Saia (SAIA) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 revenue of $790 million, despite muted demand, volume declines, and higher self-insurance costs; full year revenue reached $3.2 billion, up 0.8%.

• Completed first full year as a national network, expanding to 213 terminals and delivering ~35,000 shipments daily with ~15,000 non-union employees.

• Significant capital investments over the past three years ($2B+) enabled rapid network expansion, improved service quality, and market share gains.

• Q4 results were impacted by a $4.7 million reserve increase for self-insurance due to adverse developments on prior-year accident cases.

• Ranked #6 among US LTL carriers in 2024, up from #9 in 2017, reflecting market share gains.

Financial highlights

• Q4 2025 revenue was $790 million, up 0.1% year-over-year; operating income fell 36.9% to $64 million; diluted EPS dropped 37.7% to $1.77.

• Full-year 2025 revenue grew 0.8% to $3,234.3 million; adjusted operating income declined 30.0% to $337.7 million; adjusted diluted EPS was $9.11.

• Q4 operating ratio deteriorated to 91.9% from 87.1% a year ago; full-year adjusted operating ratio was 89.6%.

• Salaries, wages, and benefits increased 6.1% year-over-year, offset by a 5.1% reduction in headcount.

• EBITDA for Q4 was $127.3 million, down 18.3%; full year EBITDA was $602.3 million, down 13.2%.

Outlook and guidance

• Management expects sequential margin seasonality from Q4 to Q1 to be better than the historical 30-50 bps degradation, assuming normal conditions.

• Full-year 2026 operating ratio improvement of 100-200 bps is targeted, with upside if macro trends are favorable.

• Revenue per shipment is expected to improve as weight per shipment headwinds abate in Q2/Q3.

• 2026 focus remains on driving returns from recent investments, maintaining pricing discipline, and scaling the network.

• Plans to invest $350M–$400M in 2026 to support customer needs and network growth.