Jun 2026 (Q2 FY26) — Jul 30, 2026
Saia, Inc. Q2 FY26 — Record Revenue and OR Improvement
Read the full callSaia (SAIA) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Saia earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 956 | +17.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 13.1 | +0.9 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 94.3 | +32.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 10 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 operating ratio sequential change vs Q1 | 400 to 450 basis points of sequential improvement from Q1 (versus a typical 250-300bps) | Mar 2026 | a 480 basis point improvement sequentially from the first quarter, far outpacing historical seasonality of 250 to 300 basis points of improvement | Achieved |
| Full-year operating ratio improvement (bps) | 100 to 200 basis points of improvement | Dec 2025 | we still feel like we can get to the 100 basis points of OR improvement | Revised Down |
| Full-year free cash flow (positive/negative) | positive | Dec 2025 | Q2 results were gratifying in the sense that we began to see the returns for the substantial investments that we've made in our company as evidenced from the free cash flow returns. | On Track |
4 of SAIA INC's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
- Second quarter revenue of $956.5 million, a record for any quarter, increased by 17.1% year-over-year.
- Operating income increased 26% year-over-year to $125 million.
- Operating ratio improved to 86.9%, a 90 basis point improvement year-over-year and 480 basis points sequentially from Q1 FY26.
- Shipments per workday increased by 4.4% year-over-year, a record for a second quarter.
- Achieved a record cargo claims ratio of 0.3%, demonstrating high-quality service despite increased volumes.
Qualified
- Los Angeles region business experienced a 2.5% year-over-year decrease in shipments per workday, contributing to mix headwinds.
- Fuel costs remained elevated and continued to fluctuate meaningfully on a day-to-day basis.
- Anticipate approximately 100 basis points of sequential operating ratio degradation from Q2 to Q3 FY26, though better than historical seasonality.
Price
$331 −1.19% · −$4
Performance +7.9% 1Y
1Y: $306.64 on 17 Oct 2025 → $331. High $487.14 (11 Jun 2026), low $250.48 (20 Nov 2025).
- Previous close
- $335
- 52-week range
- $250.48 – $487.14
- One year
- +6.64%
Overview
- Symbol
- SAIA
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 10 judged targets kept · 5 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 operating ratio sequential change vs Q1 | 400 to 450 basis points of sequential improvement from Q1 (versus a typical 250-300bps) | Mar 2026 | a 480 basis point improvement sequentially from the first quarter, far outpacing historical seasonality of 250 to 300 basis points of improvement | Achieved |
| Full-year operating ratio improvement (bps) | 100 to 200 basis points of improvement | Dec 2025 | we still feel like we can get to the 100 basis points of OR improvement | Revised Down |
| Full-year free cash flow (positive/negative) | positive | Dec 2025 | Q2 results were gratifying in the sense that we began to see the returns for the substantial investments that we've made in our company as evidenced from the free cash flow returns. | On Track |
Claimed
- Second quarter revenue of $956.5 million, a record for any quarter, increased by 17.1% year-over-year.
- Operating income increased 26% year-over-year to $125 million.
- Operating ratio improved to 86.9%, a 90 basis point improvement year-over-year and 480 basis points sequentially from Q1 FY26.
- Shipments per workday increased by 4.4% year-over-year, a record for a second quarter.
- Achieved a record cargo claims ratio of 0.3%, demonstrating high-quality service despite increased volumes.
Qualified
- Los Angeles region business experienced a 2.5% year-over-year decrease in shipments per workday, contributing to mix headwinds.
- Fuel costs remained elevated and continued to fluctuate meaningfully on a day-to-day basis.
- Anticipate approximately 100 basis points of sequential operating ratio degradation from Q2 to Q3 FY26, though better than historical seasonality.
