At a glance
Ryder System Inc is worth $10.53B, about 23 times its fiscal 2025 earnings. Revenue grew 0.2% to $12.66B in fiscal 2025, with 3.9% kept as profit; over 5 years it has grown 8.5% a year. It pays a 1.36% dividend yield, raised every year for at least 9 years, and returned $2.44B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +66.1% over the past year with dividends reinvested and +29.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.9% in the 2020 crash (S&P 500: 33.7%) and 25.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 1 month after the lows.
The business in plain English
Ryder System (NYSE: R) rents, leases and maintains commercial trucks. It also runs warehouses and delivery networks for other companies across North America. Its customers outsource the work: instead of owning trucks, hiring mechanics and running their own logistics, they pay Ryder to do it. Customers range from small businesses to large enterprises. Ryder reports three business segments. Revenue was $12.7 billion in fiscal 2025, which ended December 31, 2025.
Fleet Management Solutions (FMS) brought in 38% of consolidated revenue in fiscal 2025. Its biggest product, ChoiceLease, made up 60% of FMS revenue. With ChoiceLease, customers lease trucks built to their needs, usually for three to seven years, with maintenance included, and they supply their own drivers. Short-term commercial rental made up 16% of FMS revenue. SelectCare, which maintains trucks that customers own or lease elsewhere, made up 12%. Fuel sales made up another 12%, and their cost is mostly passed on to customers. As of December 31, 2025, Ryder had 141,700 lease vehicles and 789 operating locations across 49 states, Puerto Rico and seven Canadian provinces. It also sells used trucks through 61 retail sales centers.
The rest of revenue comes from two contract businesses. Supply Chain Solutions (SCS) runs warehouses, manufacturing support, cross-border logistics and final delivery to customers' doorsteps. Dedicated Transportation Solutions (DTS) supplies trucks along with professional drivers, management and administrative support.
Price history
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R +66.1% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.43B, up 8.3% from a year earlier, and net income was $162.0M (+17.4%).
- For fiscal 2025, revenue was $12.66B (+0.2% year over year; +8.5% a year from FY2020 to FY2025) with a 3.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.5% good |
|---|---|
| Free cash flow margin | 3.6% watch |
| Return on equity (FY2025) | 16.3% good |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-7.01B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.42B | $-122.0M | $1.03B |
| FY2021 | $9.66B | $519.0M | $234.0M |
| FY2022 | $12.01B | $867.0M | $-321.0M |
| FY2023 | $11.78B | $406.0M | $-881.0M |
| FY2024 | $12.64B | $489.0M | $-418.0M |
| FY2025 | $12.66B | $499.0M | $459.0M |
Valuation snapshot
| Market value | $10.53B |
|---|---|
| P/E ratio | 23.1 |
| Dividend yield | 1.36% |
Rank among 1514 US companies
Market value at each year end
Ryder System’s market value went from $3.98B at the end of 2016 to $10.53B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.53B | +36.3% |
| 2025 | $7.73B | +16.5% |
| 2024 | $6.63B | +30.1% |
| 2023 | $5.10B | +21.4% |
| 2022 | $4.20B | -5.1% |
| 2021 | $4.43B | +33.0% |
| 2020 | $3.33B | +15.0% |
| 2019 | $2.89B | +13.2% |
| 2018 | $2.56B | -42.6% |
| 2017 | $4.46B | +12.0% |
| 2016 | $3.98B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| R price data to Oct 28, 2026 | +45.8% | +66.1% | +47.0% | +29.1% | +18.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +45.8% |
| 2025 | +24.5% |
| 2024 | +39.5% |
| 2023 | +41.6% |
| 2022 | +4.4% |
| 2021 | +37.5% |
| 2020 | +20.3% |
| 2019 | +17.4% |
| 2018 | -41.0% |
| 2017 | +15.9% |
| 2016 | +34.4% |
| 2015 | -37.6% |
| 2014 | +28.0% |
| 2013 | +50.9% |
| 2012 | -3.5% |
| 2011 | +3.3% |
| 2010 | +31.2% |
| 2009 | +9.2% |
| 2008 | -16.2% |
| 2007 | -6.4% |
| 2006 | +26.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 58.1% over that stretch · deepest drop along the way 74%, back to its old high 55.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.8% over that stretch · deepest drop along the way 38.9%, back to its old high 2.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.5% over that stretch · deepest drop along the way 25.3%, back to its old high 1.2 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 27 sales ($35.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 24, 2026 | Robert E Sanchez Chair and CEO, Director | sell | $9.1M |
| Oct 27, 2026 | Robert E Sanchez Director | sell | $3.7M |
| Feb 20, 2026 | Robert D Fatovic EVP, CLO & Corp. Secretary | sell | $2.6M |
| Feb 25, 2026 | John J. Diez President and COO | sell | $2.1M |
| Feb 19, 2026 | John S. Sensing President, Global SCS & DTS | sell | $2.1M |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.01% | Mar 31, 2026 |
| Vanguard Capital Management | 5.12% | Jun 30, 2026 |
| Wellington Management Group LLP | 4.4% | Mar 31, 2026 |
ETFs with the most weight in R
| FTXR First Trust Nasdaq Transportation ETF | 2.82% |
| XTN SPDR S&P Transportation ETF | 2.72% |
| AIRR First Trust RBA American Industrial Renaissance ETF | 2.21% |
| SYLD Cambria Shareholder Yield ETF | 1.38% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 1.28% |
| IYT iShares US Transportation ETF | 1.14% |
| LSAF LeaderShares AlphaFactor US Core Equity ETF | 1.04% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.99% |
What could go wrong
- Used trucks could sell below estimates. Ryder estimates each truck's resale value years in advance. This is called its residual value. If used-truck prices come in lower, Ryder books losses or extra depreciation. Its 9,500 used vehicles at December 31, 2025, exceeded its target range.
