Ryder System Reports Q4 Earnings, Outlines 2026 Outlook

Outgoing CEO highlights initiatives-based growth, technology investments, and capital deployment plans

Published on Feb. 14, 2026

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Ryder System (NYSE:R) executives emphasized 'initiatives-based' earnings growth heading into 2026, pointing to multi-year pricing and cost actions that management said are helping the company outperform prior freight cycles despite continued weakness in transactional markets such as rental and used vehicle sales. The company also discussed technology investments, including embedding AI into proprietary tools, and outlined plans for leadership transition, capital deployment, and its 2026 financial outlook.

Why it matters

As a leading provider of transportation and supply chain management solutions, Ryder's performance and strategic initiatives provide insights into the broader logistics industry and economic trends impacting commercial customers across various sectors. The company's focus on technology, pricing actions, and capital allocation decisions offer a window into how logistics firms are navigating current market conditions.

The details

Ryder reported Q4 operating revenue of $2.6 billion, in line with the prior year, as contractual growth in Supply Chain Solutions (SCS) was offset by lower revenue in Dedicated Transportation Solutions (DTS) and Fleet Management Solutions (FMS). Comparable earnings per share from continuing operations were $3.59, up 4% year over year, which the company attributed to share repurchases. Management outlined plans for 2026, including $2.4 billion in total capital expenditures, $1.9 billion in net capex after used vehicle sales proceeds, and about $5 billion available for flexible deployment, split between growth capex and discretionary buybacks and acquisitions.

  • Ryder reported year-to-date free cash flow of $946 million in 2025, up from $133 million in the prior year.
  • Ryder forecasts 2026 lease spending of $1.9 billion, reflecting higher replacement activity, and expects the ending lease fleet to 'modestly decline' in 2026.
  • Rental capital spending was $300 million in 2025 and is forecast at $100 million in 2026 as Ryder plans lower replacement activity.
  • Ryder expects to generate about $10.5 billion from operating cash flow and used vehicle sales proceeds over a three-year period.

The players

Robert Sanchez

Chairman and CEO of Ryder System, who will retire effective March 31, 2026.

John Diez

President and COO of Ryder System, who will assume the CEO role upon Sanchez's retirement.

Cristina Gallo-Aquino

Chief Financial Officer of Ryder System.

Tom Havens

Executive at Ryder System.

Steve Sensing

Executive at Ryder System.

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What they’re saying

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— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee (Instagram)

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.