LTL carrier Saia entered the new year with a 6.6% contract renewal increase. (Saia Inc.)
February 10, 2026 3:21 PM, EST
Key Takeaways:
- Saia posted Q4 2025 net income of $47.5 million as revenue reached a record $790 million despite softer volumes.
- Results were pressured by $4.7 million in higher self-insurance costs tied to prior-year accidents, which CEO Fritz Holzgrefe said drove a higher 91.9% operating ratio.
- Saia reported strong contractual renewals and continued safety improvements, with a 21% drop in preventable accidents, as it enters 2026 with a 6.6% renewal increase.
Saia Inc. posted record quarterly revenue even as market challenges continued to weigh on earnings in the fourth quarter of 2025, the company reported Feb. 10.
The Johns Creek, Ga.-based less-than-truckload carrier posted net income of $47.5 million, or $1.77 a diluted share, for the three months ending Dec. 31. That compared with $76.1 million, $2.84, during the 2024 period. Total operating revenue increased 1% to $790 million from $789 million.
CEO Fritz Holzgrefe said revenue hit a company record for any quarter despite softer volumes, noting slight declines in weight per shipment and length of haul. “Revenue per shipment, excluding fuel surcharge, decreased 0.5% compared to last year,” he said.
Holzgrefe stressed the importance of having a national network for addressing customer problems and expanding market share. He pointed to capital investments of more than $2 billion over the past three years as the company expanded operations and improved service.
“I believe we’re still in the early stages of capitalizing on the opportunity that national network provides,” Holzgrefe said. “Of course, our achievements would not be possible without a best-in-class team. While the demand environment remained dynamic throughout the year, our team responded to our customers’ needs every day.”
Saia also achieved a record claims ratio of 0.47% during Q4, but the quarter was impacted by approximately $4.7 million in elevated self-insurance-related costs associated with accidents that occurred in prior years. Holzgrefe noted that much of the quarter went as expected until those costs started appearing toward the end.
“Our core operations performed as we expected for the fourth quarter,” Holzgrefe said. “However, reported results were impacted by self-insurance costs late in the quarter. Our fourth-quarter operating ratio of 91.9% reflects these increased self-insurance costs. The sequential deterioration from third quarter’s adjusted operating ratio was impacted by unexpected adverse developments on a few cases arising from accidents that occurred prior years.”
Holzgrefe pointed out that the industry has been dealing with increased accident-related costs due to more litigation and higher settlement values, as well as inflation. These costs, he said, can develop unexpectedly over several years. Saia has worked to mitigate the issue by investing in training and safety technologies.
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“We’re seeing positive trends in our safety statistics,” Holzgrefe said. “During 2025, despite having the largest fleet in company history and internal miles increasing by 2.4% year over year, we saw a 21% reduction in our preventable accident frequency and a 10% decline in lost-time injuries, reflecting the benefits of these ongoing investments in safety.”
Saia highlighted in the earnings report that LTL shipments per workday decreased 0.5%, while LTL tonnage per workday was down 1.5%. Also, LTL revenue per hundredweight increased 0.5%, while LTL revenue per shipment dipped 0.5%.
“Focusing on the fourth quarter, volumes continue to reflect the muted demand environment the industry experienced throughout the year,” Holzgrefe said. “As is typical, we experienced some volume shifts in the weeks after the [General Rate Increase], which was implemented on Oct. 1, and we remain extremely focused on ensuring that we’re compensated appropriately for the quality and service that we provide to customers. When we analyze the results of the GRI closely, we’re pleased to see customer acceptance trends slightly above historic levels.”
Holzgrefe added that contractual renewals remained strong as well. The earnings results showed renewals averaged 4.9% of the book of business contracted in the quarter. Looking ahead, Saia has already seen a 6.6% contractual renewal increase in January 2026.
For the full year, Saia reported net income of $255 million, or $9.52 a share, on revenue of $3.23 billion, compared with net income of $362.1 million, $13.51, on revenue of $3.21 billion in 2024.
Saia ranks No. 17 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 7 on the LTL sector list.
