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Ryder Reports First Quarter 2026 ResultsApril 23, 2026 6:55 AM
Business Wire
Delivers solid results and raises full-year 2026 earnings outlook;
On track to deliver $70 million of benefits from execution on strategic initiatives
First Quarter 2026 Highlights
GAAP EPS from continuing operations of $2.34, up 2% from prior year
Comparable EPS (non-GAAP) from continuing operations of $2.54, up 3% from prior year, reflects share repurchases, partially offset by lower earnings
Total revenue of $3.1 billion, consistent with prior year
Operating revenue (non-GAAP) of $2.6 billion, consistent with prior year
Full Year 2026 Forecast
ROE (non-GAAP) unchanged at 17% - 18%
Comparable EPS (non-GAAP) increased to $14.05 - $14.80
Operating revenue (non-GAAP) growth remains at 3%, primarily driven by SCS
Net cash provided by operating activities from continuing operations remains at $2.7 billion and free cash flow (non-GAAP) unchanged at $700 million - $800 million
Ryder System, Inc. (NYSE: R) reported results for the three months ended March 31 as follows:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260421461173/en/Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions.
Earnings
Before Taxes
Earnings
Diluted Earnings
Per Share
(In millions, except EPS)
2026
2025
2026
2025
2026
2025
Continuing operations (GAAP)
$
118
134
$
93
98
$
2.34
2.29
Comparable (non-GAAP)
$
128
142
$
101
106
$
2.54
2.46
Total and operating revenue for the three months ended March 31 were as follows:
Total Revenue
Operating Revenue
(non-GAAP)
(In millions)
2026
2025
Change
2026
2025
Change
Total
$
3,126
3,131
—%
$
2,573
2,557
1%
Fleet Management Solutions (FMS)
$
1,461
1,447
1%
$
1,265
1,260
—%
Supply Chain Solutions (SCS)
$
1,360
1,331
2%
$
1,029
1,000
3%
Dedicated Transportation Solutions (DTS)
$
553
602
(8)%
$
438
460
(5)%
CEO Comment
“The Ryder team delivered solid first quarter results that exceeded our expectations,” says Ryder Chief Executive Officer John Diez. “Outperformance was driven by used vehicle sales results in FMS. Our results continue to demonstrate the earnings power and resiliency of our transformed business model.
“We’re encouraged by the positive momentum in contractual sales, with record sales performance continuing in SCS and stronger sales in FMS and DTS. We also experienced improving trends in used vehicle sales, and rental demand reflected historical seasonal patterns.
“Year-over-year earnings growth in FMS was driven primarily by higher contractual results, reflecting benefits from our ongoing execution on strategic initiatives. SCS delivered another quarter of strong earnings performance, although results were down relative to a record quarter in the prior year. DTS continued to be impacted by a lower fleet count due to a prolonged freight downturn.
“We remain confident that Ryder will benefit from a meaningful earnings uplift by the next cycle peak, with the largest impact expected in our transactional rental and used vehicle sales businesses.
“The structural changes embedded in our transformed model are enabling the business to deliver solid ROE of 17% in the current environment. In addition, the earnings power of our high-quality contractual portfolio continues to generate higher operating cash flow and increased capital deployment capacity, enabling us to fund profitable growth while returning capital to shareholders.”
First Quarter 2026 Segment Review
Fleet Management Solutions: Earnings Growth Driven by Contractual Business Performance
(In millions)
1Q26
1Q25
Change
Total Revenue
$
1,461
1,447
1%
Operating Revenue (1)
$
1,265
1,260
—%
Earnings Before Tax (EBT)
$
99
94
6%
EBT as a % of total revenue
6.8%
6.5%
30 bps
EBT as a % of operating revenue (1)
7.9%
7.5%
40 bps
7.9%
7.5%
(1) Non-GAAP financial measure excluding fuel services revenue.
FMS total revenue increased 1% and operating revenue remained unchanged
Total revenue reflected higher fuel pricing passed through to customers
Operating revenue was consistent with prior year as contractual revenue growth was offset by lower rental demand
FMS EBT of $99 million
Strategic initiatives continued to benefit ChoiceLease performance
Used vehicle sales results reflected improving market conditions
Used tractor pricing increased 6% and truck pricing decreased 5% from prior year; sequentially from fourth quarter of 2025, used tractor and truck pricing decreased 3% and 4%, respectively, due to a lower retail sales mix, as tractor and truck retail pricing remained stable
Rental power-fleet utilization was 68% compared to 66% in the prior year, on a 13% smaller average fleet
Supply Chain Solutions: Earnings Primarily Reflect Lower Automotive Results
(In millions)
1Q26
1Q25
Change
Total Revenue
$
1,360
1,331
2%
Operating Revenue (1)
$
1,029
1,000
3%
Earnings Before Tax (EBT)
$
72
87
(17)%
EBT as a % of total revenue
5.3%
6.5%
(120) bps
EBT as a % of operating revenue (1)
7.0%
8.7%
(170) bps
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.
SCS total revenue increased 2% and operating revenue increased 3%
Total revenue reflected increased operating revenue
Increase in operating revenue driven by new business in omnichannel retail, partially offset by lost business and lower volumes in automotive
SCS EBT of $72 million
Earnings impacted by lower automotive results and, to a lesser extent, productivity of new business ramping up
Year-over-year comparison reflects record quarter in prior year
Dedicated Transportation Solutions: Earnings Reflect Lower Fleet Count Partially Offset by Execution on Strategic Initiatives
(In millions)
1Q26
1Q25
Change
Total Revenue
$
553
602
(8)%
Operating Revenue (1)
$
438
460
(5)%
Earnings Before Tax (EBT)
$
23
27
(15)%
EBT as a % of total revenue
4.2%
4.5%
(30) bps
EBT as a % of operating revenue (1)
5.2%
5.9%
(70) bps
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.
DTS total revenue and operating revenue decreased 8% and 5%, respectively
Total revenue reflects lower subcontracted transportation costs and operating revenue
Operating revenue reflects lower fleet count due to prolonged freight market downturn
DTS EBT of $23 million
Primarily reflects lower operating revenue, partially offset by benefits from strategic initiatives
Corporate Financial Information
Tax Rate
Our effective income tax rate from continuing operations was 21.0%, as compared to 26.8% in the prior year. Our comparable effective income tax rate (a non-GAAP measure) from continuing operations was 20.9%, as compared to 25.6% in the prior year. The decrease in the tax rates was primarily due to excess tax benefits on stock-based compensation in the first quarter of 2026.
Capital Expenditures, Cash Flow, and Leverage
Capital expenditures decreased to $409 million in 2026 compared to $536 million in 2025, primarily reflecting the timing of ChoiceLease fleet replacement and reduced investments in the rental fleet.
