$R · RYDER SYSTEM INC
Ryder System filed its Q3 FY2026 10-Q, reporting net earnings of $162M ($4.15 diluted EPS) on total revenue of $3.433B, an 8.3% YoY increase. All three segments — Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS) — posted revenue growth. FMS led with EBT of $177M and a 10.9% margin. The company repurchased $372M in stock over nine months, reducing shares outstanding to 38.2M.
- Q3 GAAP diluted EPS from continuing operations rose to $4.16 vs $3.33 a year ago, a 25% increase.
- Total revenue grew 8.3% YoY to $3.433B, with services revenue up 8.5% to $2.266B.
- Rental power fleet utilization hit 77% in Q3 2026, up from 70% in Q3 2025, on a 12% smaller average fleet.
- FMS EBT margin expanded to 10.9% of total revenue vs 10.0% a year ago; FMS EBT rose to $177M from $146M.
- Share count dropped ~5% YoY to 38.2M shares; $372M in buybacks executed over nine months.
Stock surged +10.49% in the regular session to $265.53. Extended-hours trading shows a slight -0.20% drift to $265.00, suggesting the initial pop is holding with minimal giveback.
Ryder's Q3 shows a classic operating-leverage story: smaller fleet, higher utilization, wider margins, and aggressive buybacks — all translating to 25% EPS growth on 8% revenue growth.
Ryder's strong rental utilization and used-vehicle pricing gains (tractors +15% sequentially from Q2) suggest a tightening transportation equipment market, which benefits fleet-heavy peers like Penske and Herc. The 8.3% revenue growth across all three segments signals broad-based logistics demand.
Fleet downsizing continues — total vehicle count fell 3% from December 2025 and 4% from September 2025, with commercial rental fleet down 9% YoY. DTS EBT margin compressed to 5.6% from 6.3% on flat operating revenue, signaling pricing or cost pressure in dedicated transportation.
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