Saia Reports 2.7% Tonnage Decline in February with 3% Weight Drop
Saia’s tonnage fell 2.7% year over year in February, improving from January’s 7% decline, driven by a 0.3% increase in daily shipments offset by a 3% drop in weight per shipment. Two-year stacked tonnage was up 9.5% and contract renewal pricing rose 5.9%.
1. Tonnage Trends
Saia’s February tonnage declined 2.7% year over year, an improvement from January’s 7% drop, supported by easing prior-year comparisons that were in the low-double-digit range in early 2025.
2. Shipment Metrics
Daily shipments rose 0.3% in February while weight per shipment fell 3.0%, leading to a net tonnage decline despite higher package counts.
3. Pricing and Margins
Contract renewal pricing increased 5.9% in February after a 6.6% gain in January, helping offset margin pressures from new terminal openings and typical first-quarter operating ratio shifts.
4. Outlook and Capacity
The company forecasts 100 to 200 basis points of year-over-year operating ratio improvement in 2026, driven by modest volume and yield growth and stabilization of 39 recently opened terminals.