Ryder (NYSE: R) lifts 2025 EPS, boosts free cash flow and sets higher 2026 outlook

Rhea-AI Filing Summary

Ryder System, Inc. reported fourth quarter 2025 GAAP EPS from continuing operations of $3.25, up 5% from $3.11, with comparable EPS of $3.59, up 4%. Total revenue was $3.2 billion and operating revenue was $2.6 billion, both essentially flat year over year.

For full-year 2025, GAAP EPS from continuing operations rose 8% to $11.99 and comparable EPS increased 8% to $12.92. Operating revenue reached $10.4 billion, up 1%, and adjusted ROE was 17% versus 16%. Free cash flow was $946 million, supported by lower capital spending and strong operating cash flow of $2.6 billion.

Management forecasts 2026 comparable EPS of $13.45–$14.45, ROE of 17%–18%, operating revenue growth of 3%, and free cash flow of $700–$800 million, driven by upsized strategic initiatives and continued strength in contractual businesses despite soft freight and used vehicle markets.

Positive

• Robust 2025 earnings and ROE expansion: GAAP EPS from continuing operations rose 8% to $11.99, comparable EPS increased 8% to $12.92, and adjusted ROE improved to 17% from 16%, showing stronger profitability on essentially flat total revenue.
• Very strong cash generation and capital returns: Net cash from operating activities reached $2.6 billion and free cash flow jumped to $946 million, enabling $664 million of shareholder returns while maintaining debt-to-equity at 250%, the low end of the company’s target range.
• Constructive 2026 outlook: Management targets 3% operating revenue growth, comparable EPS of $13.45–$14.45, ROE of 17%–18%, and free cash flow of $700–$800 million, supported by $70 million in incremental benefits from upsized strategic initiatives.

Negative

• None.

Insights

Equity research analyst

Ryder posts steady 2025 earnings growth, strong cash flow, and guides to higher 2026 profits.

Ryder delivered modest top-line growth but solid bottom-line expansion in 2025. GAAP EPS from continuing operations increased to $11.99, with comparable EPS at $12.92, both up 8%. Adjusted ROE improved to 17%, indicating good returns on equity despite flat total revenue of $12.7 billion.

Cash generation was a standout: net cash from operating activities reached $2.6 billion and free cash flow surged to $946 million as capital expenditures dropped to $2.1 billion. This supported $664 million returned to shareholders via buybacks and dividends while keeping debt-to-equity at 250%, the low end of the target range.

For 2026, management guides to operating revenue growth of 3% and comparable EPS of $13.45–$14.45, with ROE of 17%–18%. The outlook assumes continued benefits from $70 million in incremental strategic initiatives and does not rely on a major freight rebound at the high end of EPS guidance, though results will still depend on freight and used vehicle market conditions.

0000085961false00000859612026-02-112026-02-11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): FEBRUARY 11, 2026

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter) 

Florida			1-4364			59-0739250
(State or other jurisdiction of incorporation)			(Commission File Number)			(I.R.S. Employer Identification No.)

2333 Ponce de Leon Blvd., Suite 700									33134
Coral Gables,			Florida						(Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (305) 500-3726

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock			R			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

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

Item 2.02 Results of Operations and Financial Condition

On February 11, 2026, we issued a press release reporting our financial results for the three months ended December 31, 2025 (the "Press Release"). The Press Release is available on our website, at https://investors.ryder.com.

Item 7.01 Regulation FD Disclosure

We are hosting a conference call and webcast on February 11, 2026, during which we will make a presentation on our financial results for the three months ended December 31, 2025 (the "Presentation"). The Presentation has been made available on our website, at https://investors.ryder.com.

The information in this Report, including Exhibit 99.1, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.

Item 9.01(d) Exhibits

The following exhibits are furnished as part of this report on Form 8-K:

 

Exhibit 99.1			Press Release, dated February 11, 2026, relating to Ryder System, Inc.'s financial results for the three months ended December 31, 2025.
Exhibit 104			Cover Page Interactive Data File - The Cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: February 11, 2026			RYDER SYSTEM, INC. (Registrant)
			By:			/s/ Cristina Gallo-Aquino
						Cristina Gallo-Aquino Executive Vice President and Chief Financial Officer

News Release

Ryder Reports Fourth Quarter 2025 Results and Provides 2026 Outlook

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

MIAMI, February 11, 2026 – Ryder System, Inc. (NYSE: R) reported results for the three months ended December 31 as follows:

						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)%

2

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."

3

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
						9.8%						10.1%

(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

4

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

5

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

6

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%.

7

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

8

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

9

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.

Contacts:    

Media:

Investor Relations:

Amy Federman

Calene Candela

afederman@ryder.com

ccandela@ryder.com

10

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.

11

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.

12

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.

13

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.

14

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.

15

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

16

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.

17

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.

18

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.

19

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.

20

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.

21

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.

22

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 revenue						(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

23

FAQ

How did Ryder (R) perform financially in the fourth quarter of 2025?

Ryder reported fourth quarter 2025 GAAP EPS from continuing operations of $3.25, up 5% from $3.11. Comparable EPS was $3.59, up 4%. Total revenue was $3.2 billion and operating revenue was $2.6 billion, both essentially flat versus the prior year period.

What were Ryder (R) full-year 2025 earnings and revenue results?

For 2025, Ryder generated GAAP EPS from continuing operations of $11.99, up 8%, and comparable EPS of $12.92, also up 8%. Total revenue was $12.7 billion, roughly flat, while operating revenue (excluding fuel and subcontracted transportation) increased 1% to $10.4 billion, driven mainly by contractual growth.

How strong was Ryder’s (R) 2025 cash flow and leverage position?

Net cash provided by operating activities from continuing operations was $2.6 billion in 2025, up from $2.3 billion. Free cash flow rose sharply to $946 million from $133 million, reflecting lower capital expenditures and higher operating cash. Debt-to-equity was 250% at December 31, 2025, unchanged and at the low end of the target range.

What guidance did Ryder (R) provide for its 2026 earnings and ROE?

Ryder forecasts 2026 GAAP EPS of $12.80–$13.80 and comparable EPS from continuing operations of $13.45–$14.45. The company also targets non-GAAP ROE of 17%–18%, supported by $70 million in incremental benefits from upsized strategic initiatives and continued strength in contractual businesses.

What is Ryder’s (R) 2026 outlook for revenue growth and free cash flow?

For 2026, Ryder expects total revenue growth of 1% and operating revenue growth of 3%, primarily driven by Supply Chain Solutions. Management projects net cash from operating activities of $2.7 billion and free cash flow between $700 million and $800 million, alongside capital expenditures of $2.4 billion.

How did Ryder’s (R) business segments perform in the fourth quarter of 2025?

In fourth quarter 2025, Fleet Management Solutions revenue declined 1% with earnings before tax down 10%. Supply Chain Solutions revenue grew 3% but earnings before tax fell 8%. Dedicated Transportation Solutions revenue declined 8%, while earnings before tax increased 19%, helped by lower bad debt and acquisition synergies.

What return on equity did Ryder (R) achieve in 2025 and how is it measured?

Ryder reported adjusted return on equity of 17% for the twelve months ended December 31, 2025, up from 16% in 2024. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders’ equity, excluding specified non-operational and non-comparable items disclosed in the non-GAAP reconciliations.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 707.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 1.7 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 21.4 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 12.2 KB