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Sep 30, 2025
Ryder Q3 2025 Earnings Report
Ryder reported third quarter 2025 results, with strategic initiatives driving contractual earnings growth.
Key Takeaways
Ryder delivered its fourth consecutive quarter of earnings-per-share growth in Q3 2025, with GAAP EPS up 2% and comparable EPS up 4% year-over-year. Total revenue remained consistent with the prior year at $3.2 billion, while operating revenue increased by 1%, driven by contractual growth in Supply Chain Solutions and Fleet Management Solutions. The company's resilient contractual businesses and strategic initiatives helped offset the impact of weaker freight market conditions.
GAAP EPS from continuing operations increased by 2% to $3.33.
Comparable EPS (non-GAAP) from continuing operations rose by 4% to $3.57.
Total revenue was $3.171 billion, consistent with the prior year.
Operating revenue (non-GAAP) grew by 1% to $2.611 billion, reflecting contractual revenue growth.
Revenue by Segment
Forward Guidance
Ryder remains on track for earnings growth and strong free cash flow in 2025, despite assuming a muted freight environment. The company's balanced growth strategy is expected to drive outperformance relative to prior cycles.
Positive Outlook
- Full Year 2025 Comparable EPS (non-GAAP) forecast of $12.85 - $13.05.
- Full Year 2025 Operating Revenue Growth (non-GAAP) of 1%.
- Full Year 2025 Net cash provided by operating activities from continuing operations of $2.8 billion.
- Full Year 2025 Free cash flow (non-GAAP) of $900 million - $1 billion.
- Adjusted return on equity (ROE) (non-GAAP) of 17% for Full Year 2025.
Challenges Ahead
- The forecast assumes a muted freight environment.
- Debt-to-equity is projected at 250% for Full Year 2025, at the bottom end of the target range.
- Capital expenditures are expected to be $2.3 billion for Full Year 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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