Saia, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue reached a company record of $982.5 million, a 17.0% increase year-over-year compared to the third quarter of 2025.
• Diluted earnings per share were $3.41, up from $3.22 in the third quarter of 2025.
• Adjusted diluted earnings per share were $2.81 in the third quarter of 2025 (excluding a $16.4 million net gain on real estate).
• Operating income was $122.3 million, a 3.1% increase from $118.6 million in the prior-year period and a 17.5% increase from adjusted operating income of $104.1 million in the prior-year period.
• Operating ratio was 87.6% in the third quarter of 2026, compared to 85.9% in the third quarter of 2025.
• Year-to-date free cash flow generation exceeded $240 million.
• Net capital expenditures for the first nine months of 2026 were $235.9 million, down from $446.1 million in the same period of 2025.
• Cash on hand increased to $202.5 million at the end of the third quarter of 2026 from $35.5 million at September 30, 2025.
• Total debt decreased to $100.0 million at the end of the third quarter of 2026 from $219.2 million at September 30, 2025.

Guidance and Future Outlook:

• For full-year 2026, the Company expects net capital expenditures to be approximately $350 million, subject to ongoing evaluation of market conditions.
• Management indicated continued execution of a long-term strategy to build a leading national LTL carrier, aiming for sustained, profitable growth.

Business Segments and Product Lines:

• LTL tonnage per workday reached a record high, increasing 8.9% year-over-year.
• LTL revenue per shipment, excluding fuel surcharge, increased 5.8% year-over-year.
• LTL shipments per workday increased 0.8% year-over-year.
• LTL revenue per shipment, excluding fuel surcharge, increased 5.8% compared to the third quarter of 2025.

Market and Competitive Landscape:

• Management reported market share gains and improved service levels.
• The company operates 219 terminals with national service.

Risks and Challenges:

• The press release includes a standard cautionary note regarding forward-looking statements, citing risks such as general economic conditions, inflationary pressures, fuel costs, labor availability, regulatory changes, cybersecurity threats, and supply chain disruptions.

Management Commentary and Tone:

• President and CEO Fritz Holzgrefe described the third quarter performance as "solid," citing record revenue and tonnage per workday.
• CFO Matt Batteh highlighted consistent execution, measurable results including market share gains, and strong free cash flow generation providing financial flexibility.
• Management emphasized investments in network, people, equipment, and technology to strengthen the customer value proposition.

Other Key Points:

• The Board of Directors authorized a stock repurchase program allowing for the repurchase of up to $250 million of Saia's common stock.
• The repurchase program is effective immediately, has no expiration date, and may be suspended, modified, or terminated at any time.
• A conference call and supplemental investor presentation were scheduled for October 29, 2026, at 10:00 a.m. Eastern Time.