Ryder System Inc 10-Q for FY2024 Q1

Ryder System Inc (R)

10-Q 2024-04-23 For: 2024-03-31

Added on April 10, 2026

About this 10-Q

Ryder System Inc filed this 10-Q on April 23, 2024, covering the quarter ended March 31, 2024 (FY2024 Q1).

Headline figures

Quarter ended March 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $3.1B; up 4.9% from $2.95B a year earlier
Net income: $85M; down 38.8% from net income of $139M a year earlier
Diluted EPS: $1.89; down 35.7% from $2.94 a year earlier

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ryder System, Inc. Common Stock ($0.50 par value)	R	New York Stock Exchange



		Page No.

PART I . FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)	1

	Condensed Consolidated Statements of Earnings	1

	Condensed Consolidated Statements of Comprehensive Income	2

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Cash Flows	4

	Condensed Consolidated Statements of Shareholders' Equity	5

	Notes to Condensed Consolidated Financial Statements	6

ITEM 2.	Management 's Discussion and Analysis of Financial Condition and Results of Operations	20

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	42

ITEM 4.	Controls and Procedures	42

PART II . OTHER INFORMATION

ITEM 1.	Legal Proceedings	42

ITEM 1A.	Risk Factors	42

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43



ITEM 5 .	Other Information	43



ITEM 6.	Exhibits	44

SIGNATURE		45


	Three months ended March 31,
(In millions, except per share amounts)	2024		2023
Services revenue	$	2,038	$	1,821
Lease & related maintenance and rental revenue	936		979
Fuel services revenue	124		152
Total revenue	3,098		2,952

Cost of services	1,743		1,607
Cost of lease & related maintenance and rental	669		674
Cost of fuel services	121		149
Selling, general and administrative expenses	378		363
Non-operating pension costs, net	11		10
Used vehicle sales, net	(20)		(72)
Interest expense	92		65
Miscellaneous income, net	(15)		(20)
Restructuring and other items, net	5		(25)
	2,984		2,751

Earnings from continuing operations before income taxes	114		201
Provision for income taxes	29		61
Earnings from continuing operations	85		140
Loss from discontinued operations, net of taxes	—		(1)
Net earnings	$	85	$	139

Earnings per common share — Basic
Continuing operations	$	1.93	$	3.00
Discontinued operations	—		(0.01)
Net earnings	$	1.93	$	2.99

Earnings per common share — Diluted
Continuing operations	$	1.89	$	2.95
Discontinued operations	—		(0.01)
Net earnings	$	1.89	$	2.94


	Three months ended March 31,
(In millions)	2024		2023
Net earnings	$	85	$	139
Other comprehensive income (loss):








Changes in cumulative translation adjustment and unrealized gains from cash flow hedges	(5)		9

Amortization of pension and postretirement items	8		7

Income tax expense related to amortization of pension and postretirement items	(2)		(2)
Amortization of pension and postretirement items, net of taxes	6		5






Other comprehensive income, net of taxes	1		14

Comprehensive income	$	86	$	153


(In millions, except share amounts)	March 31, 2024		December 31, 2023

Assets:
Current assets:
Cash and cash equivalents	$	234	$	204
Receivables, net	1,814		1,714

Prepaid expenses and other current assets	358		347
Total current assets	2,406		2,265
Revenue earning equipment, net	8,977		8,892
Operating property and equipment, net of accumulated depreciation of $1,554 and $1,511	1,232		1,217
Goodwill	1,017		940
Intangible assets, net	569		396
Operating lease right-of-use assets	1,190		1,016
Sales-type leases and other assets	1,090		1,052
Total assets	$	16,481	$	15,778

Liabilities and shareholders' equity:
Current liabilities:
Short-term debt and current portion of long-term debt	$	741	$	1,583
Accounts payable	854		833
Accrued expenses and other current liabilities	1,323		1,233
Total current liabilities	2,918		3,649
Long-term debt	6,802		5,531
Other non-current liabilities	2,063		1,871
Deferred income taxes	1,633		1,658
Total liabilities	13,416		12,709

Commitments and contingencies (Note 15)
Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, March 31, 2024 and December 31, 2023	—		—
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, March 31, 2024 — 43,828,793 and December 31, 2023 — 43,902,065	22		22
Additional paid-in capital	1,129		1,148
Retained earnings	2,568		2,554
Accumulated other comprehensive loss	(654)		(655)
Total shareholders' equity	3,065		3,069
Total liabilities and shareholders' equity	$	16,481	$	15,778


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three months ended March 31, 2024
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total
Balance as of January 1, 2024	$	—	43,902	$	22	$	1,148	$	2,554	$	(655)	$	3,069

