JPMorgan upgrades Ryder Systems stock rating on earnings durability

JPMorgan upgraded Ryder Systems' stock rating to Overweight from Neutral, citing the company's improved earnings profile following a four-year freight downturn. The firm highlighted Ryder's balanced growth strategy, which has shifted its revenue mix toward asset-light contractual revenue, with Supply Chain Solutions and Dedicated Transportation now accounting for roughly 60% of revenue.

The company has achieved an 18% return on equity and delivered seven consecutive quarters of earnings growth through the downturn, demonstrating a level of durability not seen in previous cycles. However, InvestingPro analysis suggests the stock is currently overvalued relative to its Fair Value estimate, placing it among companies on the Most Overvalued list.

Despite this, Ryder reported strong financial results for the second quarter of 2026, surpassing Wall Street expectations with adjusted earnings of $3.73 per share and revenue of $3.35 billion.

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