Saia, Inc. (Nasdaq: SAIA), a prominent player in the transportation sector specializing in less-than-truckload (LTL) and logistics services, released its financial results for the third quarter of 2025. The results reveal a mixed performance, characterized by a slight decrease in revenue and earnings compared to the previous year.

1. Earnings Overview

In terms of earnings, Saia reported diluted earnings per share (EPS) of $3.22 for the third quarter, marking a decline from $3.46 in the same quarter of the previous year. Notably, when excluding a net gain on real estate recorded in the current quarter, adjusted diluted EPS stands at $2.81.

Key Financial Metrics

Revenue: $839.6 million, a decrease of 0.3% year-over-year.

Operating Income: $118.6 million, down 5.2%.

Adjusted Operating Income: $104.1 million, reflecting a significant 16.8% decrease when excluding the real estate gain.

Operating Ratio: 85.9% (compared to 85.1% in Q3 2024).

Adjusted Operating Ratio: 87.6%.

The volume of LTL shipments per workday fell by 1.9%, while LTL tonnage per workday decreased by 1.5%. Conversely, LTL revenue per shipment (excluding fuel surcharge) saw a slight uptick of 0.3%, while revenue per hundredweight experienced a minor decline of 0.1%.

2. Management Commentary

Fritz Holzgrefe, President and CEO of Saia, expressed satisfaction with the team's ability to manage controllable factors during the quarter. He emphasized the company’s commitment to customer focus and cost management, noting, "We remain intently focused on the customer, while at the same time maintaining cost management and improving core execution."

Holzgrefe also highlighted the benefits of ongoing investments in technology and network optimization, asserting that these initiatives have fostered improved efficiency and customer experience. He hinted at future growth potential, stating, "Our national footprint will continue to scale moving forward, aligning with our long-term strategy of getting closer to the customer."

CFO Insights

Matt Batteh, Executive Vice President and CFO, reflected on the company's performance in emerging markets and the success of the 2024 terminal openings. He noted the positive reception from customers regarding the expanded network and reaffirmed their commitment to providing unique solutions across all markets.

3. Financial Position and Capital Expenditures

As of the end of the third quarter, Saia reported $35.5 million in cash, a notable increase from $14.4 million at the end of Q3 2024. The company’s total debt also rose to $219.2 million, up from $191.0 million a year earlier.

In terms of capital expenditures, Saia reported net capital expenditures of $446.1 million for the first nine months of 2025, a decrease from $873.2 million during the same period in 2024. For the full year, the company anticipates capital expenditures to fall within the range of $550 million to $600 million, subject to market conditions.

4. Upcoming Conference Call

To provide further insights into the quarterly results, Saia's management will host a conference call today at 10:00 a.m. Eastern Time. Participants can join by dialing 1-833-890-5317, with a replay of the call available after two hours of its conclusion.

5. Conclusion

Saia, Inc.'s third-quarter results for 2025 reflect a challenging environment, with slight decreases in revenue and earnings compared to the previous year. However, the management remains optimistic about the future, citing ongoing investments and a customer-centric approach as key drivers of growth. As the company continues to navigate the complexities of the transportation industry, stakeholders will be keenly watching its next moves and developments in upcoming quarters.

Original press release