Ryder System Inc. Reports Strong Second Quarter Results for 2026

Ryder reported impressive earnings figures, with earnings before taxes from continuing operations reaching $185 million, a slight increase from $184 million in the same period last year. The company’s diluted earnings per share (EPS) also grew to $3.40, compared to $3.15 in 2025.

The total revenue for the quarter was $3.347 billion, reflecting a 5% increase from $3.189 billion in 2025. This growth was driven by various business segments:

The operating revenue, a non-GAAP measure, also showed positive trends, increasing by 3% to $2.686 billion from $2.610 billion.

FMS stood out with a robust 20% increase in earnings before tax (EBT), totaling $150 million. The growth was attributed to strong performance in contractual businesses and improved outcomes in used vehicle sales, alongside a 9.6% EBT margin of total revenue.

SCS experienced a revenue increase of 8%; however, EBT declined to $92 million, down 7% from the previous year. This decrease was primarily due to lower automotive results, partially offset by enhancements from strategic initiatives.

DTS revenues dipped 1%, with EBT declining to $36 million, down 4%. The lower performance was attributed to reduced fleet size and adverse developments from prior-year insurance claims, despite benefits from strategic initiatives.

Ryder's CEO, John Diez, expressed optimism, stating, “Consistent execution on our strategic initiatives as well as improving used vehicle market conditions drove our 7th consecutive quarter of comparable EPS growth.” He highlighted the strong performance across all three business segments and noted the ongoing improvement in freight market trends and strong customer confidence.

Ryder's capital expenditures totaled $832 million in 2026, a decrease from $1.2 billion in 2025, reflecting strategic fleet management decisions. Meanwhile, net cash provided by operating activities from continuing operations was $1.3 billion, slightly down from $1.4 billion in 2025 due to higher working capital needs.

The company's debt-to-equity ratio stood at 259%, an increase from 250% at the end of 2025, but still within its long-term target range of 250% to 300%.

Looking ahead, Ryder's CFO, Cristina Gallo-Aquino, emphasized that the execution of strategic initiatives remains crucial for expected earnings growth. The company anticipates full-year revenue growth of 3% and projects GAAP EPS between $13.50 - $13.90 and comparable EPS between $14.40 - $14.80.

Ryder also signaled its commitment to returning capital to shareholders, having repurchased 26% of its outstanding shares since 2021 and increased its quarterly dividend by 74% over the same period.

Ryder System Inc.'s second quarter results reflect a strong operational performance across its business lines, with strategic initiatives paving the way for continued growth. As the company navigates the ongoing recovery in the freight market, its focus on operational efficiency and customer confidence is likely to bolster its position in the logistics and transportation sector.