Comprehensive income	—		—	—		—		85		1		86
Common stock dividends declared — $0.71 per share	—		—	—		—		(32)		—		(32)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		378	—		(17)		—		—		(17)

Common stock repurchases	—		(451)	—		(12)		(39)		—		(51)
Share-based compensation	—		—	—		10		—		—		10
Balance as of March 31, 2024	$	—	43,829	$	22	$	1,129	$	2,568	$	(654)	$	3,065


	Three months ended March 31, 2023
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total
Balance as of January 1, 2023	$	—	46,287	$	23	$	1,192	$	2,518	$	(796)	$	2,937

Comprehensive income	—		—	—		—		139		14		153
Common stock dividends declared — $0.62 per share	—		—	—		—		(30)		—		(30)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		670	—		(23)		2		—		(21)

Common stock repurchases	—		(465)	—		(12)		(33)		—		(45)
Share-based compensation	—		—	—		11		—		—		11
Balance as of March 31, 2023	$	—	46,492	$	23	$	1,168	$	2,596	$	(782)	$	3,005


	Three months ended March 31, 2024
(In millions)	FMS		SCS		DTS		Eliminations		Total
United States	$	1,380	$	1,151	$	563	$	(211)	$	2,883
Canada	75		71		—		(11)		135

Mexico	—		80		—		—		80

Total revenue	$	1,455	$	1,302	$	563	$	(222)	$	3,098


(In millions)	March 31, 2024		December 31, 2023

Trade	$	1,595	$	1,505
Sales-type lease	142		140
Other, primarily warranty and insurance	115		111
	1,852		1,756
Allowance for credit losses and other	(38)		(42)
Receivables, net	$	1,814	$	1,714


	Estimated Useful Lives (In Years)	March 31, 2024						December 31, 2023
(Dollars in millions)		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net

Held for use:
Trucks	3 — 7	$	5,705	$	(2,183)	$	3,522	$	5,630	$	(2,192)	$	3,438
Tractors	4 — 7.5	6,862		(2,638)		4,224		6,995		(2,712)		4,283
Trailers and other	9.5 — 12	1,725		(675)		1,050		1,686		(683)		1,003
Held for sale		805		(624)		181		732		(564)		168
Total		$	15,097	$	(6,120)	$	8,977	$	15,043	$	(6,151)	$	8,892



					Valuation Adjustments
	March 31, 2024		December 31, 2023		Three months ended March 31,
(In millions)					2024		2023
Revenue earning equipment held for sale:

Trucks	$	7	$	5	$	3	$	1
Tractors	36		38		6		1
Trailers and other	4		4		1		1
Total assets at fair value	$	47	$	47	$	10	$	3


	Weighted Average Interest Rate
(Dollars in millions)	March 31, 2024	Maturities	March 31, 2024		December 31, 2023





Debt:
U.S. commercial paper	5.60%	2026	$	860	$	572

Trade receivables financing program	5.76%	2025	20		50

Unsecured U.S. obligations	5.14%	2027	275		375
Unsecured medium-term note issued February 2019	—%	2024	—		600
Unsecured medium-term note issued August 2019	2.50%	2024	550		550
Unsecured medium-term note issued April 2020	4.63%	2025	400		400
Unsecured medium-term note issued May 2020	3.35%	2025	400		400
Unsecured medium-term note issued December 1995	6.95%	2025	150		150
Unsecured medium-term note issued November 2021	6.12%	2026	300		300
Unsecured medium-term note issued November 2019	2.90%	2026	400		400
Unsecured medium-term note issued February 2022	4.48%	2027	450		450
Unsecured medium-term note issued May 2022	4.30%	2027	300		300
Unsecured medium-term note issued February 2023	5.65%	2028	500		500
Unsecured medium-term note issued May 2023	5.25%	2028	650		650
Unsecured medium-term note issued November 2023	6.30%	2028	400		400
Unsecured medium-term note issued November 2023	6.60%	2033	600		600
Unsecured medium-term note issued February 2024	5.30%	2027	350		—
Unsecured medium-term note issued February 2024	5.38%	2029	550		—
Unsecured foreign obligations	2.88%	2024	50		50
Asset-backed U.S. obligations (1)	3.43%	2024-2030	355		382
Finance lease obligations and other		2024-2031	56		49
			7,616		7,178
Fair market value adjustments on medium-term notes (2)			(38)		(34)
Debt issuance costs and original issue discounts			(35)		(30)
Total debt (3)			7,543		7,114
Short-term debt and current portion of long-term debt			(741)		(1,583)
Long-term debt			$	6,802	$	5,531