Net cash provided by operating activities from continuing operations was $583 million, compared to $651 million in 2025, primarily reflecting higher working capital needs. Free cash flow (non-GAAP) of $273 million, compared to $259 million in 2025, primarily reflecting reduced cash capital expenditures partially offset by lower cash provided by operating activities.
Debt-to-equity as of March 31, 2026 was 269%, up from year-end 2025, and is in the company's long-term target of 250% to 300%.
Outlook
“We are on track for another year of earnings growth in 2026, driven by execution on $70 million in incremental benefits from strategic initiatives,” says Ryder Chief Financial Officer Cristina Gallo-Aquino. “We are raising our EPS forecast range to reflect stronger than expected first-quarter performance and our expectations for modest improvement in used vehicle market conditions.
“Free cash flow is expected to remain strong in 2026, and we expect our capital deployment capacity to continue to enable us to support profitable growth while returning capital to shareholders through share repurchases and dividends.”
Full Year 2026 Outlook
Total Revenue Growth
3%
Operating Revenue Growth (non-GAAP)
3%
FY26 GAAP EPS
$13.15 - $13.90
FY26 Comparable EPS (non-GAAP)
$14.05 - $14.80
ROE (non-GAAP)
17% - 18%
Net Cash from Operating Activities from Continuing Operations
$2.7B
Free Cash Flow (non-GAAP)
$700M - $800M
Capital Expenditures
$2.4B
Debt-to-Equity
230%
Second Quarter 2026
2Q26 GAAP EPS
$3.15 - $3.40
2Q26 Comparable EPS (non-GAAP)
$3.50 - $3.75
Supplemental Company Information
Business Description
Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. The company's financial performance is reported in the following three, inter-related business segments:
Supply Chain Solutions – Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day.
Dedicated Transportation Solutions – Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain.
Fleet Management Solutions – Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow.
For more information on Ryder System, Inc., visit investors.ryder.com and ryder.com.
Note: Regarding Forward-Looking Statements
Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding: our forecast and outlook; market conditions, including macroeconomic uncertainty and geopolitical events; rental demand and utilization; used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn, cycle timing and the pace and strength of any recovery; expected financial performance, including total and operating revenue, EPS and comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, capital expenditures, debt-to-equity, and the underlying drivers of change; expectations regarding continued execution of our business model; pricing actions and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory levels and fleet size; growth and continued strong earnings performance in our contractual businesses; the omnichannel retail network; our capital deployment capacity; our ability to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include estimates regarding the impact of residual value assumptions on earnings and depreciation expense. These estimates are based, in part, on our current assessment of the residual values and useful lives of revenue-earning equipment informed by multi-year trends and our outlook for near- and long-term used vehicle market conditions. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors.
All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; the inability of our information technology systems to provide timely and accurate access to data or of our information security program to safeguard our or our stakeholders' data; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Note: Regarding Non-GAAP Financial Measures
This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this release, which are available at investors.ryder.com.
CONFERENCE CALL AND WEBCAST INFORMATION
Ryder’s earnings conference call and webcast is scheduled for April 23, 2026 at 11:00 a.m. ET. To join, click here.
LIVE AUDIO VIA PHONE
Toll Free Number:
800-330-6710
USA Toll Number:
+1 213-279-1505
Audio Passcode:
Ryder
Conference Leader:
Calene Candela
WEBCAST REPLAY
An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
Three months ended March 31,
(In millions, except per share amounts)
2026
2025
Services revenue
$
2,064
2,080
Lease & related maintenance and rental revenue
951
945
Fuel services revenue
111
106
Total revenue
3,126
3,131
Cost of services
1,764
1,772
Cost of lease & related maintenance and rental
664
648
Cost of fuel services
104
104
Selling, general and administrative expenses
380
368
Non-operating pension costs, net
9
9
Used vehicle sales, net
(12
)
(9
)
Interest expense
97
100
Miscellaneous loss, net
1
6
Restructuring and other items, net
1
(1
)
3,008
2,997
Earnings from continuing operations before income taxes
118
134
Provision for income taxes
25
36
Earnings from continuing operations
93
98
Loss from discontinued operations, net of tax
—
—
Net earnings
$
93
98
Earnings per common share — Diluted
Continuing operations
$
2.34
2.29
Discontinued operations
(0.01
)
(0.01
)
Net earnings
$
2.33
2.27
Weighted average common shares outstanding — Diluted
39.6
42.9
Diluted EPS from continuing operations
$
2.34
2.29
Non-operating pension costs, net
0.17
0.17
Other, net
0.03
—
Comparable EPS from continuing operations (1)
$
2.54
2.46
————————————
(1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In millions)
March 31,
2026
December 31,
2025
Assets:
Cash and cash equivalents
$
182
198
Other current assets
2,304
2,275
Revenue earning equipment, net
8,708
8,898
Operating property and equipment, net
1,288
1,268
Other assets
3,746
3,748
$
16,228
16,387
Liabilities and shareholders' equity:
Current liabilities
$
1,950
1,959
Total debt (including current portion)
7,692
7,645
Other non-current liabilities (including deferred income taxes)
3,728
3,731
Shareholders' equity
2,858
3,052
$
16,228
16,387
SELECTED KEY RATIOS AND METRICS
March 31,
2026
December 31,
2025
Debt to equity
269%
250%
Three months ended March 31,
(In millions)
2026
2025
Comparable EBITDA (1)
$
659
671
Effective interest rate
5.1
%
5.2
%
Three months ended March 31,
(In millions)
2026
2025
Net cash provided by operating activities from continuing operations
$
583
651
Free cash flow (1)
273
259
Capital expenditures paid
427
514
Gross capital expenditures
409
536
Twelve months ended March 31,
2026
2025
Adjusted ROE (2)
17%
17%
————————————
(1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release.
