Saia, Inc. Reports $806.2 Million Revenue in Q1 2026, Operating Income Declines

Saia, Inc. reported a consolidated operating revenue of $806.2 million for the first quarter of 2026, reflecting a 2.4% increase from $787.6 million in the same period of 2025. The growth in revenue was primarily driven by an increase in fuel surcharge revenue, attributed to higher diesel fuel prices. Despite the revenue increase, the company experienced a decline in operating income, which fell to $66.8 million from $70.2 million year-over-year. The operating ratio, which measures operating expenses as a percentage of revenue, increased to 91.7% from 91.1%, indicating a rise in costs relative to revenue.

In terms of profitability, Saia's net income for the first quarter of 2026 was $49.9 million, or $1.86 per diluted share, consistent with the $49.8 million, or $1.86 per diluted share, reported in the first quarter of 2025. The company noted that while operating expenses rose due to increased self-insurance costs, purchased transportation expenses, and fuel costs, interest expenses decreased significantly from $4.3 million to $2.6 million, reflecting lower average balances under credit arrangements.

Operationally, Saia reported a 1.0% increase in LTL shipments, totaling 2.2 million shipments, while LTL tonnage decreased by 2.1% to 1.5 million tons. The average revenue per LTL shipment, excluding fuel surcharges, decreased by 1.2% to $297.11, influenced by lower weight per shipment and changes in business mix. The company implemented a 5.9% general rate increase on October 1, 2025, affecting approximately 25% of its operating revenue, which may help mitigate pricing pressures in the future.

Saia's financial condition showed improvement, with working capital increasing to $170.9 million as of March 31, 2026, up from $141.9 million a year earlier. Current assets rose by $29.8 million, driven by increases in accounts receivable and cash and cash equivalents. The company generated $139.6 million in net cash from operating activities, compared to $109.1 million in the prior year, indicating effective working capital management. However, net cash used in investing activities decreased significantly to $63.7 million from $202.1 million, primarily due to reduced acquisitions of revenue equipment.

Looking ahead, Saia's outlook remains closely tied to economic conditions and competitive pricing pressures. The company plans to continue initiatives aimed at improving customer service and optimizing its business mix while managing costs. Future capital expenditures are anticipated to be between $350 million and $400 million for 2026, focusing on equipment replacement, technology investments, and real estate to support growth initiatives. The company remains committed to building market share through enhanced service and operational efficiencies, although it acknowledges the potential impact of external factors such as inflation and labor availability on its performance.