RYDER SYSTEM INC

CIK:0000085961|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Lease & related maintenance and rental revenue	$ 971	$ 966	$ 1,922	$ 1,911
Total revenue	3,347	3,189	6,473	6,319
Selling, general and administrative expenses	390	378	769	744
Non-operating pension costs, net	17	9	25	18
Used vehicle sales, net	(7)	2	(19)	(7)
Interest expense	97	102	194	202
Miscellaneous income, net	(22)	(13)	(21)	(8)
Restructuring and other items, net	0	0	1	0
Total expenses	3,162	3,005	6,169	6,001
Earnings from continuing operations before income taxes	185	184	304	318
Provision for income taxes	52	52	78	88
Earnings from continuing operations	133	132	226	230
Less: Loss from discontinued operations, net of tax	0	(1)	0	(2)
Net earnings	$ 133	$ 131	$ 226	$ 228
Earnings per common share — Basic
Continuing operations (in dollars per share)	$ 3.44	$ 3.19	$ 5.80	$ 5.51
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.02)	(0.03)
Net earnings (in dollars per share)	3.43	3.18	5.78	5.48
Earnings per common share — Diluted
Continuing operations (in dollars per share)	3.40	3.15	5.73	5.42
Discontinued operations (in dollars per share)	(0.01)	(0.02)	(0.02)	(0.03)
Net earnings (in dollars per share)	$ 3.39	$ 3.13	$ 5.71	$ 5.39
Services revenue
Revenue	$ 2,231	$ 2,123	$ 4,295	$ 4,202
Cost of services sold	1,896	1,792	3,660	3,564
Fuel services revenue
Revenue	145	100	256	206
Cost of services sold	140	94	244	198
Cost of lease & related maintenance and rental
Cost of services sold	$ 651	$ 641	$ 1,316	$ 1,290

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities from continuing operations:
Net earnings	$ 226	$ 228
Less: Loss from discontinued operations, net of tax	0	(2)
Earnings from continuing operations	226	230
Depreciation expense	858	845
Used vehicle sales, net	(19)	(7)
Amortization expense and other non-cash charges, net	69	82
Operating lease right-of-use asset amortization expense	190	188
Non-operating pension costs, net and share-based compensation expense	44	36
Deferred income taxes	13	(42)
Collections on sales-type leases	89	80
Changes in operating assets and liabilities:
Receivables	(103)	14
Prepaid expenses and other assets	(4)	106
Accounts payable	65	13
Accrued expenses and other liabilities	(168)	(142)
Net cash provided by operating activities from continuing operations	1,260	1,403
Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(832)	(1,203)
Sales of revenue earning equipment	250	254
Sales of operating property and equipment	5	6
Acquisitions, net of cash acquired	(12)	(1)
Other investing activities, net	1	1
Net cash used in investing activities from continuing operations	(588)	(943)
Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other	(141)	(215)
Debt proceeds	0	594
Debt repayments	(83)	(471)
Dividends on common stock	(74)	(71)
Common stock issued, net of tax withholdings on vested stock awards	(19)	(16)
Common stock repurchased	(332)	(261)
Other financing activities	(1)	(4)
Net cash used in financing activities from continuing operations	(650)	(444)
Effect of exchange rate changes on Cash and cash equivalents	(1)	10
Increase in Cash and cash equivalents	21	26
Cash and cash equivalents at beginning of period	198	154
Cash and cash equivalents at end of period	$ 219	$ 180

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 219	$ 198
Receivables, net	1,997	1,897
Prepaid expenses and other current assets	329	378
Total current assets	2,545	2,473
Revenue earning equipment, net	8,517	8,898
Operating property and equipment, net of accumulated depreciation of $1,690 and $1,705	1,289	1,268
Goodwill	1,158	1,152
Intangible assets, net	381	412
Operating lease right-of-use assets	966	1,000
Sales-type leases and other assets	1,233	1,184
Total assets	16,089	16,387
Current liabilities:
Short-term debt and current portion of long-term debt	1,965	819
Accounts payable	734	689
Accrued expenses and other current liabilities	1,243	1,270
Total current liabilities	3,942	2,778
Long-term debt	5,492	6,826
Other non-current liabilities	1,952	1,923
Deferred income taxes	1,824	1,808
Total liabilities	13,210	13,335
Contingencies and Other Matters (Note 14)
Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2026 and December 31, 2025	0	0
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2026 — 38,346,868 and December 31, 2025 — 39,417,224	19	20
Additional paid-in capital	1,040	1,083
Retained earnings	2,434	2,569
Accumulated other comprehensive loss	(614)	(620)
Total shareholders' equity	2,879	3,052
Total liabilities and shareholders' equity	$ 16,089	$ 16,387