Ryder Form 4: Thomas M. Havens disposes of 6,500 shares at $181.77

Rhea-AI Filing Summary

Thomas M. Havens, an officer serving as President, Global FMS, reported a sale of 6,500 shares of Ryder System, Inc. (ticker R) common stock on 08/13/2025 at a reported price of $181.77 per share. After the transaction he beneficially owned 32,478 shares, which includes 278 shares acquired under the company's dividend reinvestment plan. The Form 4 was signed on 08/15/2025 by Robert D. Fatovic by power of attorney. The filer notes the sale price reflects multiple sales at the same per-share price and offers to provide full details on request.

Positive

• Timely and detailed disclosure of sale date, price, and post-transaction holdings demonstrates compliance with Section 16 reporting
• Transparency about multiple sales at the same price and inclusion of 278 DRIP shares clarifies composition of holdings

Negative

• None.

Insights

Financial Analyst

TL;DR Officer sold 6,500 shares at $181.77, retaining 32,478 shares; transaction appears routine and not clearly material to valuation.

The sale of 6,500 shares by an executive represents a disclosed insider liquidity event rather than a documented change in control or a company-level development. The report lists the exact sale date and price and clarifies that the remaining stake includes dividend-reinvested shares. Without additional context on the executive's historical trading pattern, pre-arranged plans, or proportion of total holdings, this single Form 4 does not by itself indicate a material change in company fundamentals. Investors monitoring insider activity may note the sale but should combine it with broader disclosure and trading history.

Corporate Governance Expert

TL;DR Proper Form 4 disclosure filed; reporting and POA signature suggest compliance with Section 16 reporting requirements.

The filing discloses officer status, transaction details, and a power-of-attorney signature, which aligns with regulatory obligations. The explanatory note about multiple sales at the same price and inclusion of dividend-reinvestment shares improves transparency. There is no indication in this filing of rule 10b5-1 plan usage or other governance concerns. From a governance perspective, the filing is routine and compliant based on the provided information.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

HAVENS THOMAS M.

(Last) (First) (Middle)

2333 PONCE DE LEON BLVD.

SUITE 700

(Street)

CORAL GABLES FL 33134

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RYDER SYSTEM INC [ R ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Global FMS

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
common stock	08/13/2025		S		6,500	D	$181.77(1)	32,478(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price reported reflects multiple sales at the same price of $181.77. The reporting person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the shares sold.

2. Includes 278 shares of common stock acquired by the reporting person under the Company's dividend reinvestment plan.

Remarks:

	/s/ Robert D. Fatovic, by power of attorney	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Thomas M. Havens report on Form 4 for R?

He reported a sale of 6,500 shares of Ryder System, Inc. common stock on 08/13/2025 at a reported price of $181.77 per share.

How many Ryder (R) shares does the reporting person own after the sale?

Following the reported transaction the reporting person beneficially owned 32,478 shares, which includes 278 shares acquired via the company dividend reinvestment plan.

Who signed the Form 4 and when was it filed?

The Form 4 bears the signature of Robert D. Fatovic by power of attorney and is dated 08/15/2025.

Does the Form 4 state the sale was part of a 10b5-1 plan?

No. The filing does not indicate the transaction was made pursuant to a 10b5-1 plan.

Are there notes explaining the reported sale price?

Yes. The filer explains the reported price reflects multiple sales at the same price and offers to provide full details upon request.