnage per workday set a record, rising 8.9%; operating income was $122.3M and diluted EPS was $3.41.

• Compared with adjusted Q3 2025, operating income grew 17.5% and operating ratio was flat at 87.6%; nine-month revenue rose 12.3% to $2.745B.

Financial highlights

• Q3 net income was $91.445M versus $86.316M; diluted EPS was $3.41 versus $3.22 reported and $2.81 adjusted in Q3 2025.

• Nine-month operating income was $314.3M, up 9.1% reported and 14.8% versus adjusted 2025; net income was $235.6M versus $207.5M.

• Nine-month operating cash flow was $480.8M and free cash flow was $244.9M.

• Q3 salaries, wages and benefits rose 11.6%, purchased transportation 52.4%, and fuel and other operating expenses 31.2% YoY.

Outlook and guidance

• Q4 operating ratio is expected to deteriorate sequentially by ~200 bps, versus typical Q3-to-Q4 deterioration of 250–300 bps; October MTD shipments rose ~2% and tonnage ~10% YoY.

• Management expects continued OR improvement into 2027; annual improvement of 200 bps or better is possible depending on market conditions. Longer-term OR goal remains below 80%.

• 2026 net capital expenditures are expected to be ~$350M, subject to market conditions; $235.9M was spent in nine months.

• Revenue and cost plans emphasize network density, targeted marketing, geographic and terminal expansion, resource alignment to volume, and productivity gains.