Saia Reports Third Quarter 2026 Results

Saia Reports Third Quarter 2026 Results Announces $250 Million Stock Repurchase Authorization JOHNS CREEK, GA – October 29, 2026 – Saia, Inc. (Nasdaq: SAIA) today reported third quarter 2026 financial results. Diluted earnings per share for the quarter were $3.41 compared to $3.22 in the third quarter of 2025. Excluding a 2025 net gain on real estate recorded in the third quarter of 2025, adjusted diluted earnings per share1 were $2.81 in the third quarter of 2025. Saia also announced that its Board of Directors has authorized the repurchase of up to $250 million of Saia’s common stock. Third Quarter 2026 Compared to Third Quarter 2025 Results • Revenue was a company record of $982.5 million, an increase of 17.0% • LTL tonnage per workday was a record, and an increase of 8.9% • LTL revenue per shipment, excluding fuel surcharge revenue, increased 5.8% • LTL shipments per workday increased 0.8% • Operating income was $122.3 million, an increase of 3.1% compared to $118.6 million in the third quarter of 2025 and an increase of 17.5% compared to adjusted operating income1 of $104.1 million in the prior-year period • Operating ratio of 87.6% compared to 85.9% in the third quarter of 2025, or 87.6% on an adjusted basis1 in the prior-year period Saia President and CEO, Fritz Holzgrefe, said, “Our team delivered solid third quarter performance, which included record revenue and tonnage per workday. Revenue per shipment, excluding fuel surcharge, increased 5.8% compared with the third quarter of last year, reflecting continued progress in pricing and mix optimization. We continue to execute our long-term strategy to build a leading national LTL carrier. Investments in our network, people, equipment and technology are strengthening our customer value proposition and further positioning Saia to deliver sustained, profitable growth and long-term value for stockholders.” Executive Vice President and CFO, Matt Batteh, said, “Our consistent execution and continued investment in the business are translating into measurable results, including market share gains, improved service and strong free cash flow generation. Year to date, we have generated more than $240 million in free cash flow1, providing the financial flexibility to support profitable growth while positioning us to return capital Saia, Inc. Third Quarter 2026 Results Page 2 to stockholders. The strength of our business further supports our disciplined capital allocation strategy, including our Board authorization to repurchase up to $250 million of Saia common stock.” Financial Position and Capital Expenditures Saia ended the third quarter of 2026 with $202.5 million of cash on hand and $100.0 million of total debt, compared to $35.5 million of cash on hand and $219.2 million of total debt at September 30, 2025. Net capital expenditures were $235.9 million during the first nine months of 2026, compared to $446.1 million in net capital expenditures during the first nine months of 2025. For full-year 2026, the Company expects that net capital expenditures will be approximately $350 million, subject to ongoing evaluation of market conditions. Stock Repurchase Authorization Saia today announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $250 million of its outstanding common stock. The program is effective immediately and permits shares of common stock to be repurchased from time to time at management’s discretion through a variety of methods, including a 10b5-1 trading plan, open market purchases, privately negotiated transactions, or other transactions permitted by applicable securities laws and regulations. The timing and amount of repurchases will depend on market conditions and other factors, including business conditions, alternative investment opportunities, funding considerations, and other matters considered relevant by management and the Board. The stock repurchase program has no expiration date, does not obligate the Company to acquire a specified number of shares and may be suspended, modified or terminated by the Company at any time, without prior notice. Conference Call and Investor Presentation Management will hold a conference call to discuss this release today at 10:00 a.m. Eastern Time. In connection, a supplemental investor presentation will be available on the company’s website at www.saia.com/about-us/investor-relations. To participate in the call, please dial 1-833-890-5317 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 November 29, 2026 at 11:59 P.M. Eastern Time. The replay will be available by dialing 1-855-669-9658 referencing conference ID #3959947. Saia, Inc. (NASDAQ: SAIA) offers customers a wide range of less-than-truckload, brokered truckload, expedited