SAIA INC
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
SAIA$331.90-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001193125-26-326240
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001193125-26-437866
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 114 current paragraphs.
80 unchanged; 24 reworded; 10 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
Third Quarter Overview
Current report
1 Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures and should not be considered alternatives, or superior to, the most directly comparable GAAP financial measures. The Company’s management believes these financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Adjusted Operating Income and Adjusted Operating Ratio are reconciled to the most directly comparable GAAP financial measures under "Non-GAAP Financial Disclosure and Reconciliation," below.
Current report
2 In miles.
Current report
Salaries, wages and employees’ benefits increased $94.1 million during the first nine months of 2026 compared to the same period last year. This change was primarily driven by higher compensation levels as a result of improved company performance and
Current report
1 This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Disclosure and Reconciliation.”
Current report
Interest income for the quarter and nine months ended September 30, 2026 was higher than the same periods in 2025 due to increased average interest-bearing deposit balances in the current year.
Current report
Non-GAAP Financial Disclosure and Reconciliation
Current report
From time to time we supplement the reporting of our financial information determined under GAAP with certain non-GAAP financial measures. In this report, these include “adjusted” total operating expenses, “adjusted” operating income, “adjusted” diluted earnings per share and “adjusted” operating ratio. The Company’s management believes that certain non-GAAP financial measures provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. The Company’s management believes that investors may use these non-GAAP financial measures to evaluate the Company’s financial performance without the impact of items that may obscure trends in the Company’s underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. A gain from the sale of a terminal of $16.4 million and a loss on real estate impairment of $1.9 million was recorded during the third quarter of 2025. This resulted in a decrease in operating expenses and an increase in operating income of $14.5 million and an increase in diluted earnings per share of $0.41. The transactions increased diluted earnings per share by $0.54 on a pre-tax basis, partially offset by related income tax expense of $0.13. Additionally, this produced an improvement of 170 basis points in the operating ratio for the third quarter of 2025. The terminal sale occurred as the result of management’s efforts towards expanding door count by replacing a smaller facility with a larger facility better positioned to successfully support the Company’s overall strategy. The impairment loss came as a result of management's continued assessment of the recoverability of property and equipment.
Current report
1 This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Disclosure and Reconciliation.”
Current report
On October 29, 2026, the Company announced that the board of directors approved a stock repurchase program authorizing the Company to repurchase up to $250 million of outstanding common stock. The program is effective immediately and permits shares of common stock to be repurchased from time to time at management’s discretion through a variety of methods, including a 10b5-1 trading plan, open market purchases, privately negotiated transactions, or other transactions permitted by applicable securities laws and regulations. The timing and amount of repurchases will depend on market conditions and other factors, including business conditions, alternative investment opportunities, funding considerations, and other matters considered relevant by management and the board of directors. The stock repurchase program has no expiration date, does not obligate the Company to acquire a specified number of shares, and may be suspended, modified or terminated by the Company at any time, without prior notice.
Removed paragraphs (1)
Previous report
Second Quarter Overview
Reworded paragraphs (24)
Previous wording
The Company’s operating revenue increased by 17.1 percent in the second quarter of 2026 compared to the same period in 2025. This increase was due to higher fuel surcharge revenue as a result of higher diesel fuel prices, a 4.4 percent increase in LTL shipments per workday as well as a 1.5 percent increase in LTL revenue per shipment, excluding fuel surcharges. LTL revenue per shipment increased 12.0 percent to $393.56 compared to the prior year second quarter.
Current wording
The Company’s operating revenue increased by 17.0 percent in the third quarter of 2026 compared to the same period in 2025. This increase was primarily due to higher fuel surcharge revenue as a result of higher diesel fuel prices, an 8.1 percent increase in LTL pounds per shipment and pricing actions resulting in a 5.8 percent increase in LTL revenue per shipment, excluding fuel surcharges. LTL revenue per shipment increased 16.1 percent to $405.27 compared to the prior year third quarter.
Previous wording
Consolidated operating income was $125.2 million for the second quarter of 2026 compared to $99.4 million for the second quarter of 2025. Diluted earnings per share were $3.51 for the second quarter of 2026 compared to diluted earnings per share of $2.67 in the prior year quarter. The operating ratio (operating expenses divided by operating revenue) was 86.9 percent in the second quarter of 2026 compared to 87.8 percent in the second quarter of 2025. The Company generated $291.2 million in net cash provided by operating activities in the first six months of 2026 compared with $279.8 million in the same period last year.
