Monitor Q2 volume trends closely — April acceleration (shipments +5.5%, tonnage +6.5%) and the 400-450 bps OR guide suggest improving momentum, but fuel costs and macro uncertainty remain headwinds. The flat EPS and OR deterioration in Q1 temper the bullish narrative; watch for confirmation of margin expansion in the next 10-Q.
Price Chart
Executive Summary
Saia reported Q1 2026 revenue of $806.2M (+2.4% YoY), a record for any first quarter, but EPS was flat at $1.86 and operating ratio deteriorated to 91.7% from 91.1% a year ago. Tonnage declined 2.1% YoY, and revenue per shipment ex-fuel fell 1.2%, though management guided for a 400-450 bps sequential OR improvement in Q2 and noted accelerating April volumes (shipments +5.5%, tonnage +6.5%). The mixed picture of record revenue but margin compression and flat EPS, coupled with optimistic forward commentary, warrants a neutral-to-mixed read.
Key Facts
- Q1 2026 revenue of $806.2M, a record for any first quarter, up 2.4% YoY
- Diluted EPS of $1.86, flat compared to Q1 2025
- Operating ratio increased to 91.7% from 91.1% a year ago
- Tonnage decreased 2.1% YoY; shipments per workday up 1.0%
- Revenue per shipment ex-fuel fell 1.2% to $297.11
- Contractual renewal pricing was 6.7% for the quarter, with March north of 7%
- April to date shipments up ~5.5%, tonnage up ~6.5%
- Management guided for 400-450 bps sequential OR improvement in Q2 (vs. historical 250-300 bps)
- Fuel surcharge timing created ~$3.5M margin headwind in March due to rapid diesel price increase
- Headcount down 6.3% YoY; salaries and wages decreased 1.8%
- Cash on hand $39M, total debt $113M, $12M drawn on revolver
Financial Impact
Revenue up $18.9M YoY to $806.2M; EPS flat at $1.86; OR worsened 60 bps to 91.7%; $3.5M fuel timing headwind
Risk Factors
- Rapidly rising diesel costs could further pressure margins if fuel surcharge timing lags persist
- Macroeconomic uncertainty and potential freight demand softening in H2 2026
- Inflationary health insurance and claims costs continue to pressure operating expenses
- Los Angeles region headwinds (shipments still down ~14.5% YoY) may persist
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-209411 |
| Document: saia-20260430.htm | 0001193125-26-209411 |
| Document: 0001193125-26-209411-index-headers.html | 0001193125-26-209411 |
| Document: 0001193125-26-209411-index.html | 0001193125-26-209411 |
| Document: 0001193125-26-209411.txt | 0001193125-26-209411 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 3, 2026 29d ago | 8-K | $345.81 $351.05 | ▲ +1.52% | ▲ +2.66% | $351.44 (+1.63%) |
Sep 3, 2026 29d ago | Press Release | $345.81 $351.05 | ▲ +1.52% | ▲ +2.66% | $351.44 (+1.63%) |
Jul 30, 2026 9w ago | 8-K | $350.63 $361.82 | ▲ +3.19% | ▼ −0.43% | $351.44 (+0.23%) |
Jul 1, 2026 13w ago | Press Release | $418.15 $416.00 | ▼ −0.51% | ▼ −0.78% | $351.44 (−15.95%) |
Jun 11, 2026 16w ago | Institutional Cluster | $487.14 $425.86 | ▼ −12.58% | ▼ −13.01% | $351.44 (−27.86%) |
Jun 2, 2026 17w ago | 8-K | $471.15 $479.30 | ▲ +1.73% | ▲ +4.69% | $351.44 (−25.41%) |
Jun 2, 2026 17w ago | Press Release | $471.15 $479.30 | ▼ −1.73% | ▼ −4.69% | $351.44 (+25.41%) |
May 6, 2026 21w ago | 8-K | $448.94 $431.42 | ▼ −3.90% | ▼ −5.41% | $351.44 (−21.72%) |
Apr 30, 2026 22w ago | 8-K | $448.82 $448.94 | ▲ +0.03% | ▼ −1.70% | $351.44 (−21.70%) |
Mar 30, 2026 26w ago | Press Release | $351.28 $400.31 | ▲ +13.96% | ▲ +10.01% | $351.44 (+0.05%) |
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