Q2 2026 Saia Inc Earnings Call Transcript
Key Points
- Record quarterly revenue of $956 million, up 17.1% year-over-year, driven by strong shipment and tonnage growth.
- Operating ratio improved to 86.9% from 87.8% a year ago, with a 480 basis point sequential improvement from Q1 2026.
- Record low cargo claims ratio of 0.3% and significant improvements in safety metrics, including a 45% increase in miles between preventable accidents.
- Successful execution of pricing and mix management, with June revenue per shipment (ex-fuel) up about 4% year-over-year and contractual renewals averaging 10.7%.
- Strong free cash flow generation and balance sheet strength, with $84 million cash on hand and reduced debt to $100 million.
- Elevated fuel costs and purchase transportation expenses increased 47.3% year-over-year, pressuring margins.
- Headwinds from the Los Angeles region, where shipments per workday were down about 2.5% year-over-year, impacting overall yield.
- Two wage increases (October 2025 and July 2026) are expected to pressure operating ratio by about 100 basis points in Q3 2026.
- July shipment volumes are tracking up only about 1% year-over-year, partly due to volatility from the 7.1% GRI implementation.
- Newer terminals (opened in 2023-2024) still operate in the low 90s OR, indicating room for improvement to reach legacy terminal performance.
Good morning. My name is Gary, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2026 Saia Incorporated earnings conference call. (Operator Instructions) Please note this event is being recorded.
I will now turn the call over to Matthew Batteh, Executive Vice President and Chief Financial Officer. Please go ahead.
Thank you, Gary. Good morning, everyone. Welcome to Saia's second-quarter 2026 conference call. With me for today's call is Saia's President and Chief Executive Officer, Fritz Holzgrefe.
Before we begin, you should know that during this call we may make some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all other statements that might be made on this call that are not historical facts are subject to a number of risks and uncertainties and actual results may differ materially. We refer you to our
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