Current wording
Consolidated operating income was $122.3 million for the third quarter of 2026 compared to $118.6 million for the third quarter of 2025. The operating ratio (operating expenses divided by operating revenue) was 87.6 percent in the third quarter of 2026 compared to 85.9 percent in the third quarter of 2025. The third quarter 2025 results include a real estate gain of $16.4 million and a real estate impairment loss of $1.9 million. Excluding these items, operating income for the third quarter of 2026 increased by $18.2 million and operating ratio was flat, year over year. Diluted earnings per share were $3.41 for the third quarter of 2026 compared to $3.22 in the prior year quarter. The Company generated $480.8 million in net cash provided by operating activities in the first nine months of 2026 compared with $457.7 million in the same period last year.
Previous wording
Our business is closely correlated with non-service sectors of the general economy. Our business also is impacted by a number of other factors and risks as discussed under “Cautionary Note Regarding Forward-Looking Statements” and Part II, Item 1A., “Risk Factors.” The key factors that affect our operating results are the volumes of shipments transported through our network, as measured by our average daily shipments and tonnage; the prices we obtain for our services, as measured by revenue per shipment and revenue per hundredweight (a measure of yield), whether including or excluding fuel surcharge revenue; our ability to manage our cost structure for capital expenditures and operating expenses such as salaries, wages and benefits; purchased transportation; claims and insurance expense; fuel and maintenance; and our ability to match operating costs to shifting volume levels.
Current wording
Our business is closely correlated with non-service sectors of the general economy. Our business also is impacted by a number of other factors and risks as discussed under “Cautionary Note Regarding Forward-Looking Statements” and Part II, Item 1A., “Risk Factors.” The key factors that affect our operating results are the number of shipments transported through our network, as measured by our average daily shipments and tonnage; the prices we obtain for our services, as measured by revenue per shipment and revenue per hundredweight (a measure of yield), whether including or excluding fuel surcharge revenue; our ability to manage our cost structure for capital expenditures and operating expenses such as salaries, wages and employees’ benefits; purchased transportation; claims and insurance expense; fuel and maintenance; and our ability to match operating costs to shifting volume levels.
Previous wording
Quarter and six months ended June 30, 2026 compared to quarter and six months ended June 30, 2025
Current wording
Quarter and nine months ended September 30, 2026 compared to quarter and nine months ended September 30, 2025
Previous wording
Consolidated operating revenue for the quarter ended June 30, 2026 increased by 17.1 percent compared to the second quarter of 2025 to $956.5 million primarily as a result of an increase in fuel surcharge revenue, higher volumes and pricing actions. For the second quarter of 2026, Saia’s LTL shipments increased 4.4 percent to 2.4 million shipments, while LTL tonnage was up 8.4 percent to 1.7 million tons. LTL revenue per shipment, excluding fuel surcharge, increased 1.5 percent to $303.12 for the second quarter of 2026 as a result of pricing actions and changes in business mix. For the second quarter of 2026, approximately 75 percent of Saia’s operating revenue was subject to specific customer price negotiations that occur throughout the year. The remaining 25 percent of operating revenue was subject to a general rate increase. For customers subject to a general rate increase, Saia implemented a 5.9 percent general rate increase on October 1, 2025. Competitive dynamics, customer turnover and changes in shipment mix and volumes, among other things, may limit our ability to retain customer rate increases over time.
Current wording
Consolidated operating revenue for the quarter ended September 30, 2026 increased by 17.0 percent compared to the third quarter of 2025 to $982.5 million primarily as a result of an increase in fuel surcharge revenue, higher LTL pounds per shipment and pricing actions. For the third quarter of 2026, Saia’s LTL shipments increased 0.8 percent to 2.4 million shipments. LTL tonnage was up 8.9 percent to 1.7 million tons compared to the third quarter of 2025 partially as a result of targeted actions as a part of our general rate increases and continued pricing and mix optimization efforts. LTL revenue per shipment, excluding fuel surcharge, increased 5.8 percent to $311.34 for the third quarter of 2026 as a result of increased LTL pounds per shipment, pricing actions and changes in business mix. For the third quarter of 2026, approximately 75 percent of Saia’s operating revenue was subject to specific customer price negotiations that occur throughout the year. The remaining 25 percent of operating revenue was subject to a general rate increase. For customers subject to a general rate increase, Saia implemented 7.1 percent and 5.9 percent general rate increases on July 6, 2026 and October 1, 2025, respectively. Competitive dynamics, customer turnover and changes in shipment mix and volumes, among other things, may limit our ability to retain customer rate increases over time.
