Saia Posts Record Q2 Revenue of $956.5M, EPS of $3.51, Operating Ratio Improves to 86.9%

summarizeSummary

Saia reported record Q2 2026 results with revenue up 17.1% to $956.5M and EPS of $3.51, beating prior year by 31.5%. Operating ratio improved to 86.9%, and cash flow remained strong at $291.2M for the first half.

check_boxKey Events · Earnings and Guidance · SAIA

• Record Q2 Revenue and EPS

  Revenue reached $956.5M, up 17.1% YoY; diluted EPS of $3.51, up 31.5% from $2.67 in Q2 2025.

• Operating Ratio Improves

  Operating ratio improved to 86.9% from 87.8% a year ago, driven by revenue growth outpacing cost increases.

• Volume and Pricing Gains

  LTL shipments rose 4.4%, tonnage up 8.4%; revenue per shipment excluding fuel increased 1.5% to $303.12.

• Strong Cash Flow and Balance Sheet

  Operating cash flow of $291.2M in H1 2026; revolver borrowings paid down to zero, with $564M in availability.

auto_awesomeAnalysis · SAIA · Energy & Transportation

Saia delivered record second-quarter revenue of $956.5 million, a 17.1% increase over the prior year, driven by higher fuel surcharges, a 4.4% rise in LTL shipments, and a 1.5% increase in revenue per shipment excluding fuel. Diluted earnings per share jumped 31.5% to $3.51, and the operating ratio improved to 86.9% from 87.8%, reflecting better cost leverage despite higher wages, purchased transportation, and fuel costs. The company generated $291.2 million in operating cash flow in the first half, reduced revolver borrowings to zero, and maintained $564 million in availability. A new risk factor highlights growing litigation and insurance cost pressures in the trucking industry, which could weigh on future margins. The results confirm strong execution and pricing power in a favorable freight environment, but the insurance risk disclosure adds a note of caution.