Saia Sees Q4 EPS Drop 37% to $1.77; Operating Ratio Hits 91.9%
Saia, Inc. posted Q4 2025 diluted EPS of $1.77, down from $2.84 a year earlier, as operating income fell 36.9% to $64.0 million and operating ratio rose to 91.9%. The company recorded $4.7 million in elevated self-insurance costs, while planning $350–400 million in 2026 capital expenditures.
1. Q4 2025 Performance
Saia reported Q4 revenue of $790.0 million, up 0.1% year-over-year, with diluted EPS of $1.77 versus $2.84 in Q4 2024. Operating income declined 36.9% to $64.0 million, pushing the operating ratio to 91.9%, while LTL shipments per workday fell 0.5%.
2. Full-Year 2025 Metrics
Full-year revenue climbed 0.8% to $3.2 billion as diluted EPS dropped to $9.52 from $13.51. Excluding a net gain on real estate, adjusted operating income decreased 30.0% to $337.7 million and the adjusted operating ratio rose to 89.6%, with LTL tonnage per workday up 2.5%.
3. Balance Sheet and 2026 Outlook
Saia ended Q4 with $19.7 million in cash and reduced total debt to $164.0 million. Net capital expenditures in 2025 were $544.1 million, and management plans $350–400 million in capex for 2026 to continue network investments.