What is Saia's gross profit margin?

What factors drove the changes in Saia's revenue and profit?

What is the market's earnings forecast for Saia next quarter?

What does Saia do and what are its main business segments?

What guidance did Saia's management provide for the next earnings period?

Did Saia beat or miss consensus estimates last quarter?

What were the key takeaways from Saia’s earnings call?

What is the revenue and EPS growth rate for Saia year over year?

- **National Network Payoff**: Record cargo claims ratio (0.47%) and 21% reduction in preventable accidents highlight operational excellence despite volume headwinds.
- **Cost Challenges**: Q4 operating ratio of 91.9% driven by $4.7M self-insurance reserve increase, but adjusted OR would have been 91.0%.
- **2026 Outlook**: Targeting 100-200 bps OR improvement if macro conditions improve, with 20-25% excess capacity to scale volume recovery.
- **Pricing Momentum**: 6.6% contractual renewal rate in January signals customer acceptance of rate increases.

**【CEO Summary Section】**
- CEO Fritz Holzgrefe highlighted the completion of the first full year of the national network, emphasizing expanded customer reach and service quality. Despite a challenging macro environment, the company achieved a record cargo claims ratio of 0.47% in Q4 and a 21% reduction in preventable accidents year-over-year.
- Volumes remained muted, with shipments per day down 0.5% and tonnage down 1.5% YoY. Southern California volume decline (-18%) impacted revenue by $4 million, but national network expansion allowed sequential improvement in revenue per shipment (+1.1%).
- CEO expressed optimism for 2026, citing potential OR improvement of 100-200 bps if macro conditions improve, driven by network optimization and customer acceptance of rate increases.

**【CFO Financial Commentary】**
- Q4 revenue of $790 million was flat YoY, with GAAP operating ratio of 91.9% (up 480 bps YoY) due to $4.7 million in unexpected self-insurance reserve increases. Excluding this, adjusted OR would have been 91.0%.
- Key cost drivers included 6.1% YoY increase in salaries/wages (due to wage hikes and self-insurance inflation) and 12.3% rise in claims/insurance expenses. Depreciation grew 16.4% YoY due to $2B+ capital investments.
- Full-year 2025 operating income was $352.2M, with a record cargo claims ratio of 0.5% and 10% decline in lost-time injuries. Ramping terminals contributed incremental operating income despite inefficiencies.

**【Q&A Highlights】**
- **Volume Trends**: Q4 shipments per day down 0.5% YoY, with January 2026 shipments down 2.1% (weather-impacted). Management expects sequential improvement in Feb/March, targeting Q1 OR better than 2025's 91.9%.
- **Pricing Strategy**: GRI acceptance slightly above historical levels, with 4.9% of book renewed in Q4 and 6.6% in January. Management focused on compensating for inflation and network investments.
- **Network Optimization**: In-sourcing trend continued (PT as % of miles down to 12.1%), with headcount (ex drivers) down 6.4% YoY. 20-25% excess capacity positioned for volume recovery.
- **Cost Management**: Despite inflationary pressures, 2025 operating ratio improvement of 100 bps (to 89.1%) reflected efficiency gains. Health insurance costs accounted for 30% of cost per shipment increase.

Saia, Inc. (SAIA) Q4 2025 Earnings Call Transcript

- **Flat Q3 Revenue**: $839.6 million, flat YoY, with sequential OR improvement despite cost headwinds.
- **Terminal Growth**: 39 new terminals achieved sub-95 OR, driven by 4.2% sequential shipment growth in ramping markets.
- **Q4 Margin Pressure**: Expected 300-400 bps OR decline due to seasonality and softer October volume (down 3.5% YoY).
- **Long-Term Opportunity**: Network expansion and AI optimization position for margin expansion as terminals mature and volume recovers.

**【CEO Summary Section】**
- **Revenue and Operating Ratio (OR) Trends**: Q3 revenue was $839.6 million, flat year-over-year (YoY) but improved sequentially. Adjusted OR rose to 87.6% (up 50 bps YoY) due to higher self-insurance and fuel costs, but improved 20 bps QoQ.
- **New Terminal Performance**: 39 terminals opened since 2022 achieved a sub-95 OR, up 100 bps QoQ. 17 terminals completed their first year with strong performance despite macro challenges.
- **Strategic Moves**: Implemented a 5.9% General Rate Increase (GRI) and 3% wage hike, offsetting cost pressures. Cargo claims ratio of 0.54% (fourth straight quarter below 0.6%) reflects service quality.

**【CFO Financial Commentary】**
- **Financial Results**: Q3 EPS was $3.22 (down 11% YoY). Revenue per shipment (ex fuel) rose 0.3%, but shipments per workday decreased 1.9% YoY. Fuel surcharge revenue increased 2.1%.
- **Cost Management**: Adjusted cost per shipment rose 4.6% YoY but improved 0.7% QoQ. Salaries and benefits increased 0.7% YoY, offset by reduced wages and headcount down 3%.
- **Capital Allocation**: 2026 CapEx expected at $400-500 million, down from prior years, reflecting network maturity.

