First look: almost all strong numbers in Ryder’s third quarter earnings

Ryder reported strong third quarter earnings, with nearly every metric showing improvement compared to the same period last year. The company raised its full-year outlook for 2026, indicating confidence in its performance. Ryder increased its non-GAAP earnings per share estimate for the year to $14.85-$14.05, up from $14.40-$14.80 in the previous quarter.

Revenue grew in all segments, with Fleet Management Solutions (FMS) seeing a 10% increase, Supply Chain Solutions (SCS) up 9%, and Dedicated Transportation Solutions (DTS) growing 6%. Earnings before tax at FMS rose 21%, and at SCS, they were up 7%. However, DTS experienced a 5% decline in earnings before tax, attributed to lower operating revenue and a workers' compensation insurance benefit from the previous year, partially offset by cost savings from strategic initiatives.

Used vehicle sales were strong, with sales rising to 5,100 units from 4,900 a year earlier. Prices for used trucks increased by 15%, and used tractor prices climbed by 19%. Ryder's used vehicle sales reported a net negative $17 million, which was wider than the positive $3 million in the same period last year and wider than the $7 million loss in the second quarter.

Analyst Ariel Rosa from Citi described the earnings as "better than expected" and highlighted a 77% rental utilization rate, which is Ryder's target.