Saia (SAIA) reported double-digit revenue and adjusted earnings growth for the third quarter of 2026 as higher freight volume, improved revenue per shipment and expansion of its national less-than-truckload network supported results. Revenue increased 17.0% from a year earlier to $982.5 million, while operating income rose 17.5% from the adjusted prior-year figure to $122.3 million.
Diluted earnings per share reached $3.41, up 21.4% from adjusted EPS of $2.81 in the third quarter of 2025. The prior-year adjusted results exclude the net effect of gains on real estate disposals and real estate impairments. On a GAAP basis, Saia reported operating income of $118.6 million and diluted EPS of $3.22 in the year-earlier quarter.
The operating ratio was 87.6%, unchanged from the adjusted third-quarter 2025 level. A lower operating ratio generally indicates better operating efficiency. The prior-year GAAP operating ratio was 85.9%, reflecting the real estate-related items.
Freight volume and pricing support growth
LTL tonnage per workday increased 8.9% year over year, while shipments per workday rose 0.8%. LTL revenue per shipment, excluding fuel surcharges, grew 5.8%, indicating that improved shipment economics contributed alongside higher freight volume.
Saia also reported a record-low cargo claims ratio of 0.3% of revenue. The company linked its service performance to investments in network density, transit times, shipment visibility and localized customer support. Since June, it has implemented more than 2,000 transit-time improvements across key national lanes under its REV service program.
Following the decentralization of its customer service function, response times improved by more than 60%, according to the presentation. Local terminals now handle 99% of calls, while Saia’s Net Promoter Score increased 15% from the third quarter of 2025.
National network remains central to strategy
Saia’s expansion has transformed the company from a regional carrier into a national LTL operator. The presentation lists 219 terminals nationwide, including a Long Island location opened in October 2026. More than 60% of U.S. ZIP codes are now within 50 miles of a Saia facility, compared with about 35% in 2017.
Since the start of 2017, Saia has opened 74 terminals and relocated or expanded another 39. Its network growth has also included the acquisition of 17 former Yellow terminals and leases for 14 additional locations. The company said the broader footprint is intended to deepen customer relationships, build freight density and create operating leverage as newer locations mature.
Saia has invested $2 billion since 2022, primarily using operating cash flow, to expand its network, fleet and operating capabilities. Its fleet comprised 7,700 tractors and 26,500 trailers at the end of 2025, more than 35% above early-2022 levels.
The company’s strategy remains focused on expanding network reach and density, increasing fleet capacity, using routing and visibility technology to improve efficiency, and converting its larger scale into profitable growth and higher returns. Saia also plans to pursue opportunities in services related to its core LTL operations, though the presentation did not provide specific financial targets for those initiatives.
Cash flow and balance sheet
Year-to-date free cash flow, a non-GAAP measure, was $244.9 million, compared with $11.6 million in the same period of 2025. Operating cash flow totaled $480.8 million, while acquisitions of property and equipment were $239.4 million and proceeds from property disposals were $3.6 million.
At Sept. 30, Saia had $202.5 million in cash and $100 million of total debt. Total available liquidity was $766.5 million, including $564 million available under its revolving credit facility. Net debt to total capital was negative 3.8%, compared with 6.8% a year earlier. The board has also authorized a $250 million share repurchase program.
Saia identified economic downturns, inflation, competitive pricing pressure, labor and fuel costs, insurance and claims volatility, and execution risks tied to network expansion as material uncertainties. Other risks include technology disruptions and cyber incidents, equipment availability, tariffs and changes in U.S. trade policy, regulatory requirements, credit-market conditions and geopolitical instability. The company cautioned that results through the first nine months of 2026 may not indicate its performance for the full year.
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