Saia (SAIA) Q3 2026 Earnings Call: Revenue Up 17%, $250M Buyback
Source Tradingkey
Key Takeaways
- Saia reported record Q3 2026 revenue of $982.5 million, up 17% year over year, supported by an 8.9% increase in tonnage per workday and a 5.8% rise in revenue per shipment excluding fuel surcharge.
- Operating income reached $122.3 million, up 17.5% from adjusted Q3 2025. The operating ratio was 87.6%, unchanged from the prior-year adjusted result despite normal seasonal pressure.
- Diluted EPS increased 21.4% to $3.41 from adjusted EPS of $2.81. Saia ended the quarter with $203 million in cash and $100 million in debt after generating more than $240 million of year-to-date free cash flow.
- Service metrics improved. The cargo claims ratio fell to a company-record 0.3%, contractual renewals averaged 10.8%, and Saia’s internal Net Promoter Score increased 15% year over year.
- The board authorized up to $250 million of share repurchases. Management said repurchases will be opportunistic and balanced against growth investments and balance-sheet flexibility.
- For Q4 2026, management expects the operating ratio to worsen by about 200 basis points sequentially, better than the historical 250–300 basis-point deterioration and implying more than 200 basis points of year-over-year improvement.
Core Financial Data
| Metric | Q3 2026 | Change / Context |
|---|---|---|
| Revenue | $982.5 million | Up 17% year over year; record quarterly revenue |
| Operating income | $122.3 million | Up 17.5% from adjusted Q3 2025 |
| Operating ratio | 87.6% | Unchanged from adjusted Q3 2025; within 70 basis points of Q2 2026 |
| Diluted EPS | $3.41 | Up 21.4% from adjusted EPS of $2.81 |
| Shipments per workday | — | Up 0.8% year over year |
| Tonnage per workday | — | Up 8.9% year over year |
| Revenue per shipment, excluding fuel surcharge | — | Up 5.8% year over year and 2.7% sequentially |
| Weight per shipment | — | Up 8.1% year over year and 1.2% sequentially |
| Yield, excluding fuel surcharge | — | Down 2.2% year over year; up 1.5% sequentially |
| Fuel surcharge revenue | 22.5% of revenue | Versus 15.2% in Q3 2025 |
| Cash | $203 million | At quarter-end |
| Total debt | $100 million | At quarter-end |
| Year-to-date free cash flow | More than $240 million | Through Q3 2026 |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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