Saia Inc. Reports Fourth‑Quarter and Full‑Year 2025 Financial Results
Johns Creek, Ga., Feb. 10, 2026 – Saia Inc. (Nasdaq: SAIA), a national less‑than‑truckload (LTL) and truckload transportation provider, announced its financial results for the fourth quarter ended December 31, 2025 and for the full fiscal year 2025.
Fourth‑Quarter 2025 Highlights
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | $790.0 million | $789.0 million | +$1.0 million (0.1 %) |
| Operating income | $64.0 million | $100.0 million | –$36.0 million (36.9 %) |
| Operating ratio | 91.9 % | 87.1 % | +4.8 pp |
| Diluted EPS | $1.77 | $2.84 | –$1.07 |
| Adjusted diluted EPS (ex. real‑estate gain) | $9.11 | — | — |
Key operational metrics for the quarter showed a 0.5 % decline in LTL shipments per workday and a 1.5 % decline in LTL tonnage per workday. LTL revenue per hundredweight, excluding fuel surcharge, rose 0.5 %; LTL revenue per shipment, excluding fuel surcharge, fell 0.5 %.
Full‑Year 2025 Highlights
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Revenue | $3.20 billion | $3.21 billion | –$10 million (0.8 %) |
| Operating income | $352.2 million | $452.8 million | –$100.6 million (27.0 %) |
| Operating ratio | 87.1 % | 80.0 % | +7.1 pp |
| Diluted EPS | $9.52 | $13.51 | –$3.99 |
| Adjusted diluted EPS (ex. real‑estate gain) | $9.11 | — | — |
The company attributed the operating income decline largely to higher operating costs and a less favorable mix of shipments. Revenue growth was modest, reflecting stable demand within the retail, petrochemical, and manufacturing sectors served by Saia’s regional, interregional, and national LTL and truckload services.
Analyst Expectations
Prior to the announcement, 20 analysts projected an EPS of $1.90 for the fourth quarter, while 21 analysts forecasted a 2025 adjusted EPS of $9.31. Saia’s reported figures fell short of these expectations, indicating a tighter margin profile and potential pressure on future earnings.
Market Impact
Following the release, Saia’s shares traded at $409.60 on the Nasdaq as of 2026‑02‑08, positioned within a 52‑week range of $229.12 to $507.39. The company’s market capitalization remains approximately $11.04 billion, with a price‑to‑earnings ratio of 39.33.
Summary Saia Inc. reported a modest increase in revenue for both the fourth quarter and the full year of 2025 but experienced significant declines in operating income and earnings per share. The company’s operating ratio deteriorated, and analyst forecasts for earnings were exceeded. These results reflect the challenges facing the ground‑transportation industry amid fluctuating freight volumes and rising operating costs.