**【Q&A Highlights】**
- **Q4 Outlook**: Q4 OR expected to worsen 300-400 bps due to seasonality and October volume trends (down 3.5% YoY). November/December holiday months may see further declines.
- **Network Optimization**: AI-driven route planning reduced touches, with 70% of volume in 1-2 day lanes. New terminals show potential for margin expansion as they mature.
- **Pricing Environment**: Mix shifts to lower-margin lanes (e.g., Southern California) impacted yield. Contract renewals saw 4% revenue per bill improvement, but macro challenges limit broader pricing power.

Saia, Inc. (SAIA) Q3 2025 Earnings Call Transcript

- **Operating Ratio Improvement**: Q2 OR improved 330 bps sequentially to 87.8%, driven by cost optimization and network density.
- **Terminal Growth**: Newer terminals (<3 years) achieved mid-90s OR, while legacy terminals lagged YoY but improved sequentially.
- **Cost Management**: Sequential cost per shipment decreased 4%, offsetting lack of volume growth.
- **Linehaul Efficiency**: Direct routing (e.g., triples) reduced costs by 30%, with network tools enabling density-driven savings.
- **Customer Renewals**: 5.1% average renewal rate reflects confidence in service quality.
- **Capital Investment**: $600-650M annual spend on equipment, real estate, and technology positions for long-term growth.


**【CEO Summary Section】**
- Q2 operating ratio (OR) improved to 87.8%, a 330 basis point sequential improvement, outperforming historical average of 250-300 basis points.
- Revenue of $817 million decreased 0.7% YoY due to muted volume trends, with shipments down 2.8% YoY on a workday basis.
- Newer terminals (<3 years old) saw 4% sequential shipment growth, operating at mid-90s OR, while legacy terminals (<3 years old) grew 2% sequentially but declined 3.5% YoY.
- Cost per shipment decreased 4% sequentially, driven by reduced headcount (4.2%) and network optimization.
- Customer renewals averaged 5.1%, reflecting confidence in service quality.
- Network expansion investments ($600-650M annually) positioned for long-term growth, with focus on linehaul density and direct routing (e.g., triples reducing costs by 30%).

**【CFO Financial Commentary】**
- Revenue per shipment (ex fuel) increased 2.7% YoY to $298.71, while including fuel it rose 1.8% to $351.36.
- Fuel surcharge revenue declined 5.8% YoY, contributing 14.6% of total revenue.
- Tonnage increased 1.1% YoY, driven by 4% higher weight per shipment, offset by shorter length of haul.
- Operating expenses rose 4.7% YoY, with salaries/wages up 5% due to wage increases and inflation.
- Claims and insurance expenses jumped 21.2% YoY due to claim activity and cost per claim.
- Depreciation expense grew 19.1% YoY to $62.5M, reflecting capital investments in equipment and real estate.
- Sequential cost improvements (4% decrease in cost per shipment) offset lack of volume ramp, despite typical Q2 volume growth.

**【Q&A Highlights】**
- **Volume Outlook**: Q3 OR degradation expected to be 100-200 basis points (vs. historical 100-200), with focus on network optimization to mitigate volume headwinds.
- **Wage Increases**: 2024 wage increases (4.1% average) impacted costs, but timing of 2025 increases will be evaluated based on market conditions.
- **Terminal Performance**: New terminals (<3 years) achieved mid-90s OR, while legacy terminals (<3 years) improved sequentially but lagged YoY.
- **Linehaul Efficiency**: Direct routing (e.g., triples) reduced costs by 30%, with network planning tools enabling density-driven savings.
- **Customer Mix**: Shift to national and retail customers created revenue headwinds, but long-term opportunities exist in new markets.
- **NMFTA Compliance**: Committed to implementing NMFTA dimensional weight rules, leveraging existing dimensioning technology to maintain service quality.


Saia, Inc. (SAIA) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: 4.3% YoY to $787.6M, driven by newer markets, but OR worsened to 91.1% due to weather and macro challenges.
- **Key Risks**: $25-40M revenue impact from subseasonal trends, 13.9% wage growth, and 23.4% claims cost increase.
- **Q2 Outlook**: OR target ~89% if trends stabilize, with focus on cost control and service levels.
- **Long-Term Vision**: 21 new terminals positioned for long-term density and efficiency gains, despite short-term margin pressure.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $787.6 million, up 4.3% YoY, driven by newer markets opened in the past three years.
- Operating ratio (OR) deteriorated to 91.1% (vs. 84.4% in Q1 2024), primarily due to:
  - Weather disruptions in Atlanta, Dallas, and Houston, impacting 25-75 bps of OR.
  - Subseasonal trends in March and April, with estimated $25-40 million revenue impact.
- Contractual renewals averaged 6.1%, reflecting customer satisfaction with service quality.

