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RYDER SYSTEM INC

Services-Auto Rental & Leasing (No Drivers) · FL · CIK 85961

Ryder provides outsourced logistics, transportation, fleet management, and supply chain solutions across North America

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$10.85B
Market cap
$264.50
Last close
+1.4%
1D
-0.2%
5D
369K
Volume
Price · last 39 sessions+13.5%
May 4L $227.30 · H $280.34Jun 29
172
Total filings
Jun 25, 2026
Last filing
12/31
Fiscal year end
All8-K · 7610-Q · 28DEFA14A · 2611-K · 1010-K · 10DEF 14A · 10SC 13G · 98-K/A · 2
11-K11-KJun 25, 20268-KShareholder VoteMay 4, 2026DEFA14ADEFA14AApr 28, 202610-Q10-QApr 23, 20268-KResults of Operations · Reg FD DisclosureApr 23, 2026DEFA14ADEFA14AMar 11, 2026DEF 14ADEF 14AMar 11, 202610-K10-KFeb 11, 20268-KResults of Operations · Reg FD DisclosureFeb 11, 20268-KExecutive ChangeJan 23, 20268-KExecutive Change · Reg FD DisclosureDec 19, 20258-KExecutive Change · Reg FD DisclosureDec 12, 202510-Q10-QOct 23, 20258-KResults of Operations · Reg FD DisclosureOct 23, 202510-Q10-QJul 24, 20258-KResults of Operations · Reg FD DisclosureJul 24, 202511-K11-KJun 16, 20258-KShareholder VoteMay 5, 2025DEFA14ADEFA14AApr 25, 202510-Q10-QApr 23, 20258-KResults of Operations · Reg FD DisclosureApr 23, 2025DEFA14ADEFA14AMar 12, 2025DEF 14ADEF 14AMar 12, 202510-K10-KFeb 12, 20258-KResults of Operations · Reg FD DisclosureFeb 12, 20258-KExecutive Change · Reg FD DisclosureDec 16, 202410-Q10-QOct 24, 20248-KResults of Operations · Reg FD DisclosureOct 24, 20248-KBylaw AmendmentOct 11, 202410-Q10-QJul 25, 20248-KResults of Operations · Reg FD DisclosureJul 25, 202411-K11-KJun 20, 20248-KReg FD DisclosureJun 13, 20248-KShareholder VoteMay 6, 202410-Q10-QApr 23, 20248-KResults of Operations · Reg FD DisclosureApr 23, 2024DEFA14ADEFA14AApr 10, 2024DEFA14ADEFA14AApr 10, 2024DEFA14ADEFA14AMar 13, 2024DEF 14ADEF 14AMar 13, 202410-K10-KFeb 20, 20248-KResults of Operations · Reg FD DisclosureFeb 14, 2024SC 13GSEC SCHEDULE 13GFeb 8, 20248-KCompany UpdateDec 8, 202310-Q10-QOct 25, 20238-KResults of Operations · Reg FD DisclosureOct 25, 202310-Q10-QJul 26, 20238-KResults of Operations · Reg FD DisclosureJul 26, 202311-K11-KJun 26, 20238-KShareholder VoteMay 9, 2023DEFA14ADEFA14AApr 27, 202310-Q10-QApr 26, 20238-KResults of Operations · Reg FD DisclosureApr 26, 2023DEFA14ADEFA14AApr 20, 2023DEFA14ADEFA14AMar 15, 2023DEF 14ADEF 14AMar 15, 202310-K10-KFeb 15, 20238-KResults of Operations · Reg FD DisclosureFeb 15, 2023SC 13GSC 13GJan 24, 2023SC 13GSC 13GDec 30, 20228-KExecutive ChangeDec 12, 202210-Q10-QOct 26, 20228-KResults of Operations · Reg FD DisclosureOct 26, 202210-Q10-QJul 27, 20228-KResults of Operations · Reg FD DisclosureJul 27, 202211-K11-KJun 17, 20228-KReg FD DisclosureJun 3, 2022SC 13DSC 13DMay 13, 20228-K/AShareholder VoteMay 10, 20228-KShareholder VoteMay 10, 20228-KResults of OperationsApr 28, 202210-Q10-QApr 27, 2022DEFA14ADEFA14AApr 26, 2022DEFA14ADEFA14AMar 16, 2022DEF 14ADEF 14AMar 16, 20228-KCompany UpdateFeb 18, 202210-K10-KFeb 17, 20228-KResults of Operations · Reg FD DisclosureFeb 16, 2022SC 13GSC 13GFeb 14, 2022SC 13GRYDER SYSTEM, INC. - 12/31/2021Feb 9, 2022

