Saia reported record third-quarter revenue and less-than-truckload tonnage, while operating income rose more slowly than sales. The carrier also authorized up to $250 million in stock repurchases and added an independent director to its board.
The quarter’s year-over-year comparisons are affected by a real-estate gain recorded in 2025: Saia’s reported earnings per share increased, but adjusted comparisons show stronger growth in operating income than the unadjusted figures suggest.
Third-quarter results
- Revenue reached a company record of $982.5 million, up 17% from the third quarter of 2025.
- Less-than-truckload tonnage per workday also hit a record, increasing 8.9%. Shipments per workday rose 0.8%.
- LTL revenue per shipment, excluding fuel surcharges, increased 5.8%, which Saia attributed to progress in pricing and customer and shipment mix.
- Diluted earnings per share were $3.41, compared with $3.22 a year earlier. The 2025 figure included a net gain on real estate; excluding that gain, prior-year adjusted EPS was $2.81.
- Operating income was $122.3 million, up 3.1% from $118.6 million a year earlier. Against adjusted 2025 operating income of $104.1 million, the increase was 17.5%.
- The operating ratio was 87.6%, compared with 85.9% in the year-earlier quarter. Because a lower operating ratio generally indicates better operating efficiency, the reported comparison shows a decline. However, the 2025 ratio was also 87.6% after adjustment for the real-estate gain.
Capital, spending and repurchases
- Saia ended the quarter with $202.5 million in cash and $100 million in debt. At the same point a year earlier, it had $35.5 million in cash and $219.2 million in debt.
- Net capital expenditures totaled $235.9 million in the first nine months of 2026, down from $446.1 million in the same period of 2025. Saia expects full-year net capital expenditures of about $350 million, subject to ongoing review of market conditions.
- The board authorized repurchases of up to $250 million of Saia common stock. The program is effective immediately and has no expiration date.
- Management can make purchases through open-market transactions, privately negotiated deals, a 10b5-1 trading plan or other permitted methods. The authorization does not require Saia to buy any particular number of shares, and the company can pause, change or end the program at any time.
- Saia said year-to-date free cash flow exceeded $240 million. The company pointed to that cash generation as supporting both investment in growth and returns to shareholders.
Board appointment
- Saia expanded its board from 10 directors to 11 and appointed Todd C. Fowler to the new seat, effective immediately. He will serve until the 2027 annual meeting, unless he leaves the board earlier.
- Fowler was named to the Audit Committee and determined to be independent under Nasdaq standards and SEC regulations. He will receive prorated compensation on the same basis as other non-employee directors.
The board appointment adds an independent director to the Audit Committee. The repurchase authorization gives Saia flexibility to return capital, but does not commit the company to purchases.