Three months ended March 31, 2024
(In millions)	Debt Proceeds			Debt Repayments
Medium-term notes (1)	$	896	Medium-term notes	$	600


U.S. and foreign term loans, finance lease obligations and other	—		U.S. and foreign term loans, finance lease obligations and other	163

Total debt proceeds	$	896	Total debt repaid	$	763


	Three months ended March 31,
(In millions)	2024		2023
Omnichannel retail	$	417	$	453
Automotive	406		393
Consumer packaged goods	290		227
Industrial and other	189		128
Total SCS revenue	$	1,302	$	1,201


	Three months ended March 31,
	2024			2023
(Shares in millions)	Shares Granted	Weighted-Average Fair Market Value Per Share		Shares Granted	Weighted-Average Fair Market Value Per Share
Time-vested restricted stock rights	0.1	$	117.11	0.2	$	96.38
Performance-based restricted stock rights	0.1	121.10		0.1	101.25
Total	0.2	$	118.59	0.3	$	98.16


(In millions)	Currency Translation Adjustments		Net Actuarial (Loss) Gain and Prior Service Costs		Unrealized Gain (Loss) from Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Gain
January 1, 2024	$	(18)	$	(637)	$	—	$	(655)
Other comprehensive (loss) gain, net of tax, before reclassifications	(7)		—		4		(3)
Amounts reclassified from AOCI, net of tax	—		6		(2)		4

Net current-period other comprehensive gain (loss), net of tax	(7)		6		2		1
March 31, 2024	$	(25)	$	(631)	$	2	$	(654)


	Three months ended March 31,
(Dollars in millions, except per share amounts; share amounts in thousands)	2024		2023
Earnings per share — Basic (1):
Earnings from continuing operations	$	85	$	140
Less: Distributed and undistributed earnings allocated to unvested stock	—		(1)
Earnings from continuing operations available to common shareholders	$	85	$	139

Weighted average common shares outstanding	43,858		46,377

Earnings from continuing operations per common share — Basic	$	1.93	$	3.00

Earnings per share — Diluted: (1)
Earnings from continuing operations	$	85	$	140
Less: Distributed and undistributed earnings allocated to unvested stock	—		—
Earnings from continuing operations available to common shareholders — Diluted	$	85	$	140

Weighted average common shares outstanding — Basic	43,858		46,377
Effect of dilutive equity awards	1,142		1,097
Weighted average common shares outstanding — Diluted	45,000		47,474

Earnings from continuing operations per common share — Diluted	$	1.89	$	2.95

Anti-dilutive equity awards not included in diluted EPS	81		627


	Three months ended March 31,						Change 2024/2023
(Dollars in millions, except per share)	2024			2023			Three Months
Total revenue	$	3,098		$	2,952		5%
Operating revenue (1)	2,495			2,346			6%

Earnings from continuing operations before income taxes (EBT)	$	114		$	201		(43)%
Comparable EBT (1)	129			179			(28)%
Earnings from continuing operations	85			140			(39)%
Comparable earnings from continuing operations (1)	96			133			(28)%

Comparable EBITDA (1)	636			628			1%

Earnings per common share (EPS) — Diluted
Continuing operations	$	1.89		$	2.95		(36)%
Comparable (1)	2.14			2.81			(24)%
Debt to equity	246		%	211		%
Adjusted return on equity (1)	17		%	27		%
Net cash provided by operating activities from continuing operations	$	526		$	478
Total capital expenditures (2)	716			802
Free cash flow (1)	13			101


				Change
	March 31, 2024	December 31, 2023	March 31, 2023	Mar 2024/ Dec 2022	Mar 2024/ Mar 2023
End of period vehicle count
By type:
Trucks (1)	76,000	75,600	72,900	1%	4%
Tractors (2)	70,300	69,000	70,100	2%	—%
Trailers and other (3)	47,200	40,800	41,800	16%	13%
Total	193,500	185,400	184,800	4%	5%

By product line:
ChoiceLease	147,100	138,900	136,600	6%	8%
Commercial rental	35,400	36,400	41,100	(3)%	(14)%
Service vehicles and other	2,100	2,100	2,000	—%	5%
	184,600	177,400	179,700	4%	3%
Held for sale	8,900	8,000	5,100	11%	75%
Total	193,500	185,400	184,800	4%	5%


Customer vehicles under SelectCare contracts (4)	51,100	51,600	52,600	(1)%	(3)%


Quarterly average vehicle count
By product line:
ChoiceLease	143,200	139,000	135,300	3%	6%
Commercial rental	35,700	37,200	41,200	(4)%	(13)%
Service vehicles and other	2,100	2,000	2,000	5%	5%
	181,000	178,200	178,500	2%	1%
Held for sale	8,800	8,000	4,600	10%	91%
Total	189,800	186,200	183,100	2%	4%