Insider Activity

In the 90 days to Feb 25, 2026: 10 sold $39.6M.

DateInsiderActionSharesPriceValue
Feb 25, 2026Diez John J.President and COOSell9,632$222.20$2.1M
Feb 24, 2026Sanchez Robert EChair and CEOSell40,841$223.28$9.1M
Feb 24, 2026Sanchez Robert EChair and CEOSell676$223.86$151K
Feb 24, 2026Sanchez Robert EChair and CEOSell262$225.12$59K
Feb 20, 2026Fatovic Robert DEVP, CLO & Corp. SecretarySell11,640$222.30$2.6M
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell9,410$219.69$2.1M
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell6,504$220.65$1.4M
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell5,965$219.69$1.3M
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell4,123$220.65$910K
Feb 19, 2026Ravindran RajeevEVP & CIOSell2,296$221.36$508K
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell1,721$222.01$382K
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell1,600$222.04$355K
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell422$222.43$94K
Feb 19, 2026Ravindran RajeevEVP & CIOSell400$223.03$89K
Feb 19, 2026Sensing John S.President, Global SCS & DTSSell365$222.52$81K
Feb 18, 2026Havens Thomas M.President, Global FMSSell6,686$221.19$1.5M
Feb 18, 2026Havens Thomas M.President, Global FMSSell5,885$222.17$1.3M
Feb 17, 2026Fatovic Robert DEVP, CLO & Corp. SecretarySell9,251$217.07$2.0M
Feb 17, 2026Hodes Sanford J.SVP, C Procur Of, Corp Dev OfSell4,370$210.16$918K
Feb 17, 2026Hodes Sanford J.SVP, C Procur Of, Corp Dev OfSell3,240$210.16$681K

Open-market buys & sells (Form 4, transaction codes P/S). Source: SEC structured insider data.

What Changed

Risk factors · Feb 12, 2025 → Feb 11, 2026

38 added · 38 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed
  • Depreciation expense and other non-cash charges, net (1) Interest expense Purchases of property and revenue earning equipment (in millions) 2025 2024 2023 2025 2024 2023 2025 2024 2023 FMS $ 1,762 $ 1,775 $ 1,677 $ 377 $ 362 $ 292 $ 1,963 $ 2,616 $ 3,085 SCS 401 371 366 19 17 8 154 50 117 DTS 18 19 11 8 8 ( 3 ) 3 1 1 CSS 59 63 31 — ( 1 ) ( 1 ) 15 16 31 Total $ 2,240 $ 2,228 $ 2,085 $ 404 $ 386 $ 296 $ 2,135 $ 2,683 $ 3,234 _______________ (1) Other non-charges, net primarily includes operating lease right-of-use (ROU) assets amortization.
  • REVENUE Disaggregation of Revenue Primary Geographical Markets The following tables disaggregate our revenue recognized by primary geographical market by our business segments. 2025 (In millions) FMS SCS DTS Eliminations Total United States $ 5,548 $ 4,830 $ 2,343 $ ( 939 ) $ 11,782 Canada 297 294 — ( 43 ) 548 Mexico — 335 — — 335 Total revenue $ 5,845 $ 5,459 $ 2,343 $ ( 982 ) $ 12,665 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 5,585 $ 4,697 $ 2,446 $ ( 955 ) $ 11,773 Canada 303 278 — ( 43 ) 538 Mexico — 325 — — 325 Total revenue $ 5,888 $ 5,300 $ 2,446 $ ( 998 ) $ 12,636 72 RYDER SYSTEM, INC.
  • AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 5,616 $ 4,295 $ 1,785 $ ( 764 ) $ 10,932 Canada 314 267 — ( 43 ) 538 Mexico — 313 — — 313 Total revenue $ 5,930 $ 4,875 $ 1,785 $ ( 807 ) $ 11,783 Product Line Our FMS revenue disaggregated by line of service is as follows: (In millions) 2025 2024 2023 ChoiceLease $ 3,510 $ 3,446 $ 3,181 Commercial rental 937 976 1,178 SelectCare and other 680 694 694 Fuel services revenue 718 772 877 Fleet Management Solutions $ 5,845 $ 5,888 $ 5,930 Industry We have a diversified portfolio of customers across a full array of transportation and logistics solutions and across many industries.
  • REVENUE EARNING EQUIPMENT, NET (In millions) Estimated Useful Lives December 31, 2025 December 31, 2024 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Held for use: (In years) Trucks 3 — 7 $ 6,183 $ ( 2,216 ) $ 3,967 $ 6,252 $ ( 2,210 ) $ 4,042 Tractors 4 — 7.5 6,567 ( 2,843 ) 3,724 6,721 ( 2,739 ) 3,982 Trailers and other 9.5 — 12 1,754 ( 723 ) 1,031 1,695 ( 671 ) 1,024 Held for sale 856 ( 680 ) 176 781 ( 623 ) 158 Total $ 15,360 $ ( 6,462 ) $ 8,898 $ 15,449 $ ( 6,243 ) $ 9,206 74 RYDER SYSTEM, INC.
  • The components of Used vehicle sales, net were as follows: (In millions) 2025 2024 2023 Gains on vehicle sales, net $ ( 69 ) $ ( 103 ) $ ( 216 ) Losses from valuation adjustments 47 31 20 Used vehicle sales, net $ ( 22 ) $ ( 72 ) $ ( 196 ) 75 RYDER SYSTEM, INC.
  • We recognized intangible asset amortization expense of $ 52 million in 2025, of which $ 53 million is associated with finite lived intangible assets, partially offset by $ 1 million relating to the amortization of unfavorable lease assets recorded in Operating lease right-of-use assets in the 76 RYDER SYSTEM, INC.
  • A reconciliation of the federal statutory tax rate with the effective tax rate from continuing operations follows: December 31, 2025 December 31, 2024 December 31, 2023 (Percentage of pre-tax earnings) Amount Percent Amount Percent Amount Percent U.S. federal statutory tax rate $ 144 21.0 % $ 139 21.0 % $ 130 21.0 % State income taxes, net of federal income tax effect (1) 32 4.7 % 37 5.6 % 31 5.0 % Foreign tax effects U.K. loss carryforward write-off — — % — — % 10 1.6 % U.K. other 4 0.5 % — — % 1 0.2 % Canadian provincial taxes 9 1.4 % 9 1.4 % 10 1.7 % Other foreign jurisdictions ( 6 ) ( 0.9 ) % ( 1 ) ( 0.2 ) % 2 0.3 % Effect of cross-border tax laws Global intangible low-taxed income — — % — — % 8 1.2 % Tax credits Foreign tax