Saia(SAIA) - 2025 Q2 - Quarterly Results

Saia Q2 2025 Earnings Release Saia reported a challenging Q2 2025 with revenue and operating income declines, alongside increased debt, while focusing on network density and cost management Financial & Operational Highlights Saia experienced a challenging Q2 2025 with declines in revenue, operating income, and diluted EPS, despite a slight increase in LTL tonnage Financial Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $817.1 million | $823.2 million | -0.7% | | Operating Income | $99.4 million | $137.6 million | -27.8% | | Operating Ratio | 87.8% | 83.3% | +450 bps | | Diluted EPS | $2.67 | $3.83 | -30.3% | LTL Operating Metrics | LTL Operating Metric | Change (YoY) | | :--- | :--- | | Shipments per workday | -2.8% | | Tonnage per workday | +1.1% | | Revenue per hundredweight (ex-fuel) | -1.2% | | Revenue per shipment (ex-fuel) | +2.7% | - CEO Fritz Holzgrefe highlighted the team's focus on customer service, mix management, and adjusting costs in response to current volume trends[5] - CFO Matt Batteh noted that facilities opened for less than three years are leading in volume and revenue growth, demonstrating the value of the company's strategy to get closer to the customer and build network density[5] Financial Position and Capital Expenditures Saia's financial position as of June 30, 2025, shows increased total debt and a significant decrease in net capital expenditures for the first half of the year Financial Position | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Cash on hand | $18.8 million | $11.2 million | | Total debt | $309.1 million | $176.7 million | Capital Expenditures | Capital Expenditures | Amount | | :--- | :--- | | Net Capex (First 6 months 2025) | $375.6 million | | Net Capex (First 6 months 2024) | $681.3 million | | 2025 Anticipated Net Capex | $600 - $650 million | Financial Statements This section presents Saia's unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, and Statements of Cash Flows, for Q2 2025 and 2024 Condensed Consolidated Balance Sheets As of June 30, 2025, Saia's balance sheet reflects increased total assets to $3.46 billion, driven by property and equipment, alongside growth in total liabilities and stockholders' equity Balance Sheet Summary (In thousands) | (In thousands) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $451,150 | $435,769 | | Net property and equipment | $2,811,601 | $2,556,935 | | Total assets | $3,457,726 | $3,166,857 | | Total current liabilities | $302,809 | $278,360 | | Long-term debt, less current portion | $307,124 | $194,981 | | Total liabilities | $1,021,204 | $855,586 | | Total stockholders' equity | $2,436,522 | $2,311,271 | Consolidated Statements of Operations Saia's Q2 2025 operating revenue slightly decreased, while rising expenses led to a significant decline in operating and net income compared to the prior-year period Quarterly Operating Results (In thousands) | For the Quarter Ended June 30 (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Revenue | $817,115 | $823,244 | | Total operating expenses | $717,716 | $685,651 | | Operating Income | $99,399 | $137,593 | | Net Income | $71,391 | $102,519 | Six-Month Operating Results (In thousands) | For the Six Months Ended June 30 (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Operating Revenue | $1,604,690 | $1,578,019 | | Operating Income | $169,567 | $255,505 | | Net Income | $121,201 | $193,214 | Condensed Consolidated Statements of Cash Flows For the first six months of 2025, net cash from operating activities increased, while net cash used in investing activities significantly decreased due to lower property acquisitions Cash Flow Summary (In thousands) | For the Six Months Ended June 30 (In thousands) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $279,815 | $237,242 | | Net cash used in investing activities | ($383,967) | ($676,277) | | Net cash provided by financing activities | $103,516 | $153,989 | | Net (Decrease) Increase in Cash | ($636) | ($285,046) | | Cash and Cash Equivalents, end of period | $18,837 | $11,169 | Key Operating Statistics Saia's Q2 2025 LTL operating statistics showed mixed results, with declining shipments but increased tonnage, and a deteriorated operating ratio LTL Operating Metrics (Q2 2025 vs Q2 2024) | LTL Operating Metric (Q2 2025 vs Q2 2024) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Operating ratio | 87.8% | 83.3% | 5.4% | | LTL tonnage (thousands) | 1,576 | 1,559 | 1.1% | | LTL shipments (thousands) | 2,261 | 2,327 | -2.8% | | LTL pounds/shipment | 1,394 | 1,340 | 4.0% | | LTL length of haul (miles) | 893 | 888 | 0.6% | Other Information This section provides supplementary information for investors, including conference call details, a company overview, and a comprehensive cautionary note on forward-looking statements - Management will host a conference call on July 25, 2025, at 10:00 a.m. Eastern Time to discuss the quarterly results[9] - Saia LTL Freight operates 213 terminals providing a wide range of less-than-truckload, non-asset truckload, expedited, and logistics services with national coverage[10] - The release includes a comprehensive "Cautionary Note Regarding Forward-Looking Statements" which lists 44 specific risk factors that could cause actual results to differ materially from expectations, including economic conditions, competition, fuel costs, and cybersecurity risks[11][12][13]