SAIA · Saia, Inc.

Saia, Inc. reported record first quarter revenue of $806.2 million, a 2.4% increase year-over-year, reflecting customer reliance on its national network despite a challenging start to the year. However, profitability metrics softened; operating income declined 4.8% to $66.8 million, and the operating ratio widened to 91.7% from 91.1%. Management noted that while volumes grew in March, the operating environment remained highly dynamic. LTL shipments per workday increased 1.0%, but LTL tonnage per workday decreased 2.1%, indicating a shift in freight mix or weight per shipment. LTL revenue per hundredweight, excluding fuel surcharge, increased 1.9%, demonstrating pricing power. The company significantly strengthened its balance sheet, reducing total debt to $112.8 million from $295.5 million a year ago, while cash on hand increased to $39.2 million. Net capital expenditures for the quarter were $63.7 million, down substantially from $202.1 million in the prior year period. Looking ahead, management guided full-year 2026 net capital expenditures to be approximately $350 million to $400 million, subject to market conditions, as the company continues to execute its strategy of network expansion and service quality improvement.