The full ledger
Open SAIA INC’s full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Saia Q1 FY26 — Record Revenue and Strong Q2 Margin Outlook
Read the full callEvery analysed call
Saia earnings calls (SAIA)
Financials
What the filings say
Net profit, year on year: +32% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 842 | 789 | 788 | 817 | 840 | 790 | 806 | 956 |
| Operating profit | 125 | 101 | 70 | 99 | 119 | 64 | 67 | 125 |
| Operating margin | 14.9% | 12.9% | 8.9% | 12.2% | 14.1% | 8.1% | 8.3% | 13.1% |
| Other income | -2 | -3 | -5 | -4 | -4 | -3 | -2 | 0 |
| Interest | 3 | 3 | 4 | 5 | 4 | 3 | 3 | 2 |
| Profit before tax | 123 | 99 | 66 | 96 | 115 | 61 | 65 | 125 |
| Tax rate | 24.4% | 23.0% | 24.0% | 25.3% | 24.8% | 22.6% | 23.3% | 24.9% |
| Net profit | 93 | 76 | 50 | 71 | 86 | 48 | 50 | 94 |
| EPS ($ per share) | 3.47 | — | 1.86 | 2.67 | 3.23 | — | 1.86 | 3.52 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 444 | 558 | 697 | 950 | 1,307 | 1,662 | 2,024 | 2,279 |
| Total liabilities | 438 | 600 | 587 | 625 | 595 | 642 | 856 | 905 |
| Fixed assets | 893 | 1,053 | 1,136 | 1,280 | 1,483 | 1,763 | 2,557 | 2,844 |
| Total assets | 1,134 | 1,416 | 1,549 | 1,845 | 2,175 | 2,584 | 3,167 | 3,483 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 256 | 273 | 309 | 383 | 473 | 578 | 584 | 595 |
| Cash from investing | -223 | -281 | -219 | -278 | -366 | -449 | -1,036 | -553 |
| Cash from financing | -36 | 6 | -65 | -23 | -27 | -20 | 175 | -42 |
| Capital expenditure | -224 | -288 | -231 | -286 | -367 | -440 | -1,044 | -568 |
| Free cash flow | 33 | -15 | 78 | 97 | 106 | 138 | -460 | 27 |
SAIA operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Cargo claims ratio | 0.5%We achieved a cargo claims ratio of 0.5%, which is our sixth straight quarter of claims ratio below 0.6%, a record of consecutive quarters achieving this milestone.Source: earnings call transcript | 0.3%Despite lower head count and increased shipments compared to prior year, we achieved a record cargo claims ratio of 0.3%, demonstrating our ability to deliver high-quality service across our now national footprint.Source: earnings call transcript | -0.2 pt |
| Average length of haul | 890 milesOur average length of haul decreased 1.7% to 890 miles compared to 905 miles in the first quarter of 2025.Source: earnings call transcript | 888 milesLength of haul decreased 0.6% to 888 miles compared to 893 miles in the second quarter of 2025.Source: earnings call transcript | -0.2% |
| Purchased transportation miles share | 13.4%Truck and rail PT miles combined were 13.4% of our total linehaul miles in the quarter compared to 12.4% in the prior year.Source: earnings call transcript | 15.4%Truck and rail PT miles represented 15.4% of total linehaul miles in the quarter, up from 12% in the prior year.Source: earnings call transcript | +2 pt |
| Facilities | 214And now that we've got 214 facilities in the national network, we feel like our value prop to our customer is better than it's ever been.Source: earnings call transcript | 218But importantly, at 218 terminals now, we're able to solve more problems for customers.Source: earnings call transcript | +1.9% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
65 filings between Nov 2, 2025 and May 20, 2026.
Open market
decisions to buy or sellPurchases
$117.1K
1 purchase by 1 insider
Sales
$7.14M
14 sales by 8 insiders
Compensation
not trading decisions- 18
- Award — granted as compensation
- 1
- Option exercise — converted options into shares
- 27
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| RAMU RAYMOND R | — | $2.29M | Feb 13, 2026 |
| HOLZGREFE FREDERICK J III | — | $1.86M | Feb 13, 2026 |
| SUGAR PATRICK D | — | $1.05M | Feb 13, 2026 |
| Batteh Matthew J | — | $773.4K | Feb 13, 2026 |
| Benton Kelly W | — | $625.6K | Feb 13, 2026 |
| EISNOR DI-ANN | — | $294.9K | Feb 17, 2026 |
| EPPS DONNA E | $117.1K | $117.1K | Nov 26, 2025 |
