UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 0-49983 Saia, Inc. (Exact name of registrant as specified in its charter) | Delaware | 48-1229851 | | --- | --- | | (State of Incorporation) | (I.R.S. Employer | 11465 Jo ...

Core Insights - Saia Inc. continues its partnership with Joe Gibbs Racing (JGR) for the 2026 NASCAR Cup Series season, serving as the primary sponsor for eight races, including seven for Ty Gibbs and one for Christopher Bell [1][2] Company Overview - Saia Inc. provides a comprehensive range of transportation solutions, including less-than-truckload, non-asset truckload, expedited, and logistics services, operating 213 terminals across the U.S., Canada, and Mexico [3][6] - The company has been recognized for its safety record by the American Trucking Associations and for its environmental efforts by the EPA's SmartWay program [6] Partnership Details - The partnership with JGR is aimed at enhancing brand awareness and reinforcing Saia's commitment to performance and reliability in the logistics sector [2][5] - The first race as a primary sponsor will take place on February 22 at EchoPark Speedway, with additional races scheduled throughout the season at various prominent tracks [2] Joe Gibbs Racing Overview - JGR has established itself as a leading team in NASCAR, with five Cup Series championships and over 400 national series victories since its founding in 1992 [4] - Ty Gibbs, a rising star in NASCAR, has achieved significant milestones, including winning the 2021 ARCA Menards Series and the 2022 Xfinity Series championships, and earning the Sunoco Rookie of the Year honors in 2023 [4]

Core Viewpoint - Saia, Inc. is a trucking company specializing in less-than-truckload (LTL) freight shipments, which allows for the transportation of smaller freight from multiple customers across the country [1] Company Overview - Saia, Inc. operates in the trucking industry, focusing on LTL shipments, which are characterized by not being filled by a single customer [1] Investment Focus - The analysis emphasizes a focus on small- to mid-cap companies, which are often overlooked by investors, while also occasionally reviewing large-cap companies for a broader market perspective [1]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Saia, Inc. and raises its price target from $370 to $403 despite the company's financial challenges [1][6] Financial Performance - Saia reported a diluted earnings per share (EPS) of $1.77 for Q4 2025, down from $2.84 in Q4 2024, and a full-year diluted EPS of $9.52, down from $13.51 in 2024 [2][6] - The adjusted diluted EPS, excluding a net gain on real estate, was $9.11 for the full year of 2025 [2] Revenue and Operating Metrics - Revenue for Q4 2025 was $790 million, reflecting a slight increase of 0.1% compared to the previous year [3] - Operating income decreased significantly by 36.9%, totaling $64 million, and the operating ratio increased to 91.9% from 87.1% in Q4 2024, indicating higher operating costs relative to revenue [3][6] Stock Performance - The stock price of SAIA is currently at $381.64, having decreased by 6.83% or $27.96 on the day, with a trading range between $375 and $396.44 [4] - Over the past year, the stock has fluctuated between a high of $507.39 and a low of $229.12, with a market capitalization of approximately $10.17 billion [4] Operational Challenges - Saia experienced a decrease in LTL shipments per workday by 0.5% and LTL tonnage per workday by 1.5%, reflecting challenges in maintaining shipment volumes [5]

Core Viewpoint - Saia, Inc. reported mixed financial results for Q4 2025, with a significant EPS miss but revenue exceeding expectations, indicating operational challenges despite steady sales performance. Financial Performance - The company reported earnings per share (EPS) of $1.77, below the estimated $1.90, and down from $2.84 in the same quarter last year, reflecting a negative surprise of 6.77% [2][6] - Revenue for the quarter was approximately $790 million, surpassing the estimated $773.8 million and the Zacks Consensus Estimate of $780.61 million, resulting in a positive surprise of 1.2% [3][6] - Operating income decreased by 36.9% to $64 million, and the operating ratio worsened to 91.9% from 87.1% in the previous year, indicating operational challenges [4] Operational Metrics - LTL shipments and tonnage per workday declined by 0.5% and 1.5%, respectively, suggesting the need for Saia to address operational issues to improve profitability [4] Valuation Metrics - Saia has a price-to-earnings (P/E) ratio of approximately 36.67 and a price-to-sales ratio of about 3.20, reflecting the market's valuation of its earnings and revenue [5] - The company maintains a low debt-to-equity ratio of 0.14, indicating a conservative approach to debt and a strong capital structure [5]

Less-than-truckload carrier Saia said it sees more tailwinds than headwinds facing its business in the new year. The company has opened 39 terminals in the past three years, making it a true national carrier. However, costs associated with ramping the new locations were again an overhang on quarterly results. The Johns Creek, Georgia-based company reported fourth-quarter earnings per share of $1.77 on Tuesday before the market opened. The result was 38% lower year over year and 14 cents below the consens ...