transportation and other logistics services. With headquarters in Georgia, Saia LTL Freight operates 219 terminals with national service. For more information on Saia, Inc. visit the Investor Relations section at www.saia.com/about-us/investor-relations. Saia, Inc. Third Quarter 2026 Results Page 3 Cautionary Note Regarding Forward-Looking Statements The Securities and Exchange Commission encourages companies to disclose forward-looking information so that investors can better understand the future prospects of a company and make informed investment decisions. This news release may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “may,” “plan,” “predict,” “believe,” “should,” “potential” and similar words or expressions are intended to identify forward-looking statements. Investors should not place undue reliance on forward-looking statements and the Company undertakes no obligation to publicly update or revise any forward-looking statements, except as required by law. All forward-looking statements reflect the present expectation of future events of our management as of the date of this news release and are subject to a number of important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those described in any forward-looking statements. These factors, risks, uncertainties and assumptions include, but are not limited to, (1) general economic conditions including downturns or inflationary periods in the business cycle; (2) operation within a highly competitive industry and the adverse impact from downward pricing pressures, including in connection with fuel surcharges, and other factors; (3) industry-wide external factors largely out of our control; (4) cost and availability of qualified drivers, dock workers, mechanics and other employees, purchased transportation and fuel; (5) inflationary increases in expenses and corresponding reductions of profitability; (6) cost and availability of diesel fuel and fuel surcharges; (7) cost and availability of insurance coverage and claims expenses and other expense volatility, including for personal injury, cargo loss and damage, workers’ compensation, employment and group health plan claims; (8) failure to successfully execute the strategy to expand our service geography; (9) unexpected liabilities resulting from the acquisition of real estate assets; (10) costs and liabilities from the disruption in or failure of our technology or equipment essential to our operations, including as a result of cyber incidents, security breaches, malware or ransomware attacks; (11) risks arising from remote work, including increased risk of related cybersecurity incidents; (12) failure to keep pace with technological developments; (13) liabilities and costs arising from the use of artificial intelligence; (14) labor relations, including the adverse impact should a portion of our workforce become unionized; (15) cost, availability and resale value of real property and revenue equipment; (16) supply chain disruption and delays on new equipment delivery; (17) changes in U.S. trade policy and the impact of tariffs; (18) capacity and highway infrastructure constraints; (19) risks arising from international business operations and relationships; (20) seasonal factors, harsh weather and disasters caused by climate change; (21) the creditworthiness of our customers and their ability to pay for services; (22) our need for capital and uncertainty of the credit markets; (23) the possibility of defaults under our debt agreements, including violation of financial covenants; (24) inaccuracies and changes to estimates and assumptions used in preparing our financial statements; (25) dependence on key employees; (26) employee turnover from changes to compensation and benefits or market factors; (27) increased costs of healthcare benefits; (28) damage to our reputation from adverse publicity, including from the use of or impact from social media; (29) failure to achieve acquisition synergies or disruption to our business due to such acquisitions; (30) the effect of litigation and class action lawsuits arising from the operation of our business, including the possibility of claims or judgments in excess of our insurance coverages or that result in increases in the cost of insurance coverage or that preclude us from obtaining adequate insurance coverage in the future; (31) the potential of higher corporate taxes and new regulations, including with respect to climate change, employment and labor law, healthcare and securities regulation; (32) unforeseen costs from new and existing data privacy laws; (33) the effect of governmental regulations, including hours of service and licensing compliance for drivers, Saia, Inc. Third Quarter 2026 Results Page 4 engine emissions, the