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In Q3 2025, Saia’s LTL shipments per workday decreased 1.9% year over year to 2,333 from 2,379. (Saia)

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Profit at fell 7% year over year in the as revenue decreased and costs rose, but the less-than-truckload carrier beat analyst expectations.

Johns Creek, Ga.-headquartered Saia posted a profit of $86.3 million, compared with $92.8 million in the year-ago period.

Saia’s revenue fell 0.3% year over year in the most recent quarter to $839.6 million from $842.1 million in Q3 2024, while expenses rose 0.6% to $721 million from $716.9 million.

However, Saia beat consensus analyst revenue expectations of $833.4 million, according to Zacks Equity Research. Revenue levels reflected the weak macroeconomic environment, CEO Fritz Holzgrefe told analysts during the company’s earnings call.

“The overall environment, it’s been pretty muted throughout the year,” said Holzgrefe.

Costs rose, but wages fell as a result of a 3% year-over-year decrease in Saia’s head count, Chief Financial Officer Matthew Batteh told analysts. In addition, fuel prices fell 1.8% in Q3 compared with the year-ago period, he said.

The carrier posted a Q3 operating ratio of 85.9, compared with 85.1 in the year-ago period, also beating consensus expectations of 88.7. Carriers’ OR provides insight on how well a company is balancing its costs and revenue generation. The lower the ratio, the better a company’s performance.

OR did, however, improve compared with the second quarter of 2025 (87.8) due to cost cutting, Holzgrefe said during the call.

Saia opened 39 terminals since the start of 2024, the executive said.

The new terminals posted an OR of less than 95 in Q3, an improvement of 100 basis points or 1% compared with Q2.

“Incrementals can be pretty positive, and we’re starting to see that,” said Holzgrefe. “The opportunities there are in the maturity.”

Saia said it planned to open 24 terminals in 2024.

The company was the winning bidder for 17 terminals in the first auction of Yellow Corp. assets in late 2023, paying a combined $235.7 million for the assets.

Saia then won the most properties on offer in a second auction, paying $7.92 million for 11 properties across seven Western states.

In the most recent quarter, the carrier’s LTL shipments per workday decreased 1.9% year over year to 2,333 from 2,379, while its LTL tonnage per workday slid 1.5% to 1,581 from 1,605 and LTL revenue per shipment, excluding fuel surcharge revenue, increased 0.3% to $294.35 from $293.39.

The size of each shipment, meanwhile, rose 0.4% year over year to 1,355 pounds from 1,349 pounds.

Volume was “in line with expectations,” Holzgrefe said. “Customers are waiting for a more certain environment.”

Shipments per day increased 4.2% compared with Q2 in Saia’s “ramping” markets associated with the new terminals and 3% sequentially in the most recent quarter in legacy markets, Holzgrefe said.

Around 70% of the volume growth was in one- and two-day lanes, with the majority of that with existing customers, the company’s top executive said.

“The mix of business is changing for us,” added Batteh, noting the inflationary environment.

So far, October is turning out to be an “up and down” month, said Batteh, with shipments down 3.5% and tonnage falling 4% year on year.

Saia introduced a general rate increase of 5.9% on Oct. 1.

The carrier ranks No. 17 on the Transport Topics Top 100 list of the largest for-hire carriers in North America and No. 7 among LTL players.