Ryder Raises Full-Year Profit Guidance as Revenue Growth Returns
The transportation logistics provider reported second-quarter total revenue of $3.3 billion, a 5% increase from a year earlier.
Ryder System (R), the transportation logistics provider, reported a return to revenue growth in the second quarter, marking a shift from a period of flat top-line performance.
Total revenue rose 5% year-over-year to $3.3 billion. The result followed two consecutive quarters in which revenue remained flat, including $3.1 billion in the first quarter of 2026 and $3.2 billion in the fourth quarter of 2025. Non-GAAP operating revenue similarly accelerated, growing 3% year-over-year to $2.7 billion after remaining flat in the prior two quarters.
Comparable non-GAAP earnings per share rose 12% year-over-year to $3.73. This growth represents an acceleration from the 3% increase reported in the first quarter of 2026 and the 4% increase in the fourth quarter of 2025.
Performance diverged across the company's primary segments. The Fleet Management Solutions (FMS) EBT margin expanded 180 basis points to 11.5% of operating revenue, up from 9.7% in the second quarter of 2025. Conversely, the Supply Chain Solutions (SCS) EBT margin compressed 130 basis points to 8.4%.
Rental power-fleet utilization rose to 75% in the second quarter, up from 70% a year earlier and 68% in the first quarter of 2026. The company also saw a reversal in used vehicle pricing; tractor and truck prices increased 3% and 6% year-over-year, respectively, following declines of 17% and 18% in the second quarter of 2025.
Dedicated Transportation Solutions (DTS) operating revenue declined 3% year-over-year. While still negative, the decline was less severe than the 5% drop in the first quarter and the 4% drop in the fourth quarter of 2025.
Ryder raised its full-year 2026 comparable non-GAAP EPS guidance to a range of $14.40 to $14.80. This is an increase from the $14.05 to $14.80 range provided in the first quarter and the $13.45 to $14.45 range provided in the fourth quarter of 2025.
Non-GAAP free cash flow for the first six months of 2026 reached $684 million, up from $461 million during the same period in 2025, due to reduced capital expenditures. The company's debt-to-equity ratio increased to 259% as of June 30, 2026, from 250% at the end of 2025.
Ryder recorded a $10 million non-cash impairment charge in the second quarter for a finite-lived intangible asset. The charge resulted from reduced projected cash flows from an acquired customer relationship.