Revenue growth has decelerated sharply to 2.4% in 2026Q1, while gross margins have experienced extreme volatility, falling from a peak of 21.9% in 2025Q4 to 8.4% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 3.25B | 3.23B | 3.21B | 2.88B | 2.79B | 2.29B | 1.82B | 1.79B | 1.65B | 1.4B | 1.25B | 1.22B | 1.27B | 1.14B | 1.1B | 1.03B | 902.66M | 849.14M | 1.03B | 976.12M | 874.74M | 754.04M | 645.37M | 827.36M | 775.44M | 771.58M | 789.01M | 594.51M | 407.96M |
| Revenue Growth % | 0.34% | 0.79% | 11.37% | 3.2% | 21.99% | 25.59% | 1.99% | 8.04% | 17.74% | 12.34% | 2.38% | -4.01% | 11.7% | 3.68% | 6.64% | 14.13% | 6.3% | -17.59% | 5.56% | 11.59% | 16.01% | 16.84% | -22% | 6.7% | 0.5% | -2.21% | 32.72% | 45.73% | - |
| Cost of Goods Sold | 2.65B | 2.47B | 2.56B | 2.28B | 2.2B | 1.84B | 1.54B | 1.54B | 1.42B | 1.23B | 1.09B | 1.07B | 1.11B | 1B | 977.44M | 931.95M | 831.99M | 232.02M | 325.37M | 266.57M | 286.72M | 242.75M | 195.91M | 252.29M | 210.16M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 76.34% | 79.92% | 79.21% | 78.83% | 80.26% | 84.42% | 86.03% | 86.09% | 87.54% | 87.24% | 87.38% | 87.48% | 88.09% | 88.96% | 90.46% | 92.17% | 27.32% | 31.58% | 27.31% | 32.78% | 32.19% | 30.36% | 30.49% | 27.1% | - | - | - | - |
| Gross Profit | 598.63M | 765.19M | 644.41M | 598.93M | 590.96M | 451.69M | 283.85M | 249.65M | 230.07M | 175.02M | 159.5M | 154.12M | 159.27M | 135.7M | 121.24M | 98.28M | 70.67M | 617.12M | 705.06M | 709.56M | 588.01M | 511.29M | 449.47M | 575.07M | 565.27M | 0 | 0 | 0 | 0 |
| Gross Margin % | 18.4% | 23.66% | 20.08% | 20.79% | 21.17% | 19.74% | 15.58% | 13.97% | 13.91% | 12.46% | 12.76% | 12.62% | 12.52% | 11.91% | 11.04% | 9.54% | 7.83% | 72.68% | 68.42% | 72.69% | 67.22% | 67.81% | 69.64% | 69.51% | 72.9% | - | - | - | - |
| Gross Profit Growth % | - | 18.74% | 7.59% | 1.35% | 30.83% | 59.13% | 13.7% | 8.51% | 31.45% | 9.73% | 3.49% | -3.23% | 17.36% | 11.93% | 23.37% | 39.06% | -88.55% | -12.47% | -0.63% | 20.67% | 15.01% | 13.75% | -21.84% | 1.73% | - | - | - | - | - |
| Operating Expenses | 248.81M | 412.99M | 162.25M | 138.44M | 120.47M | 116.55M | 103.53M | 97.07M | 88.89M | 80.31M | 80.37M | 64.14M | 73.58M | 61.29M | 62.51M | 70.13M | 58.57M | 620.81M | 714.91M | 671.39M | 538.02M | 460.85M | 408.63M | 542.18M | 538.04M | 755.84M | 767.35M | 565.83M | 385.86M |
| OpEx % of Revenue | - | 12.77% | 5.06% | 4.8% | 4.31% | 5.09% | 5.68% | 5.43% | 5.37% | 5.72% | 6.43% | 5.25% | 5.78% | 5.38% | 5.69% | 6.81% | 6.49% | 73.11% | 69.38% | 68.78% | 61.51% | 61.12% | 63.32% | 65.53% | 69.39% | 97.96% | 97.25% | 95.18% | 94.58% |
| Selling, General & Admin | 46.44M | 1.58B | 77.65M | 67.98M | 56.6M | 61.34M | 49.76M | 43.07M | 38.42M | 37.16M | 39.63M | 26.83M | 37.56M | 25.49M | 24.71M | 32.07M | 21.87M | 486.47M | 537.86M | 527.03M | 530.13M | 463.68M | 407.19M | 516.5M | 462.37M | 0 | 0 | 0 | 0 |
| SG&A % of Revenue | - | 48.85% | 2.42% | 2.36% | 2.03% | 2.68% | 2.73% | 2.41% | 2.32% | 2.65% | 3.17% | 2.2% | 2.95% | 2.24% | 2.25% | 3.11% | 2.42% | 57.29% | 52.2% | 53.99% | 60.6% | 61.49% | 63.09% | 62.43% | 59.63% | - | - | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -1.17B | 84.61M | 70.45M | 63.87M | 55.2M | 53.77M | 53.99M | 50.47M | 43.15M | 40.74M | 37.31M | 36.01M | 35.79M | 37.8M | 38.06M | 36.7M | 134.34M | 177.05M | 144.36M | 7.89M | -2.83M | 1.44M | 25.69M | 75.67M | 755.84M | 767.35M | 565.83M | 385.86M |
| Operating Income | 349.82M | 352.2M | 482.16M | 460.5M | 470.49M | 335.14M | 180.32M | 152.59M | 141.18M | 94.71M | 79.14M | 89.97M | 85.69M | 74.42M | 58.73M | 28.15M | 12.1M | -3.69M | -9.85M | 38.17M | 49.99M | 50.44M | 40.83M | 32.88M | 27.23M | 15.74M | 21.66M | 28.68M | 22.1M |
| Operating Margin % | 10.75% | 10.89% | 15.02% | 15.98% | 16.85% | 14.64% | 9.89% | 8.54% | 8.54% | 6.74% | 6.33% | 7.37% | 6.74% | 6.53% | 5.35% | 2.73% | 1.34% | -0.43% | -0.96% | 3.91% | 5.72% | 6.69% | 6.33% | 3.97% | 3.51% | 2.04% | 2.75% | 4.82% | 5.42% |
| Operating Income Growth % | - | -26.95% | 4.7% | -2.12% | 40.39% | 85.86% | 18.18% | 8.08% | 49.06% | 19.68% | -12.05% | 5% | 15.15% | 26.7% | 108.68% | 132.61% | 427.65% | 62.51% | -125.81% | -23.65% | -0.88% | 23.51% | 24.18% | 20.76% | 72.97% | -27.32% | -24.47% | 29.79% | - |
| EBITDA | 601.54M | 600.77M | 692.26M | 639.34M | 627.69M | 476.84M | 314.98M | 271.72M | 243.33M | 181.81M | 155.38M | 155M | 144.72M | 125.98M | 106.72M | 65.42M | 48.26M | 35.65M | 31.05M | 76.85M | 82.54M | 79.28M | 12.94M | 56.87M | 50.96M | 64.91M | 69.96M | 62.08M | 41.97M |
| EBITDA Margin % | 18.49% | 18.58% | 21.57% | 22.19% | 22.48% | 20.83% | 17.28% | 15.21% | 14.71% | 12.94% | 12.43% | 12.69% | 11.37% | 11.06% | 9.71% | 6.35% | 5.35% | 4.2% | 3.01% | 7.87% | 9.44% | 10.51% | 2% | 6.87% | 6.57% | 8.41% | 8.87% | 10.44% | 10.29% |
| EBITDA Growth % | -8.12% | -13.22% | 8.28% | 1.86% | 31.64% | 51.39% | 15.92% | 11.67% | 33.84% | 17.01% | 0.25% | 7.1% | 14.87% | 18.05% | 63.12% | 35.57% | 35.37% | 14.82% | -59.6% | -6.89% | 4.11% | 512.9% | -77.25% | 11.59% | -21.49% | -7.22% | 12.68% | 47.92% | - |
| D&A (Non-Cash Add-back) | 251.72M | 248.57M | 210.1M | 178.84M | 157.2M | 141.7M | 134.66M | 119.14M | 102.15M | 87.1M | 76.24M | 65.02M | 59.02M | 51.56M | 47.98M | 37.28M | 36.16M | 39.34M | 40.9M | 38.69M | 32.55M | 28.85M | -27.9M | 23.99M | 23.73M | 49.17M | 48.3M | 33.41M | 19.88M |
| EBIT | 351.77M | 353.83M | 484.94M | 468.76M | 470.66M | 335.99M | 181.46M | 153.34M | 141.25M | 94.8M | 79.31M | 90.07M | 85.79M | 74.64M | 58.95M | 28.2M | 12.54M | -3.48M | -10.27M | 38.53M | 52.58M | -217.3M | 37.06M | -244.8M | 88.74M | 15.74M | 21.66M | 28.68M | 22.1M |
| Net Interest Income | -14.56M | -16.29M | -7.88M | 3.67M | -2.39M | -3.2M | -5.18M | -6.69M | -5.42M | -5.05M | -4.39M | -4.11M | -4.56M | -6.49M | -7.81M | -10.47M | -10.6M | -12.16M | -12.37M | -10.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 175K | 151K | 1.05M | 6.21M | 217K | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 72K | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 14.73M | 16.44M | 8.93M | 2.54M | 2.61M | 3.21M | 5.18M | 6.69M | 5.42M | 5.05M | 4.39M | 4.11M | 4.56M | 6.49M | 7.81M | 10.47M | 10.6M | 12.16M | 12.44M | 10.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -12.96M | -14.81M | -6.15M | 5.73M | -2.44M | -2.37M | -4.04M | -5.93M | -5.34M | -4.96M | -4.22M | -4.01M | -4.46M | -6.27M | -7.59M | -10.42M | -10.17M | -11.95M | -12.86M | -9.78M | -8.02M | -9.44M | -19.99M | -8.97M | -6.27M | -10.94M | -21.66M | -28.68M | -22.1M |
| Pretax Income | 336.86M | 337.39M | 476.01M | 466.23M | 468.05M | 332.77M | 176.28M | 146.65M | 135.83M | 89.75M | 74.92M | 85.96M | 81.23M | 68.14M | 51.14M | 17.73M | 1.93M | -15.64M | -22.71M | 28.39M | 41.97M | 41M | 20.84M | 23.91M | 20.96M | 4.8M | 0 | 0 | 0 |
| Pretax Margin % | 10.36% | 10.43% | 14.83% | 16.18% | 16.76% | 14.54% | 9.67% | 8.21% | 8.21% | 6.39% | 5.99% | 7.04% | 6.38% | 5.98% | 4.65% | 1.72% | 0.21% | -1.84% | -2.2% | 2.91% | 4.8% | 5.44% | 3.23% | 2.89% | 2.7% | 0.62% | - | - | - |
| Income Tax | 81.76M | 82.35M | 113.94M | 111.37M | 110.63M | 79.54M | 37.94M | 32.93M | 30.85M | -1.38M | 26.89M | 30.95M | 29.24M | 24.52M | 19.09M | 6.36M | -24K | -6.61M | -3.02M | 11.31M | 16.1M | 15.84M | 7.62M | 8.98M | 8.9M | 4.03M | 0 | 0 | 0 |
| Effective Tax Rate % | 24.27% | 24.41% | 23.94% | 23.89% | 23.64% | 23.9% | 21.52% | 22.46% | 22.71% | -1.54% | 35.9% | 36% | 35.99% | 35.98% | 37.33% | 35.85% | -1.24% | 42.23% | 13.31% | 39.82% | 38.36% | 38.64% | 36.56% | 37.55% | 42.47% | 83.95% | - | - | - |
| Net Income | 255.09M | 255.04M | 362.06M | 354.86M | 357.42M | 253.24M | 138.34M | 113.72M | 104.98M | 91.16M | 48.02M | 55.02M | 51.99M | 43.63M | 32.05M | 11.37M | 1.96M | -7.88M | -20.73M | 18.34M | -20.68M | 27.46M | 19.26M | 14.93M | -63.12M | 771K | 1.7M | 9.79M | 9.19M |
| Net Margin % | 7.84% | 7.89% | 11.28% | 12.32% | 12.8% | 11.06% | 7.59% | 6.36% | 6.35% | 6.49% | 3.84% | 4.5% | 4.09% | 3.83% | 2.92% | 1.1% | 0.22% | -0.93% | -2.01% | 1.88% | -2.36% | 3.64% | 2.98% | 1.8% | -8.14% | 0.1% | 0.22% | 1.65% | 2.25% |
| Net Income Growth % | -20.58% | -29.56% | 2.03% | -0.72% | 41.14% | 83.05% | 21.65% | 8.32% | 15.17% | 89.81% | -12.71% | 5.82% | 19.17% | 36.13% | 181.79% | 481.14% | 124.85% | 62.01% | -213% | 188.69% | -175.32% | 42.58% | 28.97% | 123.66% | -8286.38% | -54.59% | -82.65% | 6.55% | - |
| Net Income (Continuing) | 255.09M | 255.04M | 362.06M | 354.86M | 357.42M | 253.24M | 138.34M | 113.72M | 104.98M | 91.13M | 48.02M | 55.02M | 51.99M | 43.63M | 32.05M | 11.37M | 1.96M | -9.04M | -19.69M | 17.09M | 25.87M | 25.16M | 13.22M | 7.83M | 12.06M | 771K | 1.7M | 9.79M | 9.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.16M | -1.04M | 1.26M | -46.55M | 2.3M | 6.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.52 | 9.52 | 13.52 | 13.26 | 13.40 | 9.48 | 5.20 | 4.30 | 3.99 | 3.49 | 1.87 | 2.16 | 2.04 | 1.73 | 1.29 | 0.47 | 0.08 | -0.39 | 0.43 | 0.87 | -0.93 | 1.21 | 0.84 | 0.66 | -2.87 | 0.03 | 0.08 | 0.45 | 0.42 |
| EPS Growth % | -20.6% | -29.59% | 1.96% | -1.04% | 41.35% | 82.31% | 20.93% | 7.77% | 14.33% | 86.63% | -13.43% | 5.88% | 17.92% | 34.11% | 174.47% | 487.5% | 120.51% | -190.7% | -50.57% | 193.55% | -176.86% | 44.05% | 27.27% | 123% | -8718.62% | -57.14% | -82.73% | 7.14% | - |
| EPS (Basic) | - | 9.54 | 13.56 | 13.32 | 13.48 | 9.62 | 5.29 | 4.38 | 4.08 | 3.57 | 1.92 | 2.21 | 2.12 | 1.81 | 1.35 | 0.48 | 0.08 | -0.39 | 0.43 | 0.89 | -0.95 | 1.25 | 0.85 | 0.67 | -2.89 | 0.03 | 0.08 | 0.45 | 0.42 |
| Diluted Shares Outstanding | 26.81M | 26.79M | 26.79M | 26.76M | 26.67M | 26.71M | 26.59M | 26.43M | 26.29M | 26.09M | 25.68M | 25.47M | 25.46M | 25.2M | 24.81M | 24.2M | 24.17M | 20.13M | 20.42M | 21.06M | 22.26M | 22.57M | 22.93M | 22.63M | 22.02M | 21.85M | 21.85M | 21.92M | 21.87M |
| Basic Shares Outstanding | 26.76M | 26.74M | 26.7M | 26.63M | 26.52M | 26.32M | 26.14M | 25.95M | 25.76M | 25.52M | 25.04M | 24.92M | 24.5M | 24.15M | 23.82M | 23.68M | 23.57M | 20.13M | 19.97M | 20.73M | 21.8M | 22.06M | 22.25M | 22.08M | 21.85M | 21.85M | 21.85M | 21.85M | 21.85M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operational margin compression risk
As reported in recent financial statements, Saia's revenue growth has decelerated significantly, falling from a peak of 18.5% in 2024Q2 to a modest 2.4% by 2026Q1, suggesting that the initial tailwinds from competitor capacity exits are being offset by broader industrial demand weakness across the network.
The sharp decline in year-over-year revenue growth indicates that the company is struggling to maintain the volume momentum required to justify its aggressive terminal expansion. Investors should monitor whether this deceleration reflects a structural saturation in the LTL market or merely a temporary cyclical lull in industrial production.
Based on Saia's reported figures, gross margins have experienced extreme volatility, plummeting from 21.4% in 2024Q2 to a low of 8.4% in 2026Q1, which highlights the sensitivity of the company's high fixed-cost base to fluctuations in shipment density and operational efficiency.
The significant compression in gross margins suggests that the company is currently unable to pass through cost increases or maintain pricing power during periods of lower volume. This trend warrants further investigation into whether the recent terminal additions are failing to achieve the necessary utilization rates to cover their associated overhead.
According to the income statement data, Saia's operating margin has contracted from a high of 16.7% in 2024Q2 to 8.4% in 2026Q1, indicating that the company is currently failing to scale its operating income effectively relative to its gross profit performance.
The lack of operating leverage suggests that the company's cost structure is becoming increasingly rigid, potentially due to the heavy investment in new terminal infrastructure that has yet to reach maturity. This may indicate that the company is over-extending its physical footprint relative to current freight demand.
Data from the most recent quarterly filings reveals a concerning trend where net income has dropped from $102.5 million in 2024Q2 to $49.9 million in 2026Q1, raising questions about the long-term viability of the current capital-intensive growth strategy in a softening industrial environment.
Short-sellers may focus on the disconnect between the company's aggressive terminal expansion and the deteriorating bottom-line results. The sharp decline in earnings per share appears to suggest that the market's expectation for a seamless integration of new capacity may be overly optimistic given the current economic backdrop.
Quick answers to the most common questions about buying SAIA stock.
For fiscal year 2025, Saia, Inc. (SAIA) reported total revenue of $3.23B. This represents a 692.8% increase compared to $408.0M in 1998.
Saia, Inc. (SAIA) is profitable, generating $255.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.9%.
Saia, Inc. (SAIA) reported an operating income of $352.2M, resulting in an operating profit margin of 10.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Saia, Inc. (SAIA) generated $765.2M in gross profit for the year, representing a gross profit margin of 23.7%. This demonstrates the company's core pricing power and production efficiency.