Revenue: As of FY2026 Q2, the actual value is USD 3.347 B, beating the estimate of USD 3.291 B.

EPS: As of FY2026 Q2, the actual value is USD 3.4, missing the estimate of USD 3.4781.

EBIT: As of FY2026 Q2, the actual value is USD 282 M.

Overall Performance

• GAAP EPS from continuing operations: $3.40 for the three months ended June 30, 2026, an 8% increase from $3.15 in the prior year.
• Comparable EPS (non-GAAP) from continuing operations: $3.73 for the three months ended June 30, 2026, a 12% increase from $3.32 in the prior year, driven by share repurchases and higher earnings in Fleet Management Solutions (FMS).
• Total Revenue: $3,347 million for the three months ended June 30, 2026, an increase of 5% from $3,189 million in the prior year, primarily due to higher revenue in Supply Chain Solutions (SCS) and FMS.
• Operating Revenue (non-GAAP): $2,686 million for the three months ended June 30, 2026, up 3% from $2,610 million in the prior year, mainly reflecting contractual revenue growth in SCS.
• Earnings Before Taxes (GAAP): $185 million in 2026, compared to $184 million in 2025.
• Comparable Earnings Before Taxes (non-GAAP): $202 million in 2026, compared to $193 million in 2025.
• Earnings from continuing operations (GAAP): $133 million in 2026, compared to $132 million in 2025.
• Net Earnings (GAAP): $133 million in 2026, compared to $131 million in 2025.
• Weighted Average Common Shares Outstanding (Diluted): 38.9 million in 2026, down from 41.8 million in 2025.
• Comparable EBITDA (non-GAAP): $741 million for the three months ended June 30, 2026, compared to $729 million for the same period in 2025.
• Effective Interest Rate: 5.1% for the three months ended June 30, 2026, down from 5.3% in the prior year.
• Adjusted Return on Equity (non-GAAP): 17% for the twelve months ended June 30, 2026, consistent with 2025.

Cash Flow and Capital

• Net Cash Provided by Operating Activities from Continuing Operations: $1,260 million for the six months ended June 30, 2026, compared to $1,403 million in 2025, primarily due to higher working capital needs and timing of vendor payments.
• Free Cash Flow (non-GAAP): $684 million for the six months ended June 30, 2026, up from $461 million in 2025, primarily reflecting reduced cash capital expenditures.
• Capital Expenditures Paid: $832 million for the six months ended June 30, 2026, a decrease from $1,203 million in 2025, mainly due to the timing of ChoiceLease fleet replacement and reduced investments in the rental fleet.
• Debt-to-Equity: 259% as of June 30, 2026, up from 250% as of December 31, 2025, remaining within Ryder System, Inc.’s long-term target of 250% to 300%.

Segment Performance

Fleet Management Solutions (FMS)

• Total Revenue: $1,560 million, a 6% increase from $1,467 million in the prior year, reflecting higher fuel prices passed through to customers and increased operating revenue.
• Operating Revenue (non-GAAP): $1,303 million, a 1% increase from $1,288 million, reflecting contractual revenue growth partially offset by lower commercial rental demand.
• Earnings Before Tax (EBT): $150 million, a 20% increase from $126 million in the prior year, benefiting from strategic initiatives and improved used vehicle sales.
• EBT as a % of Total Revenue: 9.6% in 2026, up from 8.6% in 2025.
• EBT as a % of Operating Revenue: 11.5% in 2026, up from 9.7% in 2025.
• Used Vehicle Sales (UVS): Used truck pricing increased 6% and tractor pricing increased 3% year-over-year.
• Rental Power-Fleet Utilization: 75%, compared to 70% in the prior year, on a 15% smaller average fleet.
• Average Fleet Count (ChoiceLease): 141,200 units, a -1% change from 143,200 units in the prior year.
• Average Fleet Count (Commercial rental): 29,200 units, a -15% change from 34,300 units in the prior year.
• Average Fleet Count (SelectCare contracts): 44,300 units, a 3% increase from 43,000 units in the prior year.

Supply Chain Solutions (SCS)

• Total Revenue: $1,472 million, an 8% increase from $1,366 million in the prior year, primarily due to increased operating revenue.
• Operating Revenue (non-GAAP): $1,095 million, a 7% increase from $1,019 million, reflecting new business partially offset by lost business in automotive.
• Earnings Before Tax (EBT): $92 million, a -7% decrease from $99 million in the prior year, impacted by lower automotive results and productivity of new business ramp-up, partially offset by omnichannel retail network optimization.
• EBT as a % of Total Revenue: 6.3% in 2026, down from 7.2% in 2025.
• EBT as a % of Operating Revenue: 8.4% in 2026, down from 9.7% in 2025.
• Customer Vehicles under SCS Contracts (End of Period Fleet Count): 13,100 units, a 1% increase from 13,000 units in the prior year.

Dedicated Transportation Solutions (DTS)

• Total Revenue: $600 million, a -1% decrease from $606 million in the prior year, reflecting lower operating revenue and subcontracted transportation costs, partially offset by higher fuel revenue.
• Operating Revenue (non-GAAP): $455 million, a -3% decrease from $470 million, reflecting a lower fleet count partially offset by higher pricing.
• Earnings Before Tax (EBT): $36 million, a -4% decrease from $37 million in the prior year, primarily due to lower operating revenue and adverse development of prior-year insurance claims, partially offset by strategic initiatives.
• EBT as a % of Total Revenue: 6.0% in 2026, down from 6.2% in 2025.
• EBT as a % of Operating Revenue: 7.9% in 2026, consistent with 7.9% in 2025.
• Customer Vehicles under DTS Contracts (End of Period Fleet Count): 17,200 units, a -7% decrease from 18,400 units in the prior year.

Outlook / Guidance

Ryder System, Inc. expects to achieve $70 million in benefits from strategic initiatives during 2026. The company maintains its full-year 2026 forecast for net cash provided by operating activities from continuing operations at $2.7 billion and free cash flow (non-GAAP) at $700 million - $800 million. The comparable EPS (non-GAAP) range for the full year 2026 has been raised to $14.40 - $14.80, with operating revenue (non-GAAP) growth remaining at 3%, primarily driven by SCS.