Core Insights - Saia's tonnage decline moderated in February, with a year-over-year decrease of 2.7%, an improvement from January's 7% decline, driven by a 0.3% increase in daily shipments [1] - The company expects tonnage comparisons to ease starting in April, with prior-year comparisons turning negative by May [2] Tonnage and Shipments - February's tonnage was down 2.7% year-over-year, while January's was down 7%, indicating a positive trend in daily shipment counts [1] - On a two-year stacked comparison, tonnage was up 9.5% in February and 6.8% in January [2] Manufacturing and Economic Indicators - The Purchasing Managers' Index (PMI) registered a reading of 52.4 in February, indicating expansion, with the new orders subindex at 55.8, suggesting future activity [3] Pricing and Revenue Metrics - Contract renewal pricing increased by 5.9% in February, following a 6.6% increase in January, with an average increase of 4.9% in the fourth quarter [4] Margin and Operational Performance - Saia expects to outperform the typical sequential margin deterioration from the fourth to first quarter, with a reported operating ratio of 91.1% in the first quarter of 2025 [5] - The full-year 2026 outlook anticipates a year-over-year improvement of 100 to 200 basis points, contingent on modest volume and yield growth [6] Expansion and Market Position - Saia has opened 39 terminals over the past three years, enhancing its position as a national carrier, although these new service centers have impacted margins in recent quarters [6] - Shares of SAIA increased by 0.4% compared to a 0.8% decline in the S&P 500 [6]

Core Viewpoint - Saia, Inc. reported mixed performance in LTL shipments and tonnage for January and February 2026, indicating a slight recovery in February after a decline in January compared to the same months in 2025 [1][2]. Group 1: LTL Shipment and Tonnage Data - In January 2026, LTL shipments per workday decreased by 2.1% compared to January 2025 [1][2] - LTL tonnage per workday in January 2026 fell by 7.0% compared to January 2025 [1][2] - LTL weight per shipment in January 2026 declined by 5.1% compared to January 2025 [1][2] - In February 2026, LTL shipments per workday increased by 0.3% compared to February 2025 [1][2] - LTL tonnage per workday in February 2026 decreased by 2.7% compared to February 2025 [1][2] - LTL weight per shipment in February 2026 declined by 3.0% compared to February 2025 [1][2] - Quarter-to-date (QTD) 2026 shows a decline of 0.9% in LTL shipments per workday, 4.8% in LTL tonnage per workday, and 4.0% in LTL weight per shipment compared to QTD 2025 [2] Group 2: Contractual Renewals - Contractual renewals in January 2026 were reported at 6.6% [1] - Contractual renewals remained strong in February 2026 at 5.9% [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-49983 Saia, Inc. (Exact name of registrant as specified in its charter) | Delaware | 48-1229851 | | --- | --- | | (State of Incorporation) | (I.R.S. Employer | 11465 Jo ...

Core Insights - Saia Inc. continues its partnership with Joe Gibbs Racing (JGR) for the 2026 NASCAR Cup Series season, serving as the primary sponsor for eight races, including seven for Ty Gibbs and one for Christopher Bell [1][2] Company Overview - Saia Inc. provides a comprehensive range of transportation solutions, including less-than-truckload, non-asset truckload, expedited, and logistics services, operating 213 terminals across the U.S., Canada, and Mexico [3][6] - The company has been recognized for its safety record by the American Trucking Associations and for its environmental efforts by the EPA's SmartWay program [6] Partnership Details - The partnership with JGR is aimed at enhancing brand awareness and reinforcing Saia's commitment to performance and reliability in the logistics sector [2][5] - The first race as a primary sponsor will take place on February 22 at EchoPark Speedway, with additional races scheduled throughout the season at various prominent tracks [2] Joe Gibbs Racing Overview - JGR has established itself as a leading team in NASCAR, with five Cup Series championships and over 400 national series victories since its founding in 1992 [4] - Ty Gibbs, a rising star in NASCAR, has achieved significant milestones, including winning the 2021 ARCA Menards Series and the 2022 Xfinity Series championships, and earning the Sunoco Rookie of the Year honors in 2023 [4]