Group 1 - Saia has invested over $2 billion in the last three years to expand its network, resulting in a nationwide network that has been fully operational for one year, with parts of the network achieving operating ratios (ORs) in the upper 70% range [3][6] - The company's core business operations met expectations for the quarter, although elevated self-insurance costs from prior accidents amounted to approximately $4.7 million [4] - Many new terminals opened by Saia have operating ratios in the mid to upper 90s, indicating challenges in achieving operational efficiency [4][5] Group 2 - The operating ratio for Saia worsened to 91.9% in Q4 2025, which is less favorable than the typical Q1 profitability levels, with annual operating income at $337 million representing a 30% decrease [7] - Despite current challenges, Saia plans to grow its terminal network to 230 facilities and aims to achieve an overall operating ratio in the 70% range [7]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached a record $790 million, a slight increase of 0.1% compared to the previous year [10][14] - Adjusted operating ratio for the fourth quarter was 91.9%, deteriorating from 87.1% a year ago due to increased self-insurance costs [17][18] - Diluted earnings per share decreased to $1.77 from $2.84 in the same quarter last year [18] - Operating income for the full year 2025 was $352.2 million, with an adjusted operating income of $337.7 million [18] Business Line Data and Key Metrics Changes - Shipments per day decreased by 0.5% year-over-year, while tonnage per day declined by 1.5% [9] - Revenue per shipment excluding fuel surcharge decreased by 0.5% to $297.57 [14] - Despite volume declines, revenue per shipment excluding fuel surcharge increased by 1.1% sequentially from the third quarter [11] Market Data and Key Metrics Changes - Southern California region experienced an 18% volume decline compared to the prior year, impacting overall revenue [10] - The company reported a cargo claims ratio of 0.47% for the fourth quarter, a record low [12] Company Strategy and Development Direction - The company has invested over $2 billion in capital over the last three years to expand its national network, which is expected to drive future growth [7][23] - Focus on optimizing network performance through technology investments and enhancing customer service capabilities [23][24] - The company aims to achieve a return on its investments while continuing to manage inflationary costs [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market share gains despite a challenging macroeconomic environment [5][22] - The company anticipates that improvements in macroeconomic conditions could lead to better performance in 2026 [24] - Management noted that while inflationary pressures remain, ongoing investments in safety and technology are expected to mitigate some costs [20][22] Other Important Information - The company reported a 21% reduction in preventable accident frequency and a 10% decline in lost-time injuries year-over-year [20] - The company has excess capacity of approximately 20%-25% in its network, positioning it well for future volume increases [77] Q&A Session Summary Question: Can you discuss monthly tonnage data and its impact on sequential margin seasonality? - Management provided monthly shipment data, indicating fluctuations in tonnage and shipments, with expectations for improved performance in Q1 [28][29] Question: What is the tonnage backdrop for the expected operating ratio improvement? - Management indicated that positive macro data could lead to tonnage growth, contributing to improved operating ratios [37][38] Question: How do new terminals impact profitability and operating ratios? - New terminals are currently a drag on overall operating ratios but are expected to improve as they mature [44][46] Question: What is the overall pricing environment and how does it relate to customer recognition of investments? - Management emphasized the importance of maintaining pricing initiatives and noted that the national network enhances customer retention [52][56] Question: What are the expectations for tonnage and pricing in a flat market? - Management believes that even in a flat market, the company can gain market share through its national network and service quality [92][93]