| Norwood Anthony R | — | $136.9K | May 20, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 20, 2026 | Norwood Anthony R EVP & CHRO | Sale | 292 | $136.9K |
| May 13, 2026 | HOLZGREFE FREDERICK J III President & CEO | Other | 10,000 | $4.31M |
| May 13, 2026 | HOLZGREFE FREDERICK J III President & CEO | Other | 10,000 | $4.31M |
| May 11, 2026 | HOLZGREFE FREDERICK J III President & CEO | Gift | 10,000 | $0 |
| May 11, 2026 | HOLZGREFE FREDERICK J III President & CEO | Gift | 10,000 | $0 |
| May 4, 2026 | EISNOR DI-ANN Director | Award | 660 | $0 |
| May 4, 2026 | ODELL RICHARD D Director | Award | 395 | $0 |
| May 4, 2026 | Ward Susan F Director | Award | 395 | $0 |
| May 4, 2026 | James Donald R Director | Award | 395 | $0 |
| Mar 9, 2026 | SUGAR PATRICK D EVP Operations | Tax withheld | 204 | $75.2K |
| Feb 17, 2026 | EISNOR DI-ANN Director | Sale | 500 | $194.9K |
| Feb 13, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Sale | 3,709 | $1.44M |
| Feb 13, 2026 | HOLZGREFE FREDERICK J III President & CEO | Sale | 4,775 | $1.86M |
| Feb 13, 2026 | SUGAR PATRICK D EVP Operations | Sale | 2,706 | $1.05M |
| Feb 13, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Sale | 1,517 | $589.3K |
| Feb 13, 2026 | Benton Kelly W VP & CAO | Sale | 800 | $311.2K |
| Feb 13, 2026 | Batteh Matthew J Chief Financial Officer | Sale | 150 | $58.4K |
| Feb 13, 2026 | Batteh Matthew J Chief Financial Officer | Sale | 766 | $297.9K |
| Feb 12, 2026 | HOLZGREFE FREDERICK J III President & CEO | Award | 6,594 | $0 |
| Feb 12, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Award | 2,299 | $0 |
| Feb 12, 2026 | Patel Tarak EVP and CIO | Award | 425 | $0 |
| Feb 12, 2026 | Batteh Matthew J Chief Financial Officer | Sale | 1,110 | $417.0K |
| Feb 12, 2026 | Batteh Matthew J Chief Financial Officer | Award | 1,658 | $0 |
| Feb 12, 2026 | Norwood Anthony R EVP & CHRO | Award | 1,015 | $0 |
| Feb 12, 2026 | SUGAR PATRICK D EVP Operations | Award | 2,085 | $0 |
| Feb 12, 2026 | Benton Kelly W VP & CAO | Award | 498 | $0 |
| Feb 12, 2026 | Batteh Matthew J Chief Financial Officer | Option exercise | 1,110 | $111.2K |
| Feb 9, 2026 | HOLZGREFE FREDERICK J III President & CEO | Tax withheld | 3,836 | $1.57M |
| Feb 9, 2026 | HOLZGREFE FREDERICK J III President & CEO | Tax withheld | 698 | $285.9K |
| Feb 9, 2026 | Batteh Matthew J Chief Financial Officer | Tax withheld | 224 | $91.8K |
| Feb 9, 2026 | Batteh Matthew J Chief Financial Officer | Award | 757 | $0 |
| Feb 9, 2026 | HOLZGREFE FREDERICK J III President & CEO | Award | 8,611 | $0 |
| Feb 9, 2026 | Norwood Anthony R EVP & CHRO | Tax withheld | 256 | $104.9K |
| Feb 9, 2026 | Norwood Anthony R EVP & CHRO | Tax withheld | 49 | $20.1K |
| Feb 9, 2026 | Norwood Anthony R EVP & CHRO | Award | 898 | $0 |
| Feb 9, 2026 | Benton Kelly W VP & CAO | Tax withheld | 204 | $83.6K |
| Feb 9, 2026 | Benton Kelly W VP & CAO | Tax withheld | 44 | $18.0K |
| Feb 9, 2026 | Benton Kelly W VP & CAO | Award | 689 | $0 |
| Feb 9, 2026 | SUGAR PATRICK D EVP Operations | Tax withheld | 1,233 | $505.0K |
| Feb 9, 2026 | SUGAR PATRICK D EVP Operations | Tax withheld | 167 | $68.4K |
| Feb 9, 2026 | SUGAR PATRICK D EVP Operations | Award | 3,101 | $0 |
| Feb 9, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Award | 3,602 | $0 |
| Feb 9, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Tax withheld | 194 | $79.5K |
| Feb 9, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Tax withheld | 1,489 | $609.9K |
| Feb 9, 2026 | Batteh Matthew J Chief Financial Officer | Tax withheld | 41 | $16.8K |
| Feb 6, 2026 | Batteh Matthew J Chief Financial Officer | Tax withheld | 25 | $10.4K |
| Feb 6, 2026 | Norwood Anthony R EVP & CHRO | Tax withheld | 36 | $15.0K |
| Feb 6, 2026 | Benton Kelly W VP & CAO | Tax withheld | 35 | $14.5K |
| Feb 6, 2026 | SUGAR PATRICK D EVP Operations | Tax withheld | 95 | $39.5K |
| Feb 6, 2026 | RAMU RAYMOND R Exec. VP & Chief Customer Off. | Tax withheld | 111 | $46.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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