[Form 4] Ryder System, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ryder System, Inc. (R) reporting person Steve W. Martin, EVP of DTS, reported multiple open-market sales of common stock on 08/22/2025. The Form 4 shows four separate sales totaling 5,500 shares at weighted average prices of $185.49, $186.88, $187.69, and $188.56, respectively. Following the transactions the reporting person’s direct beneficial ownership declined from 28,693 to 24,235 shares. The filing also discloses 2,639 shares held indirectly through the Ryder Employee Savings Plan and 126 shares held indirectly through the Ryder Deferred Compensation Plan. The Form 4 was signed by a power of attorney on 08/26/2025.

Positive

• Timely disclosure of insider sales via Form 4 provides transparency to investors
• Detailed price ranges and weighted-average explanations are provided for each sale

Negative

• Significant insider sell-down: 5,500 shares sold, reducing direct holdings from 28,693 to 24,235
• Rule 10b5-1 plan status not specified in the filing (no affirmative statement that sales were under a written plan)

Insights

Financial Analyst

TL;DR: Insider sold 5,500 shares on 08/22/2025, reducing direct holdings by 4,458 shares.

The disclosed open-market sales total 5,500 shares executed across four trades at weighted average prices between $185.49 and $188.56. Direct owned shares decreased from 28,693 to 24,235, while indirect holdings remain 2,639 (Employee Savings Plan) and 126 (Deferred Compensation Plan). These are routine insider disposition disclosures and provide transparency on executive liquidity; no options, acquisitions, or derivative exercises are reported.

Corporate Governance Expert

TL;DR: Timely Form 4 filing documents scheduled open-market sales; no indications of unusual disclosure issues.

The filing identifies the reporting person as an officer (EVP of DTS) and records multiple sales on a single date with accompanying weighted-average price explanations. A power of attorney executed the filing on 08/26/2025. The Form 4 provides required transparency about beneficial ownership changes; it does not state whether sales were pursuant to a Rule 10b5-1 plan, and therefore the filing leaves that governance detail unspecified.

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^*

Martin Steve W.

(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)
	EVP of DTS

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S		1,042	D	$185.49(1)	28,693	D
common stock	08/22/2025		S		2,261	D	$186.88(2)	26,432	D
common stock	08/22/2025		S		1,929	D	$187.69(3)	24,503	D
common stock	08/22/2025		S		268	D	$188.56(4)	24,235	D
common stock								2,639	I	By Ryder Employee Savings Plan
common stock								126	I	By Ryder Deferred Compensation Plan

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. This reflects the weighted average price at which the shares were sold. The sale price ranged from $185.00 to $185.79. The reporting person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

2. This reflects the weighted average price at which the shares were sold. The sale price ranged from $186.35 to $187.34. The reporting person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

3. This reflects the weighted average price at which the shares were sold. The sale price ranged from $187.35 to $188.32. The reporting person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

4. This reflects the weighted average price at which the shares were sold. The sale price ranged from $188.41 to $188.99. The reporting person will provide, upon request by the Commission staff, the issuer, or a security holder of the issuer, full information regarding the number of shares sold at each price.

Remarks:

	/s/ Robert D. Fatovic, by power of attorney	08/26/2025
	** 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

How many Ryder (R) shares did Steve W. Martin sell and when?

He sold a total of 5,500 shares in four transactions on 08/22/2025.

What prices were the Ryder shares sold for on the Form 4?

Weighted average prices reported were $185.49, $186.88, $187.69, and $188.56; ranges for each sale are explained in the filing.

What is Steve W. Martin's beneficial ownership after these transactions?

The reporting person’s direct beneficial ownership is reported as 24,235 shares after the sales; additionally 2,639 shares are indirect via the Employee Savings Plan and 126 via the Deferred Compensation Plan.

What role does the reporting person hold at Ryder?

The filing lists Steve W. Martin as an Officer with the title EVP of DTS and also marks him as a Director.

When was the Form 4 filed and who signed it?

The Form 4 reports the transactions dated 08/22/2025 and was signed by Robert D. Fatovic by power of attorney on 08/26/2025.