adjusted eps
14.4–14.8 $per share
FY 2026
official guidance
RYDER SYSTEM, INC.
Last · NYSE$237.82-1.57 (-0.66%)close · yahoo · 18h ago
Market cap$9.12B38.3M sh
P/E · TTM19.3fwd 13.5 · eps 12.31
Beta1.05vs S&P 500
Div yield1.69%annual · TTM
52w range
$157.67$284.25
Volume242.4Ksession
| Revenue | $6.5B |
|---|---|
| Operating income | $304.0M |
| Net income | $226.0M |
| Free cash flow | $428.0M |
| Operating margin | 4.7% |
| Net margin | 3.5% |
| Return on equity | 7.8% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong execution is offset by delayed Supply Chain ramps and an unconfirmed cyclical recovery.
Ryder delivered solid execution—Q2 comparable EPS rose 12% to $3.73 and 2026 guidance increased to $14.40-$14.80—but the raise was largely driven by better used-vehicle pricing, while Supply Chain EBT fell 7% and several new-business ramps slipped into 2027. The contractual, asset-light mix and $700-$800 million free-cash-flow outlook support resilience, but rental demand remains below normal and the freight recovery is not yet broad enough for a clean re-rating; stance: hold.
Themes
- Fleet Management
- Used Vehicle Sales
- Rental Utilization
- Supply Chain Ramps
- Dedicated Transportation
- Strategic Initiatives
Near term
Used-vehicle gains are now expected to contribute approximately $40 million in 2026, with further upside dependent on retail pricing accelerating beyond mid-single-digit growth.
Supply Chain should benefit from easier comparisons after lapping lost automotive business, but customer volume, plant downtime and delayed onboarding remain second-half risks.
Rental utilization reached 75% in Q2, but management still expects an 11% smaller average rental fleet for 2026; meaningful fleet additions depend on demand accelerating.
Q3 comparable EPS guidance is $4.00-$4.20 versus $3.57 a year ago.
Longer term
Approximately 60% of expected 2026 revenue comes from Supply Chain and Dedicated, reducing capital intensity and flattening earnings seasonality versus the legacy Fleet Management mix.
The company expects $70 million of incremental 2026 strategic-initiative benefits from lease pricing, maintenance savings, Dedicated restructuring and omnichannel optimization.
Dedicated has record pipelines, with 70% of revenue in specialized operations, and tighter driver capacity, insurance costs and outsourcing trends could support growth into 2027.
Ryder estimates roughly $250 million of potential cyclical upside by the next peak, mainly from rental and used-vehicle sales, without requiring a major fleet-mix shift.
Over three years, management estimates $4.5 billion of flexible capital deployment capacity, split approximately between growth investment and acquisitions or repurchases.
Red flags
Supply Chain margin declined to 8.4% from a record 9.7% as lost automotive business, EV/ICE plant retooling and slow productivity ramps weighed on results; some expected 2026 launches moved to 2027.
Management said it has not yet seen Amazon in its RFQs, but also acknowledged it lacks complete visibility into competitors, leaving the competitive threat untested rather than disproven.
Rental utilization reached target levels partly because Ryder reduced fleet capacity; underlying demand remains below normal, so the recovery thesis still depends on a future acceleration that is not in the guide.
OEM pricing tied to EPA rules, inflation and tariffs remains unresolved, with expected increases potentially affecting customer orders, fleet costs and lease economics.
The used-vehicle improvement is driven more by price than volume and remains exposed to interest rates, fuel prices and geopolitical conditions.
Forward outlook
adjusted eps
4–4.2 $per share
Q3 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
2:30 PM UTC+2
Period
Sep 2026
Est. EPS
$4.15
Est. revenue
3.4B
Earnings transcripts
- Issuer webcast
Q3 2026 earnings call transcript
RYDER SYSTEM, INC.
- Issuer webcast
Webcast
RYDER SYSTEM, INC.
- Issuer webcast
FY 2026 conference transcript
RYDER SYSTEM, INC.
- Issuer webcast
Webcast
RYDER SYSTEM, INC.
- Issuer webcast
2026 conference transcript
RYDER SYSTEM, INC.
- Issuer IR
2Q 2026 Earnings Transcript of Q2 2026, PDF file
RYDER SYSTEM, INC.
Documents
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