Saia, Inc. Reports Decline in Q3 Revenue and Net Income, Despite Year-to-Date Growth

Saia, Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a slight decline in operating revenue and net income compared to the same periods in 2024. For the third quarter, the company generated operating revenue of $839.6 million, a decrease of 0.3% from $842.1 million in the prior year. Net income for the quarter was $86.3 million, or $3.22 per diluted share, down from $92.7 million, or $3.46 per diluted share, in the third quarter of 2024. For the nine months ended September 30, 2025, operating revenue increased to $2.4 billion, up 1.0% from $2.42 billion in the same period last year, while net income fell to $207.5 million, or $7.75 per diluted share, compared to $286.0 million, or $10.68 per diluted share, in 2024.

The company experienced notable changes in its operating expenses, which totaled $721.0 million for the third quarter of 2025, compared to $716.9 million in the same quarter of 2024. The increase in expenses was attributed to higher salaries, wages, and employee benefits, which rose by $2.9 million, primarily due to increased health insurance costs and workers' compensation expenses. Additionally, depreciation and amortization expenses increased by $9.4 million due to ongoing investments in revenue equipment and technology. The operating ratio for the third quarter was 85.9%, up from 85.1% in the prior year, indicating a decline in operational efficiency.

In terms of operational metrics, Saia reported a decrease in LTL shipments, which fell by 1.9% to 2.3 million shipments in the third quarter. LTL tonnage also decreased by 1.5% to 1.6 million tons. However, LTL revenue per shipment, excluding fuel surcharge, increased by 0.3% to $294.35, reflecting the company's pricing strategies and changes in business mix. The company continues to focus on expanding its geographic footprint and enhancing customer service, which are critical components of its growth strategy.

Looking ahead, Saia's management remains cautious about the economic environment, which is influenced by factors such as inflation, labor availability, and changes in U.S. trade policy. The company has implemented general rate increases of 5.9% and 7.9% for different customer segments, aiming to improve revenue per shipment. Saia anticipates capital expenditures of approximately $550 million to $600 million for 2025, focusing on equipment replacement and technology investments. The company is committed to aligning its resources with market conditions to maintain operational efficiency and profitability amid ongoing economic uncertainties.