- A few big customers drive contract revenue. A significant portion of revenue in supply chain (SCS) and dedicated transportation (DTS) comes from a limited number of customers. Losing or repricing one large account could noticeably hurt results.
- Costly fleet bets backed by heavy debt. Ryder buys rental trucks based on forecast demand, so it can end up with idle trucks. It had $7.2 billion of debt and $198 million of cash as of September 30, 2026. A credit-rating downgrade could raise borrowing costs.
- Contract pricing rests on cost assumptions. Ryder sets prices on its supply chain and dedicated contracts using assumptions about how operations will run. The company says profits have been hurt before when those assumptions or its pricing structure proved wrong.
- Business slows early in economic downturns. Demand follows how much customers make and ship. Ryder says its business can slow before the wider economy and recover after it. Rental and used-truck sales are especially sensitive to downturns.
- Labor shortages and possible strikes. Ryder relies on drivers, technicians and warehouse workers. It says labor shortages have hurt results and may continue to. A strike at Ryder, its suppliers or its customers could raise costs.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Ryder's dividend is modest but growing. Dividends per share rose from $2.24 in fiscal 2020 to $3.44 in fiscal 2025, about 9% a year, and have risen for at least 9 straight years. In fiscal 2025 the dividend used 29.1% of earnings and 31.6% of free cash flow (cash left after buying trucks and equipment). The yield was 1.36% as of October 28, 2026. Buybacks are larger: $1.79 billion over fiscal 2021–2025, compared with $653 million in dividends. The share count fell 29% from January 2022 to September 2026. One caution: free cash flow was negative in fiscal 2022, 2023 and 2024.
The stock has fallen hard in downturns. It dropped 74% from its May 2008 peak to its March 2009 low and took about 56 months to recover. It fell 38.9% in the 2020 COVID crash and 25.3% in 2022, recovering within a few months each time. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Ryder make money?
Ryder makes money by leasing, renting and maintaining commercial trucks for other businesses, and by running their logistics. Fleet Management Solutions covers ChoiceLease leases, short-term rental, maintenance and fuel. It brought in 38% of revenue in fiscal 2025. The rest comes from Supply Chain Solutions (warehousing and delivery) and Dedicated Transportation Solutions (trucks with drivers). Total revenue was $12.7 billion and net income was $499 million. That is a net margin of 3.9%, meaning Ryder kept about 3.9 cents of each revenue dollar as profit.
Does Ryder raise its dividend every year?
Yes, for at least 9 straight years. SEC filings show an increase in every fiscal year from 2016 through 2025. Dividends per share grew from $2.24 in fiscal 2020 to $3.44 in fiscal 2025, about 9% a year. The fiscal 2025 payout ratio was 29.1%, meaning less than a third of profit went to dividends. The yield was 1.36% as of October 28, 2026. Past increases do not guarantee future ones.
How much debt does Ryder have?
Ryder had about $7.2 billion of total debt and $198 million of cash and investments as of September 30, 2026. Shareholders' equity was $2.98 billion and total assets were $16.17 billion. The business needs a lot of capital: Ryder buys trucks, tractors and trailers and leases them out for years at a time. Its 10-K warns that turmoil in credit markets, a ratings downgrade or the loss of its investment-grade rating could hurt the company.
What is Ryder's P/E ratio?
Ryder's price-to-earnings (P/E) ratio was 23.1 as of October 28, 2026. The P/E compares the share price with a year of profit. This one is based on fiscal 2025 diluted earnings of $11.94 per share. Earnings have grown more slowly than the share price. Net income rose 2% in fiscal 2025 and 17.4% year over year in the third quarter of fiscal 2026. The stock gained 66.1% in the year to October 28, 2026. Market value was about $10.5 billion.
Which ETFs hold Ryder stock?
According to fund holdings data, 137 ETFs hold Ryder. It has its largest weight in the First Trust Nasdaq Transportation ETF (FTXR) at 2.82%. Next are the SPDR S&P Transportation ETF (XTN) at 2.72% and the First Trust RBA American Industrial Renaissance ETF (AIRR) at 2.21%. It is 1.14% of the iShares US Transportation ETF (IYT). Ryder is a small slice of each fund, so these ETFs spread risk across many companies rather than following Ryder closely.