Saia (SAIA) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $3.2 billion in 2024, up 11.4% year-over-year, with nearly nine million shipments and operating income of $482.2 million.

• Opened 21 new terminals and relocated 9, expanding to 214 terminals and direct service to all 48 contiguous states.

• Onboarded over 1,300 new employees, closing 2024 with over 15,000 team members.

• Largest capital investment year, deploying over $1 billion in real estate, equipment, and technology.

• Maintained a diverse customer base, with no single customer representing more than 5% of sales.

Financial highlights

• 2024 revenue rose 11.4% to $3,209.1 million; operating income increased 4.7% to $482.2 million.

• Q4 2024 revenue was $789 million, up 5% year-over-year; Q4 operating income was $101.5 million, down 9.9%.

• Full-year diluted EPS was $13.51, up from $13.26 in 2023; Q4 diluted EPS was $2.84, down from $3.33.

• Operating ratio for 2024 was 85.0%, up 100 basis points; Q4 operating ratio was 87.1%.

• Cash at year-end was $19.5 million, with total debt at $200.3 million.

Outlook and guidance

• 2025 capital expenditures expected to exceed $700 million, including five to six new facilities and further relocations/upgrades.

• Management targets 80–100 basis points of operating ratio improvement in 2025, with Q2 typically strongest.

• No assumption of macroeconomic improvement in guidance; focus remains on organic growth and operational efficiency.

• Significant operating leverage expected, with each 1% margin improvement adding $0.91 to EPS.