(2) The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Three months ended March 31,
(In millions)
2026
2025
Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease
$
878
867
1%
Commercial rental
211
219
(4)%
SelectCare and other
176
174
1%
Fuel services revenue
196
187
4%
Fleet Management Solutions
1,461
1,447
1%
Supply Chain Solutions
1,360
1,331
2%
Dedicated Transportation Solutions
553
602
(8)%
Eliminations
(248
)
(249
)
(1)%
Total revenue
$
3,126
3,131
—%
Operating Revenue: (1)
Fleet Management Solutions
$
1,265
1,260
—%
Supply Chain Solutions
1,029
1,000
3%
Dedicated Transportation Solutions
438
460
(5)%
Eliminations
(159
)
(163
)
(3)%
Operating revenue
$
2,573
2,557
1%
Business Segment Earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions
$
99
94
6%
Supply Chain Solutions
72
87
(17)%
Dedicated Transportation Solutions
23
27
(15)%
Eliminations
(30
)
(33
)
(3)%
164
175
(6)%
Unallocated Central Support Services
(22
)
(20
)
7%
Intangible amortization expense
(14
)
(13
)
4%
Non-operating pension costs, net
(9
)
(9
)
NM
Other items impacting comparability, net
(1
)
1
NM
Earnings from continuing operations before income taxes
118
134
(12)%
Provision for income taxes
25
36
(31)%
Earnings from continuing operations
$
93
98
(5)%
————————————
(1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
NM - Denotes Not Meaningful.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Three months ended March 31,
(In millions)
2026
2025
Change
Fleet Management Solutions
FMS total revenue
$
1,461
1,447
1%
Fuel services revenue
(196
)
(187
)
4%
FMS operating revenue (1)
$
1,265
1,260
—%
Segment earnings before income taxes
$
99
94
6%
FMS earnings before income taxes as % of FMS total revenue
6.8%
6.5%
FMS earnings before income taxes as % of FMS operating revenue (1)
7.9%
7.5%
Three months ended March 31,
(In millions)
2026
2025
Change
Supply Chain Solutions
SCS total revenue
$
1,360
1,331
2%
Subcontracted transportation
(291
)
(292
)
—%
Fuel
(40
)
(39
)
3%
SCS operating revenue (1)
$
1,029
1,000
3%
Segment earnings before income taxes
$
72
87
(17)%
SCS earnings before income taxes as % of SCS total revenue
5.3%
6.5%
SCS earnings before income taxes as % of SCS operating revenue (1)
7.0%
8.7%
Three months ended March 31,
(In millions)
2026
2025
Change
Dedicated Transportation Solutions
DTS total revenue
$
553
602
(8)%
Subcontracted transportation
(51
)
(81
)
(37)%
Fuel
(64
)
(61
)
5%
DTS operating revenue (1)
$
438
460
(5)%
Segment earnings before income taxes
$
23
27
(15)%
DTS earnings before income taxes as % of DTS total revenue
4.2%
4.5%
DTS earnings before income taxes as % of DTS operating revenue (1)
5.2%
5.9%
————————————
(1) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
KEY PERFORMANCE INDICATORS
Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred):
Three months ended
March 31,
2026/2025
2026
2025
Three Months
ChoiceLease
Average fleet count
141,600
144,800
(2)%
End of period fleet count
141,400
144,300
(2)%
Average active fleet count (1)
131,200
135,100
(3)%
End of period active fleet count (1)
131,000
135,000
(3)%
Commercial rental
Average fleet count
30,500
34,900
(13)%
End of period fleet count
29,700
34,400
(14)%
Rental utilization - power units (2)
68
%
66
%
200 bps
Rental rate change - % (3)
3
%
2
%
Customer vehicles under SelectCare contracts
Average fleet count
43,900
42,500
3%
End of period fleet count
44,300
42,900
3%
Customer vehicles under SCS contracts
End of period fleet count (4)
13,000
13,100
(1)%
End of period power vehicles (4)
3,700
3,900
(5)%
Customer vehicles under DTS contracts
End of period fleet count (4)
17,400
18,800
(7)%
End of period power vehicles (4)
6,800
7,400
(8)%
Used vehicle sales (UVS)
End of period fleet count
9,500
9,500
—%
Used vehicles sold
4,600
5,100
(10)%
UVS pricing change (5)
Tractors
6
%
(16
)%
Trucks
(5
)%
(17
)%
————————————
(1) Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.
(2) Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers).
(3) Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency.
(4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental, and SelectCare.
(5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
This press release and accompanying tables include “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.
Specifically, the following non-GAAP financial measures are included in this press release:
Non-GAAP Financial Measure
Comparable GAAP Measure
Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue
Total Revenue
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS Operating Revenue
FMS Total Revenue
Business Segment Information - Unaudited
SCS Operating Revenue
SCS Total Revenue
DTS Operating Revenue
DTS Total Revenue
Operating Revenue Growth
Total Revenue Growth
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS EBT as a % of FMS Operating Revenue
FMS EBT as a % of FMS Total Revenue
Business Segment Information - Unaudited
SCS EBT as a % of SCS Operating Revenue
SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue
DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax and Comparable Tax Rate
Earnings Before Income Tax and Effective Tax Rate from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings
Earnings from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable EPS
EPS from Continuing Operations
Condensed Consolidated Statements of Earnings -
Unaudited
Appendix - Non-GAAP Financial Measure
Reconciliations
Adjusted Return on Equity (ROE)
Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations.
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization
Net Earnings
Appendix - Non-GAAP Financial Measure
Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow
Cash Provided by Operating Activities from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.
Operating Revenue Measures:
Operating Revenue
FMS Operating Revenue
SCS Operating Revenue
DTS Operating Revenue
Operating Revenue Growth
FMS EBT as a % of FMS
Operating Revenue
SCS EBT as a % of SCS
Operating Revenue
DTS EBT as a % of DTS
Operating Revenue
Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures.
Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs.
Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, carrier rate fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before
Income Taxes (EBT)
Comparable Earnings
Comparable Earnings per Diluted
Common Share (EPS)
Comparable Tax Rate
Adjusted Return on Equity
(ROE)
Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance.
Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business.
Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period.
Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.
Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations.
Comparable Earnings Before
Interest, Taxes, Depreciation and
Amortization (EBITDA)
Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization.
We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies.
Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP.
Cash Flow Measures:
Total Cash Generated
Free Cash Flow
We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment.
Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment, and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities.
Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE RECONCILIATION
Three months ended March 31,
(In millions)
2026
2025
Total revenue
$
3,126
3,131
Subcontracted transportation revenue
(338
)
(368
)
Fuel
(215
)
(206
)
Operating revenue (1)
$
2,573
2,557
TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
Three months ended March 31,
(In millions)
2026
2025
Net cash provided by operating activities from continuing operations
$
583
651
Proceeds from sales (primarily revenue earning equipment) (2)
117
122
Total cash generated (1)
700
773
Purchases of property and revenue earning equipment (2)
(427
)
(514
)
Free cash flow (1)
$
273
259
COMPARABLE EARNINGS RECONCILIATION
Three months ended March 31,
(In millions)
2026
2025
Earnings from continuing operations
$
93
98
Non-operating pension costs, net
7
7
Other, net (3)
1
1
Comparable earnings from continuing operations (1) (4)
$
101
106
Tax rate on continuing operations
21.0%
26.8%
Tax adjustments and income tax effects of non-GAAP adjustments (1) (4)
(0.1)%
(1.2)%
Comparable tax rate on continuing operations (1) (4)
20.9%
25.6%
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing activities.
(3) Other, net includes the income tax effects of other items impacting comparability and non-recurring income tax adjustments.
(4) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
ADJUSTED RETURN ON EQUITY RECONCILIATION
Twelve months ended March 31,
(Dollars in millions)
2026
2025
Net earnings
$
495
502
Other items impacting comparability, net
10
8
Tax impact (1)
(1
)
(1
)
Adjusted net earnings
$
504
509
Average shareholders' equity
$
3,017
3,064
Average adjustments to shareholders' equity (2)
3
5
Adjusted average shareholders' equity
$
3,020
3,069
Adjusted return on equity (3)
17%
17%
————————————
(1) Represents income taxes on other items impacting comparability.