Customer vehicles under SelectCare contracts (4)	51,300	51,800	54,100	(1)%	(5)%
Customer vehicles under SelectCare on-demand (5)	2,800	3,000	5,200	(7)%	(46)%
Total vehicles serviced	243,900	241,000	242,400	1%	1%


	Three months ended March 31, 2024
	Total		Operating (1)
Organic, including price and volume	(3)	%	—	%
Acquisition	29		33

Fuel	(2)		—
Net change	24	%	33	%


	(In millions)

Global revolving credit facility	$	540
Trade receivables financing program	$	197


Non-GAAP Financial Measure			Comparable GAAP Measure
Operating Revenue Measures:
Operating Revenue			Total Revenue
FMS Operating Revenue			FMS Total Revenue
SCS Operating Revenue			SCS Total Revenue
DTS Operating Revenue			DTS Total Revenue
FMS EBT as a % of FMS Operating Revenue			FMS EBT as a % of FMS Total Revenue
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			Earnings Before Income Tax
Comparable Earnings			Earnings from Continuing Operations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)			Net Earnings
Comparable EPS			EPS from Continuing Operations
Comparable Tax Rate			Effective Tax Rate from Continuing Operations
Adjusted Return on Equity (ROE)			Not Applicable. However, 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.
Cash Flow Measures:
Total Cash Generated and Free Cash Flow			Cash Provided by Operating Activities from Continuing Operations


Operating Revenue Measures:
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue 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 services are also typically a pass-through to our customers and, therefore, 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.
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) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) 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.
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 changes in restricted cash and 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. * See Total Cash Generated and Free Cash Flow reconciliations in the Financial Resources and Liquidity section of Management's Discussion and Analysis.


	Continuing Operations
	Three months ended March 31,
(In millions, except per share amount)	2024		2023
EBT	$	114	$	201
Non-operating pension costs, net	11		10
Acquisition costs (1)	5		—
FMS U.K. exit (1)	—		(31)
Other, net (1)	(1)		(1)
Comparable EBT	$	129	$	179

Earnings	$	85	$	140
Non-operating pension costs, net	7		8
Acquisition costs (1)	4		—
FMS U.K. exit (1)	—		(14)
Other, net (1)	—		(1)

Comparable Earnings	$	96	$	133

Diluted EPS	$	1.89	$	2.95
Non-operating pension costs, net	0.17		0.17
Acquisition costs (1)	0.09		—
FMS U.K. exit (1)	—		(0.30)
Other, net (1)	(0.01)		(0.01)

Comparable EPS	$	2.14	$	2.81


	Three months ended March 31,				Twelve months ended March 31,
(Dollars in millions)	2024		2023		2024		2023
FMS total revenue	$	1,455	$	1,503	$	5,882	$	6,301
Fuel services revenue	(204)		(241)		(840)		(1,108)

FMS operating revenue	$	1,251	$	1,262	$	5,042	$	5,193

FMS EBT	$	100	$	182	$	583	$	990
FMS EBT as a % of FMS total revenue	6.9%		12.1%		9.9%		15.7%
FMS EBT as a % of FMS operating revenue	8.0%		14.4%		11.6%		19.1%


(Dollars in millions, except per share)	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Aggregate Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (1)
January 1 through January 31, 2024	371	$	111.71	—	3,470,118
February 1 through February 29, 2024	638,164	114.58		451,016	3,019,102
March 1 through March 31, 2024	740	118.77		—	3,019,102
Total	639,275	$	114.59	451,016


Exhibit Number						Description





31.1						Certification of Robert E. Sanchez pursuant to Rule 13a-14(a) or Rule 15d-14(a)
31.2						Certification of John J. Diez pursuant to Rule 13a-14(a) or Rule 15d-14(a)
32						Certification of Robert E. Sanchez and John J. Diez pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C Section 1350
101.INS						XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)


		RYDER SYSTEM, INC.
		(Registrant)

Date:	April 23, 2024	By:	/s/ JOHN J. DIEZ
			John J. Diez
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Date:	April 23, 2024	By:	/s/ CRISTINA GALLO-AQUINO
			Cristina Gallo-Aquino
			Senior Vice President and Controller
			(Principal Accounting Officer)


Date:	April 23, 2024	/s/ ROBERT E. SANCHEZ
		Robert E. Sanchez Chairman and Chief Executive Officer


/s/ JOHN J. DIEZ
John J. Diez Executive Vice President and Chief Financial Officer
April 23, 2024