Saia Posts Record Revenue and Authorizes $250 Million Buyback

Saia reported record third-quarter revenue on Thursday and unveiled a $250 million stock buyback, as the less-than-truckload carrier's earnings per share rose to $3.41 on higher tonnage and firmer pricing.

Diluted EPS compared with $3.22 a year earlier, according to the earnings release Saia filed with an 8-K on Thursday. Excluding a net gain on real estate recorded in the prior-year quarter, adjusted EPS a year ago was $2.81.

Record revenue and tonnage

Revenue climbed 17.0% to a record $982.5 million from $839.6 million. LTL tonnage per workday also hit a record, rising 8.9%, while shipments per workday edged up 0.8%. Revenue per shipment excluding fuel surcharges increased 5.8%.

Net income rose to $91.4 million from $86.3 million. Operating income increased 3.1% to $122.3 million, and was up 17.5% from adjusted operating income of $104.1 million in the year-ago period.

The operating ratio, which measures operating expenses as a share of revenue, was 87.6%, compared with 85.9% a year ago, or flat with the prior year's adjusted 87.6%. Purchased transportation costs rose to $90.4 million from $59.3 million.

"Our team delivered solid third quarter performance, which included record revenue and tonnage per workday," President and CEO Fritz Holzgrefe said in the release. He said the increase in revenue per shipment reflected "continued progress in pricing and mix optimization."

A $250 million buyback

Saia's board approved a program to repurchase up to $250 million of common stock, effective immediately and with no expiration date, according to the 8-K. Repurchases may be made through a 10b5-1 trading plan, open market purchases or privately negotiated transactions, and the program can be suspended or ended at any time.

CFO Matt Batteh said the company has generated more than $240 million of free cash flow so far this year, giving it room to support growth "while positioning us to return capital to stockholders."

Saia ended the quarter with $202.5 million of cash and $100.0 million of total debt, compared with $35.5 million of cash and $219.2 million of debt a year earlier. Net capital expenditures fell to $235.9 million in the first nine months from $446.1 million, and the company expects about $350 million for the full year.

New board member

In the same filing, Saia said its board expanded from 10 to 11 seats and appointed Todd C. Fowler as an independent director, effective immediately. Fowler will serve on the Audit Committee.

According to a separate press release attached to the 8-K, Fowler is Director of Strategic Partners at Autotech Ventures, a mobility- and logistics-focused venture firm, and previously led the transportation and logistics equity research practice at KeyBanc Capital Markets.

"Todd is a highly experienced professional who brings deep industry knowledge and a complementary skillset that aligns with Saia's operations and strategic direction," Chairman Rick O'Dell said.

Sources

1. Saia Form 8-K with third-quarter 2026 earnings release, board appointment and stock repurchase authorization (Exhibits 99.1 and 99.2), filed Oct. 29, 2026 (accession 0001193125-26-437022)

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