Saia Inc (SAIA) · Oct 29, 2026 · Earnings

Saia earnings beat, but expansion leaves margins flat

Beat — Diluted EPS $3.41 vs ~$3.30 consensus; revenue $982.5M vs ~$967M consensus

Saia earnings beat Q3 expectations on record revenue and freight volume, while network expansion kept adjusted margins flat and triggered a $250M buyback.

Saia is still in the middle of a capital-heavy push to build a denser national less-than-truckload network, with terminal expansion intended to support long-term market-share gains and profitable growth. This quarter shows the strategy producing volume and revenue, but not yet cleaner operating leverage.

The quarter beat published expectations, but not by a wide margin. Diluted EPS of $3.41 exceeded the roughly $3.30 consensus, while revenue of $982.5 million topped published estimates near $967 million. Revenue was a company record of $982.5million, an increase of 17.0%.

Metric	Q3 2026	Q3 2025	Consensus
Revenue (Financial Information)	$982.5M (+17.0%)	$839.6M	~$967M
Diluted EPS (Statements of Operations)	$3.41	$3.22	~$3.30
Operating ratio (Financial Information)	87.6%	85.9%
Free cash flow, YTD (Non-GAAP Reconciliation)	$244.9M	$11.6M

Freight demand and pricing are moving in the right direction. LTL tonnage per workday rose 8.9%, while revenue per shipment excluding fuel surcharge increased 5.8%; that combination suggests the network is gaining volume without relying solely on fuel pass-through. Revenue per shipment, excluding fuel surcharge, increased 5.8% compared with the third quarter of last year. 〔0〕

The main constraint is still efficiency. Reported operating income rose only 3.1% despite 17.0% revenue growth, and the operating ratio worsened to 87.6% from 85.9%. The comparison is distorted by a prior-year real-estate gain: on an adjusted basis, however, the ratio was also 87.6%, meaning the expansion has stopped the margin erosion but has not yet produced improvement. Operating income was $122.3million, an increase of 3.1% compared to $118.6million in the third quarter of 2025.

Cash generation makes the capital-allocation move credible, though the authorization is not a commitment. Saia ended the quarter with $202.5 million of cash and $100.0 million of debt, while year-to-date free cash flow exceeded $240 million. Saia ended the third quarter of 2026 with $202.5million of cash on hand and $100.0million of total debt. The new $250 million repurchase authorization adds a shareholder-return option after a period of heavy network investment, but it has no expiration date and does not require the company to buy any shares. Saia today announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $250million of its outstanding common stock.

The new director is strategically relevant but not a near-term operating change. Todd Fowler adds transportation, capital-markets, autonomous-trucking and supply-chain technology experience to the board and joins the Audit Committee, but the appointment does not alter management or the operating plan today.

Bottom line: This is a modest earnings beat supported by real volume and pricing progress, with ample cash now enabling a buyback. The bigger story remains unresolved: Saia is growing into its national network, but adjusted margins have yet to improve as that expansion matures.

What to watch next

October 29 earnings call for margin and network commentary

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Saia earnings beat, but expansion leaves margins flat

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