(2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods.
(3) Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION
Three months ended March 31,
(In millions)
2026
2025
Net earnings
$
93
98
Provision for income taxes
25
36
EBT
118
134
Non-operating pension costs, net
9
9
Other, net
1
(1
)
Comparable EBT (1)
128
142
Interest expense
97
100
Depreciation
432
425
Used vehicle sales, net
(12
)
(9
)
Intangible amortization
14
13
Comparable EBITDA (1)
$
659
671
————————————
(1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations and Comparable EBITDA is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE GROWTH FORECAST RECONCILIATION
Twelve months ended December 31,
(In millions)
2026
2025
Change
Total revenue
$
13,100
12,665
3%
Subcontracted transportation revenue
(1,500
)
(1,473
)
2%
Fuel
(900
)
(786
)
15%
Operating revenue (1)
$
10,700
10,406
3%
COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION
(In millions, except per share amounts)
Second Quarter 2026
Full Year 2026
EPS from continuing operations
$3.20 - $3.45
$13.15 - $13.90
Non-operating pension costs
0.30
0.85
Other, net
—
0.05
Comparable EPS from continuing operations forecast (1)
$3.50 - $3.75
$14.05 - $14.80
TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION
(In millions)
2026 Forecast
Net cash provided by operating activities from continuing operations
$
2,700
Proceeds from sales (primarily revenue earning equipment) (2)
500
Total cash generated (1)
3,200
Purchases of property and revenue earning equipment (2)
(2,400
)
Free cash flow (1)
$
800
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing activities.
ryder-financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20260421461173/en/
Media:
Amy Federman
afederman@ryder.com
Investor Relations:
Calene Candela
ccandela@ryder.com
Original: Ryder Reports First Quarter 2026 Results
US Market News
2月前
Ryder Named to Fortune’s “America’s Most Innovative Companies” List for Second Consecutive YearApril 14, 2026 6:55 AM
Business Wire
Ryder recognized for innovation across products, processes, and culture
Ryder investments in AI, automation, and next-generation logistics technology continue to reshape the industry
Ryder System, Inc. (NYSE: R) has been named to Fortune’s “America’s Most Innovative Companies” list for the second year in a row, underscoring the company’s expanding role in applying advanced technology to modernize transportation and supply chain operations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260414986256/en/Ryder has been named one of America’s Most Innovative Companies for 2026 by Fortune for the second year in a row, recognized for its advancements in product and process innovation, as well as its strong culture of innovation.
The recognition reflects Ryder’s continued progress in embedding artificial intelligence into its core technology platforms, accelerating warehouse automation and robotics, and advancing customer-facing digital solutions designed to improve visibility, efficiency, and decision-making across complex supply chains.
Ryder’s innovation strategy is built around a three-pronged approach: developing proprietary technologies, investing in emerging solutions, and working with strategic partners to speed the delivery of value to customers.
“To help customers optimize their supply chains and transportation networks, we’ve continued to build on the $1.9 billion in strategic investments we’ve made since 2018 in innovative technologies, products, and services,” says Karen Jones, Ryder’s chief marketing officer and head of innovation and new product development. “From port to door, our solutions are designed to deliver greater visibility, efficiency, and resilience. Being recognized by Fortune for a second consecutive year validates the impact our teams are having on the future of logistics.”
Through its technology investments, Ryder aims to reduce the risk of experimentation for customers by identifying, scaling, and operationalizing proven innovations. These efforts are enabling more proactive supply chains by improving planning accuracy, accelerating decision-making, and driving measurable gains in operational performance.
As part of its broader innovation ecosystem, Ryder collaborates with start-ups and established technology leaders to advance solutions in e-commerce fulfillment, warehouse automation and robotics, digital logistics platforms, artificial intelligence, and advanced vehicle technologies, including autonomous vehicles and reduced- and zero-emission vehicle solutions.
Fortune’s “America’s Most Innovative Companies” 2026 list recognizes 300 U.S. companies that demonstrate excellence in product innovation, operational processes, and innovation culture. The rankings are based on surveys of more than 30,000 employees and 3,000 industry experts, along with an analysis of each company’s intellectual property portfolio conducted by Fortune and Statista. The evaluation is structured around three pillars: product innovation, process innovation, and innovation culture.
“At Ryder, innovation isn’t just about adopting new technology—it’s about finding smarter, more efficient ways to serve our customers,” Jones adds.
Selected customer-centric innovations include:
RyderShare™, an end-to-end digital logistics platform providing real-time visibility and collaboration across supply chains
RyderGyde™, a mobile application that enables drivers, fleet managers, and fleet owners to manage fleet operations anytime, anywhere
RyderVentures, the company’s $50 million corporate venture capital fund focused on emerging supply chain technologies
Baton, a Ryder Technology Lab based in Silicon Valley dedicated to developing and scaling next-generation logistics solutions
Next-generation vehicles, enabled by collaboration with autonomous vehicles developers, reduced- and zero emissions technology manufacturers, charging infrastructure providers, and carbon capture technologies
Ryder Rental Platform, a self-service digital platform that enables fast booking, centralized rental management, and real-time vehicle availability across more than 425 U.S. locations
The full Fortune “America’s Most Innovative Companies” 2026 list is available at https://fortune.com/ranking/americas-most-innovative-companies/.
For more information about Ryder’s technology-driven solutions, visit www.ryder.com.
About Ryder System, Inc.