Financial Data and Key Metrics Changes - Fourth quarter revenue reached a record $790 million, a slight increase of 0.1% compared to the previous year [10][14] - Adjusted operating ratio for the fourth quarter was 91.9%, deteriorating from 87.1% a year ago, primarily due to increased self-insurance costs [7][18] - Diluted earnings per share for the fourth quarter were $1.77, down from $2.84 in the same quarter last year [18] Business Line Data and Key Metrics Changes - Shipments per day decreased by 0.5% year-over-year, while tonnage per day declined by 1.5% compared to the fourth quarter of 2024 [9] - Revenue per shipment, excluding fuel surcharge, decreased by 0.5% to $297.57 [14] - Despite volume declines, revenue per shipment excluding fuel surcharge increased by 1.1% sequentially from the third quarter [11] Market Data and Key Metrics Changes - Southern California region experienced an 18% volume decline compared to the prior year, impacting revenue by an estimated $4 million for the quarter [10][11] - The company reported a cargo claims ratio of 0.47% for the fourth quarter, a record low [12] Company Strategy and Development Direction - The company has invested over $2 billion in capital over the last three years to expand its national network, which is expected to drive long-term growth [7][23] - The focus remains on optimizing network performance and enhancing customer service through technology investments [24][25] - The company aims to achieve a return on its investments while continuing to manage inflationary costs [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for market share gains and improved operating ratios as macroeconomic conditions stabilize [22][24] - The company is prepared for a potential uplift in demand, with excess capacity of approximately 20%-25% in its system [77] - Management noted that while the macro environment remains uncertain, they are positioned to capitalize on opportunities as they arise [22][24] Other Important Information - The company reported a 6.1% increase in fuel surcharge revenue, which constituted 15% of total revenue [14] - Total operating expenses increased by 5.6% in the fourth quarter, driven by rising salaries, wages, and benefits [17] Q&A Session Summary Question: Can you discuss monthly tonnage data and its impact on sequential margin seasonality? - Management provided monthly shipment data, indicating fluctuations in tonnage and shipments, with expectations for improved performance in Q1 [28][29] Question: What is the tonnage backdrop for the expected operating ratio improvement? - Management indicated that positive macro data could lead to tonnage growth, contributing to improved operating ratios [37][38] Question: How do new terminals impact profitability and operating ratios? - New terminals are currently a drag on overall operating ratios but are expected to improve as they mature [44][46] Question: What is the overall pricing environment and how does it relate to customer recognition of investments? - Management emphasized the importance of maintaining pricing initiatives and noted that the national network enhances their value proposition [52][56] Question: What are the expectations for tonnage and pricing in a flat freight market? - Management believes they can continue to gain market share through strong service and customer relationships, even in a flat market [92][93]

Financial Data and Key Metrics Changes - The fourth quarter revenue reached a record $790 million, reflecting a 0.1% increase compared to the prior year [11] - The operating ratio for the fourth quarter increased to 91.9%, up from 87.1% a year ago, primarily due to increased operating expenses [15][16] - Diluted earnings per share decreased to $1.77 from $2.84 in the same quarter last year [16] Business Line Data and Key Metrics Changes - Shipments per day decreased by 0.5% year-over-year, while tonnage per day declined by 1.5% compared to the fourth quarter of 2024 [7] - Revenue per shipment, excluding fuel surcharge, decreased by 0.5% to $297.57 [11] - The Southern California region experienced an 18% volume decline, resulting in an estimated $4 million revenue reduction for the quarter [8] Market Data and Key Metrics Changes - The company reported a 6.6% increase in contractual renewals in January 2026, indicating strong customer acceptance trends [7] - Despite a challenging demand environment, the company saw a 21% reduction in preventable accident frequency and a 10% decline in lost-time injuries, reflecting improvements in safety metrics [6][18] Company Strategy and Development Direction - The company has invested over $2 billion in capital over the last three years to expand its national network, which is expected to drive long-term profitable growth [5][22] - The focus remains on leveraging the national network to enhance service quality and operational efficiency, with an emphasis on technology investments [22][23] - The company aims to ensure appropriate compensation for its investments as it continues to scale its operations [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for improved performance in 2026, even if macroeconomic conditions remain soft [23] - The company is focused on core execution and believes it can continue to gain market share in a flat market by providing high-quality service [91] - Management noted that the operational challenges faced in January due to weather conditions are expected to normalize, with a positive outlook for the remainder of the quarter [83][88] Other Important Information - The company reported a cargo claims ratio of 0.47% for the fourth quarter, a record low, indicating effective risk management and operational performance [10] - Total operating expenses increased by 5.6% in the quarter, driven by rising self-insurance costs and employee-related expenses [15] Q&A Session Summary Question: Can you discuss monthly tonnage data and its impact on margin seasonality? - Management provided monthly shipment data, indicating fluctuations in tonnage and shipments, with expectations for improved performance in Q1 [26][27] Question: What is the tonnage backdrop for the 100-200 basis points improvement mentioned? - Management indicated that positive macro data could lead to tonnage growth, contributing to the expected operating ratio improvement [36][37] Question: How do new terminals impact profitability and operating ratio? - New terminals are currently a drag on the overall operating ratio but are expected to improve as they mature and contribute to revenue growth [44][45] Question: What is the pricing environment and how does it relate to customer recognition of investments? - Management emphasized the importance of maintaining pricing discipline and noted that the national network enhances the value proposition for customers [51][54] Question: How does the company plan to manage costs and capacity? - Management indicated that they have excess capacity to absorb additional volume and are focused on managing costs effectively [75][76]