Ryder Q1 2026 results: EPS Rises, outlook upgraded

Ryder System, Inc. reported solid results for the first quarter of 2026 and raised its full-year earnings outlook.

The company posted total revenue of $3.1 billion, in line with the previous year, while operating revenue reached $2.6 billion, up 1%.

GAAP earnings per share (EPS) from continuing operations rose to $2.34, up 2% year-on-year. Comparable (non-GAAP) EPS reached $2.54, a 3% increase.

CEO John Diez said the company delivered results that exceeded expectations, driven by strong used vehicle sales and the performance of its contractual business.

He added that Ryder’s transformed business model continues to demonstrate resilience and earnings strength.

Segment Performance

Fleet Management Solutions (FMS) generated $1.46 billion in revenue, supported by higher contractual results.

Supply Chain Solutions (SCS) delivered $1.36 billion in revenue, with continued strong earnings performance despite a record comparison base.

Dedicated Transportation Solutions (DTS) reported $553 million in revenue, down 8%, impacted by a lower fleet count linked to a prolonged freight downturn.

Outlook

Ryder increased its full-year 2026 comparable EPS forecast to between $14.05 and $14.80.

The company expects operating revenue to grow by 3%, driven primarily by its supply chain business. Return on equity is projected to remain between 17% and 18%, while free cash flow is expected to range from $700 million to $800 million.

CFO Cristina Gallo-Aquino said the company remains on track to deliver $70 million in incremental benefits from strategic initiatives in 2026, supporting earnings growth and capital deployment.

Ryder said its contractual portfolio and strategic execution continue to support stable cash flow, profitable growth, and shareholder returns.

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