Saia Inc. Reports Fourth Quarter and Full Year Results for 2025

For the fourth quarter of 2025, Saia reported revenue of $790.0 million, reflecting a modest 0.1% increase from the fourth quarter of 2024. However, diluted earnings per share (EPS) took a significant hit, decreasing to $1.77 from $2.84 in the same period last year. The operating income for the quarter also fell sharply by 36.9% to $64.0 million, resulting in an operating ratio of 91.9%, up from 87.1% in the previous year.

In terms of less-than-truckload (LTL) operations, the company observed a 0.5% decrease in LTL shipments per workday and a 1.5% decrease in LTL tonnage per workday. Interestingly, LTL revenue per hundredweight, excluding fuel surcharges, nudged up by 0.5%, while the revenue per shipment fell by 0.5%.

For the full year 2025, Saia achieved total revenue of $3.2 billion, marking a 0.8% increase year-over-year. However, the operating income experienced a substantial decline of 27.0% to $352.2 million. When factoring out a net gain on real estate recorded earlier in the year, the adjusted operating income was $337.7 million, reflecting a 30.0% decrease. The full year operating ratio stood at 89.1%, while the adjusted operating ratio was at 89.6%, compared to 85.0% the prior year.

In full-year LTL metrics, shipments per workday decreased by 0.3%, but tonnage per workday saw an increase of 2.5%. LTL revenue per hundredweight, excluding fuel surcharges, decreased by 1.5%, while revenue per shipment increased by 1.2%.

Fritz Holzgrefe, President and CEO of Saia, addressed the results, acknowledging that while the core business operations met expectations, unexpected costs from past accidents led to around $4.7 million in elevated self-insurance expenses. He noted, “Excluding these costs, the performance in the quarter reflected our team’s strong commitment to customer service and disciplined execution despite a dynamic operating environment.” Holzgrefe was particularly proud of the company’s claims ratio of 0.47%, a record low for any quarter in Saia's history.

Matt Batteh, Executive Vice President and CFO, expressed optimism about the company's growth trajectory, citing robust demand from both new and existing customers. He highlighted the benefits of the extensive capital investments made over the last three years, stating, “Our record level of capital investments have transformed our network and given us the ability to solve problems for more customers.”

At the end of the fourth quarter, Saia reported $19.7 million in cash on hand and total debt of $164.0 million, a significant decrease from $200.3 million at the end of 2024. The company’s net capital expenditures for 2025 totaled $544.1 million, down from $1,040.9 million in 2024. Looking ahead, Saia anticipates capital expenditures of approximately $350 million to $400 million in 2026, contingent on market conditions.

Management will discuss these quarterly results in a conference call scheduled for today at 10:00 a.m. Eastern Time. Interested parties can participate by dialing 1-833-890-5317. A live webcast of the call will also be available on the company’s website, with a replay accessible shortly after the call through March 10, 2026.

Saia, Inc. continues to navigate a challenging operating environment while striving to deliver quality transportation services across its national network. The company's ability to adapt and innovate will be crucial as it moves into 2026 and beyond.