Saia, Inc. (SAIA) SEC Filings & Earnings Calls

Fuel cost volatility

“Fuel surcharge revenue as a percentage of operating revenue increased to 22.3 percent for the quarter ended June 30, 2026 compared to 14.6 percent for the quarter ended June 30, 2025, as a result of increases in the average cost of diesel fuel.” · word for word

Labor cost inflation

“Salaries, wages and employees’ benefits increased $43.4 million in the second quarter of 2026 compared to the second quarter of 2025. This change was primarily driven by increased employee hours in response to increased volumes, increased compensation levels due to company performance and a Company-wide wage increase of approximately 3% in October 2025.” · word for word

Healthcare cost pressure

“group health insurance costs, which increased $7.0 million related to elevated claims activity and average cost of claims.” · word for word

Pricing pressure as LTL revenue per hundredweight (ex-fuel) declined 2.2% YoY.

“LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 2.2%.” · word for word

Capex remains elevated at $350-400M for 2026, though moderating from prior year.

“Net capital expenditures were $158.0 million during H1 2026, compared to $375.6 million in H1 2025. FY2026 guidance $350-400M.”

Operating ratio worsened, indicating cost pressures and margin compression

“Operating ratio of 91.7% compared to 91.1%” · word for word

Tonnage decline suggests softer demand or mix shift to lighter freight

“LTL tonnage per workday decreased 2.1%” · word for word

Cyclical Demand Risk

“Significant miss on operating income and operating ratio targets indicates sensitivity to freight demand cycles.”

Execution Risk on Network Expansion

“The company has deployed over $2B in capital for network expansion; if demand does not materialize, returns on this capital could be impaired.”

Self-insurance reserve increase of $4.7M due to adverse development on prior accidents

“unexpected adverse developments on a few cases, arising from accidents that occurred in prior years, which required reserve increases in the period of approximately $4.7 million” · word for word

Southern California volume decline of 18% YoY

“volume in the region in the fourth quarter was down about 18% compared to the prior year” · word for word

Elevated self-insurance costs impacting earnings

“Approximately $4.7 million in elevated self-insurance related costs from prior year accidents” · word for word

Significant margin compression with operating ratio deteriorating 480 bps

“Operating ratio 91.9% vs 87.1% prior year”

Macroeconomic uncertainty; customers awaiting more certain environment.

“customers awaiting a more certain environment” · word for word

Tariff-Induced Demand Decline

“These changes in U.S. trade policy and tariffs have decreased demand for our services and could have a material adverse effect on our operating results” · word for word

Healthcare Cost Inflation

“group health insurance costs, which increased by approximately $7.0 million related to elevated claims activity and average cost of claims” · word for word

Workers' Compensation Cost Pressure

“workers’ compensation costs, which increased $2.0 million as a result of the inflationary costs of claims” · word for word

Volume decline in LTL shipments and tonnage indicates soft industrial demand

“LTL shipments per workday decreased 1.9%; LTL tonnage per workday decreased 1.5%” · word for word

Margin compression with operating ratio worsening

“Operating ratio of 85.9% and adjusted operating ratio of 87.6% compared to 85.1%” · word for word

Significant capex reduction signals cautious outlook

“Net capital expenditures guidance reduced to $550-600M from $873.2M in prior year period”