credit — — % ( 6 ) ( 0.8 ) % ( 10 ) ( 1.5 ) % Other ( 3 ) ( 0.4 ) % ( 3 ) ( 0.5 ) % — — % Nontaxable or nondeductible items Currency translation adjustment — — % — — % 34 5.5 % Other 4 0.5 % 1 0.2 % ( 1 ) ( 0.2 ) % Changes in unrecognized tax benefits 1 0.1 % ( 6 ) ( 0.8 ) % ( 2 ) ( 0.3 ) % Other ( 1 ) ( 0.1 ) % 2 0.1 % ( 1 ) ( 0.2 ) % Effective tax rate $ 184 26.8 % $ 172 26.0 % $ 212 34.3 % _______________ (1) States that make up the majority (greater than 50 percent) of the tax effect in this category are: in 2025, TX, CA, IL, FL, PA, MI, NJ, and GA; in 2024, TX, CA, IL, FL, PA, GA, NJ, MI and IN; in 2023, TX, CA, IL, FL, PA and GA. 78 RYDER SYSTEM, INC.
  • AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) A reconciliation of the income taxes paid, net of refunds by jurisdiction was as follows: (In millions) 2025 2024 2023 U.S. federal $ 10 $ 157 $ 24 U.S. state & local Texas 5 4 5 California — 3 7 Illinois — 2 7 New Jersey 3 1 2 Other 5 22 26 Total U.S. state & local 13 32 47 Foreign Mexico 17 10 13 Canada 12 8 9 Other — — 3 Total foreign 29 18 25 Total income taxes paid, net of refunds $ 52 $ 207 $ 96 Deferred Income Taxes The components of the net deferred income tax liability were as follows: December 31, (In millions) 2025 2024 Deferred income tax assets: Self-insurance accruals $ 135 $ 131 Operating lease liabilities (1) 262 282 Net operating loss carryforwards 53 33 Accrued compensation and benefits 117
  • AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Total depreciation expense related to revenue earning equipment primarily used in our FMS segment was $ 1.5 billion in 2025, 2024 and 2023.
  • These changes reduced our annual U.S. federal cash tax liability by approximately $ 200 million in 2025 and had no material impact on our effective income tax rate. 77 RYDER SYSTEM, INC.
  • OBBBA permanently reinstated 100% tax bonus depreciation, restored earnings before interest, taxes, depreciation and amortization as the basis for calculating the business interest expense limitation, restored immediate expensing for domestic research and experimental expenditures, and modified the Global Intangible Low-Taxed Income regime, among other items.
  • RECENT ACCOUNTING PRONOUNCEMENTS In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740).
No longer disclosed
  • Includes $ 127 million of customer relationships related to the acquisition of IFS Holdings, LLC, a holding company for Impact Fulfillment Services, LLC (IFS) in 2023.
  • As described in Management's Report on Internal Control over Financial Reporting, management has excluded Cardinal Logistics from its assessment of internal control over financial reporting as of December 31, 2024, because it was acquired by the Company in a purchase business combination during 2024.
  • Cardinal Logistics is a wholly-owned subsidiary whose total assets and total revenues excluded from management's assessment and our audit of internal control over financial reporting represent 1.9% and 7.8%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.
  • AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) The following table sets forth additional segment items as of and for the years ended presented: (In millions) FMS SCS DTS CSS Eliminations Total December 31, 2024 Depreciation expense (1) $ 1,583 104 5 2 $ — $ 1,694 Other non-cash charges, net (2) $ 192 267 14 61 — $ 534 Interest expense (income) (3) $ 362 17 8 ( 1 ) — $ 386 Capital expenditures paid $ 2,616 50 1 16 — $ 2,683 Total assets $ 12,073 3,673 765 1,333 ( 1,172 ) $ 16,672 December 31, 2023 Depreciation expense (1) $ 1,571 136 3 2 — $ 1,712 Other non-cash charges, net (2) $ 106 230 8 29 — $ 373 Interest expense (income) (3) $ 292 8 ( 3 ) ( 1 ) — $ 296 Capital expenditures paid $ 3,085 117 1 