Saia, Inc. Earnings Call Transcripts
Fiscal Year 2026
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Record quarterly revenue and operating income were driven by shipment and tonnage growth, improved service, and network investments. Operating ratio improved, and customer sentiment is positive for the second half, with further yield and pricing gains expected.
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Q1 2026 revenue hit a record $806M, up 2.4% year-over-year, with strong late-March volumes offsetting earlier weather impacts. Operating ratio rose to 91.7%, but management expects 400-450 bps sequential improvement in Q2, supported by network expansion and robust customer demand.
Fiscal Year 2025
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Record Q4 revenue was achieved despite volume declines and higher costs, with strong safety improvements and profitable new terminals. The company is positioned for margin expansion in 2026, supported by excess capacity and ongoing investments, while maintaining a focus on pricing and operational efficiency.
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Q3 2025 saw flat revenue and sequential margin improvement despite a soft freight market and rising costs. Network expansion and cost controls drove efficiency, while Q4 is expected to see margin pressure from seasonality and lower volumes.
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Q2 revenue declined 0.7% year-over-year to $817.1M, with operating ratio improving 330 bps sequentially despite muted volumes. Newer terminals drove efficiency gains, and cost per shipment fell 4% from Q1. Guidance calls for a smaller-than-normal OR degradation in Q3.
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First quarter revenue and tonnage hit records, but profitability declined due to higher costs, weather disruptions, and muted demand. Growth was driven by new markets, which remain less profitable, while legacy markets saw shipment declines. Management remains focused on cost alignment and long-term value creation.
Fiscal Year 2024
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Achieved record revenue and network expansion in 2024, opening 21 new terminals and investing over $1 billion in capital. Q4 revenue rose 5% year-over-year, but margins were pressured by new openings and higher costs. Guidance calls for 80–100 bps OR improvement in 2025.
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Q3 revenue hit a record $842M, up 8.6% year-over-year, driven by shipment and tonnage growth and network expansion. Operating ratio deteriorated to 85.1% due to higher costs, but new terminals are profitable and support long-term growth. Capex for 2024 is projected at $1B.
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Record Q2 revenue and shipment growth were driven by network expansion, but operating ratio declined due to mix headwinds and new terminal costs. The outlook anticipates continued investment and flat full-year OR, with a focus on long-term value creation.