EarningsQ2 2026 Earnings Report
DE:RYD Q2 2026 EPS Results
Actual EPS€3.32
Consensus EPS€3.29
Beat/MissBeat by +€0.03
One Year Ago EPS€2.96
DE:RYD Q2 2026 Revenue Results
Actual Revenue€2.98B
Expected Revenue€2.93B
Beat/MissBeat by +€50.31M
YoY Revenue Growth+4.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
DE:RYD Upcoming Earnings
Ryder System's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:RYD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive tone: management reported solid top-line growth, a 12% increase in Q2 comparable EPS (7th consecutive quarter of EPS growth), materially higher free cash flow, improved used-vehicle pricing and inventory metrics, and raised the low end of full-year EPS guidance. Strategic initiatives are delivering $70 million of incremental benefits in 2026 and the balance sheet and capital deployment capacity remain strong. Headwinds are present — notably delayed onboarding in Supply Chain, some margin pressure in Dedicated and FMS below long-term targets, rental demand still below normalized levels despite recovered utilization, and macro/geopolitical uncertainties — but these were presented as manageable and largely timing-related rather than structural. On balance, positive operational traction, improved cash flow, and strengthened guidance outweigh the near-term execution and market timing challenges.Company Guidance
Consecutive EPS Growth and Raised Full-Year Guidance
Comparable EPS for Q2 was $3.73, up 12% year-over-year, marking the 7th consecutive quarter of comparable EPS growth. Full-year 2026 comparable EPS guide increased at the low end to $14.40–$14.80 (previous low end $14.05). Q3 2026 comparable EPS guide of $4.00–$4.20 (prior year Q3 $3.57).
Revenue and Segment Contractual Growth
Total company operating revenue was $2.7 billion in Q2, up 3% year-over-year, driven by contractual revenue growth in Supply Chain Solutions and improved sales activity across all three segments.
Free Cash Flow and Operating Cash Strength
Free cash flow increased to $684 million in the quarter from $461 million a year earlier (approximately +48%), reflecting reduced capital expenditures and improved cash conversion. Management expects approximately $2.7 billion operating cash flow in 2026 and highlights $10.5 billion in operating cash + used vehicle proceeds over a 3-year period.
Improved Used-Vehicle Performance and Upward Earnings Impact
Used-vehicle pricing improved year-over-year: tractors +3% and trucks +6%. Sequential retail pricing improved: trucks +7%, tractors +3%. Sold 5.1k used vehicles in Q2 (up 500 sequentially). Full-year used vehicle gains now expected to be ~$40 million (up $10 million from prior forecast).
Fleet Management Solutions Earnings Improvement
FMS earnings before taxes were $150 million in Q2, up 20% year-over-year. FMS EBT as a percent of operating revenue was 11.5% in Q2, up from the prior year (though below long-term target). Performance benefited from ChoiceLease improvements, strategic initiatives, and strengthening used-vehicle market conditions.
Supply Chain and Dedicated Business Momentum (Contractual Base)
Supply Chain operating revenue increased 7% year-over-year driven by new business; Supply Chain EBT margin was 8.4% (at long-term target of high single digits). Dedicated EBT margin was 7.9% (high single digits target). Over 90% of revenue is generated by long-term contracts, with ~60% of 2026 expected revenue from asset-light supply chain and dedicated businesses vs 44% in 2018.
Operational and Strategic Initiative Execution
Management remains on track to deliver $70 million of incremental benefits from strategic initiatives in 2026 (part of a $170 million multiyear program launched in 2024). Company is embedding AI across platforms and deploying automation/robotics in warehouses to drive efficiencies.
Rental Utilization Recovery and Fleet Management Actions
Commercial rental utilization returned to target levels of 75% during Q2 (April 72% → June 78%) on a 15% smaller average fleet, reflecting planned asset management and improved sequential demand.
Strong Balance Sheet and Capital Deployment Flexibility
Leverage at quarter-end was 2.59x (within 2.5–3.0x target). Management estimates ~$4.5 billion of flexible capital deployment capacity over 3 years (about 45% of quarter-end market cap) after replacement capex and dividends, with priorities on organic growth, strategic M&A, and shareholder returns. Board authorized a new discretionary 2 million share repurchase program and approved an 11% increase in quarterly dividend.
Capital Spend Visibility and Planned Replacement
2026 forecasts: lease spending $1.9 billion (YTD lease spend $605 million), rental spending $200 million (YTD $94 million), full-year capex ~$2.4 billion, and net capex ~ $1.9 billion. Expected ~$500 million in proceeds from sale of used vehicles in 2026.
DE:RYD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed