10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 0-49983

Saia, Inc.

(Exact name of registrant as specified in its charter)


Delaware		48-1229851
(State of incorporation)		(I.R.S. Employer Identification No.)
11465 Johns Creek Parkway, Suite 400
Johns Creek, GA		30097
(Address of principal executive offices)		(Zip Code)

(770) 232-5067

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

     Title of each class

     Trading
Symbol(s)

     Name of each exchange on which registered

     Common Stock, par value $.001 per share

     SAIA

     The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 26,634,005 shares of Common Stock outstanding at April 23, 2025.

SAIA, INC. AND SUBSIDIARIES

INDEX


		PAGE

PART I. FINANCIAL INFORMATION

ITEM 1:	Financial Statements	3

	Condensed Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the quarters ended March 31, 2025 and 2024	4

	Condensed Consolidated Statements of Stockholders’ Equity for the quarters ended March 31, 2025 and 2024	5

	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024	6

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2:	Management's Discussion and Analysis of Financial Condition and Results of Operations	12

ITEM 3:	Quantitative and Qualitative Disclosures About Market Risk	18

ITEM 4:	Controls and Procedures	19

PART II. OTHER INFORMATION

ITEM 1:	Legal Proceedings	20

ITEM 1A:	Risk Factors	20

ITEM 2:	Unregistered Sales of Equity Securities and Use of Proceeds	20

ITEM 5:	Other Information	21

ITEM 6:	Exhibits	22

Signature		23

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Saia, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)


	March 31, 2025			December 31, 2024
Assets	(in thousands, except share and per share data)
Current Assets:
Cash and cash equivalents	$	16,535		$	19,473
Accounts receivable, net		351,106			322,991
Prepaid expenses		55,406			35,497
Income tax receivable		33,917			44,107
Other current assets		12,640			13,701
Total current assets		469,604			435,769
Property and Equipment, at cost		3,995,502			3,790,069
Less: accumulated depreciation and amortization		1,273,382			1,233,134
Net property and equipment		2,722,120			2,556,935
Operating Lease Right-of-Use Assets		124,500			126,828
Goodwill and Identifiable Intangibles, net		16,229			16,442
Other Noncurrent Assets		32,768			30,883
Total assets	$	3,365,221		$	3,166,857
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	154,995		$	114,560
Wages, vacation and employees’ benefits		57,602			49,953
Claims and insurance accruals		45,529			43,126
Other current liabilities		37,878			38,036
Current portion of long-term debt		3,769			5,313
Current portion of operating lease liability		27,925			27,372
Total current liabilities		327,698			278,360
Other Liabilities:
Long-term debt, less current portion		291,758			194,981
Operating lease liability, less current portion		94,532			96,798
Deferred income taxes		224,307			219,062
Claims, insurance and other		66,499			66,385
Total other liabilities		677,096			577,226
Commitments and Contingencies (Note 3)
Stockholders’ Equity:
Preferred stock, $0.001 par value, 50,000 shares authorized, none issued and outstanding		-			-
Common stock, $0.001 par value, 100,000,000 shares authorized, 26,634,005 and 26,598,512 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		27			27
Additional paid-in-capital		295,459			295,106
Deferred compensation trust, 72,410 and 70,100 shares of common stock at cost at March 31, 2025 and December 31, 2024, respectively		(8,988	)		(7,981	)
Retained earnings		2,073,929			2,024,119
Total stockholders’ equity		2,360,427			2,311,271
Total liabilities and stockholders’ equity	$	3,365,221		$	3,166,857

See accompanying notes to condensed consolidated financial statements.

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

For the quarters ended March 31, 2025 and 2024

(unaudited)


	First Quarter
	2025			2024
	(in thousands, except per share data)
Operating Revenue	$	787,575		$	754,775
Operating Expenses:
Salaries, wages and employees' benefits		389,256			341,713
Purchased transportation		59,849			52,507
Fuel, operating expenses and supplies		166,671			156,325
Operating taxes and licenses		20,437			19,766
Claims and insurance		21,545			17,463
Depreciation and amortization		59,043			48,849
Other operating, net		606			240
Total operating expenses		717,407			636,863
Operating Income		70,168			117,912
Nonoperating (Income) Expenses:
Interest expense		4,285			542
Interest income		(39	)		(755	)
Other, net		357			(788	)
Nonoperating (income) expenses, net		4,603			(1,001	)
Income Before Income Taxes		65,565			118,913
Income Tax Provision		15,755			28,218
Net Income	$	49,810		$	90,695

Weighted average common shares outstanding – basic		26,720			26,672
Weighted average common shares outstanding – diluted		26,788			26,794

Basic Earnings Per Share	$	1.86		$	3.40
Diluted Earnings Per Share	$	1.86		$	3.38

See accompanying notes to condensed consolidated financial statements.

Saia, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

For the quarters ended March 31, 2025 and 2024

(unaudited)


	Common Shares		Common Stock		Additional Paid-in Capital			Deferred Compensation Trust			Retained Earnings		Total
	(in thousands)
Balance at December 31, 2024		26,599	$	27	$	295,106		$	(7,981	)	$	2,024,119	$	2,311,271
Stock compensation, including options and long-term incentives		—		—		4,527			—			—		4,527
Exercise of stock options, less shares withheld for taxes		10		—		2,463			—			—		2,463
Shares issued for long-term incentive awards, net of shares withheld for taxes		25		—		(7,644	)		—			—		(7,644	)
Purchase of shares by Deferred Compensation Trust		—		—		1,007			(1,007	)		—		—
Net income		—		—		—			—			49,810		49,810
Balance at March 31, 2025		26,634	$	27	$	295,459		$	(8,988	)	$	2,073,929	$	2,360,427

      
     Common Shares

     Common Stock

     Additional Paid-in Capital

     Deferred Compensation Trust

     Retained Earnings

     Total

      
     (in thousands)

Balance at December 31, 2023

26,549

27

285,092

SEC Form 10-Q filed by Saia Inc.