Tearsheet

Ryder System (R)

Market Price (12/28/2025): $196.18 | Market Cap: $8.0 Bil
Sector: Industrials | Industry: Cargo Ground Transportation

Ryder System (R)

Market Price (12/28/2025): $196.18
Market Cap: $8.0 Bil
Sector: Industrials
Industry: Cargo Ground Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%	Trading close to highs Dist 52W High is -0.9%, Dist 3Y High is -0.9%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 2.4 Bil		Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.3%
2	Low stock price volatility Vol 12M is 34%		Key risks R key risks include [1] material financial write-downs from inaccurate residual value estimates for its large vehicle fleet.
3	Megatrend and thematic drivers Megatrends include E-commerce & DTC Adoption, Automation & Robotics, and E-commerce & Digital Retail. Themes include Supply Chain Digitization, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 19%, CFO LTM is 2.4 Bil
2	Low stock price volatility Vol 12M is 34%
3	Megatrend and thematic drivers Megatrends include E-commerce & DTC Adoption, Automation & Robotics, and E-commerce & Digital Retail. Themes include Supply Chain Digitization, Show more.
4	Trading close to highs Dist 52W High is -0.9%, Dist 3Y High is -0.9%
5	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 109%
6	Weak revenue growth Rev Chg QQuarterly Revenue Change % is -0.3%
7	Key risks R key risks include [1] material financial write-downs from inaccurate residual value estimates for its large vehicle fleet.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$196.18	$153.69	$110.16	$77.79	$74.53
Market Cap CYE ($ Bil)	8.0	6.5	4.9	3.7	3.9
Total Debt ($ Bil)	8.8	8.9	8.1	7.1	6.9
Total Cash ($ Bil)	0.2	0.2	0.2	0.3	0.2
Enterprise Value ($ Bil)	16.6	15.4	13.0	10.8	10.8
Valuation Ratios
P/S TTM	0.6	0.5	0.4	0.3	0.4
P/EBIT TTM	7.3	6.5	5.7	2.9	4.8
P/E TTM	15.9	13.8	12.9	4.8	8.3
P/FCF TTM	-90.6	-16.2	-5.9	-12.9	18.4
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/28/25	2024	2023
Share Price CYE	$196.18	$153.69	$110.16
Market Cap CYE ($ Bil)	8.0	6.5	4.9
Total Debt ($ Bil)	8.8	8.9	8.1
Total Cash ($ Bil)	0.2	0.2	0.2
Enterprise Value ($ Bil)	16.6	15.4	13.0
Valuation Ratios
P/S TTM	0.6	0.5	0.4
P/EBIT TTM	7.3	6.5	5.7
P/E TTM	15.9	13.8	12.9
P/FCF TTM	-90.6	-16.2	-5.9
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	R	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	12.7
Rev Chg Q	-0.3%	7.3%
Rev Chg LTM	1.3%	6.1%
Rev Chg 3Y Avg	2.0%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	1.1
CFO LTM ($ Bil)	2.4
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	8.8%	18.8%
CFO/Rev LTM	18.9%	20.4%
Net Inc Mgn	4.0%	13.1%
VALUATION	LOW
P/S	0.6	3.3
P/CFO	3.3	15.8
P/FCF	-90.6	20.7
P/E	15.9	23.7
STABILITY	POOR
Debt/Equity	1.11	0.21
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Commercial Customers	>40,000	12312024	Link
Vehicles Serviced	250,000	12312024	Link
Freight Under Management	$10.0 billion	12312023	Link
Warehouse Space	>100 million sq. ft.	12312024	Link
Full-Time Employees	50700	12312024	Link
Used Vehicle Retail Mix	54%	9302025	Link
Rental Fleet Composition (Trucks vs. Tractors)	60% trucks	9302025	Link
Average Rental Fleet Year-over-Year Change	-5%	12312025	Link
Ending Rental Fleet Year-over-Year Change	-12%	12312025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -
4/21/2026	Earnings Release	Rev: - EPS: -

R Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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<H1>Key Factors in Ryder System (R) Stock Movement (August 31, 2025, to December 28, 2025)</H1>

1. Resilient Third Quarter 2025 Earnings Performance: Ryder System reported comparable earnings per share (EPS) of $3.57 for the third quarter of 2025, slightly surpassing analyst expectations of $3.54. This performance highlighted the company's resilience, driven by its contractual businesses, even amidst ongoing freight market challenges. Despite an initial stock drop of 9.74% on October 23, 2025, due to revenue missing estimates and investor concerns, the EPS beat demonstrated underlying strength.

2. Authorization of New Share Repurchase Programs: On October 23, 2025, Ryder's Board of Directors authorized two new share repurchase plans: a discretionary plan to buy back up to 2.0 million shares and an anti-dilutive plan for up to 1.5 million shares. This move underscored the company's commitment to returning capital to shareholders and provided management with capital structure flexibility, which typically signals confidence from the company's leadership.

3. Positive Analyst Sentiment and Increased Price Targets: Throughout the period, Ryder System received "Moderate Buy" consensus ratings from analysts, with several firms issuing "buy" or "overweight" ratings and increasing their price targets. For instance, Morgan Stanley boosted its price target to $250, and Barclays raised its target to $220. This positive analyst outlook contributed to increased investor confidence.

