Fleet contracted to 180,300 units (−4% YoY); commercial rental power fleet utilization reached 75% in Q2 vs. 70% a year earlier on a 15%-smaller average rental fleet (29,100 units, −14% YoY); active ChoiceLease fleet stood at 131,000 units and held-for-sale inventory declined 11% YoY to 8,500 units.
Used vehicle sales swung to a net $7 million gain in Q2 2026 from a $2 million loss in Q2 2025, with average proceeds per unit up 6% (trucks) and 3% (tractors) year-over-year; sequentially, retail pricing rose 7% (trucks) and 3% (tractors) on a lower retail sales mix as the prior year had leaned heavier on wholesale to manage aged inventory.
In Q2 2026 Ryder made $19 million in lump-sum settlement payments to participants of its Canadian defined-benefit pension plan, representing 31% of the plan's projected benefit obligation and triggering an $8 million non-cash, pre-tax actuarial-loss charge; the remaining $40 million PBO is expected to be settled when administrative rights transfer under a bulk annuity contract with a Canadian insurance company.
SCS revenue grew 8% in Q2 (omnichannel retail +24%, industrial +17%) but SCS EBT fell 7% to $92 million on weaker automotive results (−7% revenue) and ramp-up costs on new business; DTS revenue declined 1% and its fleet shrank 6% YoY to 17,200 units, with EBT down 4% partly due to adverse prior-year insurance-claim development.
Management reported it remains on track to realize $70 million in annual earnings benefits from strategic initiatives; H1 2026 gross capital expenditures fell to $812 million from $1,192 million a year earlier on timing of ChoiceLease fleet replacement and reduced rental-fleet investment, while FMS EBT rose 20% YoY to $150 million driven by those initiatives and improved used-vehicle outcomes.
A $10 million non-cash impairment was recorded on a finite-lived intangible asset (acquired customer relationship) due to reduced projected cash flows, and effective January 1, 2026 Ryder lowered estimated residual values for certain tractor classes; the residual-value adjustment was noted as immaterial to depreciation expense.
(Filed on April 23, 2026)
-0.2%
—
$182M
SCS delivered record contract sales and 2% revenue growth to $1.36B, driven by a 15% increase in omnichannel retail ($494M) and 3% operating revenue growth, but segment EBT fell 17% to $72M on lower automotive results ($364M, down 8% YoY) and productivity ramp of new business.
DTS continued to be impacted by the prolonged freight downturn: total revenue declined 8% to $553M, power vehicles fell 8% to 6,800 and trailers fell 7% to 10,600, and segment EBT dropped 15% to $23M, partially offset by benefits from strategic initiatives.
FMS EBT grew 6% to $99M on contractual business performance benefiting from strategic initiatives; management stated it remains on track to deliver $70M in full-year earnings benefits from those initiatives. Commercial rental power-fleet utilization was 68% (vs. 66% a year earlier) on a 13%-smaller average rental fleet, and used-vehicle results improved with tractor proceeds up 6% and truck proceeds down 5% on a better retail mix.
Total revenue-earning and SelectCare vehicle count declined 4% year-over-year to 182,700 units (ChoiceLease 141,400, commercial rental 29,700, DTS 17,400, SCS 13,000). Gross capital expenditures fell 24% to $409M, reflecting timing of ChoiceLease fleet replacement and reduced rental-fleet investment, while free cash flow rose 5% to $273M.
Effective January 1, 2026, Ryder reduced estimated residual values for certain tractors (not material to depreciation expense); in April 2026, post-quarter-end, Moody's upgraded Ryder's long-term rating to Baa1 with a stable outlook, and the company extended its trade receivables financing facility to April 2027.
(Filed on February 11, 2026)
-0.4%
—
$198M
SCS (Supply Chain Solutions) experienced lost business and extended customer plant shutdowns in the automotive vertical during the fourth quarter of 2025, a Q4-specific headwind noted in the annual 10-K that partially offset SCS full-year EBT growth of 7% to $355M.
In December 2025, Ryder announced that CEO Robert Sanchez will retire effective March 31, 2026, transitioning to Executive Chair, and that President/COO John Diez will succeed him as CEO and be appointed to the Board; Diez had previously served as CFO (2021–Dec 2024) and President of Global FMS (2019–2021).
The board approved two new share repurchase programs in October 2025—a 1.5-million-share anti-dilutive program and a 2-million-share discretionary program (expiring October 2027); during Q4 2025 Ryder repurchased approximately 987,000 shares at an average price of $168.90, with $519M total 2025 repurchases (annual figure).
Effective October 1, 2025, Ryder increased its self-insured vehicle-liability retention from $3 million to $10 million per occurrence, materially raising its retained risk per claim while maintaining excess insurance above that threshold.
Full-year 2025 (annual context, not Q4-only): SCS set a record with $5,459M revenue (+3%) across 319 warehouses (105M sq ft) and 722 customer accounts, handling $9.8B in freight moves and ~23,600 U.S.–Mexico border crossings per month; DTS EBT rose 12% to $140M on Cardinal Logistics acquisition synergies despite a 4% revenue decline on lower fleet count; FMS EBT fell 3% to $501M as used-vehicle pricing dropped (trucks −15%, tractors −11% YoY) and commercial rental utilization stayed at 70%; the company employed 51,600 people (12,700 drivers, 4,600 technicians) across 789 FMS locations, with 3,600 unionized workers under 94 labor agreements.
(Filed on October 23, 2025)
+0.1%
—
$189M
Q3 2025 segment results: FMS EBT up 11% to $146M driven by ChoiceLease pricing and lower maintenance costs, partially offset by weaker used-vehicle and rental results; SCS EBT down 8% to $86M as operating revenue growth (SCS revenue +5%, operating revenue +4%) was more than offset by unfavorable e-commerce network performance and higher medical costs; DTS EBT flat at $36M. Total revenue of $3.17B was consistent with prior year; operating revenue (ex-fuel, ex-subcontracted) rose 1% to $2.61B.
Used-vehicle and rental conditions deteriorated: average truck proceeds fell 15% and tractor proceeds 6% year-over-year in Q3 (nine-month declines of 17% and 14%, respectively). Commercial rental power-fleet utilization was 70% in Q3 versus 71% in the prior year, on an average active power fleet 6% smaller. Total end-of-period fleet was 185,700 units, down 3% year-over-year; ChoiceLease average fleet 133,200 (down 2%) and commercial rental average fleet 33,300 (down 5%). Management does not anticipate significant improvement in freight market conditions for the remainder of 2025.
DTS fleet shrank 5% year-over-year to 18,200 units (7,000 power, 11,200 trailers) due to the prolonged freight downturn, driving a 10% Q3 revenue decline to $570M; however, DTS EBT rose 10% for the nine months to $100M, reflecting Cardinal Logistics acquisition synergies and the absence of prior-year integration costs, with further synergy benefits expected in the remainder of 2025.
In April 2025 Ryder executed a bulk annuity contract with a Canadian insurer settling $42 million of its $59 million Canadian pension benefit obligations; the remaining $17 million will be settled via lump-sum payments, with both the annuity administrative transfer and lump-sum payments targeted for 2026. During the nine months, Ryder also prefunded $60 million of future required contributions to its U.S. pension plan.
The One Big Beautiful Bill Act, signed into law on July 4, 2025, is expected to reduce Ryder's 2025 U.S. federal cash tax liability by approximately $200 million and defer federal tax payment for several years, with no impact on the 2025 effective tax rate; Ryder is still evaluating the multi-year impact on its consolidated financial statements.
