EarningsQ3 2026 Earnings Report
MX:SAIA Q3 2026 EPS Results
Actual EPS$64.06
Consensus EPS$62.05
Beat/MissBeat by +$2.01
One Year Ago EPS$52.79
MX:SAIA Q3 2026 Revenue Results
Actual Revenue$18.46B
Expected Revenue$18.17B
Beat/MissBeat by +$290.67M
YoY Revenue Growth+17.01%
Earnings Announcement Details
QuarterQ3 2026
Date10/29/2026
TimeBefore Open
Conference CallThursday, October 29, 2026
MX:SAIA Upcoming Earnings
Saia's next earnings date is estimated for January 29, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:SAIA Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive. Saia reported record revenue and tonnage, strong earnings and free cash flow growth, improved service metrics, progress at newer terminals, network expansion benefits, and a favorable fourth-quarter operating-ratio outlook. The main challenges were lower ex-fuel yield, continued weakness in the Los Angeles region, ramping terminals operating below company averages, higher labor and fuel costs, and ongoing freight-market uncertainty. Management remained confident in continued operating improvement and long-term profitable growth.Company Guidance
Record Revenue and Tonnage
Third-quarter revenue increased 17% year over year to a record $982.5 million, supported by 8.9% tonnage-per-workday growth, 0.8% shipment-per-workday growth, and a 5.8% increase in revenue per shipment excluding fuel surcharge.
Operating Income and Earnings Growth
Operating income increased 17.5% from third-quarter 2025 adjusted operating income to $122.3 million. Diluted earnings per share increased 21.4% to $3.41 from adjusted diluted EPS of $2.81.
Operating Ratio Discipline
The third-quarter operating ratio was 87.6%, consistent with the prior-year adjusted result and significantly better than typical seasonal trends. The sequential operating ratio remained within 70 basis points of the second quarter versus the historical pattern of approximately 150-200 basis points of deterioration.
Positive Fourth-Quarter Operating Ratio Outlook
Based on October trends, management expects the fourth-quarter sequential operating-ratio increase to be approximately 200 basis points, compared with the typical 250-300 basis-point increase, representing operating-ratio improvement of over 200 basis points year over year. The outlook assumes normal seasonality and fuel at an October average.
Strong October Freight Trends
For October month to date, shipments were up about 2% year over year and tonnage was up about 10%, in line with seasonal expectations. Monthly third-quarter tonnage-per-day growth was 7.8% in July, 8.7% in August, and 10.3% in September.
Pricing and Mix Progress
Revenue per shipment excluding fuel surcharge increased 5.8% year over year and 2.7% sequentially. Despite an 8.1% year-over-year increase in weight per shipment, excluding-fuel yield increased 1.5% sequentially from the second quarter. Management said it expects sequential yield improvement to continue.
Improvement at Recently Opened Terminals
Terminals opened in 2023 and 2024 improved their operating ratio by 40 basis points year over year, while operating income improved 22%. Revenue per shipment excluding fuel surcharge improved year over year at a higher pace than legacy terminals.
Network Expansion and Capacity Growth
Since the beginning of 2022, Saia has added 45 terminals and relocated or expanded more than 25 others. These investments increased operational door count by approximately 32% and tractor and trailer capacity by more than 35%. Saia now operates 219 facilities.
REV Initiative Expanding Transit Capabilities
The REV initiative improved transit times in more than 2,000 lanes. Management said the initial results were encouraging, with lanes benefiting from improved transit times experiencing outsized volume growth. The initiative also includes expanded capabilities, greater shipment visibility, and an automated guaranteed 10:00 A.M. delivery.
Improved Network Handling Efficiency
Handling, or touches, improved 1.3% compared with the second quarter and more than 2% compared with the third quarter of last year, supported by investments in optimization technology and increasing network density.
Record Cargo Claims Performance
The cargo claims ratio reached a company-record low of 0.3% in the quarter, improving more than 40% from the third quarter of last year. Claims and insurance expense decreased 10% year over year, reflecting a decline in preventable accidents and favorable claims experience.
Contractual Renewal and Customer Satisfaction Gains
Consistent execution on service and claims supported a 10.8% contractual renewal rate in the third quarter. Saia's internal Net Promoter Score improved 15% compared with the third quarter of 2025, reflecting better scheduling, pickup reliability, delivery quality, and problem resolution.
Broader Customer Reach
More than 60% of zip codes are now within a 50-mile radius of a Saia terminal, compared with about 35% in 2017. Management said the broader network is improving its ability to support existing customers, attract new customers, and compete nationally.
Free Cash Flow and Balance Sheet Flexibility
Saia generated more than $240 million of free cash flow year to date and ended the quarter with $203 million of cash on hand and $100 million of total debt outstanding.
New Share Repurchase Authorization
The board authorized the repurchase of up to $250 million of Saia common stock. Management said repurchases will be opportunistic and disciplined, subject to market conditions, valuation, strategic investment priorities, and maintaining balance-sheet flexibility.
Capital Expenditure Moderation
Management said the majority of the foundational network build-out is behind the company and capital expenditures are beginning to moderate relative to the recent investment cycle. For 2027, capital expenditures were described as likely to be 13%-14.5% of revenue, with a longer-term expectation of 12%-15% of revenue.
Continued Investment in Network, People, Equipment, and Technology
Saia said it will continue investing in its network, people, equipment, technology, optimization, customer service, and strategic real estate opportunities while maintaining a strong balance sheet.
Potential for Further Operating-Ratio Improvement
Management expects continued improvement into the fourth quarter and next year and said it could reach, or potentially exceed, its long-held goal of 200 basis points of annual operating-ratio improvement, depending on the operating environment. Management also reiterated a goal of reaching a sub-80 operating ratio over time.
Board Strengthening
Saia appointed Todd Fowler as an independent director. He brings expertise in transportation, logistics, supply chain technology, and capital markets.
Strategic Use of Purchased Transportation and Rail
Purchased transportation was used strategically as an extension of the network, with rail representing nearly 39% of purchased-transportation miles. Management said rail remains cost advantageous on a per-mile basis and that optimization models are used to determine whether freight should be handled internally, by truck, or by rail.
Customer Recognition for Service
Management said a large national account recently named Saia its Carrier of the Year, citing that Saia achieved and exceeded the customer's expectations.
MX:SAIA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed