Overview
- Fourth-quarter EPS came in at $1.77, down 38% year over year and $0.14 below consensus.
- $4.7 million in incremental insurance costs tied to prior accidents reduced results; excluding the charge, EPS would have been $1.91, roughly in line with expectations.
- Revenue reached $790 million, $14 million above estimates, with revenue per day flat as tonnage declined 1.5% and yield rose 1.6% (0.5% excluding fuel).
- The operating ratio deteriorated to 91.9%, 480 basis points worse year over year and beyond guidance for sequential pressure, with the insurance item a 60-bp drag.
- Saia guided 2026 net capex to $350–$400 million after a multi-year expansion to roughly 39–40 new terminals, and it projects 100–200 bps of full-year margin improvement with potential sequential OR improvement into the first quarter; shares fell about 4.2% pre-market.