Previous wording
Operating revenue includes revenue from the Company’s fuel surcharge program. This program is designed to mitigate the Company’s exposure to volatility in diesel fuel prices by adjusting total freight charges to reflect changes in the national average diesel price. Fuel surcharges, which are typically updated weekly, are widely accepted within the LTL industry and represent a significant component of revenue and pricing structure. Although fuel surcharges are an important element of customer contract negotiations, they comprise only one aspect of total pricing, as customers may negotiate adjustments between base rates and fuel surcharges depending on individual contract terms. Fuel surcharge revenue as a percentage of operating revenue increased to 22.3 percent for the quarter ended June 30, 2026 compared to 14.6 percent for the quarter ended June 30, 2025, as a result of increases in the average cost of diesel fuel.
Current wording
Operating revenue includes revenue from the Company’s fuel surcharge program. This program is designed to mitigate the Company’s exposure to volatility in diesel fuel prices by adjusting total freight charges to reflect changes in the national average diesel price. Fuel surcharges, which are typically updated weekly, are widely accepted within the LTL industry and represent a significant component of revenue and pricing structure. Although fuel surcharges are an important element of customer contract negotiations, they comprise only one aspect of total pricing, as customers may negotiate adjustments between base rates and fuel surcharges depending on individual contract terms. Fuel surcharge revenue as a percentage of operating revenue increased to 22.5 percent for the quarter ended September 30, 2026 compared to 15.2 percent for the quarter ended September 30, 2025, primarily as a result of increases in the average cost of diesel fuel.
Previous wording
For the six months ended June 30, 2026, operating revenues were $1.8 billion, up 9.8 percent from operating revenues for the six months ended June 30, 2025 as a result of an increase in fuel surcharge revenue, higher volumes and pricing actions. Fuel surcharge revenue as a percentage of operating revenue increased to 19.7 percent for the six months ended June 30, 2026 compared to 14.8 percent for the six months ended June 30, 2025, primarily as a result of increases in the average cost of diesel fuel.
Current wording
For the nine months ended September 30, 2026, operating revenues were $2.7 billion, up 12.3 percent compared to the nine months ended September 30, 2025 as a result of an increase in fuel surcharge revenue, higher volumes and pricing actions. Fuel surcharge revenue as a percentage of operating revenue increased to 20.7 percent for the nine months ended September 30, 2026 compared to 15.0 percent for the nine months ended September 30, 2025, primarily as a result of increases in the average cost of diesel fuel.
Previous wording
Consolidated operating income was $125.2 million in the second quarter of 2026 compared to $99.4 million in the prior year quarter. The increase is a result of increased revenue, partially offset by higher overall compensation levels, increased fuel costs and increased purchased transportation expense. The second quarter of 2026 operating ratio (operating expenses divided by operating revenue) was 86.9 percent compared to an operating ratio of 87.8 percent for the same period in 2025.
Current wording
Consolidated operating income was $122.3 million in the third quarter of 2026 compared to operating income of $118.6 million and adjusted operating income 1 of $104.1 million in the third quarter last year. The increase is a result of increased revenue, partially offset by higher overall compensation levels, increased fuel costs and increased purchased transportation expense. The third quarter of 2026 operating ratio (operating expenses divided by operating revenue) was 87.6 percent compared to an operating ratio of 85.9 percent and an adjusted operating ratio 1 of 87.6 percent for the same period in 2025.
Previous wording
Salaries, wages and employees’ benefits increased $43.4 million in the second quarter of 2026 compared to the second quarter of 2025. This change was primarily driven by increased employee hours in response to increased volumes, increased compensation levels due to company performance and a Company-wide wage increase of approximately 3% in October 2025. Additionally, this increase was driven by group health insurance costs, which increased $7.0 million related to elevated claims activity and average cost of claims. Purchased transportation increased $27.3 million in the second quarter of 2026 compared to the second quarter of 2025 primarily due to an increase in purchased transportation usage as we continue to manage headcount to provide operating flexibility, in addition to an increase in cost per mile for purchased transportation. Fuel, operating expenses and supplies increased by $37.1 million in the second quarter of 2026 compared to the second quarter of 2025 largely due to increased fuel costs. Claims and insurance expense in the second quarter of 2026 was $1.6 million higher than the second quarter of 2025 primarily due to the development of open cases and increased claim activity. Depreciation and amortization expense increased $1.6 million in the second quarter of 2026 compared to the same period in 2025 due to ongoing investments in revenue equipment, our terminal network and technology.
