Ryder

R · NYSE · Industrials · Financials, fiscal 2016 to 2025

R · Last close · October 26, 2026

$282.11

Ryder's revenue rose 0.2% to $12.7 billion in fiscal 2025. Its net margin was 3.9%, up from 3.9% a year earlier. Free cash flow was $459 million. It paid out $664 million in dividends and buybacks, 145% of free cash flow. The diluted share count fell 5.5%.

RYDER SYSTEM, INC. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0000085961-26-000007 Updated October 22, 2026

Revenue

$12.7B

0.2%

Net margin

3.9%

0.1 pts

Net income

$499M

2.0%

Free cash flow

$459M

Return on capital

7.5%

0.0 pts

Market cap

$10.9B

Oct 26 close

P/E

21.5x

On $13.11 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Ryder's debt comes from its balance-sheet lines: its 2020 filing tags the current part separately from its long-term debt.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 10.4% a year and net income 7.4% a year, as buybacks cut the share count by 22%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Ryder yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What Ryder says to expect

Full year 2026: capital expendituresFull-year capital expenditures forecast remains unchanged at $2.4 billion, as higher second half 2026 rental investments are offset by lower lease spending reflecting the timing of lease sales activity.
Full year 2026: rental fleet investmentAs a result, we are increasing our full-year investment in the rental fleet to $500 million, up $300 million from our prior forecast.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 22, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Ryder's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Ryder's fiscal 2025 free cash flow of $459M, net cash of −$7.4B at December 31, 2025 and 42 million diluted shares, from its filings. The scenarios are fitted to Ryder: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 1.8% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Cargo Ground Transportation); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Ryder's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Ryder's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 10% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $282.11
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Ryder's earnings per share of $13.11 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of Ryder's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: J.B. Hunt, FedEx Freight, XPO.

Earnings growth in the years ahead (% a year) Starts at Ryder's revenue growth over the last 3 years, 1.8% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $282.11
Value at this multiple, against the last close: —
Ryder's P/E at the last close: 21.5×

Company	Last close	Earnings per share	P/E today
XPOXPO	$182.32	$3.38	53.9×
J.B. HuntJBHT	$224.48	$7.10	31.6×
FedEx FreightFDXF	$109.45	$4.38	25.0×
RyderR	$282.11	$13.11	21.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	234	267	204	154	198
Debt incl. finance leases	6,580	6,352	7,114	7,779	7,645
Net debt (negative means net cash)	6,346	6,085	6,910	7,625	7,447
Net debt to EBITDA	2.4x	1.9x	2.3x	2.3x	2.2x
Debt to equity	2.4x	2.2x	2.3x	2.5x	2.5x
Interest coverage	4.2x	6.3x	3.1x	2.7x	2.7x
Current ratio	0.8x	0.7x	0.6x	0.8x	0.9x
Quick ratio	0.8x	0.6x	0.6x	0.8x	0.9x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Ryder shares on the open market, and 11 insiders sold $41.2 million.

Date	Insider	Trade	Shares	Price	Value	Filing
May 29, 2026	Robert D FatovicEVP, CLO & Corp. Secretary	Sold	5,000	$249.85	$1.2 million	Form 4
May 28, 2026	Sanford J. HodesSVP, C Procur Of, Corp Dev Of	Sold	595	$251.95	$149,910	Form 4
May 4, 2026	Luis P Nieto JrDirector	Sold	720	$235.79	$169,769	Form 4
Feb 25, 2026	John J. DiezPresident and COO	Sold	9,632	$222.20	$2.1 million	Form 4
Feb 24, 2026	Robert E SanchezChair and CEO, Director	Sold	41,779	$223.30	$9.3 million	Form 4
Feb 20, 2026	Robert D FatovicEVP, CLO & Corp. Secretary	Sold	11,640	$222.30	$2.6 million	Form 4
Feb 19, 2026	John S. SensingPresident, Global SCS & DTS	Sold	30,110	$220.36	$6.6 million	Form 4
Feb 19, 2026	Rajeev RavindranEVP & CIO	Sold	2,696	$221.61	$597,455	Form 4
Feb 18, 2026	Thomas M. HavensPresident, Global FMS	Sold	12,571	$221.65	$2.8 million	Form 4
Feb 17, 2026	Sanford J. HodesSVP, C Procur Of, Corp Dev Of	Sold	10,527	$210.16	$2.2 million	Form 4
Feb 17, 2026	Robert D FatovicEVP, CLO & Corp. Secretary	Sold	10,000	$217.13	$2.2 million	Form 4
Feb 13, 2026	Smith E FollinDirector	Sold	32,230	$207.61	$6.7 million	Form 4