Compliance, Safety, Accountability (CSA) initiative, regulations of the Food and Drug Administration and Homeland Security, and healthcare and environmental regulations; (34) changes in accounting and financial standards or practices; (35) widespread outbreak of an illness or any other communicable disease; (36) international conflicts and geopolitical instability; (37) evolving stakeholder expectations regarding environmental and social issues; (38) government shutdown or failure to fund services; (39) provisions in our governing documents and Delaware law that may have anti-takeover effects; (40) issuances of equity that would dilute stock ownership; (41) weakness, disruption or loss of confidence in financial or credit markets; and (42) other financial, operational and legal risks and uncertainties detailed from time to time in the Company’s SEC filings. As a result of these and other factors, no assurance can be given as to our future results and achievements. Accordingly, a forward-looking statement is neither a prediction nor a guarantee of future events or circumstances and those future events or circumstances may not occur. You should not place undue reliance on the forward-looking statements, which speak only as of the date of this news release. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law. Saia, Inc. Third Quarter 2026 Results Page 5 1 Non-GAAP Financial Disclosure and Reconciliation: From time to time we supplement the reporting of our financial information determined under generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures. These include “adjusted” total operating expenses, “adjusted” operating income, “adjusted” diluted earnings per share, free cash flow and “adjusted” operating ratio. The Company’s management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A gain from the sale of a terminal of $16.4 million and a loss on real estate impairment of $1.9 million was recorded during the third quarter of 2025. This resulted in a decrease in operating expenses and an increase in operating income of $14.5 million and an increase in diluted earnings per share of $0.41. The transactions increased diluted earnings per share by $0.54 on a pre-tax basis, partially offset by related income tax expense of $0.13. Additionally, this produced an improvement of 170 basis points in the operating ratio for the third quarter of 2025. The terminal sale occurred as the result of management’s efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company’s overall strategy. The impairment loss came as a result of management's continued assessment of the recoverability of property and equipment. Saia, Inc. Third Quarter 2026 Results Page 6 Saia, Inc. and Subsidiaries Reconciliation of Certain GAAP and Non-GAAP Statement of Operations and Statement of Cash Flows Items, Ratios and Operating Data For the Quarters and Nine Months Ended September 30, 2026 and 2025 (Amounts in thousands, except per share data and operating ratio) (Unaudited) Third Quarter Nine Months 2026 2025 2026 2025 Total operating expenses (GAAP) $ 860,163 $ 721,034 $ 2,430,865 $ 2,156,157 Add: Net total operating expense impact of Gain on Real Estate Disposal and Impairment of Real Estate - 14,503 - 14,503 Adjusted total operating expenses (Non-GAAP) $ 860,163 $ 735,537 $ 2,430,865 $ 2,170,660 Operating Income (GAAP) $ 122,291 $ 118,610 $ 314,309 $ 288,177 Less: Net Operating Income impact of Gain on Real Estate Disposal and Impairment of Real Estate - (14,503 ) - (14,503 ) Adjusted operating income (Non-GAAP) $ 122,291 $ 104,107 $ 314,309 $ 273,674 Diluted earnings per share (GAAP) $ 3.41 $ 3.22 $ 8.79 $ 7.75 Less: Net Diluted earnings per share impact of Gain on Real Estate Disposal and Impairment of Real Estate (1) - (0.41 ) - (0.41 ) Adjusted diluted earnings per share (Non-GAAP) $ 3.41 $ 2.81 $ 8.79 $ 7.34 Net cash provided by operating activities (GAAP) $ 480,755 $ 457,665 Less: Acquisition of property and equipment (239,443 ) (467,814 ) Add: Proceeds from disposal of property and equipment 3,558 21,736 Free cash flow (Non-GAAP) $ 244,870 $ 11,587 Operating Ratio (2) 87.6 % 85.9 % 88.6 % 88.2 % Add: Net Operating Ratio impact of Gain on Real Estate Disposal and Impairment of Real Estate - 1.7 % - 0.6 % Adjusted operating ratio 87.6 % 87.6 % 88.6 % 88.8 % (1) The transactions increased diluted earnings per share by $0.54 on a pre-tax basis, partially offset by related income tax expense of $0.13. (2) Operating Ratio is total operating expenses divided by operating revenue, using the underlying unrounded amounts. # # # CONTACT: Saia, Inc. Matthew Batteh Executive Vice President and Chief Financial Officer Investors@saia.com Saia, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Amounts in