Saia Reports Record Third-Quarter Revenue, Sets $250 Million Buyback

The Tip Desk · October 31, 2026 · 3 min read

Third-quarter revenue reached a company record of $982.5 million, up 17.0% from a year earlier, as the board authorized a new share-repurchase program.

Saia, Inc. (SAIA), the less-than-truckload carrier, reported third-quarter 2026 revenue of $982.5 million, a company record and a 17.0% increase from $839.6 million a year earlier. Diluted earnings were $3.41 a share, compared with $3.22 in the third quarter of 2025. Excluding a 2025 net gain on real estate, adjusted diluted earnings were $2.81 a share in the year-ago quarter.

The Georgia-headquartered company said its board authorized the repurchase of up to $250 million of common stock, effective immediately. The program has no expiration date and does not obligate Saia to buy a set number of shares.

LTL tonnage per workday rose 8.9% to a record 26.91 thousand tons, after an 8.4% increase in the second quarter. Shipments per workday increased only 0.8% to 36.73 thousand, slowing from a 4.4% increase in the second quarter. LTL pounds per shipment increased 8.1% to 1,465 pounds, lifting average shipment weight. Average length of haul declined 1.0% to 885 miles.

LTL revenue per shipment excluding fuel surcharge rose 5.8% to $311.34, accelerating from a 1.5% increase in the second quarter. President and CEO Fritz Holzgrefe said the increase reflected continued progress in pricing and mix optimization. LTL revenue per hundredweight excluding fuel surcharge fell 2.2% to $21.25, matching the second-quarter decline.

Operating income was $122.3 million, up 3.1% from $118.6 million a year earlier, or 17.5% versus adjusted operating income of $104.1 million after excluding a 2025 net real-estate gain. The operating ratio widened to 87.6% from 85.9% a year earlier, or 87.6% versus 87.6% on an adjusted basis that strips the 2025 real-estate gain. A year earlier, a $16.4 million gain on a terminal sale and a $1.9 million real-estate impairment increased operating income by $14.5 million, increased diluted earnings per share by $0.41, and improved the operating ratio by 170 basis points.

Cash on hand rose to $202.5 million from $35.5 million at September 30, 2025, while total debt fell to $100.0 million from $219.2 million. Free cash flow was $244.9 million in the first nine months of 2026 versus $11.6 million in the first nine months of 2025. Chief Financial Officer Matt Batteh said the company had generated more than $240 million in free cash flow year to date, providing flexibility to support profitable growth and return capital to stockholders.

Net capital expenditures were $235.9 million in the first nine months of 2026 versus $446.1 million in the first nine months of 2025. For full-year 2026, Saia expects net capital expenditures of approximately $350 million, subject to ongoing evaluation of market conditions, narrowing the prior $350 million to $400 million range.

Saia LTL Freight operated 219 terminals, up from 218 at the end of the second quarter and 214 at the end of the first quarter. The board expanded from ten to eleven directors and appointed Todd C. Fowler to the Audit Committee. Holzgrefe said investments in the network, people, equipment and technology are strengthening the customer value proposition and further positioning Saia to deliver sustained, profitable growth and long-term value for stockholders.