Current wording
Salaries, wages and employees’ benefits increased $46.7 million in the third quarter of 2026 compared to the third quarter of 2025. This change was primarily driven by increased compensation levels due to Company performance and Company-wide wage increases of approximately 3% in July 2026 and October 2025. Purchased transportation increased $31.1 million in the third quarter of 2026 compared to the third quarter of 2025 primarily due to an increase in purchased transportation usage as we continue to manage headcount to provide operating flexibility, in addition to an increase in cost per mile for purchased transportation related to increased fuel costs. Fuel, operating expenses and supplies increased by $47.0 million in the third quarter of 2026 compared to the third quarter of 2025 largely due to increased fuel costs. Claims and insurance expense in the third quarter of 2026 was $2.4 million lower than the third quarter of 2025 primarily due to lower claims activity. Depreciation and amortization expense increased $0.1 million in the third quarter of 2026 compared to the same period in 2025 due to ongoing investments in revenue equipment, our terminal network and technology, partially offset by certain assets becoming fully depreciated during 2026. Other operating losses (gains), net increased $15.1 million in the third quarter of 2026 compared to the third quarter of 2025 due to the gain on disposal of real estate of $16.4 million, partially offset by a real estate impairment loss of $1.9 million in the third quarter of 2025.
Previous wording
For the six months ended June 30, 2026, consolidated operating income was $192.0 million, up 13.2 percent compared to $169.6 million for the six months ended June 30, 2025. This increase in consolidated operating income during the first six months of 2026 was the result of increased revenue, partially offset by higher overall compensation costs, increased fuel costs and increased purchased transportation expense.
Current wording
For the nine months ended September 30, 2026, consolidated operating income was $314.3 million, up 9.1 percent compared to operating income of $288.2 million and up 14.8% compared to adjusted operating income 1 of $273.7 million for the nine months ended September 30, 2025. This increase in consolidated operating income during the first nine months of 2026 was the result of increased revenue, partially offset by higher overall compensation costs, increased fuel costs and increased purchased transportation expense.
Previous wording
Salaries, wages and benefits increased $47.5 million during the first six months of 2026 compared to the same period last year. This change was primarily driven by higher group health insurance costs, which increased by approximately $14.9 million related to elevated claims activity and average cost of claims. Additionally, this increase was driven by higher overall compensation levels as a result of volume growth and a Company-wide wage increase of approximately 3% in October 2025. Purchased transportation increased $31.8 million for the first six months of 2026 compared to the same period in the prior year primarily due to an increase in purchased transportation usage, as we continue to manage headcount to provide operating flexibility, in addition to an increase in cost per mile for purchased transportation. Fuel, operating expenses and supplies increased $43.9 million during the first six months of 2026 compared to the same period last year largely due to increased fuel costs. During the first six months of 2026, claims and insurance expense was $2.9 million higher than the same period last year primarily due to increased insurance premiums and claim activity. Depreciation and amortization expense increased $4.8 million during the first six months of 2026 compared to the same period in 2025 due to ongoing investments in revenue equipment, our terminal network and technology.
Current wording
Company-wide wage increases of approximately 3% in July 2026 and October 2025. Additionally, this change was driven by higher group health insurance costs, which increased by approximately $17.3 million related to elevated claims activity and average cost of claims. Purchased transportation increased $62.8 million for the first nine months of 2026 compared to the same period in the prior year primarily due to an increase in purchased transportation usage as we continue to manage headcount to provide operating flexibility, in addition to an increase in cost per mile for purchased transportation related to increased fuel costs. Fuel, operating expenses and supplies increased $90.9 million during the first nine months of 2026 compared to the same period last year largely due to increased fuel costs. During the first nine months of 2026, claims and insurance expense was $0.6 million higher than the same period last year primarily due to increased insurance premiums and claim activity over the first nine months of the year. Depreciation and amortization expense increased $4.9 million during the first nine months of 2026 compared to the same period in 2025 due to investments in revenue equipment, our terminal network and technology. Other operating losses (gains), net increased $17.6 million for the first nine months of 2026 compared to the same period last year due to the gain on disposal of real estate of $16.4 million, partially offset by a real estate impairment loss of $1.9 million in the third quarter of 2025.
Previous wording
Interest expense for the quarter and six months ended June 30, 2026 was lower than the same period in 2025 due to lower average borrowings under our credit arrangements in the current year.