The latest 12 of 15 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 8	6 of 8	6 of 8
Accruals ratio	−12.9%	−10.9%	−12.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Ryder side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Ryder	FY25	0.2%	—	3.6%	7.5%	2.2x	6
J.B. Hunt	FY25	−0.7%	7.2%	7.9%	13.1%	0.9x	6	Compare
FedEx Freight	FY26	−1.1%	6.1%	−2.4%	13.0%	4.1x	—	Compare
XPO	FY25	1.1%	8.0%	4.0%	9.5%	2.8x	5	Compare
TFI International	FY25	−6.1%	7.2%	8.9%	8.6%	2.0x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	6,758	7,280	8,414	8,926	8,420	9,663	12,011	11,783	12,636	12,665
Revenue growth	2.8%	7.7%	15.6%	6.1%	−5.7%	14.8%	24.3%	−1.9%	7.2%	0.2%
Gross profit	4,184	4,309	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	263	720	285	−24	−122	519	867	406	489	499
Diluted EPS (US$)	4.91	13.53	5.38	−0.47	−2.34	9.66	17.04	8.73	11.06	11.94
Diluted shares (millions)	53	53	53	52	52	54	51	46	44	42
Cash flow
Cash from operations	1,601	1,628	1,718	2,140	2,181	2,175	2,310	2,353	2,265	2,594
Capital expenditure	1,905	1,860	3,050	3,735	1,146	1,941	2,631	3,234	2,683	2,135
Free cash flow	−304	−232	−1,332	−1,595	1,035	234	−321	−881	−418	459
Dividends paid	91	96	112	116	119	122	123	128	135	145
Share buybacks	37	78	31	28	29	57	557	337	321	519
Acquisitions	0	7	167	0	0	325	458	250	314	1
Stock-based compensation	19	19	25	26	30	47	46	44	42	39
Balance sheet at fiscal year end
Cash and short-term investments	59	78	68	74	151	234	267	204	154	198
Debt incl. finance leases	5,391	5,410	6,649	7,925	6,610	6,580	6,352	7,114	7,779	7,645
Total assets	10,912	11,726	13,348	14,475	12,932	13,835	14,395	15,778	16,672	16,387
Total liabilities	8,850	8,622	10,811	11,999	10,676	11,037	11,458	12,709	13,555	13,335
Shareholders' equity	2,058	2,454	2,537	2,476	2,256	2,798	2,937	3,069	3,117	3,052
Margins and ratios
Gross margin	61.9%	59.2%	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	3.9%	9.9%	3.4%	−0.3%	−1.4%	5.4%	7.2%	3.5%	3.9%	3.9%
Free cash flow margin	−4.5%	−3.2%	−15.8%	−17.9%	12.3%	2.4%	−2.7%	−7.5%	−3.3%	3.6%
Return on capital	4.9%	5.8%	5.0%	1.6%	1.1%	7.7%	11.3%	6.3%	7.5%	7.5%
Return on equity	13.0%	31.9%	11.4%	−1.0%	−5.2%	20.5%	30.2%	13.5%	15.8%	16.2%
Return on assets	2.4%	6.4%	2.3%	−0.2%	−0.9%	3.9%	6.1%	2.7%	3.0%	3.0%
Net debt to EBITDA	3.0x	3.1x	3.4x	3.8x	3.0x	2.4x	1.9x	2.3x	2.3x	2.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Ryder's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Ryder.