Revenue growth of 17% and tonnage growth of 8.9% show strong demand, but the operating ratio deteriorated to 87.6% from 85.9% (adjusted basis flat at 87.6%), indicating cost pressures. The $250M buyback authorization signals capital return but does not offset the margin compression. Monitor the Q4 earnings call for pricing and cost trends.
Price Chart
Executive Summary
Saia reported record Q3 2026 revenue of $982.5M (+17.0% YoY) and GAAP diluted EPS of $3.41, compared to $3.22 in Q3 2025. The operating ratio worsened to 87.6% from 85.9% (adjusted 87.6% vs 87.6%), and the company announced a $250M stock repurchase authorization. A new independent director, Todd C. Fowler, was appointed to the board.
Key Financial Metrics
Key Facts
- Q3 2026 revenue was a record $982.5M, up 17.0% YoY from $839.6M
- GAAP diluted EPS was $3.41 vs $3.22 in Q3 2025; adjusted diluted EPS was $3.41 vs $2.81 in the prior year
- Operating income was $122.3M, up 3.1% from $118.6M; adjusted operating income was $122.3M vs $104.1M
- Operating ratio was 87.6% vs 85.9% in Q3 2025; adjusted operating ratio was 87.6% vs 87.6%
- LTL tonnage per workday increased 8.9%; LTL shipments per workday increased 0.8%
- LTL revenue per shipment, excluding fuel surcharge, increased 5.8%
- Board authorized a $250M stock repurchase program with no expiration date
- Todd C. Fowler appointed to the board, expanding it from ten to eleven directors
- Cash and cash equivalents were $202.5M at quarter end, up from $19.7M at Dec 31, 2025
- Total debt was $100.0M at quarter end, down from $164.0M at Dec 31, 2025
- Free cash flow for the first nine months of 2026 was $244.9M, compared to $11.6M in the prior year period
- Full-year 2026 net capital expenditures expected to be approximately $350M
Financial Impact
Revenue grew 17.0% YoY to a record $982.5M; GAAP EPS grew 5.9% YoY to $3.41; operating income grew 3.1% to $122.3M; free cash flow for 9 months was $244.9M
Risk Factors
- Operating ratio worsened to 87.6% from 85.9%, indicating margin pressure despite revenue growth
- LTL revenue per hundredweight excluding fuel surcharge declined 2.2%, suggesting pricing headwinds
- Purchased transportation costs rose 52.4% YoY, outpacing revenue growth
- Fuel, operating expenses and supplies rose 28.3% YoY
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437022 |
| Document: saia-20261029.htm | 0001193125-26-437022 |
| Document: saia-ex99_2.htm | 0001193125-26-437022 |
| Document: 0001193125-26-437022-index-headers.html | 0001193125-26-437022 |
| Document: 0001193125-26-437022-index.html | 0001193125-26-437022 |
| Document: 0001193125-26-437022.txt | 0001193125-26-437022 |
| 8-K Data (Synthetic) | 0001193125-26-437022 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 1d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Oct 29, 2026 1d ago | Press Release | $333.00 | awaiting T+20 | awaiting T+20 | $350.59 (+5.28%) |
Sep 30, 2026 29d ago | Press Release | $344.38 $343.07 | ▼ −0.38% | ▼ −1.08% | $350.59 (+1.80%) |
Sep 29, 2026 4w ago | Press Release | $333.74 | awaiting T+20 | awaiting T+20 | $350.59 (+5.05%) |
Sep 3, 2026 8w ago | 8-K | $345.81 $351.12 | ▲ +1.54% | ▲ +2.72% | $350.59 (+1.38%) |
Sep 3, 2026 8w ago | Press Release | $345.81 $351.12 | ▲ +1.54% | ▲ +2.72% | $350.59 (+1.38%) |
Jul 30, 2026 13w ago | 8-K | $350.63 $353.08 | ▲ +0.70% | ▼ −3.27% | $350.59 (−0.01%) |
Jul 1, 2026 17w ago | Press Release | $418.15 $394.44 | ▼ −5.67% | ▼ −3.48% | $350.59 (−16.16%) |
Jun 11, 2026 20w ago | Institutional Cluster | $487.14 $421.29 | ▼ −13.52% | ▼ −15.41% | $350.59 (−28.03%) |
Jun 2, 2026 21w ago | 8-K | $471.15 $418.15 | ▼ −11.25% | ▼ −9.68% | $350.59 (−25.59%) |
US Market Status
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