Ryder System, Inc. (NYSE: R) is a nearly $13 billion leading provider of outsourced logistics and transportation services throughout the United States, Canada, and Mexico. Ryder offers supply chain, dedicated transportation, and fleet management solutions that integrate every step of the supply chain port-to-door, including cross-border logistics, fleet and transportation management, warehousing and distribution, and final delivery to customers’ doorsteps. Ryder’s broad portfolio of services encompasses managed transportation, freight brokerage, dedicated contract carriage with professional drivers, full-service fleet leasing and maintenance, commercial truck rental, automation and robotics, digital technologies, contract manufacturing and packaging, omnichannel retail fulfillment including e-commerce and last-mile delivery, and used vehicle sales. Serving more than 20 industries, Ryder manages approximately 240,000 commercial vehicles, operates nearly 800 maintenance locations, and runs approximately 320 warehouses totaling more than 100 million square feet. Ryder is consistently recognized for technology-driven innovation and industry-leading practices in safety, health, security, talent acquisition, and environmental management, and was most recently named to Fortune’s “America’s Most Innovative Companies” list. www.ryder.com
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
ryder-ar
View source version on businesswire.com: https://www.businesswire.com/news/home/20260414986256/en/
For Information Contact:
Amy Federman, afederman@ryder.com
Rachel Pelletier, rpelletier@apcoworldwide.com
Original: Ryder Named to Fortune’s “America’s Most Innovative Companies” List for Second Consecutive Year
US Market News
4月前
Ryder Reports Fourth Quarter 2025 Results and Provides 2026 OutlookFebruary 11, 2026 6:55 AM
Business Wire
Transformed Business Model Continues to Outperform Prior Cycles;
Upsized Strategic Initiatives Expected to Drive 2026 Earnings Growth
Fourth Quarter 2025 Highlights
GAAP EPS from continuing operations of $3.25, up 5% from prior year
Comparable EPS (non-GAAP) from continuing operations of $3.59, up 4% from prior year, reflecting share repurchases
Total revenue of $3.2 billion, consistent with prior year
Operating revenue (non-GAAP) of $2.6 billion, consistent with prior year
Full-Year 2025 Highlights
GAAP EPS from continuing operations of $11.99, up 8% from prior year
Comparable EPS (non-GAAP) from continuing operations of $12.92, up 8% from prior year, reflecting higher contractual earnings across all business segments and share repurchases, partially offset by lower used vehicle sales and rental results
Adjusted return on equity (ROE) (non-GAAP) of 17%, compared to 16% in prior year
Total revenue of $12.7 billion, consistent with prior
Operating revenue (non-GAAP) of $10.4 billion, up 1%, primarily reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS)
Net cash provided by operating activities from continuing operations of $2.6 billion and free cash flow (non-GAAP) of $946 million
Full Year 2026 Outlook
ROE (non-GAAP) of 17% - 18%
Comparable EPS (non-GAAP) of $13.45 - $14.45
Operating revenue (non-GAAP) increase of 3%, primarily driven by SCS
Net cash provided by operating activities from continuing operations of $2.7 billion and free cash flow (non-GAAP) of $700 million - $800 million
Ryder System, Inc. (NYSE: R) reported results for the three months ended December 31 as follows:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260211546056/en/Ryder is a leader in supply chain, dedicated transportation, and fleet management solutions.
Earnings
Before Taxes
Earnings
Diluted
Earnings
Per Share
(In millions, except EPS)
2025
2024
2025
2024
2025
2024
Continuing operations (GAAP)
$
177
181
$
133
135
$
3.25
3.11
Comparable (non-GAAP)
$
195
199
$
147
150
$
3.59
3.45
Total and operating revenue for the three months ended December 31 were as follows:
Total Revenue
Operating Revenue
(non-GAAP)
(In millions)
2025
2024
Change
2025
2024
Change
Total
$
3,175
3,189
—%
$
2,628
2,617
—%
Fleet Management Solutions (FMS)
$
1,466
1,485
(1)%
$
1,297
1,308
(1)%
Supply Chain Solutions (SCS)
$
1,382
1,340
3%
$
1,037
1,007
3%
Dedicated Transportation Solutions (DTS)
$
565
615
(8)%
$
452
472
(4)%
CEO Comment
"Ryder delivered earnings growth and another year of solid returns in 2025, reflecting the strength and resiliency of our transformed business model as well as consistent execution on strategic initiatives," says Ryder Chairman and CEO Robert Sanchez. "We achieved an annual benefit of $100 million from our multi-year strategic initiatives, with incremental benefits expected in 2026.
"Fourth quarter results represented our fifth consecutive quarter of earnings-per-share growth and were in line with our expectations. SCS and DTS continued to generate pre-tax earnings as a percent of operating revenue at their high single-digit target. In FMS, momentum from our lease pricing and maintenance cost savings initiatives continued to deliver solid quality of earnings despite used vehicle sales and rental market conditions.
"Solid ROE of 17% reflects the structural changes embedded in our transformed model and is in line with expectations given where we are in the freight cycle. The earnings power of our contractual lease, dedicated, and supply chain businesses continues to generate higher operating cash flow and increased capital deployment capacity, enabling us to fund profitable growth while returning capital to shareholders. During 2025, we returned $664 million to shareholders through buybacks and dividends and generated free cash flow of $946 million. Our balance sheet remains strong with leverage at the low end of our target debt-to-equity range.
"Secular growth trends and the value our solutions bring to our customers remain strong. In SCS, we achieved record sales in 2025, positioning us well for growth in 2026. In FMS and DTS, we expect contractual sales trends to improve as freight market conditions normalize. We remain focused on executing on our strategic initiatives and driving further cost and operating efficiencies. We are confident that continued execution on our balanced growth strategy provides a solid foundation for ongoing contractual earnings growth while also positioning us to benefit from a cycle upturn."
Fourth Quarter 2025 Segment Review
Fleet Management Solutions: Solid Earnings Despite Rental and Used Vehicle Sales Market Conditions
(In millions)
4Q25
4Q24
Change
Total Revenue
$
1,466
1,485
(1)%
Operating Revenue (1)
$
1,297
1,308
(1)%
Earnings Before Tax (EBT)
$
136
152
(10)%
EBT as a % of total revenue
9.3%
10.2%
(90) bps
EBT as a % of operating revenue (1)
10.5%
11.6%
(110) bps
(1) Non-GAAP financial measure excluding fuel services revenue.
FMS total revenue and operating revenue decreased 1%
Total revenue reflects lower operating and fuel revenue
Operating revenue reflects impact of weaker rental demand
FMS EBT of $136 million
Strategic initiatives continue to benefit ChoiceLease performance
Rental and used vehicle sales results reflect weaker freight market conditions
Used tractor pricing increased 1% and truck pricing decreased 9% from prior year; sequentially from third quarter of 2025, used tractor and truck pricing increased 6% and 4%, respectively, reflecting a higher retail sales mix
Rental power-fleet utilization was 72% compared to 73% in the prior year, on a 8% smaller average fleet
Supply Chain Solutions: Earnings from Revenue Growth More Than Offset by Automotive Results
(In millions)
4Q25
4Q24
Change
Total Revenue
$
1,382
1,340
3%
Operating Revenue (1)
$
1,037
1,007
3%
Earnings Before Tax (EBT)
$
83
90
(8)%
EBT as a % of total revenue
6.0%
6.7%
(70) bps
EBT as a % of operating revenue (1)
8.0%
8.9%
(90) bps
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.
SCS total revenue and operating revenue increased 3%
Total revenue reflects increased operating revenue and subcontracted transportation costs passed through to customers
Increase in operating revenue primarily driven by new business and volumes in omnichannel retail
SCS EBT of $83 million
Benefits from operating revenue growth more than offset by lost business and extended customer production shutdowns in automotive
Dedicated Transportation Solutions: Earnings Reflect Lower Bad Debt and Benefits from Acquisition Synergies, Partially Offset by Lower Fleet Count
(In millions)
4Q25
4Q24
Change
Total Revenue
$
565
615
(8)%
Operating Revenue (1)
$
452
472
(4)%
Earnings Before Tax (EBT)
$
40
34
19%
EBT as a % of total revenue
7.1%
5.5%
160 bps
EBT as a % of operating revenue (1)
8.9%
7.1%
180 bps
(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.
