SAIA Reports Mixed January and February LTL Operating Data with Tonnage Declines
Summary
SAIA Inc. released its LTL operating data for January and February 2026, showing declines in tonnage and weight per shipment, partially offset by strong contractual renewals.
Key Events
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January LTL Performance
LTL shipments per workday declined 2.1%, tonnage per workday fell 7.0%, and weight per shipment decreased 5.1% compared to January 2025.
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February LTL Performance
LTL shipments per workday increased slightly by 0.3%, but tonnage per workday declined 2.7% and weight per shipment fell 3.0% compared to February 2025.
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QTD Operational Trends
For the first two months of Q1 2026, LTL shipments per workday were down 0.9%, tonnage per workday declined 4.8%, and weight per shipment decreased 4.0% year-over-year.
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Strong Contractual Renewals
Contractual renewals were 6.6% in January and 5.9% in February, indicating continued pricing strength.
Analysis
This 8-K provides an early look into SAIA's first-quarter operational performance, following a recent 10-K that highlighted decreased net income due to rising costs. While the company achieved strong contractual renewals, indicating pricing power, the continued decline in LTL tonnage and weight per shipment for both months and quarter-to-date suggests potential weakness in freight volumes or load sizes. Investors will be watching if these volume trends persist and how they impact future earnings, especially as the stock trades near its 52-week high.
At the time of this filing, SAIA was trading at $405.39 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $10.9B. The 52-week trading range was $229.12 to $420.09. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.