Current wording
Interest expense for the quarter and nine months ended September 30, 2026 was lower than the same periods in 2025 due to lower average borrowings under our credit arrangements in the current year.
Previous wording
The effective tax rate was 24.9 percent and 25.3 percent for the quarters ended June 30, 2026 and 2025, respectively.
Current wording
The effective tax rate was 24.7 percent and 24.8 percent for the quarters ended September 30, 2026 and 2025, respectively.
Previous wording
Net income was $94.3 million, or $3.51 per diluted share, in the second quarter of 2026 compared to net income of $71.4 million, or $2.67 per diluted share, in the second quarter of 2025. Net income was $144.1 million, or $5.37 per diluted share, for the first six months of 2026 compared to net income of $121.2 million, or $4.53 per diluted share, for the first six months of 2025.
Current wording
Net income was $91.4 million, or $3.41 per diluted share, in the third quarter of 2026 compared to net income of $86.3 million, or $3.22 per diluted share and $2.81 adjusted diluted earnings per share 1, in the third quarter of 2025. Net income was $235.6 million, or $8.79 per diluted share, for the first nine months of 2026 compared to net income of $207.5 million, or $7.75 per diluted share and $7.34 adjusted diluted earnings per share 1, for the first nine months of 2025.
Previous wording
Effective July 1, 2026, the Company implemented a market competitive salary and wage increase for all employees, excluding executives. The increase was approximately three percent, and the Company anticipates the impact will be partially offset by productivity and efficiency gains.
Current wording
Effective July 1, 2026, the Company implemented a market competitive salary and wage increase for all employees, excluding executives. The increase was approximately 3%, and the Company anticipates the impact will be partially offset by productivity and efficiency gains.
Previous wording
Working capital at June 30, 2026 was $216.7 million, an increase from $148.3 million at June 30, 2025.
Current wording
Working capital at September 30, 2026 was $322.0 million, an increase from $201.1 million at September 30, 2025.
Previous wording
Current assets at June 30, 2026 increased by $136.5 million as compared to June 30, 2025, driven by an increase in accounts receivable of $76.6 million and an increase in cash and cash equivalents of $65.2 million, partially offset by a decrease in income tax receivable of $12.2 million. Current liabilities increased by $68.1 million at June 30, 2026 compared to June 30, 2025 largely due to an increase in accounts payable of $35.8 million and an increase in wages, vacation and employees‘ benefits of $30.3 million.
Current wording
Current assets at September 30, 2026 increased by $211.7 million as compared to September 30, 2025, driven by an increase in cash and cash equivalents of $167.0 million and an increase in accounts receivable of $72.4 million, partially offset by a decrease in income tax receivable of $35.3 million. Current liabilities increased by $90.8 million at September 30, 2026 compared to September 30, 2025 largely due to an increase in accounts payable of $50.6 million and an increase in wages, vacation and employees‘ benefits of $21.1 million.
Previous wording
Cash flows provided by operating activities were $291.2 million for the six months ended June 30, 2026 versus $279.8 million for the six months ended June 30, 2025 largely driven by changes in other operating assets and liabilities, net, and higher net income, partially offset by increased accounts receivable. For the six months ended June 30, 2026, net cash used in investing activities was $158.0 million compared to $384.0 million in the same period last year, a $226.0 million decrease. This decrease resulted primarily from a decrease in revenue equipment acquisitions during 2026. For the six months ended June 30, 2026, net cash used in financing activities was $68.9 million compared to net cash provided by financing activities of $103.5 million during the same period last year, as a result of repayments on the credit arrangements during the current period.
Current wording
Cash flows provided by operating activities were $480.8 million for the nine months ended September 30, 2026 versus $457.7 million for the nine months ended September 30, 2025 largely driven by changes in other operating assets and liabilities, net, higher net income and increased accounts payable, partially offset by increased accounts receivable and a decreased deferred income tax provision compared to the same period in 2025. For the nine months ended September 30, 2026, net cash used in investing activities was $227.9 million compared to $454.5 million in the same period last year, a $226.6 million decrease. This decrease resulted primarily from a decrease in revenue equipment acquisitions during 2026. For the nine months ended September 30, 2026, net cash used in financing activities was $70.0 million compared to net cash provided by financing activities of $12.8 million during the same period last year, as a result of repayments of indebtedness during the current period.
