Saia reported third‑quarter 2025 results with revenue of $839.6 million, flat year‑over‑year, and diluted earnings per share of $3.22, exceeding the consensus estimate of $2.54‑$2.56. Adjusted diluted EPS was $2.81, up from $2.54 in the same period a year earlier. Operating income was $125.2 million in Q3 2024, and adjusted operating income declined 16.8 % year‑over‑year, yet the operating ratio improved 170 basis points to 87.8 % (GAAP) and 87.6 % (adjusted).
The company recorded a $16.4 million gain from the sale of a terminal and a $1.9 million real‑estate impairment. Net capital expenditures for the first nine months of 2025 were $446.1 million, down from $873.2 million in the same period a year earlier, and the company has guided 2025 net capital expenditures to $550‑$600 million.
Cash on hand rose to $35.5 million from $14.4 million at the end of September 2024. Saia operates 213 terminals nationwide and continues to replace smaller facilities with larger, more efficient ones as part of its national LTL footprint expansion.
Management emphasized cost discipline and network optimization, noting that the improved operating ratio is a key milestone toward its long‑term goal of a sub‑80 % operating ratio. LTL shipments per workday fell 1.9 % and tonnage per workday fell 1.5 % year‑over‑year, while revenue per shipment (excluding fuel surcharge) increased 0.3 %, reflecting pricing power amid softer demand.
The company beat revenue estimates of $828.97‑$833.38 million and EPS estimates of $2.54‑$2.56, underscoring the effectiveness of its cost‑control and network‑optimization initiatives.
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