EarningsQ2 2026 Earnings Report
MX:R1 Q2 2026 EPS Results
Actual EPS$67.74
Consensus EPS$67.05
Beat/MissBeat by +$0.69
One Year Ago EPS$60.29
MX:R1 Q2 2026 Revenue Results
Actual Revenue$60.78B
Expected Revenue$59.76B
Beat/MissBeat by +$1.03B
YoY Revenue Growth+4.95%
Earnings Announcement Details
QuarterQ2 2026
Date07/23/2026
TimeBefore Open
Conference CallThursday, July 23, 2026
MX:R1 Upcoming Earnings
Ryder System's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:R1 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.
MX:R1 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