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Ryder System (R) investor relations material

Ryder System Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary23 Oct, 2025

Executive summary

  • Comparable EPS rose 4% to $3.57, with GAAP EPS up 2% to $3.33, driven by higher contractual earnings and share repurchases, despite freight market headwinds.

  • Business model transformation and strategic initiatives since 2018 have increased resilience, with 60% of 2025 revenue expected from asset-light supply chain and dedicated businesses, up from 44% in 2018.

  • Total revenue was $3.2 billion, flat year-over-year; operating revenue grew 1% to $2.6 billion, led by SCS and FMS.

  • Multi-year strategic initiatives, lease pricing, maintenance cost savings, and acquisition synergies supported earnings growth.

  • Board authorized a new two-million-share repurchase program, replacing the prior program.

Financial highlights

  • Q3 operating revenue was $2.6 billion, up 1% year-over-year, driven by contractual revenue growth in SCS and FMS.

  • Comparable EPS for Q3 increased 4% to $3.57, supported by higher contractual earnings and share repurchases.

  • Return on equity reached 17%, up from the prior year, reflecting higher contractual earnings and share repurchases.

  • Year-to-date free cash flow increased to $496 million from $218 million, due to reduced CapEx and lower income tax payments.

  • Net cash from operating activities was $1.85 billion for the nine months, up 8% year-over-year.

Outlook and guidance

  • 2025 comparable EPS forecast updated to $12.85–$13.05, with ROE forecast at 17%.

  • Free cash flow forecast for 2025 remains $900 million–$1 billion, reflecting lower CapEx and a $200 million annual benefit from tax bonus depreciation.

  • Capital expenditures for 2025 forecasted at $2.3 billion; debt-to-equity ratio targeted at 250%.

  • Q4 comparable EPS forecast range is $3.50–$3.70, versus $3.45 prior year.

  • No significant improvement in freight market conditions is expected for the remainder of the year.

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Frequently asked questions

Ryder System, Inc. operates as a logistics and transportation company worldwide. It operates through three segments: Fleet Management Solutions, Dedicated Transportation Solutions, and Supply Chain Solutions. The company offers full-service leasing, lease-to-own, and maintenance services for trucks, tractors, and trailers; supply chain solutions, such as order fulfillment and distribution center management, transportation management, inbound freight management and visibility, reverse logistics and refurbishment center network management, freight forwarding planning and scheduling, warehousing management, retail visibility services; and outsourced fleet maintenance services.

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