DTS total revenue and operating revenue decreased 8% and 4%, respectively
Total revenue reflects lower subcontracted transportation costs and operating revenue
Operating revenue decreased due to lower fleet count reflecting prolonged freight market downturn
DTS EBT of $40 million
Lower bad debt and benefits from acquisition synergies were partially offset by lower operating revenue
Corporate Financial Information
Capital Expenditures, Cash Flow, and Leverage
Capital expenditures decreased to $2.1 billion in 2025 compared to $2.7 billion in 2024, primarily reflecting reduced investments in ChoiceLease and rental fleets.
Net cash provided by operating activities from continuing operations was $2.6 billion compared to $2.3 billion in 2024, primarily reflecting lower income tax payments and working capital needs. Free cash flow (non-GAAP) of $946 million compared to $133 million in 2024, reflects reduced cash capital expenditures and higher cash provided by operating activities.
Debt-to-equity as of December 31, 2025 was 250%, unchanged from year-end 2024, and is at the low end of the company's long-term target of 250% to 300%.
Outlook
"We expect another year of earnings growth in 2026, driven by $70M in incremental benefits from upsized strategic initiatives," says Ryder Chief Financial Officer Cristina Gallo-Aquino. "The high-end of our EPS forecast range assumes no meaningful improvement in freight market conditions. Historically, the first quarter has been our lowest earnings quarter and we expect it will represent the most difficult year-over-year comparisons, primarily due to used vehicle sales and rental market conditions. Free cash flow is expected to remain strong in 2026, and we expect our capital deployment capacity to continue to enable us to support profitable growth while returning capital to shareholders through buybacks and dividends."
Full Year 2026 Outlook
Total Revenue Growth
1%
Operating Revenue Growth (non-GAAP)
3%
FY26 GAAP EPS
$12.80 - $13.80
FY26 Comparable EPS (non-GAAP)
$13.45 - $14.45
ROE (non-GAAP)
17% - 18%
Net Cash from Operating Activities from Continuing Operations
$2.7B
Free Cash Flow (non-GAAP)
$700M - $800M
Capital Expenditures
$2.4B
Debt-to-Equity
230%
First Quarter 2026
1Q26 GAAP EPS
$1.95 - $2.20
1Q26 Comparable EPS (non-GAAP)
$2.10 - $2.35
Supplemental Company Information
Business Description
Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400® index. The company's financial performance is reported in the following three, inter-related business segments:
Supply Chain Solutions – Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day.
Dedicated Transportation Solutions – Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain.
Fleet Management Solutions – Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow.
For more information on Ryder System, Inc., visit investors.ryder.com and ryder.com.
Note: Regarding Forward-Looking Statements
Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn and cycle timing and recovery on our businesses; total and operating revenue, EPS, comparable EPS, Adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, debt-to-equity, capital expenditures, and the causes of change; our ability to continue executing on our transformed business model; our ability to outperform prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; our ability to profitably grow business; our ability to support organic growth; growth and continued strong earnings performance in our contractual businesses; strategic investments and acquisitions, including acquisition synergies; the omnichannel retail network; our capital deployment capacity; our actions to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors.
All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; the inability of our information technology systems to provide timely and accurate access to data or of our information security program to safeguard our or our stakeholders' data; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Note: Regarding Non-GAAP Financial Measures
This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this release, which are available at investors.ryder.com.
CONFERENCE CALL AND WEBCAST INFORMATION
Ryder’s earnings conference call and webcast is scheduled for February 11, 2026 at 11:00 a.m. ET. To join, click here.
LIVE AUDIO VIA PHONE
Toll Free Number:
800-330-6710
USA Toll Number:
+1 213-279-1505
Audio Passcode:
Ryder
Conference Leader:
Calene Candela
WEBCAST REPLAY
An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
Three months ended December 31,
For the year ended December 31,
(In millions, except per share amounts)
2025
2024
2025
2024
Services revenue
$
2,087
2,098
$
8,378
8,345
Lease & related maintenance and rental revenue
994
990
3,881
3,835
Fuel services revenue
94
101
406
456
Total revenue
3,175
3,189
12,665
12,636
Cost of services
1,785
1,788
7,129
7,099
Cost of lease & related maintenance and rental
673
663
2,589
2,623
Cost of fuel services
92
97
391
441
Selling, general and administrative expenses
346
365
1,470
1,478
Non-operating pension costs, net
9
10
36
41
Used vehicle sales, net
(12
)
(18
)
(22
)
(72
)
Interest expense
101
100
404
386
Miscellaneous income, net
(5
)
(5
)
(26
)
(34
)
Restructuring and other items, net
9
8
9
13
2,998
3,008
11,980
11,975
Earnings from continuing operations before income taxes
177
181
685
661
Provision for income taxes
44
46
184
172
Earnings from continuing operations
133
135
501
489
Loss from discontinued operations, net of tax
—
—
(2
)
—
Net earnings
$
133
135
$
499
489
Earnings per common share — Diluted
Continuing operations
$
3.25
3.11
$
11.99
11.06
Discontinued operations
—
0.01
(0.04
)
—
Net earnings
$
3.25
3.12
$
11.94
11.06
Weighted average common shares outstanding — Diluted
40.8
43.4
41.8
44.2
Diluted EPS from continuing operations
$
3.25
3.11
$
11.99
11.06
Non-operating pension costs, net
0.18
0.18
0.71
0.69
Acquisition costs
—
0.01
—
0.13
Other, net
0.16
0.15
0.22
0.12
Comparable EPS from continuing operations (1)
$
3.59
3.45
$
12.92
12.00
————————————
(1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In millions)
December 31,
2025
December 31,
2024
Assets:
Cash and cash equivalents
$
198
154
Other current assets
2,275
2,309
Revenue earning equipment, net
8,898
9,206
Operating property and equipment, net
1,268
1,184
Other assets
3,748
3,819
$
16,387
16,672
Liabilities and shareholders' equity:
Current liabilities
$
1,959
2,151
Total debt (including current portion)
7,645
7,779
Other non-current liabilities (including deferred income taxes)
3,731
3,625
Shareholders' equity
3,052
3,117
$
16,387
16,672
SELECTED KEY RATIOS AND METRICS
December 31,
2025
December 31,
2024
Debt to equity
250%
250%
Three months ended
December 31,
For the year ended
December 31,
(In millions)
2025
2024
2025
2024
Comparable EBITDA (1)
$
726
720
$
2,867
2,776
Effective interest rate
5.2
%
5.2
%
5.2
%
5.1
%
For the year ended
December 31,
(In millions)
2025
2024
Net cash provided by operating activities from continuing operations
$
2,594
2,265
Free cash flow (1)
946
133
Capital expenditures paid
2,135
2,683
Gross capital expenditures
2,055
2,694
Twelve months ended
December 31,
2025
2024
Adjusted ROE (2)
17
%
16
%
————————————
(1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release.
