Ryder System reported continued earnings growth in the fourth quarter and full year 2025, supported by its transformed business model and strong execution across core segments.
The company said its strategic initiatives are delivering structural improvements and are expected to drive further earnings growth in 2026.
Fourth quarter 2025 performance
Ryder posted GAAP earnings per share from continuing operations of USD 3.25, up 5 percent from the prior year.
Comparable earnings per share, on a non-GAAP basis, reached USD 3.59, an increase of 4 percent. The result reflected share repurchases.
Total revenue for the quarter stood at USD 3.2 billion, in line with the previous year. Operating revenue, excluding certain items, was USD 2.6 billion, also unchanged year-on-year.
Full-year 2025 results
For the full year, Ryder reported GAAP earnings per share of USD 11.99, up 8 percent from 2024.
Comparable EPS reached USD 12.92, also up 8 percent. Growth was driven by higher contractual earnings across all business segments and share buybacks. This was partly offset by weaker used vehicle sales and rental performance.
Adjusted return on equity reached 17 percent, compared with 16 percent in the prior year.
Total revenue for 2025 was USD 12.7 billion, consistent with 2024. Operating revenue increased 1 percent to USD 10.4 billion, mainly due to growth in Supply Chain Solutions and Fleet Management Solutions.
Ryder generated USD 2.6 billion in operating cash flow from continuing operations. Free cash flow totalled USD 946 million.
2026 outlook
For 2026, Ryder expects adjusted return on equity between 17 and 18 percent.
The company forecasts comparable earnings per share in the range of USD 13.45 to USD 14.45.
Operating revenue is expected to grow by around 3 percent, driven primarily by Supply Chain Solutions.
Ryder also projects operating cash flow of approximately USD 2.7 billion and free cash flow between USD 700 million and USD 800 million.
CEO comments
Ryder Chairman and CEO Robert Sanchez said the company delivered another year of earnings growth and strong returns, reflecting the resilience of its transformed business model.
He said Ryder achieved an annual benefit of USD 100 million from its multi-year strategic initiatives, with additional gains expected in 2026.
Sanchez noted that the fourth quarter marked Ryder’s fifth consecutive quarter of EPS growth and met internal expectations. He added that Supply Chain Solutions and Dedicated Transportation Solutions continued to deliver strong profitability, while Fleet Management Solutions benefited from improved lease pricing and maintenance cost savings.
He said the company’s 17 percent return on equity reflects the structural improvements embedded in Ryder’s operating model and aligns with its position in the current freight cycle.
During 2025, Ryder returned USD 664 million to shareholders through dividends and share buybacks. The company also generated USD 946 million in free cash flow and maintained a strong balance sheet with leverage at the low end of its target range.
Sanchez added that secular growth trends remain positive. He said Ryder achieved record sales in Supply Chain Solutions and expects contractual sales in Fleet Management and Dedicated Transportation to improve as freight markets normalise.
He concluded that Ryder’s balanced growth strategy positions the company for continued earnings expansion and to benefit from a future upturn in the freight cycle.
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