Ryder Raises 2026 Comparable Earnings Outlook

The Tip Desk · October 22, 2026 · 3 min read

Comparable earnings from continuing operations reached $4.33 a share, up 21%, as the company lifted full-year comparable EPS to $14.85–$15.05.

Ryder System, Inc. (R) reported comparable earnings from continuing operations of $4.33 a share for the three months ended September 30, up 21% from a year earlier, after 12% growth in the second quarter and 3% in the first. GAAP diluted earnings from continuing operations were $4.16 a share, up 25% from $3.33.

Chief Executive Officer John Diez said the quarter marked the company’s eighth consecutive period of earnings-per-share growth. Total revenue was $3.43 billion, up 8% from the year-ago quarter, after 5% growth in the second quarter and a flat year-over-year result in the first. Operating revenue, a non-GAAP measure that excludes fuel and subcontracted transportation, was $2.76 billion, up 6%.

Fleet Management Solutions was the main earnings contributor. Segment earnings before tax were $177 million, up 21% from $146 million a year earlier, after 20% growth in the second quarter and 6% in the first. EBT as a percent of operating revenue rose to 13.2% from 11.4%. FMS total revenue was $1.62 billion, up 10%, and operating revenue was $1.34 billion, up 5%.

The company said FMS total revenue reflected higher fuel prices passed through to customers and higher operating revenue, while operating revenue reflected contractual growth. Used truck and tractor pricing increased 5% and 19% from the prior year, and sequentially increased 6% and 15%. Rental power-fleet utilization improved to 77% from 70% a year earlier, on a 12% smaller average fleet. Diez said used vehicle sales results exceeded expectations, driven by stronger-than-expected pricing and volumes, and that the quarter benefited from strengthening freight market conditions.

Supply Chain Solutions total revenue and operating revenue were each $1.50 billion and $1.13 billion, up 9% from the year-ago quarter, after 8% and 7% growth in the second quarter and 2% and 3% in the first. SCS earnings before tax were $91 million, up 7%. EBT as a percent of operating revenue was 8.1%, down 20 basis points from 8.3%. The company said operating revenue reflected new business and higher volumes and pricing, partially offset by lost business in automotive, and that earnings reflected benefits from optimization of the omnichannel retail network, partially offset by productivity of new business ramping up and lower automotive results.

Dedicated Transportation Solutions total revenue was $606 million, up 6%, after a 1% decline in the second quarter and an 8% decline in the first. DTS operating revenue was $455 million, down 1%. EBT was $34 million, down 5%. EBT as a percent of operating revenue was 7.5%, down 30 basis points from 7.8%. The company said operating revenue reflected lower fleet count, partially offset by higher pricing, and that earnings primarily reflected lower operating revenue and a prior-year workers’ compensation insurance benefit, partially offset by cost savings from strategic initiatives.

Ryder raised its full-year 2026 comparable EPS range to $14.85–$15.05 from $14.40–$14.80 and lifted non-GAAP ROE to 18%–19% from 18%. Operating revenue growth remains at 3%, primarily driven by SCS. Net cash provided by operating activities from continuing operations remains at $2.6 billion, and free cash flow remains $700 million–$800 million.

Chief Financial Officer Cristina Gallo-Aquino said the company is increasing its full-year 2026 investment in the rental fleet to $500 million, up $300 million from the prior forecast, to position the company to capture higher expected rental demand in 2027. Full-year capital expenditures remain $2.4 billion. Fourth-quarter 2026 comparable EPS is guided at $4.25–$4.45; GAAP EPS is $(0.15)–$0.05, including about $4.30 of non-cash pension settlement charges related to transferring U.K. and Canadian defined benefit pension plan obligations to insurance companies.