Saia targets sub-80 operating ratio with fresh capex and freight rebound

Less-than-truckload (LTL) giant Saia has set its sights on an operating ratio below 80, executives confirmed during its Q2 2026 earnings call on July 30. The Atlanta-based carrier reported a second-quarter operating ratio of 86.9, down from 87.8 in the same period last year and a sequential improvement of 4.8 points versus Q1 2026. Saia’s push toward sub-80 territory follows a $1 billion terminal expansion since 2022, which helped drive record Q2 revenue of $956.5 million—a 17.1% jump from $817.1 million in Q2 2025—and a 32.1% profit increase to $94.3 million. CEO Fritz Holzgrefe emphasized that scale and density are critical in the LTL space, with the company now operating 218 terminals after adding 33 new facilities and relocating or expanding 25 others. Saia also acquired 17 Yellow Corp. terminals in 2023 for $235.7 million and 11 more in a second auction for $7.92 million, further bolstering its network. Holzgrefe noted that newer terminals opened in 2023 and 2024 saw a 300-basis-point year-over-year OR improvement in Q2, though some still operate in the low 90s. The company is now eyeing additional capital expenditures funded by operating cash flow to accelerate OR improvements, citing a stronger economic backdrop as a tailwind. Saia ranks No. 18 on the Transport Topics Top 100 list of North America’s largest for-hire carriers and No. 6 among LTL specialists. Revenue per LTL shipment (excluding fuel surcharges) rose 1.5% to $303.12, while daily LTL shipments increased 4.4% to 2,361.