Ryder System (R) Q3 2026 earnings summary

Executive summary

• Comparable EPS rose 21% YoY to $4.33, marking an eighth consecutive quarter of growth; results benefited from contractual strength, FMS earnings and share repurchases.

• Total revenue increased 8% to $3.433B, while operating revenue rose 6% to $2.759B.

• More than 90% of revenue comes from long-term contracts; Supply Chain and Dedicated are expected to generate ~60% of 2026 revenue, versus 44% in 2018.

Financial highlights

• GAAP continuing-operations EPS rose 25% to $4.16; comparable earnings increased to $169M from $149M.

• Q3 continuing-operations EBT increased 19% to $226M; comparable EBT rose 17% to $234M.

• YTD free cash flow increased to $992M from $496M, primarily reflecting lower capital expenditures.

• Total revenue was $3.433B; operating revenue growth reflected contractual revenue gains in Supply Chain and Fleet Management.

Outlook and guidance

• FY26 comparable EPS guidance increased to $14.85–$15.05 from $14.40–$14.80; Q4 comparable EPS guidance is $4.25–$4.45.

• FY26 GAAP EPS guidance is $9.75–$9.95; Q4 GAAP EPS guidance is $(0.15)–$0.05, including estimated $4.30/share non-cash pension settlement charges.

• FY26 adjusted ROE guidance increased to 18%–19%; free cash flow guidance remains $700M–$800M and operating cash flow guidance is $2.6B.

• FY26 capital expenditures are forecast at $2.4B, including $500M for rental fleet investment; net capital expenditures are forecast at $1.9B.

• Strategic initiatives are expected to deliver $70M+ in 2026 benefits; annual benefits could reach $250M+ by the next cycle peak.