31 — $ 3,234 Total assets $ 11,588 3,717 384 1,026 ( 937 ) $ 15,778 December 31, 2022 Depreciation expense (1) $ 1,618 91 3 1 — $ 1,713 Other non-cash charges, net (2) $ 90 173 4 50 — $ 317 Interest expense (income) (3) $ 219 10 ( 2 ) 1 — $ 228 Capital expenditures paid $ 2,442 155 2 32 — $ 2,631 Total assets $ 10,811 3,043 380 904 ( 743 ) $ 14,395 _______________ (1) Depreciation expense totaling $ 29 million in 2024, $ 28 million in 2023, and $ 27 million in 2022 associated with CSS assets was allocated to business segments based upon estimated and planned asset utilization.
  • AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued) Primary Geographical Markets 2024 (In millions) FMS SCS DTS Eliminations Total United States $ 5,585 $ 4,697 $ 2,446 $ ( 955 ) $ 11,773 Canada 303 278 — ( 43 ) 538 Mexico — 325 — — 325 Total revenue $ 5,888 $ 5,300 $ 2,446 $ ( 998 ) $ 12,636 2023 (In millions) FMS SCS DTS Eliminations Total United States $ 5,616 $ 4,295 $ 1,785 $ ( 764 ) $ 10,932 Canada 314 267 — ( 43 ) 538 Mexico — 313 — — 313 Total revenue $ 5,930 $ 4,875 $ 1,785 $ ( 807 ) $ 11,783 2022 (In millions) FMS SCS DTS Eliminations Total United States $ 5,858 $ 4,209 $ 1,786 $ ( 780 ) $ 11,073 Canada 319 251 — ( 42 ) 528 Europe (1) 150 — — — 150 Mexico — 260 — — 260 Total revenue $ 6,327 $ 4,720 $ 1,786 $ ( 822 ) $ 12,011 ———————————— (1) Refer to Note 20, "Other Items Impacting Comparability", for further information on the exit of the FMS U.K. business.
  • Product Line Our FMS revenue disaggregated by product line is as follows: (In millions) 2024 2023 2022 ChoiceLease $ 3,446 $ 3,181 $ 3,101 Commercial rental 976 1,178 1,338 SelectCare and other 694 694 624 FMS Europe (1) — — 150 Fuel services revenue 772 877 1,114 Fleet Management Solutions $ 5,888 $ 5,930 $ 6,327 _______________ (1) Refer to Note 20, “Other Items Impacting Comparability,” for further information on the FMS U.K. business exit Industry We have a diversified portfolio of customers across a full array of transportation and logistics solutions and across many industries.
  • REVENUE EARNING EQUIPMENT, NET (In millions) Estimated Useful Lives December 31, 2024 December 31, 2023 Cost Accumulated Depreciation Net Cost Accumulated Depreciation Net Held for use: (In years) Trucks 3 — 7 $ 6,252 $ ( 2,210 ) $ 4,042 $ 5,630 $ ( 2,192 ) $ 3,438 Tractors 4 — 7.5 6,721 ( 2,739 ) 3,982 6,995 ( 2,712 ) 4,283 Trailers and other 9.5 — 12 1,695 ( 671 ) 1,024 1,686 ( 683 ) 1,003 Held for sale 781 ( 623 ) 158 732 ( 564 ) 168 Total $ 15,449 $ ( 6,243 ) $ 9,206 $ 15,043 $ ( 6,151 ) $ 8,892 Total depreciation expense related to revenue earning equipment primarily used in our FMS segment was $ 1.5 billion in 2024, 2023, and 2022.
  • The components of Used vehicle sales, net were as follows: (In millions) 2024 2023 2022 Gains on vehicle sales, net (1) $ ( 103 ) $ ( 216 ) $ ( 459 ) Losses from valuation adjustments 31 20 9 Used vehicle sales, net $ ( 72 ) $ ( 196 ) $ ( 450 ) _______________ (1) 2023 and 2022 includes gains on used vehicles sold as part of the exit of the FMS U.K business of $ 2 million and $ 49 million, respectively. 7.
  • (2) In 2023, and 2022, Used vehicle sales, net gain of $ 2 million and $ 49 million, respectively, related to the FMS U.K.business exit is included in Other Items Impacting Comparability, net.
  • RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280).
  • We also wrote-off $ 10 million of FMS U.K. finite lived intangible assets and the related accumulated amortization as part of the shutdown of those operations in 2023.
  • As of December 31, 2024, we also had various fuel purchase arrangements in place to ensure delivery of fuel at market rates in the event of fuel shortages.

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