Core Viewpoint - Saia, Inc. is a trucking company specializing in less-than-truckload (LTL) freight shipments, which allows for the transportation of smaller freight from multiple customers across the country [1] Company Overview - Saia, Inc. operates in the trucking industry, focusing on LTL shipments, which are characterized by not being filled by a single customer [1] Investment Focus - The analysis emphasizes a focus on small- to mid-cap companies, which are often overlooked by investors, while also occasionally reviewing large-cap companies for a broader market perspective [1]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Saia, Inc. and raises its price target from $370 to $403 despite the company's financial challenges [1][6] Financial Performance - Saia reported a diluted earnings per share (EPS) of $1.77 for Q4 2025, down from $2.84 in Q4 2024, and a full-year diluted EPS of $9.52, down from $13.51 in 2024 [2][6] - The adjusted diluted EPS, excluding a net gain on real estate, was $9.11 for the full year of 2025 [2] Revenue and Operating Metrics - Revenue for Q4 2025 was $790 million, reflecting a slight increase of 0.1% compared to the previous year [3] - Operating income decreased significantly by 36.9%, totaling $64 million, and the operating ratio increased to 91.9% from 87.1% in Q4 2024, indicating higher operating costs relative to revenue [3][6] Stock Performance - The stock price of SAIA is currently at $381.64, having decreased by 6.83% or $27.96 on the day, with a trading range between $375 and $396.44 [4] - Over the past year, the stock has fluctuated between a high of $507.39 and a low of $229.12, with a market capitalization of approximately $10.17 billion [4] Operational Challenges - Saia experienced a decrease in LTL shipments per workday by 0.5% and LTL tonnage per workday by 1.5%, reflecting challenges in maintaining shipment volumes [5]

Core Viewpoint - Saia, Inc. reported mixed financial results for Q4 2025, with a significant EPS miss but revenue exceeding expectations, indicating operational challenges despite steady sales performance. Financial Performance - The company reported earnings per share (EPS) of $1.77, below the estimated $1.90, and down from $2.84 in the same quarter last year, reflecting a negative surprise of 6.77% [2][6] - Revenue for the quarter was approximately $790 million, surpassing the estimated $773.8 million and the Zacks Consensus Estimate of $780.61 million, resulting in a positive surprise of 1.2% [3][6] - Operating income decreased by 36.9% to $64 million, and the operating ratio worsened to 91.9% from 87.1% in the previous year, indicating operational challenges [4] Operational Metrics - LTL shipments and tonnage per workday declined by 0.5% and 1.5%, respectively, suggesting the need for Saia to address operational issues to improve profitability [4] Valuation Metrics - Saia has a price-to-earnings (P/E) ratio of approximately 36.67 and a price-to-sales ratio of about 3.20, reflecting the market's valuation of its earnings and revenue [5] - The company maintains a low debt-to-equity ratio of 0.14, indicating a conservative approach to debt and a strong capital structure [5]

Core Viewpoint - Saia is optimistic about its business outlook for the new year, citing more tailwinds than headwinds despite recent challenges related to costs from expanding its terminal network [1]. Financial Performance - Saia reported fourth-quarter earnings per share (EPS) of $1.77, which is 38% lower year over year and 14 cents below consensus estimates. Excluding adverse claims developments of $4.7 million, EPS would have aligned with expectations at $1.91 [2]. - The company's consolidated revenue for the fourth quarter was $790 million, a slight increase of 0.1% from the previous year [3]. Operational Metrics - Total tonnage decreased by 1.5% year over year to 1,459,000 tons, while total shipments fell by 0.5% to 2,164,000 [3]. - The operating ratio for the fourth quarter was 91.9%, representing a deterioration of 480 basis points year over year and 430 basis points from the previous quarter [4]. Future Outlook - Management anticipates sequential improvement in operating ratio despite typical seasonal deterioration, projecting a full-year margin improvement of 100 to 200 basis points in 2026 [5]. - The company has excess door capacity of 20% to 25%, positioning it to capture market share when conditions improve [7]. Network Expansion - Saia has opened 39 terminals in the past three years, enhancing its competitiveness with national shippers and aiming to build density over time [1][3]. - The company expects to reverse the trend of low margins caused by the costs associated with its expanded network [3]. Investment Strategy - Saia's president and CEO indicated that the company expects returns from a $2 billion capital investment to achieve sub-80 operating ratios in the future [6].