(2) The non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
Change
2025
2024
Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease
$
897
890
1%
$
3,510
3,446
2%
Commercial rental
237
249
(5)%
937
976
(4)%
SelectCare and other
163
169
(3)%
680
694
(2)%
Fuel services revenue
169
177
(5)%
718
772
(7)%
Fleet Management Solutions
1,466
1,485
(1)%
5,845
5,888
(1)%
Supply Chain Solutions
1,382
1,340
3%
5,459
5,300
3%
Dedicated Transportation Solutions
565
615
(8)%
2,343
2,446
(4)%
Eliminations
(238
)
(251
)
(5)%
(982
)
(998
)
(2)%
Total revenue
$
3,175
3,189
—%
$
12,665
12,636
—%
Operating Revenue: (1)
Fleet Management Solutions
$
1,297
1,308
(1)%
$
5,127
5,116
—%
Supply Chain Solutions
1,037
1,007
3%
4,091
3,965
3%
Dedicated Transportation Solutions
452
472
(4)%
1,841
1,870
(2)%
Eliminations
(158
)
(170
)
(7)%
(653
)
(685
)
(5)%
Operating revenue
$
2,628
2,617
—%
$
10,406
10,266
1%
Business Segment Earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions
$
136
152
(10)%
$
501
516
(3)%
Supply Chain Solutions
83
90
(8)%
355
332
7%
Dedicated Transportation Solutions
40
34
19%
140
125
12%
Eliminations
(31
)
(37
)
(17)%
(131
)
(134
)
(3)%
228
239
(5)%
865
839
3%
Unallocated Central Support Services
(20
)
(19
)
7%
(83
)
(71
)
(16)%
Intangible amortization expense
(13
)
(21
)
(35)%
(52
)
(53
)
(2)%
Non-operating pension costs, net
(9
)
(10
)
NM
(36
)
(41
)
NM
Other items impacting comparability, net
(9
)
(8
)
NM
(9
)
(13
)
NM
Earnings from continuing operations before income taxes
177
181
(2)%
685
661
4%
Provision for income taxes
44
46
(3)%
184
172
7%
Earnings from continuing operations
$
133
135
(2)%
$
501
489
2%
————————————
(1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
NM - Denotes Not Meaningful.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
Change
2025
2024
Change
Fleet Management Solutions
FMS total revenue
$
1,466
1,485
(1)%
$
5,845
5,888
(1)%
Fuel services revenue
(169
)
(177
)
(5)%
(718
)
(772
)
(7)%
FMS operating revenue (1)
$
1,297
1,308
(1)%
$
5,127
5,116
—%
Segment earnings before income taxes
$
136
152
(10)%
$
501
516
(3)%
FMS earnings before income taxes as % of FMS total revenue
9.3
%
10.2
%
8.6
%
8.8
%
FMS earnings before income taxes as % of FMS operating revenue (1)
10.5
%
11.6
%
9.8
%
10.1
%
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
Change
2025
2024
Change
Supply Chain Solutions
SCS total revenue
$
1,382
1,340
3%
$
5,459
5,300
3%
Subcontracted transportation
(310
)
(298
)
4%
(1,218
)
(1,181
)
3%
Fuel
(35
)
(35
)
—%
(150
)
(154
)
(3)%
SCS operating revenue (1)
$
1,037
1,007
3%
$
4,091
3,965
3%
Segment earnings before income taxes
$
83
90
(8)%
$
355
332
7%
SCS earnings before income taxes as % of SCS total revenue
6.0
%
6.7
%
6.5
%
6.3
%
SCS earnings before income taxes as % of SCS operating revenue (1)
8.0
%
8.9
%
8.7
%
8.4
%
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
Change
2025
2024
Change
Dedicated Transportation Solutions
DTS total revenue
$
565
615
(8)%
$
2,343
2,446
(4)%
Subcontracted transportation
(58
)
(85
)
(32)%
(270
)
(327
)
(17)%
Fuel
(55
)
(58
)
(5)%
(232
)
(249
)
(7)%
DTS operating revenue (1)
$
452
472
(4)%
$
1,841
1,870
(2)%
Segment earnings before income taxes
$
40
34
19%
$
140
125
12%
DTS earnings before income taxes as % of DTS total revenue
7.1
%
5.5
%
6.0
%
5.1
%
DTS earnings before income taxes as % of DTS operating revenue (1)
8.9
%
7.1
%
7.6
%
6.7
%
————————————
(1) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
KEY PERFORMANCE INDICATORS
Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred):
Three months ended
December 31,
For the year ended
December 31,
2025/2024
2025
2024
2025
2024
Three Months
Twelve Months
ChoiceLease
Average fleet count
141,700
145,300
143,000
145,000
(2)%
(1)%
End of period fleet count
141,700
145,300
141,700
145,300
(2)%
(2)%
Average active fleet count (1)
132,700
135,300
133,900
135,900
(2)%
(1)%
End of period active fleet count (1)
132,000
135,000
132,000
135,000
(2)%
(2)%
Commercial rental
Average fleet count
32,200
35,000
33,700
35,300
(8)%
(5)%
End of period fleet count
31,600
35,500
31,600
35,500
(11)%
(11)%
Rental utilization - power units (2)
72
%
73
%
70
%
70
%
(100)bps
—bps
Rental rate change - % (3)
5
%
(3
)%
4
%
(1
)%
Customer vehicles under SelectCare contracts
Average fleet count
43,900
44,900
43,200
48,900
(2)%
(12)%
End of period fleet count
44,100
41,800
44,100
41,800
6%
6%
Customer vehicles under SCS contracts
End of period fleet count (4)
13,100
13,000
13,100
13,000
1%
1%
End of period power vehicles (4)
3,800
3,900
3,800
3,900
(3)%
(3)%
Customer vehicles under DTS contracts
End of period fleet count (4)
18,000
19,100
18,000
19,100
(6)%
(6)%
End of period power vehicles (4)
6,900
7,500
6,900
7,500
(8)%
(8)%
Used vehicle sales (UVS)
End of period fleet count
9,500
9,000
9,500
9,000
6%
6%
Used vehicles sold
3,600
4,700
19,800
22,000
(23)%
(10)%
UVS pricing change (5)
Tractors
1
%
(13
)%
(11
)%
(21
)%
Trucks
(9
)%
(12
)%
(15
)%
(23
)%
————————————
(1) Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.
(2) Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers).
(3) Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency.
(4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental and SelectCare.
