Saia Inc (NASDAQ:SAIA) Tops Q3 2025 Earnings Estimates Despite Revenue Miss

Saia Inc (NASDAQ:SAIA) reported financial results for the third quarter of 2025, delivering a performance that notably exceeded analyst expectations on profitability, though revenue fell slightly short of consensus estimates. The market responded positively to the news, with shares trading higher in pre-market activity.

Earnings and Revenue Versus Estimates

The company's third-quarter results presented a mixed picture relative to Wall Street forecasts, with a clear strength in earnings per share.

• Earnings Per Share (EPS): Saia reported an adjusted diluted EPS of $2.81. This figure comfortably surpassed the analyst estimate of $2.59.
• Revenue: Quarterly revenue was $839.6 million, a marginal decrease of 0.3% compared to the third quarter of 2024. This came in just below the estimated $844.1 million.

The outperformance on the bottom line was largely influenced by a one-time gain from real estate activity. On a GAAP basis, which includes this gain, diluted earnings per share were $3.22, compared to $3.46 in the prior year period. The company's press release did not provide a specific financial outlook for the coming quarters or the full year, which leaves investors to rely on existing analyst projections for future performance.

Market Reaction

The immediate market reaction to the earnings report was positive. The stock was up approximately 4.5% in pre-market trading. This suggests that investors are focusing on the significant earnings beat and the underlying operational performance, viewing them as more impactful than the slight revenue miss.

Third Quarter Operational Highlights

Beyond the headline earnings and revenue figures, the press release detailed several key operational metrics that provide context for the company's performance in a competitive environment.

• Operating Income: GAAP operating income was $118.6 million, a 5.2% decrease year-over-year. The adjusted operating income, which excludes the net real estate gain, was $104.1 million, representing a 16.8% decrease.
• Operating Ratio: The adjusted operating ratio was 87.6%, compared to 85.1% in the third quarter of 2024. A higher ratio indicates decreased efficiency.
• Volume and Pricing: The company experienced slight decreases in volume, with LTL shipments per workday down 1.9% and LTL tonnage per workday down 1.5%. Pricing remained relatively stable, with LTL revenue per shipment, excluding fuel surcharge, increasing by 0.3%.

Management commentary highlighted a continued focus on cost management and customer service. CEO Fritz Holzgrefe stated, "We saw continued benefits from our ongoing investments in technology and network optimization efforts," emphasizing the company's long-term strategy to expand its national footprint.

Financial Position and Capital Expenditures

Saia maintained a solid financial position. The company ended the quarter with $35.5 million in cash and total debt of $219.2 million. Net capital expenditures for the first nine months of 2025 were $446.1 million, a significant reduction from the $873.2 million spent in the same period last year. The company anticipates full-year 2025 net capital expenditures to be between $550 million and $600 million.

Looking Ahead

With no formal guidance provided by the company, investor attention will turn to whether Saia can maintain its earnings momentum and return to revenue growth. Analysts currently estimate revenue of $805.9 million and earnings per share of $2.04 for the fourth quarter of 2025.

For a more detailed look at Saia's earnings history and future analyst estimates, you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, nor does it recommend buying or selling any securities. Investors should conduct their own research and consult with a financial advisor before making any investment decisions.