Disciplined pricing and strong volume growth fueled a record second quarter for Saia Inc., with quarterly revenue surging 17.1% to $956.5 million.
- Record Top-Line Growth: Saia Inc. achieved record second-quarter 2026 revenue of $956.5 million, up 17.1% year-over-year, alongside a 31.5% surge in net income to $94.3 million.
- Pricing & Rate Discipline: Performance was heavily propelled by strategic rate increases—including 10.7% contractual renewal increases, a 7.1% July GRI, and an underlying core yield growth of roughly 3%.
- Strong Operational Metrics: Operating income increased 26% to $125.2 million as the company’s operating ratio improved to 86.9%, backed by record shipment volumes, heavier freight weights, and a record-low cargo claims ratio of 0.3%.
- Network Expansion Investments: Results reflect early returns on $2 billion in capital deployed since 2022 to expand real estate and fleet capacity, including five new terminals opened during the quarter.
Strong pricing traction, strategic rate increases, and network expansion propelled less-than-truckload (LTL) carrier Saia (CCJ Top 250, No. 18) to record second-quarter 2026 financial results, offsetting lingering economic headwinds and climbing labor costs.
The Johns Creek-based carrier record quarterly revenue of $956.5 million, a 17.1% jump from $817.1 million in the second quarter of 2025. Net income surged 31.5% to $94.3 million, up from $71.4 million a year earlier.
Pricing dynamics and yield metrics drive performance
Rate management was key to Saia’s Q2 gains. Contractual renewals held strong at 10.7% for both June and the entire second quarter, while revenue per shipment (excluding fuel surcharges) accelerated throughout the period—climbing 4% in June compared to April.
Reported yield (revenue per hundredweight, excluding fuel) dipped 2.2% due to a 3.9% increase in average shipment weight, but management emphasized on a call with investors Thursday that core pricing power remains robust. Adjusting for heavier shipment weights, shorter lengths of haul, and mix headwinds in the high-revenue Los Angeles market, Saia’s underlying core yield (excluding fuel) grew roughly 3% year-over-year.
"Our results were driven by continued focus on pricing and mix optimization, healthy volume trends, and strong operational execution," said Executive Vice President and CFO Matt Batteh. Batteh noted that Saia’s base rates remain competitive relative to industry peers, providing ongoing runway for core price capture as the company leverages its national footprint.
Service quality supports higher price points
Saia executives stressed that their ability to command firmer rates rests directly on service reliability. During the quarter, the carrier posted a record-low cargo claims ratio of 0.3% and improved preventable accident metrics by more than 45% year-over-year.
Saia implemented a 7.1% General Rate Increase (GRI) in early July. While GRIs typically induce short-term shipment volatility, leadership reported strong initial customer acceptance.
"Customers expect high-quality service, and our record level investment over the last few years reflects our dedication to providing unique solutions," said Saia President and CEO Fritz Holzgrefe. "Our GRI is consistent with the quality of service we deliver and our expectation that pricing appropriately reflects that value."
Key operating metrics for the second quarter included:
- Operating income: Rose 26.0% year-over-year to $125.2 million.
- Operating ratio (OR): Improved 90 basis points year-over-year to 86.9%. Sequentially, OR improved 480 basis points from Q1, far outperforming standard seasonal trends of 250 to 300 basis points.
- Workday volumes: LTL shipments per workday rose 4.4%, while LTL tonnage per workday increased 8.4%.
Cost inflation and long-term outlook
The yield and rate gains helped absorb notable cost pressures. Total operating expenses rose 15.8% to $831.3 million, driven by a 50.3% increase in diesel prices, higher purchased transportation rates, and an 11.1% increase in salaries and benefits stemming from a company-wide wage hike implemented in October 2025.
Despite absorbing a second broad wage increase on July 1, management expects solid pricing execution to maintain momentum into the third quarter.
Saia strengthened its financial flexibility during the quarter, ending with $84 million in cash and reducing total debt to $100.1 million from $309.1 million at mid-year 2025. Net capital expenditures for 2026 are projected between $350 million and $400 million.
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