Companies · SAIA
Saia Inc.
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Latest analysis
Updated Nov 4, 2026
Saia posts record Q3 2026 revenue of $982.5M (+17.0% YoY) with OR flat YoY at 87.6%, guiding Q4 OR improvement of ~200bps YoY despite sequential headwinds.
Saia delivered record third-quarter revenue of $982.5 million, driven by 8.9% tonnage growth and 5.8% revenue-per-shipment improvement ex-fuel, while holding operating ratio flat at 87.6% versus the prior-year adjusted result — outperforming the typical 150-200bps seasonal Q2-to-Q3 OR deterioration by holding within 70bps sequentially. Management guided Q4 OR improvement of approximately 200bps year-over-year, implying continued margin expansion as the network matures and newly opened terminals close the gap to legacy facility profitability. The Board authorized a $250 million share repurchase program, signaling that the foundational network buildout is largely complete and free cash flow generation is now sufficient to fund both strategic reinvestment and capital return.
Tone: bullishRevenue
$3.2B
SAIA 10-K · FY 2025
Employees
14,500
Revenue FY2024
$3.2B
Founded
1924
Profile
SAIA 10-K Item 1 · Feb 24, 2026Saia, Inc. is a national less-than-truckload (LTL) carrier headquartered in Johns Creek, Georgia, providing direct service to all 48 contiguous states and connecting to Canada and Mexico through third-party interline relationships. Approximately 97% of revenue derives from LTL shipments, with the remainder from brokered truckload, expedited, and logistics services. Founded in 1924, Saia operates through its wholly-owned subsidiary Saia LTL Freight and has grown primarily through organic expansion over recent years.
Read filing description ↓ Collapse description ↑
Saia, Inc., through its wholly-owned subsidiaries, is a transportation company headquartered in Johns Creek, Georgia. We provide national less-than-truckload (LTL) services through a single integrated organization. While approximately 97% of our revenue is derived from transporting LTL shipments, we also offer customers a wide range of other value-added services, including brokered truckload and expedited transportation and other logistics services across North America. Founded in 1924, Saia Motor Freight Line, LLC (Saia LTL Freight), a wholly-owned subsidiary of Saia, Inc., is a leading LTL carrier that provides direct service to the 48 contiguous states and provides LTL services to Canada and Mexico through relationships with third-party interline carriers. Saia LTL Freight specializes in offering its customers a range of LTL services including time-definite and expedited options. Saia LTL Freight primarily provides its customers with solutions for shipments between 100 and 10,000 pounds. As of December 31, 2025, Saia operated a network comprised of 213 owned and leased terminals, plus three general offices and one warehouse. At December 31, 2025, Saia LTL Freight owned approximately 7,700 tractors and 26,500 trailers, including equipment acquired with finance leases. Over the past five years, Saia has invested in excess of $2.5 billion in capital expenditures, primarily for real estate, revenue equipment and technology.
Primary products
- less-than-truckload (LTL) services
- time-definite LTL services
- expedited LTL services
- brokered truckload services
- expedited transportation
- logistics services
Business segments
End markets
Geographies
“We believe that service quality, pricing, geographic coverage, breadth of service offerings, responsiveness and operational flexibility remain the primary factors that differentiate competitors within our industry.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Operating revenue increased 0.8 percent in 2025 compared to 2024, driven by higher revenue per shipment including fuel surcharge from pricing actions, partially offset by slightly lower shipment volumes.
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