Ryder System Inc 8-K, filed Oct 22, 2026

Ryder System Inc (R)

8-K 2026-10-22 For: 2026-10-22

Added on October 22, 2026

About this 8-K

Ryder System Inc filed this 8-K on October 22, 2026.

Ryder System, Inc. reported Third Quarter 2026 GAAP EPS from continuing operations of $4.16, up 25%, and total revenue of $3.4 billion, up 8%. It raised Full Year 2026 comparable EPS guidance to $14.85 - $15.05 and ROE (non-GAAP) to 18% - 19%. AI summary

Items reported

Item 2.02: Financial results
Item 7.01: Regulation FD disclosure
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


2333 Ponce de Leon Blvd., Suite 700		33134
Coral Gables,	Florida	(Zip Code)
(Address of principal executive offices)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	R	New York Stock Exchange


Exhibit 99.1			Pr ess Release, dated Octob er 2 2 , 2026 , relating to Ryder System, Inc.'s financial results for the three months ended September 30, 2026 .
Exhibit 104			Cover Page Interactive Data File - The Cover page of this Current Report on Form 8-K, formatted in Inline XBRL.


Date: October 22, 2026	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Cristina Gallo-Aquino
		Cristina Gallo-Aquino Executive Vice President and Chief Financial Officer


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Earnings Before Taxes			Earnings				Diluted Earnings Per Share
(In millions, except EPS)	2026		2025		2026		2025		2026		2025
Continuing operations (GAAP)	$	226	190		$	162	139		$	4.16	3.33








Comparable (non-GAAP)	$	234	200		$	169	149		$	4.33	3.57


	Total Revenue				Operating Revenue (non-GAAP)
(In millions)	2026		2025	Change	2026		2025	Change
Total	$	3,433	3,171	8%	$	2,759	2,611	6%
Fleet Management Solutions (FMS)	$	1,616	1,465	10%	$	1,344	1,282	5%
Supply Chain Solutions (SCS)	$	1,504	1,380	9%	$	1,126	1,034	9%
Dedicated Transportation Solutions (DTS)	$	606	570	6%	$	455	458	(1)%


(In millions)	3Q26		3Q25	Change
Total Revenue	$	1,616	1,465	10%
Operating Revenue (1)	$	1,344	1,282	5%

Earnings Before Tax (EBT)	$	177	146	21%
EBT as a % of total revenue	10.9%		10.0%	90 bps
EBT as a % of operating revenue (1)	13.2%		11.4%	180 bps




	10.9%		9.5%


			Full Year 2026 Outlook
Total Revenue Growth			5%
Operating Revenue Growth (non-GAAP)			3%
FY26 GAAP EPS (includes ~$4.30 non-cash pension settlement charges)(1)			$9.75 - $9.95
FY26 Comparable EPS (non-GAAP)			$14.85 - $15.05





ROE (non-GAAP)			18% - 19%
Net Cash from Operating Activities from Continuing Operations			$2.6B
Free Cash Flow (non-GAAP)			$700M - $800M
Capital Expenditures			$2.4B
Debt-to-Equity			245%

			Fourth Quarter 2026
4Q26 GAAP EPS (includes ~$4.30 non-cash pension settlement charges)(1)			$(0.15) - $0.05
4Q26 Comparable EPS (non-GAAP)			$4.25 - $4.45


	Three months ended September 30,			Nine months ended September 30,
(In millions, except per share amounts)	2026		2025	2026		2025
Services revenue	$	2,266	2,088	$	6,560	6,290
Lease & related maintenance and rental revenue	1,013		976	2,936		2,887
Fuel services revenue	154		107	410		313
Total revenue	3,433		3,171	9,906		9,490

Cost of services	1,936		1,779	5,596		5,344
Cost of lease & related maintenance and rental	664		626	1,979		1,916
Cost of fuel services	148		101	392		299
Selling, general and administrative expenses	375		380	1,145		1,123
Non-operating pension costs, net	8		10	34		27
Used vehicle sales, net	(17)		(3)	(36)		(10)
Interest expense	96		102	290		304
Miscellaneous income and other, net	(3)		(14)	(23)		(21)


