Saia Posts Record Quarter on Heavier Freight and Better Service

Service is the story Saia wants told. Contractual renewals averaged 10.8 percent in the quarter, which president and CEO Fritz Holzgrefe attributed to the company's "consistent execution on services and claims." The cargo claims ratio hit a record 0.3 percent, improving more than 40 percent from a year ago. "No one's really excited about a rate increase," Holzgrefe said. "But if you're delivering a very high level of service, you have an opportunity to be in that conversation."

The network behind that service keeps growing. Saia has added 45 terminals since 2022 and relocated or expanded more than 25 others, lifting door count by about 32 percent and tractor and trailer capacity by more than 35 percent. The network now totals 219 terminals. More than 60 percent of U.S. zip codes now sit within 50 miles of a Saia terminal, compared with about 35 percent in 2017. The carrier's REV initiative improved transit times on more than 2,000 lanes and includes what executives described as the industry's first automated guaranteed 10 a.m. delivery.

Cost pressures are real. Fuel expense surged 55.2 percent year over year, reflecting a 48.1 percent jump in the national average diesel price. Salaries, wages and benefits rose 11.6 percent, though total headcount grew just 0.4 percent. The operating ratio was 87.6 percent, versus 85.9 percent in the third quarter of 2025. Truck and rail purchased transportation accounted for 15.7 percent of linehaul miles, up from 12 percent a year ago, with rail representing nearly 39 percent.

Looking at the fourth quarter, October shipments were up about 2 percent and tonnage about 10 percent year over year, in line with seasonal expectations. The 7.1 percent general rate increase implemented in early July continues to perform well, according to executives — and with service metrics like these, shippers are paying it.