Ryder System (RYD) Q3 2026 Earnings Report
DE:RYD Q3 2026 EPS Results
- Actual EPS
- EUR 3.88
- Consensus EPS
- EUR 3.72
- Beat/Miss
- Beat by +EUR 0.16
- One Year Ago EPS
- EUR 3.20
DE:RYD Q3 2026 Revenue Results
- Actual Revenue
- EUR 3.07B
- Expected Revenue
- EUR 3.03B
- Beat/Miss
- Beat by +EUR 46.92M
- YoY Revenue Growth
- +8.26%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/22/2026
- Time
- Before Open
- Conference Call
- Thursday, October 22, 2026
Ryder System's next earnings date is estimated for February 10, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive. Ryder reported its eighth consecutive quarter of comparable EPS growth, higher revenue, improved ROE and free cash flow, stronger used vehicle and rental performance, solid contractual demand, and raised 2026 EPS and ROE guidance. The company also described substantial capital deployment capacity and continued strategic investments. Offsetting concerns included lower Dedicated revenue and earnings, lost automotive business, rental demand remaining below the prior year, selected wage and equipment cost pressures, fleet timing constraints, and macroeconomic, geopolitical, and EPA-related uncertainty. However, management characterized these challenges as limited or manageable and maintained a constructive outlook for 2027 and the freight-cycle recovery.
Ryder increased its full year 2026 comparable EPS forecast range to $14.85-$15.05 from $14.40-$14.80, increased its 2026 ROE forecast to a range of 18%-19%, and maintained its free cash flow forecast of $700 million-$800 million and fourth quarter comparable EPS forecast range of $4.25-$4.45; it expects more than $70 million of incremental strategic-initiative benefits in 2026, approximately $40 million of upturn benefits in 2026, a potential benefit of $250 million or more by the next cycle peak, full year 2026 capital expenditures of $2.4 billion, lease capital expenditures of $1.7 billion, rental capital expenditures of $500 million, approximately $500 million in proceeds from the sale of used vehicles, and net CapEx of approximately $1.9 billion; the ending rental fleet is expected to increase 8% sequentially in the fourth quarter, resulting in an approximate 10% increase in the second half of 2026, rental utilization is expected to remain near 77% in the fourth quarter, and the company expects 2027 to show fleet increases in all three product lines, mid to high single digits lease growth, and mid-single digit SelectCare growth.
- Eighth Consecutive Quarter of Comparable EPS GrowthComparable EPS from continuing operations was $4.33 in the third quarter, up 21% year over year, marking Ryder's eighth consecutive quarter of comparable EPS growth. Results reflected higher Fleet Management Solutions earnings and share repurchases.
- Revenue and Return on Equity GrowthTotal company operating revenue increased 6% to $2.8 billion. Return on equity increased to 18%, up from the prior year and in line with expectations.
- Strong Free Cash Flow GenerationFree cash flow increased to $992 million from $496 million in the prior year, reflecting lower capital expenditures year to date.
- More Diversified and Asset-Light Revenue MixApproximately 60% of expected 2026 revenue is projected to come from Supply Chain and Dedicated, asset-light businesses, compared with 44% in 2018. Ryder said it has more than doubled the size of its asset-light businesses since 2018 while also increasing profitability.
- Improved Long-Term Financial ProfileThe 2026 comparable EPS forecast of $14.85-$15.05 is more than two and a half times the 2018 comparable EPS of $5.95. The 2026 return on equity forecast of 18%-19% is above the 13% generated during the 2018 cycle peak, and forecast operating cash flow of $2.6 billion is nearly $1 billion, or 50%, higher than in 2018.
- Strategic Initiative Benefits on TrackRyder remains on track to deliver more than $70 million in benefits from strategic initiatives during 2026. The multi-year program launched in 2024 is expected to generate total benefits in excess of $170 million by the end of 2026; approximately $100 million was realized in 2024 and 2025.
- Continued Investment in AI, Automation, and RoboticsRyder is embedding agentic AI into customer-facing platforms including RyderShare and RyderGyde, using AI in Fleet Management Solutions customer service and roadside assistance, and deploying automation and robotics to improve warehouse operations.
- Strengthening Contractual DemandContractual sales remained strong across all three segments, with activity accelerating in leased and Dedicated. Ryder reported increased sales activity, robust pipelines, new customer wins, and expansion activity with existing customers. More than 90% of revenue is generated by long-term contracts.
- Fleet Management Solutions Earnings ImprovementFleet Management Solutions operating revenue increased 5%, while earnings before taxes increased 21% to $177 million. Results benefited from strategic initiatives on ChoiceLease, strengthening used vehicle sales conditions, and improved rental performance. FMS EBT margin was 13.2%, up from the prior year and in line with its long-term target of low teens over the cycle.