4. Strategic Leadership Succession Announcement: On December 11, 2025, Ryder announced a planned CEO succession, with Chairman and CEO Robert E. Sanchez set to retire on March 31, 2026, and President and Chief Operating Officer John J. Diez appointed as the successor. An orderly leadership transition is often viewed favorably by the market, providing continuity and strategic stability.

5. Continued Strategic Expansion and Business Model Transformation: Ryder continued its strategic expansion, including the opening of a new 20,000 square-foot truck rental and maintenance facility in McDonough, Georgia, in early December 2025. The company's ongoing transformation, shifting towards asset-light Supply Chain Solutions and Dedicated Transportation Solutions, has led to a significantly higher earnings and return profile, enhancing its long-term growth prospects.

Stock Movement Drivers

Fundamental Drivers

The 5.1% change in R stock from 9/27/2025 to 12/27/2025 was primarily driven by a 5.1% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	186.74	196.18	5.06%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12717.00	12708.00	-0.07%
Net Income Margin (%)	3.98%	3.95%	-0.72%
P/E Multiple	15.11	15.88	5.08%
Shares Outstanding (Mil)	40.94	40.63	0.77%
Cumulative Contribution			5.05%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
R	5.1%
Market (SPY)	4.3%	42.7%
Sector (XLI)	3.0%	39.7%

Fundamental Drivers

The 23.2% change in R stock from 6/28/2025 to 12/27/2025 was primarily driven by a 19.7% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	159.21	196.18	23.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12731.00	12708.00	-0.18%
Net Income Margin (%)	3.94%	3.95%	0.18%
P/E Multiple	13.27	15.88	19.65%
Shares Outstanding (Mil)	41.84	40.63	2.89%
Cumulative Contribution			23.12%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
R	23.2%
Market (SPY)	12.6%	42.8%
Sector (XLI)	7.5%	45.5%

Fundamental Drivers

The 25.7% change in R stock from 12/27/2024 to 12/27/2025 was primarily driven by a 13.8% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	156.11	196.18	25.67%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	12547.00	12708.00	1.28%
Net Income Margin (%)	3.81%	3.95%	3.69%
P/E Multiple	13.96	15.88	13.77%
Shares Outstanding (Mil)	42.73	40.63	4.92%
Cumulative Contribution			25.37%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
R	25.7%
Market (SPY)	17.0%	65.0%
Sector (XLI)	19.2%	66.0%

Fundamental Drivers

The 154.3% change in R stock from 12/28/2022 to 12/27/2025 was primarily driven by a 248.0% change in the company's P/E Multiple.

	12282022	12272025	Change
Stock Price ($)	77.14	196.18	154.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	11986.30	12708.00	6.02%
Net Income Margin (%)	7.02%	3.95%	-43.77%
P/E Multiple	4.56	15.88	247.96%
Shares Outstanding (Mil)	49.81	40.63	18.43%
Cumulative Contribution			145.68%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
R	77.8%
Market (SPY)	48.0%	58.8%
Sector (XLI)	41.2%	65.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
R Return	20%	38%	4%	42%	40%	29%	339%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
R Win Rate	58%	75%	50%	67%	83%	75%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
R Max Drawdown	-57%	-1%	-23%	-7%	-6%	-17%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See R Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	R	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-31.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	44.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	225 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-59.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	144.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	227 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-49.7%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	98.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	1,036 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-74.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	291.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,821 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Ryder System's stock fell -31.0% during the 2022 Inflation Shock from a high on 10/25/2021. A -31.0% loss requires a 44.8% gain to breakeven.

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About Ryder System (R)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Ryder System, Inc. operates as a logistics and transportation company worldwide. The company operates through three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The FMS segment offers full service leasing and leasing with flexible maintenance options, as well as maintenance services, supplies, and related equipment for operation of the vehicles; commercial vehicle rental services; and contract or transactional maintenance services of trucks, tractors, and trailers, as well as fleet support services. This segment also provides access to diesel fuel; offers fuel planning and tax reporting, cards, and monitoring services, and centralized billing; and sells used vehicles through its 63 retail sales centers and www.ryder.com/used-trucks website. The DTS segment offers equipment, maintenance, drivers, administrative, and additional services, as well as routing and scheduling, fleet sizing, safety, regulatory compliance, risk management, and technology and communication systems support services. The SCS segment comprises distribution management services, such as designing and managing customer's distribution network and facilities; coordinating warehousing and transportation for inbound and outbound material flows; handling import and export for international shipments; coordinating just-in-time replenishment of component parts to manufacturing and final assembly; and offering shipments to customer distribution centers or end customer delivery points, as well as other value added services, such as light assembly of components. This segment also offers transportation management services, such as shipment optimization, load scheduling, and delivery confirmation services; knowledge-based professional services; and e-commerce and last mile services. Ryder System, Inc. was founded in 1933 and is headquartered in Miami, Florida.

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Here are 1-3 brief analogies for Ryder System (R):

The Enterprise Rent-A-Car for commercial trucks and business fleets.
The FedEx or UPS for managing large commercial truck fleets and complex business supply chains.

