Traders should watch for Q1 earnings to see if pricing gains can offset volume declines. A continued drop in tonnage per workday may signal weakening industrial demand, which could pressure margins and valuation despite cost controls.
Price Chart
Executive Summary
Saia, Inc. released LTL shipment and tonnage data for January and February 2026, showing continued declines in key volume metrics year-over-year. LTL tonnage per workday fell 7.0% in January and 2.7% in February, while shipments per workday were down 2.1% and up 0.3%, respectively. Contractual pricing renewals remained strong at 6.6% and 5.9%, but weakening volumes suggest softening demand despite pricing power.
Key Facts
- LTL tonnage per workday declined 7.0% in January 2026 vs. January 2025
- LTL tonnage per workday declined 2.7% in February 2026 vs. February 2025
- LTL shipments per workday down 2.1% in January, up 0.3% in February
- LTL weight per shipment declined 5.1% (Jan) and 3.0% (Feb)
- Contractual renewals: 6.6% in January, 5.9% in February — indicating strong pricing environment
- QTD LTL tonnage per workday down 4.8%, shipments down 0.9%
Financial Impact
LTL volume trends suggest revenue headwinds in Q1 2026 despite strong pricing renewals; tonnage decline of 4.8% YTD likely to pressure freight revenue growth
Risk Factors
- Sustained decline in LTL tonnage could erode revenue growth even with high pricing renewals
- Forward-looking volume weakness may lead to lowered full-year guidance in upcoming earnings report
- Operating leverage at risk if cost structure does not adjust to lower volumes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3248222 |
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%) |
US Market Status
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