- Used Vehicle Pricing and Retail Mix ImprovementUsed vehicle pricing increased 19% year over year for tractors and 5% for trucks; sequential pricing increased 15% for tractors and 6% for trucks. The retail channel represented 61% of sales volume, up from 54% in the prior year and 56% in the second quarter. Ryder sold 5,100 used vehicles, up 200 units year over year, while inventory declined to 7,300 vehicles near the lower end of its target range.
- Commercial Rental Utilization Reached a Multi-Year HighCommercial rental utilization was 77%, up 700 basis points year over year, on a 12% smaller average fleet. Utilization was the highest since 2022, rental pricing increased 4% year over year, and performance was particularly strong in the tractor class.
- Supply Chain Solutions GrowthSupply Chain Solutions operating revenue increased 9%, driven by new business, higher volumes, and pricing, while earnings before taxes increased 7% year over year. E-commerce fulfillment and Ryder Last Mile benefited from the optimized omni-channel retail network. Segment EBT margin was 8.1%, at the long-term target of high single digits.
- Dedicated Transportation Pipeline and Specialized DemandDedicated Transportation Solutions saw improved sequential power fleet sales activity, with the power fleet count up 100 units. The pipeline remained healthy, lost business was down year over year, and demand increased for specialized dedicated services, including construction and industrial applications. Segment EBT margin was 7.5%, at its long-term high single-digit target.
- Capital Deployment Capacity and Shareholder ReturnsOver a three-year period, Ryder expects approximately $10.5 billion from operating cash flow and used vehicle sales proceeds, creating approximately $3.5 billion of incremental debt capacity. Together with other sources, this provides around $14 billion of capital available for deployment. Approximately $4.5 billion is expected to remain available for flexible deployment, including growth capital expenditures, discretionary share repurchases, strategic acquisitions, and investments. Year to date, Ryder returned $485 million to shareholders through buybacks and dividends.
- Rental Fleet Investment to Support Expected DemandThe 2026 rental capital expenditures forecast increased to $500 million, up $300 million from the prior forecast. Ryder expects the ending rental fleet to increase 8% sequentially in the fourth quarter, resulting in an approximate 10% increase in the second half of 2026, while remaining below peak levels.
- Raised 2026 Earnings and ROE GuidanceRyder increased its 2026 comparable EPS forecast to $14.85-$15.05 from $14.40-$14.80 and raised its 2026 ROE forecast to 18%-19%. The increase reflected stronger-than-expected third-quarter performance and incremental fourth-quarter benefits from improving used vehicle sales and rental conditions.
- Positive Fourth-Quarter and Cycle-Upturn OutlookFourth-quarter comparable EPS is forecast at $4.25-$4.45, above the prior-year result of $3.59. Ryder increased expected 2026 cycle-upturn benefits to approximately $40 million from $20 million, driven primarily by used vehicle sales and, to a lesser extent, improved rental performance. By the next cycle peak, Ryder estimates potential benefits of $250 million or more.
- Expected Contractual Fleet GrowthRyder reported three consecutive positive net sales quarters in lease, with acceleration in the third quarter, and record-level pipelines in SelectCare and Lease. Management expects all three product lines to show fleet increases in 2027, with lease and Dedicated growth becoming more meaningful as new equipment arrives.
- Dedicated Wage ProtectionManagement reported mid-single-digit wage increases in certain regions rather than a nationwide issue. Dedicated contracts include annual CPI openers and driver wage indices, and 70%-80% of the business is highly specialized. Ryder said it does not expect a material drag from wage increases and that approximately 80% of jobs are home every day or every night.
DE:RYD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 10, 2027 | 2026 (Q4) | 3.95- | 3.21 | ― | ― |
| Oct 22, 2026 | 2026 (Q3) | 3.723.88 | 3.2 | 21.29% (+0.68) | |
| Jul 23, 2026 | 2026 (Q2) | 3.303.34 | 2.97 | 12.35% (+0.37) | |
| Apr 23, 2026 | 2026 (Q1) | 2.032.27 | 2.2 | 3.25% (+0.07) | |
| Feb 11, 2026 | 2025 (Q4) | 3.203.21 | 3.09 | 4.06% (+0.13) | |
| Oct 23, 2025 | 2025 (Q3) | 3.173.20 | 3.08 | 3.78% (+0.12) | |
| Jul 24, 2025 | 2025 (Q2) | 2.802.97 | 2.69 | 10.67% (+0.29) | |
| Apr 23, 2025 | 2025 (Q1) | 2.152.20 | 1.92 | 14.95% (+0.29) | |
| Feb 12, 2025 | 2024 (Q4) | 3.023.09 | 2.64 | 16.95% (+0.45) | |
| Oct 24, 2024 | 2024 (Q3) | 3.063.08 | 3.2 | -3.91% (-0.13) |
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.