Previous wording
The Company has historically generated cash flows from operations to fund a large portion of its capital expenditure requirements. The Company believes it has adequate sources of capital to meet short-term liquidity needs through its cash on hand, operating cash flows and availability under its credit arrangements, discussed below. Future operating cash flows are primarily dependent upon the Company’s profitability and its ability to manage its working capital requirements.
Current wording
The Company has historically generated cash flows from operations to fund a large portion of its capital expenditure requirements. The Company believes it has adequate sources of capital to meet short-term liquidity needs through its cash on hand, operating cash flows and availability under its revolving credit facility, discussed below. Future operating cash flows are primarily dependent upon the Company’s profitability and its ability to manage its working capital requirements.
Previous wording
The table below sets forth our net capital expenditures for property and equipment for the six-month period ended June 30, 2026 and the year ended December 31, 2025 (in millions):
Current wording
The table below sets forth our net capital expenditures for property and equipment for the nine-month period ended September 30, 2026 and the year ended December 31, 2025 (in millions):
Previous wording
The Company currently anticipates that net capital expenditures in 2026 will be approximately $350 million to $400 million, subject to ongoing evaluation of market conditions. Anticipated capital expenditures for the remainder of the year include normal replacement cycles of revenue equipment, investments in technology and revenue equipment, and real estate investments to support our growth initiatives. Net capital expenditures were $158.0 million in the first six months of 2026. Approximately $74.3 million of the 2026 remaining capital budget was committed as of June 30, 2026.
Current wording
The Company currently anticipates that net capital expenditures in 2026 will be approximately $350 million, subject to ongoing evaluation of market conditions. Anticipated capital expenditures for the remainder of the year include normal replacement cycles of revenue equipment, investments in technology and revenue equipment, and real estate investments to support our growth initiatives. Net capital expenditures were $235.9 million in the first nine months of 2026. Approximately $59.9 million of the 2026 remaining capital budget was committed as of September 30, 2026.
Previous wording
Contractual obligations for the Company are comprised of lease agreements, purchase obligations and long-term debt obligations. Contractual obligations for operating leases at June 30, 2026 totaled $207.4 million, including operating leases with original maturities of less than one year, which are not recorded in our consolidated balance sheet in accordance with U.S. generally accepted accounting principles. For the remainder of 2026, $3.8 million of interest payments are anticipated based on borrowings and commitments outstanding at June 30, 2026. See Note 5, “Debt and Financing Arrangements,” of the accompanying unaudited condensed consolidated financial statements in this Form 10-Q. Total purchase obligations, including those that extend beyond the current year, at June 30, 2026 were $91.7 million, including commitments of $90.8 million for capital expenditures. As of June 30, 2026, the Revolving Credit Facility had no outstanding principal balance and the Shelf Agreement had $100.0 million outstanding principal balance.
Current wording
Contractual obligations for the Company are comprised of lease agreements, purchase obligations and long-term debt obligations. Contractual obligations for operating leases at September 30, 2026 totaled $199.8 million, including operating leases with original maturities of less than one year, which are not recorded in our consolidated balance sheet in accordance with U.S. generally accepted accounting principles. For the remainder of 2026, $1.9 million of interest payments are anticipated based on borrowings and commitments outstanding at September 30, 2026. See Note 5, “Debt and Financing Arrangements,” of the accompanying unaudited condensed consolidated financial statements in this Form 10-Q. Total purchase obligations, including those that extend beyond the current year, at September 30, 2026 were $83.3 million, including commitments of $82.6 million for capital expenditures. As of September 30, 2026, the Revolving Credit Facility had no outstanding principal balance and the Shelf Agreement had $100.0 million outstanding principal balance.
Previous wording
Other commercial commitments of the Company typically include letters of credit and surety bonds required for collateral towards insurance agreements. As of June 30, 2026 the Company had total outstanding letters of credit of $36.0 million and $64.5 million in surety bonds.
Current wording
Other commercial commitments of the Company typically include letters of credit and surety bonds required for collateral towards insurance agreements. As of September 30, 2026 the Company had total outstanding letters of credit of $36.0 million and $67.5 million in surety bonds.
Previous wording
The Company has accrued approximately $3.2 million for uncertain tax positions and $0.6 million for interest and penalties related to the uncertain tax positions as of June 30, 2026. At June 30, 2026, the Company has accrued $113.2 million for claims and insurance liabilities.
Current wording
The Company has accrued approximately $3.3 million for uncertain tax positions and $0.6 million for interest and penalties related to the uncertain tax positions as of September 30, 2026. At September 30, 2026, the Company has accrued $130.4 million for claims and insurance liabilities.