**【CFO Financial Highlights】**
- Revenue per shipment (ex-fuel) increased 2.3% YoY to $300.76, but yield declined 5.1% due to heavier weight per shipment.
- Operating expenses rose 12.6% YoY, driven by:
  - Salaries, wages, and benefits (+13.9%) due to 8% headcount growth and wage increases.
  - Purchase transportation costs (+14%) and claims/insurance expenses (+23.4%).
- Fuel expense increased 1.4% despite 8.6% growth in line-haul miles, benefiting from 8.5% YoY diesel price decline.

**【Q&A Key Takeaways】**
- **Pricing Environment**: Customers cautious in macroeconomic uncertainty, but Saia maintains disciplined pricing (~6% renewals). Heavier shipments in new markets offset margin pressure.
- **Cost Management**: Focus on right-sizing labor and network optimization, with Q2 OR expected to improve to ~89% if trends stabilize.
- **Long-Term Strategy**: 21 terminals opened in 2024 remain long-term investments, with breakeven expected in Q2 2025 for most.
- **Capacity Outlook**: ~25-30% excess capacity across network, but disciplined about filling to ensure returns.


Saia (SAIA)-25 Apr 25-2025 Q1 Earnings call transcript

- **Record Growth**: 2024 revenue surpassed $3 billion, with 21 new terminals and 214 national locations. 
- **Operational Efficiency**: Shipments up 4.5%, weight per shipment +3.7%, despite OR deterioration to 87.1% due to new terminal costs. 
- **Investment Focus**: 2025 CapEx >$700M for 5-6 new terminals, aiming for 80-100 bps OR improvement. 
- **Pricing Momentum**: 7.9% contract renewals, GRI acceptance strong, with mix optimization driving revenue per shipment growth.

**【CEO Summary Section】**
- **Record Year Achievements**: 2024 revenue exceeded $3 billion, marking Saia's 100th year. The company opened 21 new terminals and relocated 9, expanding its national footprint to 214 terminals. 
- **Operational Growth**: Shipments per workday increased 4.5%, revenue per shipment (excluding fuel) rose 1.3%, and weight per shipment grew 3.7%. 
- **Investment in Future**: 2025 capital expenditures projected at over $700 million, including 5-6 new terminal openings. CEO emphasized long-term strategy focused on customer service and network expansion.

**【CFO Financial Commentary】**
- **Q4 Financial Highlights**: Fourth-quarter revenue reached $789 million, a 5% year-over-year increase. Operating ratio (OR) was 87.1%, up 210 basis points from Q4 2023 due to new terminal costs. 
- **Cost Management**: Despite 8.7% growth in salaries and wages, cost per shipment increased only 1.4%. Depreciation rose 18.3% due to fleet and real estate investments. 
- **Full Year Performance**: 2024 revenue was $3.2 billion, with operating income of $482.2 million. Capital expenditures exceeded $1 billion, reflecting strategic investments in growth.

**【Q&A Key Insights】**
- **Terminal Maturity**: New terminals opened in 2024 contributed 75% of Q4 volume growth but remain a near-term OR drag. Management expects gradual improvement as they mature. 
- **Pricing Strategy**: Contract renewals averaged 7.9%, and mix optimization (heavier shipments) drove revenue per shipment growth. GRI acceptance was strong, though short-term volume shifts occurred post-implementation. 
- **2025 Outlook**: Target OR improvement of 80-100 basis points for the year, with Q2 typically the strongest quarter. Capital spending will focus on network expansion and efficiency.

Actual											1.06	1.07	1.56	1.51	1.4	2.34	2.86	2.76	2.98	4.1	3.67	2.65	2.85	3.42	3.67	3.33	3.38	3.83	3.46	2.84	1.86	2.67	2.81	1.77
Forecast											0.8126	0.8984	1.3054	1.2961	1.3812	2.0521	2.3523	2.574	2.7246	3.5774	3.7005	2.8252	2.6864	3.28	3.618	3.1993	3.4534	4.0077	3.5306	2.7707	2.7589	2.3921	2.5438	1.9046
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+30.45%	+19.10%	+19.50%	+16.50%	+1.36%	+14.03%	+21.58%	+7.23%	+9.37%	+14.61%	-0.82%	-6.20%	+6.09%	+4.27%	+1.44%	+4.09%	-2.13%	-4.43%	-2.00%	+2.50%	-32.58%	+11.62%	+10.46%	-7.07%

SAIA

SAIA fundamentals

SAIA Q4 2025 Earnings

Earnings Call

You can ask Aime

SAIA

SAIA fundamentals

SAIA Q4 2025 Earnings

Earnings Call

SAIA Earnings Call Summary for Q4/202510:00 AM on Feb 10, 2026

SAIA Earnings Call Summary for Q3/202510:00 AM on Oct 30, 2025

SAIA Earnings Call Summary for Q2/202510:00 AM on Jul 25, 2025

SAIA Earnings Call Summary for Q1/202510:00 AM on Apr 25, 2025

SAIA Earnings Call Summary for Q4/202410:00 AM on Feb 3, 2025

You can ask Aime