	3,207		2,981	9,377		8,982

Earnings from continuing operations before income taxes	226		190	529		508
Provision for income taxes	64		51	140		140
Earnings from continuing operations	162		139	389		368
Loss from discontinued operations, net of tax	—		(1)	(1)		(1)
Net earnings	$	162	138	$	388	367

Earnings per common share — Diluted
Continuing operations	$	4.16	3.33	$	9.88	8.75
Discontinued operations	(0.01)		(0.01)	(0.03)		(0.04)
Net earnings	$	4.15	3.32	$	9.86	8.70






Weighted average common shares outstanding — Diluted	38.8		41.6	39.1		42.1






Diluted EPS from continuing operations	$	4.16	3.33	$	9.88	8.75
Non-operating pension costs, net	0.17		0.17	0.69		0.52



Other, net	—		0.07	—		0.06

Comparable EPS from continuing operations (1)	$	4.33	3.57	$	10.57	9.33


(In millions)	September 30, 2026		December 31, 2025
Assets:
Cash and cash equivalents	$	198	198
Other current assets	2,402		2,275
Revenue earning equipment, net	8,565		8,898
Operating property and equipment, net	1,305		1,268
Other assets	3,700		3,748
	$	16,170	16,387

Liabilities and shareholders' equity:
Current liabilities	$	2,214	1,959
Total debt (including current portion)	7,205		7,645
Other non-current liabilities (including deferred income taxes)	3,774		3,731
Shareholders' equity	2,977		3,052
	$	16,170	16,387


	Twelve months ended September 30,
	2026	2025
Adjusted ROE (2)	18%	17%


	Three months ended September 30,				Nine months ended September 30,				2026/2025
	2026		2025		2026		2025		Three Months	Nine Months
ChoiceLease
Average fleet count	140,000		142,400		140,900		143,500		(2)%	(2)%
End of period fleet count	139,800		142,300		139,800		142,300		(2)%	(2)%
Average active fleet count (1)	131,100		133,200		131,100		134,300		(2)%	(2)%
End of period active fleet count (1)	131,300		132,900		131,300		132,900		(1)%	(1)%

Commercial rental
Average fleet count	29,400		33,300		29,700		34,200		(12)%	(13)%
End of period fleet count	29,800		32,700		29,800		32,700		(9)%	(9)%
Rental utilization - power units (2)	77	%	70	%	73	%	69	%	700 bps	400 bps
Rental rate change - % (3)	4	%	5	%	3	%	4	%



Customer vehicles under SelectCare contracts
Average fleet count	44,300		43,600		44,200		43,000		2%	3%
End of period fleet count	43,800		43,800		43,800		43,800		—%	—%

Customer vehicles under SCS contracts




End of period fleet count (4)	13,100		13,300		13,100		13,300		(2)%	(2)%
End of period power vehicles (4)	4,000		3,900		4,000		3,900		3%	3%

Customer vehicles under DTS contracts

End of period fleet count (4)	16,800		18,200		16,800		18,200		(8)%	(8)%
End of period power vehicles (4)	6,900		7,000		6,900		7,000		(1)%	(1)%

Used vehicle sales (UVS)

End of period fleet count	7,300		8,500		7,300		8,500		(14)%	(14)%
Used vehicles sold	5,100		4,900		14,900		16,200		4%	(8)%
UVS pricing change (5)
Tractors	19	%	(6)	%	10	%	(14)	%


Operating Revenue Measures:
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue Operating Revenue Growth 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 costs are also typically a pass-through to our customers and, therefore, carrier rate 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) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible 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.


COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION


Non-GAAP Financial Measure	Comparable GAAP Measure	Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue	Total Revenue	Appendix - Non-GAAP Financial Measure Reconciliations
FMS Operating Revenue	FMS Total Revenue	Business Segment Information - Unaudited
SCS Operating Revenue	SCS Total Revenue
DTS Operating Revenue	DTS Total Revenue
Operating Revenue Growth	Total Revenue Growth	Appendix - Non-GAAP Financial Measure Reconciliations
FMS EBT as a % of FMS Operating Revenue	FMS EBT as a % of FMS Total Revenue	Business Segment Information - Unaudited
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 and Comparable Tax Rate	Earnings Before Income Tax and Effective Tax Rate from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings	Earnings from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable EPS	EPS from Continuing Operations	Condensed Consolidated Statements of Earnings - Unaudited Appendix - Non-GAAP Financial Measure Reconciliations
Adjusted Return on Equity (ROE)	Not Applicable. However, the 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.	Appendix - Non-GAAP Financial Measure Reconciliations

Comparable Earnings Before Interest, Taxes, Depreciation and Amortization	Net Earnings	Appendix - Non-GAAP Financial Measure Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow	Cash Provided by Operating Activities from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations


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 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.


OPERATING REVENUE RECONCILIATION
	Three months ended September 30,			Nine months ended September 30,
(In millions)	2026		2025	2026		2025

Total revenue	$	3,433	3,171	$	9,906	9,490
Subcontracted transportation revenue	(379)		(358)	(1,096)		(1,110)
Fuel	(295)		(202)	(792)		(602)
Operating revenue (1)	$	2,759	2,611	$	8,018	7,778


TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
	Nine months ended September 30,
(In millions)	2026		2025
Net cash provided by operating activities from continuing operations	$	1,985	1,845
Proceeds from sales (primarily revenue earning equipment) (2)	382		380


Other (2)	—		1
Total cash generated (1)	2,367		2,226
Purchases of property and revenue earning equipment (2)	(1,375)		(1,730)
Free cash flow (1)	$	992	496


COMPARABLE EARNINGS RECONCILIATION

















	Three months ended September 30,			Nine months ended September 30,
(In millions)	2026		2025	2026			2025
Earnings from continuing operations	$	162	139	$	389		368
Non-operating pension costs, net	7		7	27			22




Other, net (3)	—		3	—			3

Comparable earnings from continuing operations (1) (4)	$	169	149	$	416		393

Effective tax rate on continuing operations	28.1%		27.1%	26.6		%	27.5	%
Tax adjustments and income tax effects of non-GAAP adjustments (1) (4)	(0.4)%		(1.5)%	(0.4)		%	(1.0)	%
Comparable tax rate on continuing operations (1) (4)	27.7%		25.6%	26.2		%	26.5	%


ADJUSTED RETURN ON EQUITY RECONCILIATION
	Twelve months ended September 30,
(Dollars in millions)	2026		2025
Net earnings	$	520	502
Other items impacting comparability, net	9		7
Tax impact (1)	(2)		(1)


Adjusted net earnings	$	527	508

Average shareholders' equity	$	2,972	3,070
Average adjustments to shareholders' equity (1)	3		3
Adjusted average shareholders' equity	$	2,975	3,073


Adjusted return on equity (2)	18%		17%


OPERATING REVENUE GROWTH FORECAST RECONCILIATION

	Twelve months ended December 31,
(In millions)	2026		2025	Change
Total revenue	$	13,300	12,665	5%
Subcontracted transportation revenue	(1,600)		(1,473)	9%
Fuel	(1,000)		(786)	27%
Operating revenue (1)	$	10,700	10,406	3%


COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION

(In millions, except per share amounts)	Fourth Quarter 2026	Full Year 2026
EPS from continuing operations	$(0.15) - $0.05	$9.75 - $9.95
Non-operating pension costs	0.10	0.80
Pension settlements expense	4.30	4.30
Other, net	—	—
Comparable EPS from continuing operations forecast (1)	$4.25 - $4.45	$14.85 - $15.05


TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION

(In millions)	2026 Forecast
Net cash provided by operating activities from continuing operations	$	2,600
Proceeds from sales (primarily revenue earning equipment) (2)	500

Total cash generated (1)	3,100

Purchases of property and revenue earning equipment (2)	(2,300)
Free cash flow (1)	$	800