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Fleet Management Solutions: Provides commercial vehicle leasing, rental, and maintenance services for trucks, tractors, and trailers.
Supply Chain Solutions: Offers comprehensive logistics and supply chain management services, including warehousing, distribution, e-commerce fulfillment, and transportation management.
Dedicated Transportation Solutions: Furnishes private fleet services, including vehicles, drivers, and management, allowing businesses to outsource their transportation operations.

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Ryder System, Inc. (symbol: R) primarily sells its services to other companies (Business-to-Business or B2B).

Ryder provides fleet management, dedicated transportation, and supply chain solutions to a highly diversified customer base. Due to the nature of their business and the large number of clients they serve across various industries, Ryder does not typically disclose specific major customer names. Their services are utilized by thousands of businesses of all sizes, from small and medium-sized enterprises to large corporations.

According to Ryder's public filings (e.g., their most recent 10-K report), no single customer accounted for more than 5% of their consolidated total revenue in the last several fiscal years. This indicates a broad and varied customer portfolio rather than reliance on a few dominant clients.

While specific customer names are not publicly disclosed, Ryder's clientele spans a wide array of industries, including:

Automotive
Consumer Packaged Goods
Food and Beverage
Retail
Technology and Electronics
Healthcare and Pharmaceuticals
Industrial Manufacturing
Aerospace and Defense

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Daimler Truck AG (DTRUY)
PACCAR Inc (PCAR)
TRATON SE (TTRN)
Volvo Group (VOLVY)
Hino Motors, Ltd. (HINOF)
Isuzu Motors Limited (ISUZY)

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Robert E. Sanchez, Chairman and Chief Executive Officer

Mr. Sanchez joined Ryder in 1993 as a Senior Business System Designer and has held numerous leadership positions within the company, including President and Chief Operating Officer, Chief Financial Officer, President of Global Fleet Management Solutions, Chief Information Officer, Senior Vice President of Transportation Management, and Vice President of Asset Management. He was appointed Chief Executive Officer in January 2013 and Chairman of the Board in May 2013. Prior to joining Ryder, he held engineering positions at Florida Power and Light and Pratt & Whitney Aircraft. He co-founded a software-writing business with college friends, which he subsequently sold his portion of to pursue his MBA. Mr. Sanchez earned his MBA from The Wharton School of the University of Pennsylvania and a Bachelor of Science degree in Electrical Engineering from the University of Miami.

Cristina Gallo-Aquino, Executive Vice President, Chief Financial Officer, and Principal Accounting Officer

Ms. Gallo-Aquino assumed the role of Executive Vice President, Chief Financial Officer, and Principal Accounting Officer effective January 1, 2025. She joined Ryder in 2004 as an assistant controller and has accumulated over 20 years of financial and accounting experience within the company. Her previous roles include Senior Vice President, Controller, and Principal Accounting Officer, and Vice President and Chief Financial Officer of Ryder's Fleet Management Solutions (FMS) business unit. Before joining Ryder, Ms. Gallo-Aquino began her career in the audit practice of KPMG LLP. She is a Florida Certified Public Accountant (CPA) and holds an MBA and a Bachelor of Science in Accounting from Florida International University.

John J. Diez, President and Chief Operating Officer

Effective January 1, 2025, Mr. Diez was appointed President and Chief Operating Officer. He joined Ryder in 2002 as an assistant controller and has served in various senior leadership positions. His prior roles include Executive Vice President and Chief Financial Officer (from May 2021 to December 2024), President of Ryder's Fleet Management Solutions (FMS) business unit, and President of the Dedicated Transportation Solutions (DTS) business unit. Before his tenure at Ryder, he worked in the audit practice of KPMG LLP. Mr. Diez is a licensed Certified Public Accountant (CPA) and holds both Bachelor of Science and Master of Science degrees in Accounting from Florida International University.

Tom Havens, President, Fleet Management Solutions

Mr. Havens was appointed President of Fleet Management Solutions in May 2021 and is a 28-year veteran of Ryder. He previously served as Senior Vice President and Global Chief of Operations for the FMS business. His career at Ryder includes various positions of increasing responsibility, such as head of operations for Ryder's west region, general manager for FMS in Canada, and vice president of asset management and vehicle sales. He began his career at Ryder as a rental representative in 1993.

J. Steven Sensing, President, Supply Chain Solutions & Dedicated Transportation Solutions

Mr. Sensing serves as the President of Supply Chain Solutions & Dedicated Transportation Solutions.

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The key risks to Ryder System (R) are:

Economic and Market Cyclicality: The transportation industry is highly cyclical and susceptible to economic downturns, which can significantly decrease customer demand for Ryder's services, including vehicle rentals, leasing, and used vehicle sales. This weakness in market conditions directly impacts revenue and profitability in the Fleet Management Solutions (FMS) segment.
Residual Value Risk: Ryder's core FMS business relies on accurately estimating the residual (salvage) value of its large vehicle fleet. An extended downturn in the used vehicle market, coupled with changes in supply and demand or advancements in vehicle technology, can lead to write-downs and materially adverse impacts on financial results.
Human Capital and Labor Shortages: Ryder faces significant challenges related to human capital, particularly labor shortages for professional drivers and technicians. These shortages lead to increased operating costs across all business segments and can hinder the company's ability to meet customer demands, negatively affecting growth and profitability.

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The accelerating development and adoption of electric and autonomous commercial vehicles, which threaten Ryder's traditional fleet management and dedicated transportation models by introducing new capital expenditure cycles, specialized maintenance requirements, uncertain residual values, and potential obsolescence of driver-dependent solutions.
The rapid growth of digital freight brokerage platforms and advanced logistics software companies leveraging AI and machine learning, which directly compete with Ryder's Supply Chain Solutions segment by offering more efficient, transparent, and potentially lower-cost freight matching and supply chain optimization services.

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Ryder System (NYSE: R) operates primarily in North America, specializing in three main segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The addressable markets for these services are substantial.

Fleet Management Solutions (FMS)

The Fleet Management Solutions segment includes commercial vehicle rental, leasing, and maintenance services. The U.S. addressable market for these offerings is sizable.

The U.S. fleet management market was valued at approximately USD 12.20 billion in 2024 and is projected to grow to USD 28.93 billion by 2032.
More specifically, the North America commercial vehicle rental and leasing market was valued at USD 21.61 billion in 2024 and is expected to grow. Another estimate places the U.S. commercial vehicle rental and leasing market to reach USD 28.1 billion by 2029.

Supply Chain Solutions (SCS)

Ryder's Supply Chain Solutions segment encompasses distribution management, transportation management, e-commerce fulfillment, and last-mile delivery services. These services are addressed by the broader contract logistics and supply chain management markets.

The United States contract logistics market is estimated at USD 139.86 billion in 2024 and is expected to reach USD 168.21 billion by 2029.
A broader view of the U.S. Third-Party Logistics (3PL)/Contract Logistics Market reported gross revenues of USD 299.5 billion in 2023. Within this, Value-Added Warehousing and Distribution accounted for USD 68.1 billion, and Domestic Transportation Management for USD 123.6 billion in the U.S. in 2023.

Dedicated Transportation Solutions (DTS)

The Dedicated Transportation Solutions segment provides turnkey transportation, including equipment, maintenance, drivers, and administrative services for dedicated contract carriage.

The overall value of the dedicated trucking market in the U.S. is estimated to be as large as USD 90 billion.
A component of the U.S. 3PL/Contract Logistics Market, dedicated contract carriage specifically had gross revenues of USD 29.7 billion in 2023.

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Ryder System (R) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and business transformations:

Strategic Shift Towards Asset-Light Businesses: Ryder is actively rebalancing its revenue mix by focusing on its Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) segments, which are considered asset-light and typically yield higher returns. The company anticipates that 60% of its 2025 revenue will originate from these asset-light businesses, an increase from 44% in 2018. In fiscal year 2024, DTS revenue surged by 37.03%, and SCS revenue grew by 8.72%.
Lease Pricing Initiatives: Within its Fleet Management Solutions (FMS) segment, Ryder is implementing lease pricing strategies to enhance profitability. These initiatives are projected to generate an incremental annual benefit of approximately $20 million in 2025, contributing to a total benefit of $125 million relative to the company's 2018 baseline by reflecting new portfolio pricing under the updated model.
Maintenance Cost-Saving Initiatives: Ryder is focused on reducing maintenance expenses across its operations. The company expects to realize $50 million in benefits over multiple years from maintenance cost-saving initiatives announced in mid-2024. These savings are contributing to increased earnings before tax (EBT) in the FMS segment.
Acquisition Synergies: Strategic acquisitions are playing a role in Ryder's growth trajectory. Acquisition synergies are contributing to earnings growth, particularly within the Dedicated Transportation Solutions (DTS) segment, where they have helped stabilize EBT despite a decline in revenue.
Optimization of Omnichannel Retail Network: Ryder is expanding and optimizing its e-commerce fulfillment and last-mile delivery capabilities. This optimization of its omnichannel retail network is cited as a driver for earnings growth in 2025. New business in the omnichannel retail sector specifically fueled the growth in SCS total revenue during the third quarter of 2025.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

In October 2025, Ryder authorized two new share repurchase programs, totaling up to 3.5 million shares over two years (October 9, 2025, through October 9, 2027), comprising a discretionary plan for 2.0 million shares and an anti-dilutive plan for 1.5 million shares.
A new discretionary share repurchase program for up to 2.0 million shares was authorized in October 2024, replacing a similar program from October 2023 that was completed in September 2024.
Since 2021, Ryder has repurchased approximately 22% of its outstanding shares. The company returned $456 million to shareholders through share repurchases and dividends in 2024.

Share Issuance

Ryder maintains anti-dilutive share repurchase programs aimed at mitigating the dilutive impact of shares issued to employees under its stock plans.
The number of shares outstanding has seen a decline, with 0.044 billion shares in 2024, a 4.84% decrease from 2023, and 0.046 billion shares in 2023, an 8.65% decrease from 2022.

Outbound Investments

On February 1, 2024, Ryder acquired all outstanding equity of CLH Parent Corporation (Cardinal Logistics) for $290 million, enhancing its dedicated contract carriage capabilities.
In recent years, Ryder acquired Midwest Warehouse & Distribution Systems and Whiplash, expanding its warehousing space from 63 million to over 70 million square feet to strengthen its e-commerce and supply chain management footprint.

