Saia, Inc. (Nasdaq: SAIA), a leading transportation provider offering national less-than-truckload (LTL), non-asset truckload, expedited and logistics services, today reported second quarter 2025 financial results. Diluted earnings per share for the quarter were $2.67 compared to $3.83 in the second quarter of 2024.

Highlights from the second quarter operating results were as follows:

Second Quarter 2025 Compared to Second Quarter 2024 Results

• Revenue was $817.1 million, a 0.7% decrease

• Operating income was $99.4 million, a 27.8% decrease

• Operating ratio of 87.8% compared to 83.3%

• LTL shipments per workday decreased 2.8%

• LTL tonnage per workday increased 1.1%

• LTL revenue per hundredweight, excluding fuel surcharge revenue, decreased 1.2%

• LTL revenue per shipment, excluding fuel surcharge revenue, increased 2.7%

Saia President and CEO, Fritz Holzgrefe, commented on the quarter stating, "I was pleased with our team's ability to focus on what was within our control in the second quarter. Our continued emphasis on taking care of the customer in all of our markets, mix management, and managing costs to adjust to current volume trends demonstrated our ability to navigate a dynamic backdrop."

Executive Vice President and CFO, Matt Batteh, noted that, "Our customer first focus is yielding tangible results, especially in our newer markets, as our facilities opened for less than three years continue to lead the charge in volume and revenue growth. We continued to see improvements in operational efficiencies throughout Q2, demonstrating the value of our long-term strategy of getting closer to the customer and building density in the network."

Financial Position and Capital Expenditures

We ended the second quarter of 2025 with $18.8 million of cash on hand and total debt of $309.1 million, which compares to $11.2 million of cash on hand and total debt of $176.7 million at June 30, 2024.

Net capital expenditures were $375.6 million during the first six months of 2025, compared to $681.3 million in net capital expenditures during the first six months of 2024. In 2025, we anticipate that net capital expenditures will be approximately $600 million to $650 million, subject to ongoing evaluation of market conditions.

Conference Call

Management will hold a conference call to discuss quarterly results today at 10:00 a.m. Eastern Time. To participate in the call, please dial 1-877-317-6789 and request to join the Saia, Inc. call. Callers should dial in five to ten minutes in advance of the conference call. This call will be webcast live via the Company website at www.saia.com/about-us/investor-relations/financial-releases. A replay of the call will be offered two hours after the completion of the call through August 25, 2025 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-877-344-7529 referencing conference ID #9136263.