Ryder System (R) Q2 2026 earnings summary

Executive summary

• Achieved seventh consecutive quarter of comparable EPS growth, up 12% year-over-year to $3.73, driven by strategic execution, share repurchases, and higher Fleet Management Solutions (FMS) earnings.

• Total revenue increased 5% to $3.3 billion, and operating revenue grew 3% to $2.7 billion, reflecting contractual growth in Supply Chain Solutions (SCS) and FMS.

• ROE remained strong at 17%, reflecting business model resiliency during a freight cycle downturn.

• Strategic initiatives are on track, with $70 million in incremental pre-tax earnings expected in 2026.

• Over 90% of revenue generated by long-term contracts, supporting business model resilience.

Financial highlights

• Q2 operating revenue was $2.7 billion, up 3% year-over-year, led by Supply Chain contractual growth.

• Comparable EPS rose 12% to $3.73; return on equity was 17%.

• Free cash flow increased to $684 million from $461 million, driven by reduced CapEx.

• Fleet Management EBT up 20% year-over-year; used vehicle sales and pricing improved.

• Comparable EBITDA for Q2 was $741 million, up 2% year-over-year.

Outlook and guidance

• Raised 2026 comparable EPS forecast to $14.40–$14.80; return on equity forecast revised to 18%.

• Free cash flow forecast unchanged at $700–$800 million.

• Third quarter comparable EPS forecasted at $4.00–$4.20, above prior year.

• Expect $70 million in incremental benefits from strategic initiatives in 2026.

• Anticipate $250 million cyclical benefit at next cycle peak, mainly from rental and used vehicle sales.