Capital Expenditures

Ryder's gross capital expenditures were $2.7 billion in 2024, a decrease from $3.3 billion in 2023, primarily due to reduced investments in the ChoiceLease fleet.
For 2025, gross capital expenditures are forecasted to be approximately $2.3 billion, with an estimated $1.8 billion allocated to Choice Lease and $0.3 billion to commercial rental, reflecting lower rental fleet investments.
The company's capital allocation priorities include investing in profitable growth and strategic initiatives, such as vehicle replacement and growth opportunities.

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ODFL (16.5%)

Old Dominion Freight Line

TFII (8.5%)

TFI International

JBHT (6.6%)

JB Hunt Transport Services

XPO (2.9%)

XPO

SAIA (-0.4%)

Saia

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for R: 2.0% | 0.6x)

WCC (3.6% | 0.5x)

WESCO International

AAL (6.5% | 0.2x)

American Airlines

FLR (4.7% | 0.4x)

Fluor

GXO (13.7% | 0.5x)

GXO Logistics

ALK (16.5% | 0.4x)

Alaska Air

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for R: 2.0% | 7.2x)

UAL (13.2% | 7.1x)

United Airlines

AAL (6.5% | 4.5x)

American Airlines

OC (7.1% | 5.2x)

Owens-Corning

ADT (3.4% | 5.1x)

ADT

SKYW (9.4% | 6.6x)

SkyWest

Higher Rev Chg LTM (Value for R: 1.3%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for R: 2.0%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

RTX (9.4%)

RTX

CAT (4.9%)

Caterpillar

Higher Op Mgn LTM (Value for R: 8.8%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

CAT (17.7%)

Caterpillar

RTX (10.3%)

RTX

UBER (9.2%)

Uber Technologies

Higher CFO/Rev LTM (Value for R: 18.9%)

UNP (39.6%)

Union Pacific

WM (23.6%)

Waste Management

ADP (22.8%)

Automatic Data Processing

CTAS (20.1%)

Cintas

PH (19.0%)

Parker Hannifin

Higher FCF/Rev LTM (Value for R: -0.7%)

UBER (17.5%)

Uber Technologies

GE (14.7%)

GE Aerospace

CAT (11.7%)

Caterpillar

GEV (6.6%)

GE Vernova

RTX (5.5%)

RTX

Higher Total Yield (Value for R: 8.1%)

TDG (15.4%)

TransDigm

UPS (12.8%)

United Parcel Service

CNI (11.1%)

Canadian National Railway

UBER (9.8%)

Uber Technologies

FDX (8.2%)

FedEx

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for R: 2.0% | 0.6x)

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

GM (8.6% | 0.4x)

General Motors

ELV (8.4% | 0.4x)

Elevance Health

CI (13.6% | 0.3x)

Cigna

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for R: 2.0% | 7.2x)

FISV (6.8% | 6.0x)

Fiserv

FI (7.5% | 5.5x)

Fiserv

IBKR (48.1% | 3.5x)

Interactive Brokers

PHM (5.4% | 6.9x)

PulteGroup

EIX (3.1% | 4.4x)

Edison International

Higher Rev Chg LTM (Value for R: 1.3%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for R: 2.0%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for R: 8.8%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

AMZN (11.4%)

Amazon.com

Higher CFO/Rev LTM (Value for R: 18.9%)

META (56.8%)

Meta Platforms

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for R: -0.7%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for R: 8.1%)

MRK (10.2%)

Merck

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

CVX (8.6%)

Chevron

UNH (8.5%)

UnitedHealth

		Best Bets In Industrials Sector
	R	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	15.9	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	7.3	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	-0.3%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	1.3%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	2.0%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	-3.7%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Ryder System Earnings Notes
2	Ryder System Earnings Notes
3	Ryder System vs United Airlines: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Ryder System Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than R Stock: Pay Less Than Ryder System To Get More From UAL, IBKR
6	Better Bet Than R Stock: Pay Less Than Ryder System To Get More From UAL
7	R Dip Buy Analysis
8	Ryder System Total Shareholder Return (TSR): 41.3% in 2024 and 29.3% 3-yr compounded annual returns (above peer average)
9	Ryder System (R) Operating Cash Flow Comparison	Financials
10	Ryder System (R) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to R. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Ryder System

Peers to compare with:

Financials

	R	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Ryder Sy.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	196.18	23.26	24.49	305.09	78.16	273.40	137.17
Mkt Cap	8.0	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	12,708	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	1,112	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-88	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-458	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	2,403	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	2,329	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	R	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Ryder Sy.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	1.3%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	2.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.3%
Rev Chg Q	-0.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	-0.1%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	8.8%	6.6%	4.8%	17.7%	22.5%	31.9%	13.2%
Op Mgn 3Y Avg	8.8%	7.4%	7.2%	16.4%	24.2%	30.8%	12.6%
QoQ Delta Op Mgn LTM	0.0%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	18.9%	6.7%	8.5%	20.6%	23.8%	26.6%	19.8%
CFO/Rev 3Y Avg	18.7%	6.8%	12.7%	21.4%	26.1%	28.4%	20.1%
FCF/Rev LTM	-0.7%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-3.7%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	R	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Ryder Sy.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	8.0	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	0.6	0.4	1.0	4.4	5.4	10.0	2.7
P/EBIT	7.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	15.9	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	3.3	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	8.1%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	1.8%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-8.5%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	1.1	0.5	0.7	0.2	0.1	0.0	0.4
Net D/E	1.1	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	R	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Ryder Sy.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	13.7%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	5.1%	-11.9%	2.7%	7.9%	17.0%	7.1%	6.1%
6M Rtn	23.2%	-4.0%	34.5%	6.6%	15.2%	36.3%	19.2%
12M Rtn	25.7%	-27.0%	16.2%	40.5%	34.5%	7.5%	20.9%
3Y Rtn	154.3%	-1.9%	71.1%	143.1%	81.3%	120.2%	100.7%
1M Excs Rtn	11.4%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	0.7%	-16.2%	-1.7%	3.6%	12.7%	2.8%	1.8%
6M Excs Rtn	11.0%	-16.3%	22.3%	-5.7%	3.0%	24.0%	7.0%
12M Excs Rtn	11.7%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	5.5%
3Y Excs Rtn	72.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	13.6%

