Ryder System, Inc. (R)

Ryder reported third-quarter 2026 total revenue of $3.4 billion on 22 October, up 8% from a year earlier, with higher revenue in all business segments 2. Diluted earnings per share from continuing operations were $4.16, up 25% 2.

The company raised its 2026 outlook for comparable earnings per share, a measure that leaves out one-off items, to $14.85 to $15.05 2. It also raised its return on equity forecast to 18% to 19% 2.

Chief Executive John Diez said freight market conditions were strengthening and used vehicle sales beat the company's expectations on stronger pricing and volumes 2. Used truck pricing rose 5% and used tractor pricing 19% from a year earlier 2. Rental use of the power fleet rose to 77% from 70% on a 12% smaller average fleet 2.

Diez became chief executive on 31 March 2026, succeeding Robert Sanchez, who moved to executive chair 11. The open item is a pension clean-up: forecast earnings include about $4.30 a share of non-cash charges from moving U.K. and Canadian pension plans to insurers 2.

Ryder describes itself as a Florida corporation founded in 1933 6. The parent company was incorporated in Florida in 1955 4. In 1995 it had a fleet of 203,932 vehicles and 44,503 employees 4.

That year its businesses ranged from integrated logistics and truck leasing to consumer truck rental, public transit and student bus management, and hauling new cars for makers such as General Motors 4. In 1997 it sold its automotive carrier division, which it then reported as a discontinued operation 5.

By 2013 Ryder ran two segments: Fleet Management Solutions, which leases and rents trucks, and Supply Chain Solutions, which covers dedicated, distribution and transportation services 6. Total revenue that year was $6.42 billion, up 3%, and pre-tax earnings from continuing operations rose 22% to $369 million 6.

Revenue grew from $8.4 billion in 2018 to $8.9 billion in 2019, but net earnings turned to a loss of $24 million in 2019 and $122 million in 2020 7. Higher depreciation tied to earlier estimates of what used trucks would resell for, and weak rental demand in the pandemic, drove the 2020 loss 7.

Revenue rose 15% in 2021 as the pandemic pushed companies toward outsourcing transportation and logistics 8. In 2022 total revenue increased 24% to $12.0 billion, helped by the Whiplash and Midwest acquisitions and strong used vehicle results 9.

In 2022 Ryder announced it would exit its U.K. fleet business 9. Used vehicle prices and rental demand weakened in 2023, revenue slipped to $11.8 billion, and a one-time non-cash currency loss of $188 million tied to the U.K. exit hit earnings 10.

Ryder then bought two companies, IFS Holdings, a contract packaging business, and Cardinal Logistics, a dedicated carrier 10. It acquired IFS on 1 November 2023 for about $255 million, and Cardinal on 1 February 2024 for $290 million 10. Ryder projected Cardinal would add about $1 billion in annual revenue 15.

Revenue was $12.6 billion in 2024 and $12.7 billion in 2025, while diluted earnings per share from continuing operations rose to $11.99 in 2025 from $11.06 3. Ryder credited lease pricing, maintenance savings, acquisition synergies and network changes for earnings growth in all three segments despite weak used vehicle sales 3.

Fleet Management Solutions

Fleet Management Solutions, or FMS, leases, rents and maintains trucks, tractors and trailers, and made up 38% of 2025 revenue 3. ChoiceLease bundles a vehicle with maintenance while the customer supplies its own drivers, and was 60% of FMS revenue 3. At the end of 2025 it covered 141,700 vehicles and 11,700 customers 3.

Commercial rental, for short-term needs, was 16% of FMS revenue, and SelectCare maintenance for vehicles customers own was 12% 3. FMS rivals are finance lessors, truck and trailer makers and independent dealers 3. In the third quarter FMS pre-tax earnings were $177 million, up 21% 2.

Supply Chain Solutions

Supply Chain Solutions, or SCS, runs warehouses, transportation management, e-commerce fulfillment, last-mile delivery of bulky goods and contract packaging, and was 43% of 2025 revenue 3. It had 722 customer accounts and 319 warehouses covering 105 million square feet 3.

Distribution management was about 36% of SCS revenue and dedicated transportation inside SCS about 28% 3. Third-quarter SCS revenue rose 9% on new business, volumes and pricing, partly offset by lost automotive business 2.

Dedicated Transportation Solutions

Dedicated Transportation Solutions, or DTS, provides vehicles and professional drivers to run a customer's freight, and made up 18% of 2025 revenue 3. It had 210 customer accounts in the U.S. 3. Third-quarter DTS pre-tax earnings were $34 million, down 5%, on a lower fleet count 2.

People, places and rivals

At the end of 2025 Ryder had 51,600 employees in North America, including 12,700 professional drivers and 4,600 technicians 3. It manages 827 FMS properties and owns 470 of them 3. John Diez is chief executive and Robert Sanchez is executive chair 1114.

Ryder estimates the U.S. commercial fleet market at about 11 million vehicles, of which 5 million are owned by companies that run them themselves 3. Those private fleets are the main pool it hopes to win through outsourcing 3.

The umbrella, in words

Ryder sells under its own name and product brands including ChoiceLease, SelectCare, Torque by Ryder and RyderGyde 3. The 2025 subsidiaries exhibit lists Ryder Truck Rental, Ryder Integrated Logistics, Ryder Dedicated Logistics, Whiplash Merchandising, Midwest Warehouse and Distribution System and the Cardinal companies, plus units in Canada, Mexico, Brazil and the U.K. 13.

Ryder owns Cardinal Logistics, bought in 2024, and IFS Holdings, bought in 2023, as wholly owned subsidiaries 10. Almost all SCS locations are leased, and Ryder owns 470 of its 827 FMS properties 3.

The proxy lists Vanguard at 13.0%, BlackRock at 11.3% and Wellington Management at 5.7% as holders of over five percent, based on their own filings 12.

Ryder expects 2026 comparable earnings per share of $14.85 to $15.05 and fourth-quarter comparable earnings per share of $4.25 to $4.45 2. It also expects total revenue growth of 5% and operating revenue growth of 3% for 2026, mainly from SCS 2.

The company expects operating cash flow of $2.6 billion, free cash flow of $700 million to $800 million and capital spending of $2.4 billion in 2026 2. It forecasts debt-to-equity of 245% against a long-term target of 250% to 300% 2.

Finance chief Cristina Gallo-Aquino said Ryder is raising its full-year rental fleet investment to $500 million, up $300 million, to capture higher expected rental demand in 2027 2. Management also said it is on track for over $70 million in benefits from strategic initiatives in 2026 2.

Ryder expects to settle the remaining U.K. pension obligation of about $299 million in the fourth quarter of 2026 1. It settled the Canadian plan's remaining obligation of about $39 million in October 1. Two buyback programs are open, for up to 1.5 million and up to 2 million shares 1.