Saia is a national LTL (less-than-truckload) freight carrier, consolidating smaller shipments — typically between 100 and 10,000 pounds — from multiple shippers, moving freight through a linehaul network of terminals, and delivering to the final destination. Saia serves shippers whose freight is too large for parcel carriers but too small to fill a truck, and its customers include national accounts and regional or local field accounts. Saia sells directly to shippers through a field sales force, and roughly 60-70% of its business runs under contracts that renew throughout the year. The company charges shippers per shipment, with pricing driven by contractual renewals and periodic general rate increases; fuel surcharges make up roughly 15% of total revenue. Costs are largely fixed and semi-fixed — dominated by labor, linehaul costs, and depreciation — creating significant operating leverage as volume grows. The defining story at Saia is its rapid organic expansion from a regional carrier to a true national carrier, opening 39 new terminals between 2022 and 2024 and ending 2025 with 213 terminals covering all 48 contiguous states. This build-out required over $2B in capital investment. Management argues the national footprint allows Saia to offer a complete national LTL solution, reduce reliance on outsourced linehaul, and optimize freight routing. CapEx peaked in 2024 and is expected to step down sharply in 2026, with Saia targeting free cash flow generation. Management's long-run target is an operating ratio in the 70s, compared to an FY25 adjusted operating ratio of approximately 89.6%.