thousands) (Unaudited) September 30, 2026 December 31, 2025 Assets Current Assets: Cash and cash equivalents $202,521 $19,720 Accounts receivable, net 437,747 332,206 Prepaid expenses and other 68,452 82,630 Total current assets 708,720 434,556 Property and Equipment: Cost 4,412,038 4,259,438 Less: accumulated depreciation 1,512,468 1,415,087 Net property and equipment 2,899,570 2,844,351 Operating Lease Right-of-Use Assets 171,150 150,301 Other Assets 71,203 53,473 Total assets $3,850,643 $3,482,681 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable $163,132 $107,424 Wages, vacation and employees' benefits 93,440 50,723 Other current liabilities 99,422 78,362 Current portion of long-term debt – 980 Current portion of operating lease liability 30,706 27,895 Total current liabilities 386,700 265,384 Other Liabilities: Long-term debt, less current portion 100,000 163,000 Operating lease liability, less current portion 132,659 113,119 Deferred income taxes 307,103 284,370 Claims, insurance and other 102,270 79,109 Total other liabilities 642,032 639,598 Stockholders' Equity: Common stock 27 27 Additional paid-in capital 316,870 307,605 Deferred compensation trust (9,715) (9,088) Retained earnings 2,514,729 2,279,155 Total stockholders' equity 2,821,911 2,577,699 Total liabilities and stockholders' equity $3,850,643 $3,482,681 Saia, Inc. and Subsidiaries Condensed Consolidated Statements of Operations For the Quarters and Nine Months Ended September 30, 2026 and 2025 (Amounts in thousands, except per share data) (Unaudited) Third Quarter Nine Months 2026 2025 2026 2025 Operating Revenue $982,454 $839,644 $2,745,174 $2,444,334 Operating Expenses: Salaries, wages and employees' benefits 447,708 401,058 1,275,389 1,181,289 Purchased transportation 90,410 59,329 239,718 176,877 Fuel, operating expenses and supplies 212,703 165,727 584,935 494,032 Operating taxes and licenses 22,417 20,867 67,087 63,318 Claims and insurance 21,256 23,614 68,567 67,985 Depreciation and amortization 64,134 64,037 190,505 185,626 Other operating losses (gains), net 1,535 (13,598) 4,664 (12,970) Total operating expenses 860,163 721,034 2,430,865 2,156,157 Operating Income 122,291 118,610 314,309 288,177 Nonoperating (Income) Expenses: Interest expense 2,034 4,483 6,656 13,510 Interest income (1,159) (44) (1,539) (117) Other, net 36 (654) (2,698) (1,170) Nonoperating expenses, net 911 3,785 2,419 12,223 Income Before Income Taxes 121,380 114,825 311,890 275,954 Income Tax Provision 29,935 28,509 76,316 68,437 Net Income $91,445 $86,316 $235,574 $207,517 Weighted average common shares outstanding - basic 26,785 26,745 26,776 26,735 Weighted average common shares outstanding - diluted 26,815 26,790 26,807 26,784 Basic earnings per share $3.41 $3.23 $8.80 $7.76 Diluted earnings per share $3.41 $3.22 $8.79 $7.75 Saia, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows For the nine months ended September 30, 2026 and 2025 (Amounts in thousands) (Unaudited) Nine Months 2026 2025 Operating Activities: Net cash provided by operating activities $480,755 $457,665 Net cash provided by operating activities 480,755 457,665 Investing Activities: Acquisition of property and equipment (239,443) (467,814) Proceeds from disposal of property and equipment 3,558 21,736 Other 7,939 (8,394) Net cash used in investing activities (227,946) (454,472) Financing Activities: Borrowing (repayment) of revolving credit facility, net (63,000) 24,000 Proceeds from stock option exercises 427 2,463 Shares withheld for taxes (6,455) (8,534) Other financing activity (980) (5,095) Net cash (used in) provided by financing activities (70,008) 12,834 Net Increase (Decrease) in Cash and Cash Equivalents 182,801 16,027 Cash and Cash Equivalents, beginning of period 19,720 19,473 Cash and Cash Equivalents, end of period $202,521 $35,500 Saia, Inc. and Subsidiaries Financial Information For the Quarters Ended September 30, 2026 and 2025 (Unaudited) Third Quarter Third Quarter % Amount/Workday % 2026 2025 Change 2026 2025 Change Workdays 64 64 Operating ratio 87.6% 85.9% LTL tonnage (1) 1,722 1,581 8.9 26.91 24.70 8.9 LTL shipments (1) 2,351 2,333 0.8 36.73 36.45 0.8 LTL revenue/cwt. $27.66 $25.76 7.4 LTL revenue/cwt., excluding fuel surcharge $21.25 $21.72 (2.2) LTL revenue/shipment $405.27 $349.07 16.1 LTL revenue/shipment, excluding fuel surcharge $311.34 $294.35 5.8 LTL pounds/shipment 1,465 1,355 8.1 LTL average length of haul (2) 885 894 (1.0) (1) In thousands. (2) In miles. Note: LTL operating statistics exclude transportation and logistics services where pricing is generally not determined by weight. The LTL operating statistics also exclude the adjustment required for financial statement purposes in accordance with the Company's revenue recognition policy.