Saia (SAIA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $839.6 million, nearly flat year-over-year, with LTL shipments per workday down 1.9% and LTL revenue per shipment (ex-fuel) up 0.3%.

• Adjusted diluted EPS was $2.81, down from $3.46 in Q3 2024, and adjusted operating income fell 16.8% to $104.1 million.

• Operating income for Q3 2025 was $118.6 million, including a $14.5 million net gain from real estate transactions.

• Ongoing investments in technology, network optimization, and new terminals are driving efficiency and customer service improvements.

• Employee engagement remains high, with a 3% wage increase implemented on October 1.

Financial highlights

• Adjusted operating ratio was 87.6%, up from 85.1% last year, but improved 20 bps sequentially.

• Net income for Q3 2025 was $86.3 million, down from $92.7 million in Q3 2024.

• Cash flows from operating activities for the first nine months were $457.7 million, up from $419.0 million year-over-year.

• Net capital expenditures for the first nine months were $446.1 million.

• Cargo claims ratio at 0.54%, marking a company record for four consecutive quarters below 0.6%.

Outlook and guidance

• Net capital expenditures for 2025 are expected to be $550–$600 million, reflecting ongoing network expansion.

• Q4 operating ratio is expected to deteriorate by 300–400 bps sequentially due to volume and seasonality.

• October shipments and tonnage are trending below expectations, with hopes for normalization in November and December.

• Management anticipates incremental margin improvement in 2026, even in a steady-state environment.

• Management highlights significant operating leverage, with a 1% operating revenue improvement translating to $0.91 EPS.