Comparison Analyses

	Title
0	How Does Ryder System Stock Stack Up Against Its Peers?
1	R or UHAL - With 12% Return Forecast, UHAL Probably Deserves Your Money
2	JBHT Could Deliver 2.9% Returns And Outperform R
3	With 7.7% Gains On The Table, CAR May Outshine R
4	Ryder System vs. Southern Copper: Similar Revenue, But Ryder System Is A Better Bet
5	Ryder System vs. Activision Blizzard: Similar Revenue, But Ryder System Is A Better Bet
6	Ryder System vs. Booking Holdings: Similar Revenue, But Booking Holdings Is A Better Bet
7	Ryder System vs. Qualys: Similar Market Cap, But Qualys Is A Better Bet
8	Ryder System vs. Park Hotels & Resorts: Similar Market Cap, But Park Hotels & Resorts Is A Better Bet
9	Ryder System vs. Maximus: Similar Market Cap, But Maximus Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/23/2025	2/12/2025	2/20/2024	2/15/2023	2/17/2022	2/19/2021	2/27/2020
Key Financials
Total Revenue	12,708	12,708	11,979	12,461	9,920	8,420	8,867
EBITDA	2,965	2,901	2,728	3,275	2,718	2,274	2,179
Operating Income	1,112	1,067	1,074	1,425	872	231	282
Net Income	502	489	406	867	519	-122	-24
EPS	12.09	11.29	8.89	17.41	9.87	-2.34	-0.47
Growth Rates
Total Revenue Growth	1.3%	6.1%	-3.9%	25.6%	17.8%	-5.0%	5.7%
EBITDA Growth	-5.4%	6.3%	-16.7%	20.5%	19.5%	4.3%	7.5%
Operating Income Growth	9.2%	-0.7%	-24.6%	63.4%	277.5%	-18.2%	-52.4%
Net Income Growth	5.0%	20.4%	-53.2%	67.1%	525.4%	-399.8%	-108.6%
Margins
EBITDA Margin	23.3%	22.8%	22.8%	26.3%	27.4%	27.0%	24.6%
Operating Income Margin	8.8%	8.4%	9.0%	11.4%	8.8%	2.7%	3.2%
Net Income Margin	4.0%	3.8%	3.4%	7.0%	5.2%	-1.4%	-0.3%
Cash & Debt
Total Cash	189	154	204	267	234	151	74
Total Debt	8,841	8,885	8,148	7,084	6,936	6,875	8,148
Net Debt / (Cash)	8,652	8,731	7,944	6,817	6,702	6,724	8,075
Cash Flows
Net Cash from Operations	2,403	2,265	2,353	2,310	2,175	2,181	2,141
Free Cash from Operations	-88	-418	-881	-321	234	1,035	-1,595
Returns to Shareholders
Dividends	142	135	128	123	122	119	116
Share Repurchases	406	321	337	557	57	29	28

