Saia (SAIA) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $817.1M, down 0.7% year-over-year; operating income fell 27.8% to $99.4M, and diluted EPS dropped to $2.67 from $3.83.

• LTL shipments per workday declined 2.8%, while tonnage per workday increased 1.1%.

• Operating ratio rose to 87.8% from 83.3% last year, reflecting higher labor and depreciation costs, but improved 330 bps sequentially.

• Operational efficiencies improved, especially in newer facilities, with cost per shipment down 4% sequentially.

• Investments in network expansion and technology continue, with $600M–$650M CapEx planned for 2025.

Financial highlights

• Net income for Q2 2025 was $71.4M, down from $102.5M in Q2 2024; adjusted EBITDA was $161.9M, down 14.8% year-over-year.

• Revenue per shipment excluding fuel surcharge rose 2.7% year-over-year to $298.71.

• Depreciation and amortization expense for Q2 was $62.5M, up from $52.5M last year.

• Salaries, wages, and benefits increased due to a 4.1% wage hike and higher insurance costs.

• Net cash from operating activities for the first half was $279.8M, up from $237.2M last year.

Outlook and guidance

• Q3 operating ratio is expected to degrade by about 100 bps sequentially, better than typical seasonal trends.

• 2025 net capital expenditures are projected at $600M–$650M, with spending expected to taper in Q4.

• Management expects significant operating leverage from margin improvements and ongoing network investments.

• Volume comps will be tougher in late Q3 due to prior year terminal openings; August and September may show negative comps if demand remains flat.

• A 7.9% general rate increase was implemented in October 2024 for 25% of revenue.