Group 1 - Saia has invested over $2 billion in the last three years to expand its network, resulting in a nationwide network that has been fully operational for one year, with parts of the network achieving operating ratios (ORs) in the upper 70% range [3][6] - The company's core business operations met expectations for the quarter, although elevated self-insurance costs from prior accidents amounted to approximately $4.7 million [4] - Many new terminals opened by Saia have operating ratios in the mid to upper 90s, indicating challenges in achieving operational efficiency [4][5] Group 2 - The operating ratio for Saia worsened to 91.9% in Q4 2025, which is less favorable than the typical Q1 profitability levels, with annual operating income at $337 million representing a 30% decrease [7] - Despite current challenges, Saia plans to grow its terminal network to 230 facilities and aims to achieve an overall operating ratio in the 70% range [7]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached a record $790 million, a slight increase of 0.1% compared to the previous year [10][14] - Adjusted operating ratio for the fourth quarter was 91.9%, deteriorating from 87.1% a year ago due to increased self-insurance costs [17][18] - Diluted earnings per share decreased to $1.77 from $2.84 in the same quarter last year [18] - Operating income for the full year 2025 was $352.2 million, with an adjusted operating income of $337.7 million [18] Business Line Data and Key Metrics Changes - Shipments per day decreased by 0.5% year-over-year, while tonnage per day declined by 1.5% [9] - Revenue per shipment excluding fuel surcharge decreased by 0.5% to $297.57 [14] - Despite volume declines, revenue per shipment excluding fuel surcharge increased by 1.1% sequentially from the third quarter [11] Market Data and Key Metrics Changes - Southern California region experienced an 18% volume decline compared to the prior year, impacting overall revenue [10] - The company reported a cargo claims ratio of 0.47% for the fourth quarter, a record low [12] Company Strategy and Development Direction - The company has invested over $2 billion in capital over the last three years to expand its national network, which is expected to drive future growth [7][23] - Focus on optimizing network performance through technology investments and enhancing customer service capabilities [23][24] - The company aims to achieve a return on its investments while continuing to manage inflationary costs [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market share gains despite a challenging macroeconomic environment [5][22] - The company anticipates that improvements in macroeconomic conditions could lead to better performance in 2026 [24] - Management noted that while inflationary pressures remain, ongoing investments in safety and technology are expected to mitigate some costs [20][22] Other Important Information - The company reported a 21% reduction in preventable accident frequency and a 10% decline in lost-time injuries year-over-year [20] - The company has excess capacity of approximately 20%-25% in its network, positioning it well for future volume increases [77] Q&A Session Summary Question: Can you discuss monthly tonnage data and its impact on sequential margin seasonality? - Management provided monthly shipment data, indicating fluctuations in tonnage and shipments, with expectations for improved performance in Q1 [28][29] Question: What is the tonnage backdrop for the expected operating ratio improvement? - Management indicated that positive macro data could lead to tonnage growth, contributing to improved operating ratios [37][38] Question: How do new terminals impact profitability and operating ratios? - New terminals are currently a drag on overall operating ratios but are expected to improve as they mature [44][46] Question: What is the overall pricing environment and how does it relate to customer recognition of investments? - Management emphasized the importance of maintaining pricing initiatives and noted that the national network enhances customer retention [52][56] Question: What are the expectations for tonnage and pricing in a flat market? - Management believes that even in a flat market, the company can gain market share through its national network and service quality [92][93]