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/23/2025	7/24/2025	4/23/2025	2/12/2025	10/24/2024	7/25/2024	4/23/2024	2/20/2024	10/25/2023	7/26/2023	4/26/2023	2/15/2023
Key Financials Quarterly
Total Revenue	3,174	3,187	3,140	3,207	3,183	3,201	3,118	3,045	2,971	2,939	3,024	3,182
Ebitda	847	936	699	483	822	927	669	717	728	544	739	833
Operating Income	288	282	248	294	287	280	207	244	297	302	231	330
Net Income	138	131	98	135	142	127	85	124	161	-18	139	206
EPS	3.38	3.18	2.32	3.21	3.30	2.89	1.93	2.82	3.55	-0.40	2.99	4.45
Key Financials TTM
Total Revenue TTM	12,708	12,717	12,731	12,709	12,547	12,335	12,073	11,979	12,116	12,293	12,518	12,461
Ebitda TTM	2,965	2,940	2,931	2,901	3,135	3,041	2,658	2,728	2,844	2,956	3,249	3,275
Operating Income TTM	1,112	1,111	1,109	1,068	1,018	1,028	1,050	1,074	1,160	1,244	1,335	1,425
Net Income TTM	502	506	502	489	478	497	352	406	488	573	830	867
Growth Rates Quarterly
Total Revenue Growth	-0.3%	-0.4%	0.7%	5.3%	7.1%	8.9%	3.1%	-4.3%	-5.6%	-7.1%	1.9%	17.5%
EBITDA Growth	3.0%	1.0%	4.5%	-32.6%	12.9%	70.4%	-9.5%	-13.9%	-13.3%	-35.0%	-3.4%	13.1%
Operating Income Growth	0.3%	0.7%	19.8%	20.5%	-3.4%	-7.3%	-10.4%	-26.1%	-22.0%	-23.2%	-28.0%	15.5%
Net Income Growth	-2.8%	3.1%	15.3%	8.9%	-11.8%	805.6%	-38.8%	-39.8%	-34.6%	-107.5%	-21.0%	13.8%
Margins Quarterly
EBITDA Margin	26.7%	29.4%	22.3%	15.1%	25.8%	29.0%	21.5%	23.5%	24.5%	18.5%	24.4%	26.2%
Operating Income Margin	9.1%	8.8%	7.9%	9.2%	9.0%	8.7%	6.6%	8.0%	10.0%	10.3%	7.6%	10.4%
Net Income Margin	4.3%	4.1%	3.1%	4.2%	4.5%	4.0%	2.7%	4.1%	5.4%	-0.6%	4.6%	6.5%
Cash & Debt
Total Cash	189	180	151	154	162	164	234	204	159	218	253	267
Total Debt	8,841	8,721	8,825	8,885	8,757	8,734	8,775	8,148	7,619	7,307	7,033	7,084
Net Debt / (Cash)	8,652	8,541	8,674	8,731	8,595	8,570	8,541	7,944	7,460	7,089	6,780	6,817
Cash Flows Quarterly
FCF from Operations	442	752	651	558	629	552	526	511	621	743	478	524
Cash Flows TTM
FCF from Operations TTM	2,403	2,590	2,390	2,265	2,218	2,210	2,401	2,353	2,366	2,428	2,322	2,310
Returns to Shareholders Quarterly
Dividends	37	33	38	34	35	31	35	32	33	28	35	29
Share Repurchases	90	87	190	39	141	73	68	55	131	83	68	251
Return on Invested Capital (ROIC) Quarterly
ROIC	9.2%	9.0%	8.0%	9.5%	9.6%	8.7%	6.8%	8.9%	11.1%	15.7%	9.0%	12.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	8.9%	9.1%	9.0%	8.6%	8.4%	8.4%	7.7%	8.3%	9.3%	10.6%	13.2%	14.0%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Fleet Management Solutions (FMS)	5,930	6,327	5,680	5,170	5,571
Supply Chain Solutions (SCS)	4,875	4,720	3,155	2,544	2,551
Dedicated Transportation Solutions (DTS)	1,785	1,786	1,457	1,229	1,417
Eliminations	-807	-822	-629	-524	-614
Total	11,783	12,011	9,663	8,420	8,926

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Fleet Management Solutions (FMS)	11,588	10,811	11,000	11,274	12,992
Supply Chain Solutions (SCS)	3,717	3,043	2,320	1,313	1,237
Central Support Services (CSS)	1,026	904	555	328	306
Dedicated Transportation Solutions (DTS)	384	380	318	296	327
Eliminations	-937	-743	-358	-280	-386
Total	15,778	14,395	13,835	12,932	14,475

Price Behavior

Price Behavior

Market Price	$196.18
Market Cap ($ Bil)	8.0
First Trading Date	01/02/1980
Distance from 52W High	-0.9%
	50 Days	200 Days
DMA Price	$177.12	$165.76
DMA Trend	up	down
Distance from DMA	10.8%	18.3%
	3M	1YR
Volatility	37.8%	34.4%
Downside Capture	132.35	118.01
Upside Capture	129.47	122.42
Correlation (SPY)	43.1%	65.0%

R Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.00	1.06	1.06	1.18	1.11	1.07
Up Beta	0.44	0.93	1.10	1.17	1.15	1.08
Down Beta	1.84	1.53	1.32	1.25	1.09	1.04
Up Capture	122%	46%	54%	119%	105%	134%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	14	29	40	74	129	395
Down Capture	92%	117%	122%	113%	108%	102%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	6	13	23	52	118	353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of R With Other Asset Classes (Last 1Y)
	R	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	28.6%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	34.1%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.78	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		66.0%	65.0%	-7.2%	18.9%	47.0%	27.0%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of R With Other Asset Classes (Last 5Y)
	R	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	29.1%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	32.8%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.84	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		63.1%	55.0%	3.0%	22.5%	43.0%	21.7%

Based On 10-Year Data

		Comparison of R With Other Asset Classes (Last 10Y)
	R	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	16.8%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	36.8%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.53	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		66.5%	58.6%	-4.9%	27.5%	44.7%	13.1%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	880,490
Short Interest: % Change Since 11302025	-8.6%
Average Daily Volume	484,597
Days-to-Cover Short Interest	1.82
Basic Shares Quantity	40,628,000
Short % of Basic Shares	2.2%