(5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
This press release and accompanying tables include “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.
Specifically, the following non-GAAP financial measures are included in this press release:
Non-GAAP Financial Measure
Comparable GAAP Measure
Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue
Total Revenue
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS Operating Revenue
FMS Total Revenue
Business Segment Information - Unaudited
SCS Operating Revenue
SCS Total Revenue
DTS Operating Revenue
DTS Total Revenue
Operating Revenue Growth
Total Revenue Growth
Appendix - Non-GAAP Financial Measure
Reconciliations
FMS EBT as a % of FMS Operating Revenue
FMS EBT as a % of FMS Total Revenue
Business Segment Information - Unaudited
SCS EBT as a % of SCS Operating Revenue
SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue
DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax and
Comparable Tax Rate
Earnings Before Income Tax and Effective Tax
Rate from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings
Earnings from Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable EPS
EPS from Continuing Operations
Condensed Consolidated Statements of Earnings
- Unaudited
Appendix - Non-GAAP Financial Measure
Reconciliations
Adjusted Return on Equity (ROE)
Not Applicable. However, the non-GAAP
elements of the calculation have been reconciled
to the corresponding GAAP measures. A
numerical reconciliation of net earnings to
adjusted net earnings and average shareholders'
equity to adjusted average equity is provided in
the following reconciliations.
Appendix - Non-GAAP Financial Measure
Reconciliations
Comparable Earnings Before Interest, Taxes,
Depreciation and Amortization
Net Earnings
Appendix - Non-GAAP Financial Measure
Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow
Cash Provided by Operating Activities from
Continuing Operations
Appendix - Non-GAAP Financial Measure
Reconciliations
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.
Operating Revenue Measures:
Operating Revenue
FMS Operating Revenue
SCS Operating Revenue
DTS Operating Revenue
Operating Revenue Growth
FMS EBT as a % of FMS
Operating Revenue
SCS EBT as a % of SCS
Operating Revenue
DTS EBT as a % of DTS
Operating Revenue
Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures.
Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs.
Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, carrier rate fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before
Income Taxes (EBT)
Comparable Earnings
Comparable Earnings per Diluted
Common Share (EPS)
Comparable Tax Rate
Adjusted Return on Equity
(ROE)
Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance.
Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business.
Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period.
Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.
Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations.
Comparable Earnings Before
Interest, Taxes, Depreciation and
Amortization (EBITDA)
Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization.
We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies.
Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP.
Cash Flow Measures:
Total Cash Generated
Free Cash Flow
We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment.
Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities.
Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE RECONCILIATION
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
2025
2024
Total revenue
$
3,175
3,189
$
12,665
12,636
Subcontracted transportation revenue
(364
)
(378
)
(1,473
)
(1,499
)
Fuel
(183
)
(194
)
(786
)
(871
)
Operating revenue (1)
$
2,628
2,617
$
10,406
10,266
TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
For the year ended December 31,
(In millions)
2025
2024
Net cash provided by operating activities from continuing operations
$
2,594
2,265
Proceeds from sales (primarily revenue earning equipment) (2)
486
551
Other (2)
1
—
Total cash generated (1)
3,081
2,816
Purchases of property and revenue earning equipment (2)
(2,135
)
(2,683
)
Free cash flow (1)
$
946
133
COMPARABLE EARNINGS RECONCILIATION
Three months ended December 31,
For the year ended December 31,
(In millions)
2025
2024
2025
2024
Earnings from continuing operations
$
133
135
$
501
489
Non-operating pension costs, net
7
8
29
31
Acquisition costs
—
1
—
6
Other, net (3)
7
6
10
5
Comparable earnings from continuing operations (1) (4)
$
147
150
$
540
531
Tax rate on continuing operations
25.1
%
25.4
%
26.8
%
26.0
%
Tax adjustments and income tax effects of non-GAAP adjustments (1) (4)
(0.4
)%
(0.6
)%
(0.8
)%
(0.3
)%
Comparable tax rate on continuing operations (1) (4)
24.7
%
24.8
%
26.0
%
25.7
%
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing activities.
(3) Other, net includes the income tax effects of other items impacting comparability and non-recurring income tax adjustments.
(4) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
ADJUSTED RETURN ON EQUITY RECONCILIATION
Twelve months ended
December 31,
(Dollars in millions)
2025
2024
Net earnings
$
499
489
Other items impacting comparability, net
9
13
Tax impact (1)
1
(2
)
Adjusted net earnings
$
509
500
Average shareholders' equity
$
3,070
3,078
Average adjustments to shareholders' equity (2)
5
2
Adjusted average shareholders' equity
$
3,075
3,080
Adjusted return on equity (3)
17%
16%
————————————
(1) Represents income taxes on other items impacting comparability.
(2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods.
(3) Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION
Three months ended
December 31,
For the year ended
December 31,
(In millions)
2025
2024
2025
2024
Net earnings
$
133
135
$
499
489
Loss from discontinued operations, net of tax
—
—
2
—
Provision for income taxes
44
46
184
172
EBT
177
181
685
661
Non-operating pension costs, net
9
10
36
41
Acquisition costs
—
1
—
7
Other, net
9
7
9
6
Comparable EBT (1)
195
199
730
715
Interest expense
101
100
404
386
Depreciation
429
419
1,703
1,694
Used vehicle sales, net
(12
)
(18
)
(22
)
(72
)
Intangible amortization
13
20
52
53
Comparable EBITDA
$
726
720
$
2,867
2,776
————————————
(1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.
RYDER SYSTEM, INC. AND SUBSIDIARIES
APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE GROWTH FORECAST RECONCILIATION
Twelve months ended December 31,
(In millions)
2026
2025
Change
Total revenue
$
12,800
12,665
1
%
Subcontracted transportation
(1,400
)
(1,473
)
(5
)%
Fuel
(700
)
(786
)
(11
)%
Operating revenue (1)
$
10,700
10,406
3
%
COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION
(In millions, except per share amounts)
First Quarter 2026
Full Year 2026
EPS from continuing operations
$1.95 - $2.20
$12.80 - $13.80
Non-operating pension costs
0.15
0.65
Comparable EPS from continuing operations forecast (1)
$2.10 - $2.35
$13.45 - $14.45
TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION
(In millions)
2026 Forecast
Net cash provided by operating activities from continuing operations
$
2,700
Proceeds from sales (primarily revenue earning equipment) (2)
500
Total cash generated (1)
3,200
Purchases of property and revenue earning equipment (2)
(2,400
)
Free cash flow (1)
$
800
————————————
(1) Non-GAAP financial measure.
(2) Included in cash flows from investing activities.
ryder-financial
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211546056/en/
Media:
Amy Federman
afederman@ryder.com
Investor Relations:
Calene Candela
ccandela@ryder.com
Original: Ryder Reports Fourth Quarter 2025 Results and Provides 2026 Outlook
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