Saia's operating income falls 4.8% as insurance costs surge; debt cut $179M, capex slashed 40%

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 28, 2025 · ~2 min read

Key Changes

• high

  Operating income declined 4.8% to $66.8M in Q1 2026, continuing a two-year downward trend from $117.9M in Q1 2024. Operating margin deteriorated to 91.7% from 91.1%, driven by group health insurance costs up $7.9M due to elevated claims activity and higher average claim costs—a structural cost pressure independent of volume growth.

  MD&A: Operating Income and Group Health Insurance verify on EDGAR →
• high

  Revenue growth decelerated to 2.4% from 4.3% prior year, driven primarily by fuel surcharge pass-through rather than volume or pricing gains. LTL shipments grew only 1.0% versus 2.9% prior year, and revenue per shipment excluding fuel declined 1.2% versus a 2.3% increase in Q1 2025, signaling weaker underlying demand and pricing power.

  MD&A: Revenue Growth Drivers verify on EDGAR →
• high

  Company slashed 2026 capex guidance to $350-400M from $650M planned for 2025, a 38-46% reduction signaling a material pullback in network expansion. Q1 2026 capex of $63.7M was down 68% year-over-year, reflecting moderated growth investments in response to softer demand and margin pressure.

  MD&A: Capital Expenditures verify on EDGAR →