Returns Analyses

	Title
0	Ryder System Stock Return Comparison
1	Ryder System Total Shareholder Return (TSR): 4.4% in 2022 and 19.1% 3-yr returns (below peer average)
2	Ryder System (R) Stock Return: AI Predicts R Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/23/2025	-12.4%	-6.6%	-10.6%
7/24/2025	2.5%	3.3%	4.9%
4/23/2025	-1.9%	-0.1%	10.1%
2/12/2025	3.0%	6.6%	-13.4%
10/24/2024	-4.3%	2.6%	11.7%
7/25/2024	1.6%	7.9%	7.1%
2/14/2024	-6.5%	-5.7%	-4.1%
10/25/2023	-4.3%	-0.4%	9.3%
...
SUMMARY STATS
# Positive	10	10	13
# Negative	11	11	8
Median Positive	3.6%	7.3%	10.5%
Median Negative	-5.4%	-4.4%	-7.8%
Max Positive	13.6%	11.3%	26.7%
Max Negative	-12.4%	-17.2%	-37.7%

	Forward Returns
10/23/2025	-12.4%	-6.6%	-10.6%
7/24/2025	2.5%	3.3%	4.9%
4/23/2025	-1.9%	-0.1%	10.1%
2/12/2025	3.0%	6.6%	-13.4%
10/24/2024	-4.3%	2.6%	11.7%
7/25/2024	1.6%	7.9%	7.1%
2/14/2024	-6.5%	-5.7%	-4.1%
10/25/2023	-4.3%	-0.4%	9.3%
7/26/2023	7.4%	10.7%	6.3%
4/26/2023	-6.9%	-3.3%	-5.1%
2/15/2023	3.2%	-0.1%	-10.4%
10/26/2022	10.0%	11.3%	26.7%
7/27/2022	3.2%	2.9%	10.5%
4/28/2022	4.0%	10.9%	15.8%
2/16/2022	5.4%	-2.7%	10.2%
10/27/2021	-4.5%	-5.2%	-3.7%
2/11/2021	-5.6%	-6.7%	12.9%
10/28/2020	-1.7%	4.5%	21.9%
4/29/2020	13.6%	10.5%	15.0%
2/13/2020	-10.3%	-17.2%	-37.7%
10/29/2019	-5.4%	-4.4%	-2.2%
SUMMARY STATS
# Positive	10	10	13
# Negative	11	11	8
Median Positive	3.6%	7.3%	10.5%
Median Negative	-5.4%	-4.4%	-7.8%
Max Positive	13.6%	11.3%	26.7%
Max Negative	-12.4%	-17.2%	-37.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10232025	10-Q 9/30/2025
6302025	7242025	10-Q 6/30/2025
3312025	4232025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	10242024	10-Q 9/30/2024
6302024	7252024	10-Q 6/30/2024
3312024	4232024	10-Q 3/31/2024
12312023	2202024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7262023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2152023	10-K 12/31/2022
9302022	10262022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	2172022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	HODES SANFORD J.	SVP, C Procur Of, Corp Dev Of	8262025	Sell	187.48	532	99,739	4,584,261	Form
1	Martin Steve W.	EVP of DTS	8262025	Sell	185.49	1,042	193,281	5,322,265	Form
2	HAVENS THOMAS M.	President, Global FMS	8152025	Sell	181.77	6,500	1,181,505	5,903,526	Form
3	Ravindran Rajeev	EVP & CIO	2192025	Sell	170.80	1,294	221,015	2,830,498	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Ryder System (R)

Market Price (12/28/2025): $196.18 | Market Cap: $8.0 BilSector: Industrials | Industry: Cargo Ground Transportation

Ryder System (R)

Market Price (12/28/2025): $196.18Market Cap: $8.0 BilSector: IndustrialsIndustry: Cargo Ground Transportation

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

R Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Ryder System (R)

Fleet Management Solutions (FMS)

Supply Chain Solutions (SCS)

Dedicated Transportation Solutions (DTS)

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Ryder System (R)

INDUSTRY: Cargo Ground Transportation

Higher Rev Chg 3Y Avg | Lower P/S (Values for R: 2.0% | 0.6x)

Higher Rev Chg LTM (Value for R: 1.3%)

Higher Rev Chg 3Y Avg (Value for R: 2.0%)

Higher Op Mgn LTM (Value for R: 8.8%)

Higher CFO/Rev LTM (Value for R: 18.9%)

Higher FCF/Rev LTM (Value for R: -0.7%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for R: 2.0% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for R: 2.0% | 7.2x)

Higher Rev Chg LTM (Value for R: 1.3%)

Higher Rev Chg 3Y Avg (Value for R: 2.0%)

Higher Op Mgn LTM (Value for R: 8.8%)

Higher CFO/Rev LTM (Value for R: 18.9%)

Higher FCF/Rev LTM (Value for R: -0.7%)

Higher Total Yield (Value for R: 8.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for R: 2.0% | 0.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for R: 2.0% | 7.2x)

Higher Rev Chg LTM (Value for R: 1.3%)

Higher Rev Chg 3Y Avg (Value for R: 2.0%)

Higher Op Mgn LTM (Value for R: 8.8%)

Higher CFO/Rev LTM (Value for R: 18.9%)

Higher FCF/Rev LTM (Value for R: -0.7%)

Higher Total Yield (Value for R: 8.1%)

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Market Price (12/28/2025): $196.18 | Market Cap: $8.0 Bil
Sector: Industrials | Industry: Cargo Ground Transportation

Market Price (12/28/2025): $196.18
Market Cap: $8.0 Bil
Sector: Industrials
Industry: Cargo Ground Transportation