Ryder Q4 Operating Revenue Flat Year Over Year

CEO says company's balanced growth strategy has allowed it to work through prolonged freight downturn

Published on Feb. 24, 2026

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Ryder System's Q4 2025 operating revenue of $2.6 billion remained nearly unchanged compared to the previous year, with declines in its fleet management solutions and dedicated transport solutions segments partially offset by growth in supply chain solutions. CEO Robert Sanchez said the company's adjustments to its business model have reduced its reliance on used vehicle proceeds and steered it away from underperforming geographies and services, allowing it to outperform prior cycles during the prolonged freight downturn.

Why it matters

Ryder's ability to maintain relatively flat revenue during a prolonged freight downturn demonstrates the resilience of its diversified business model, which has shifted focus to higher-margin supply chain and dedicated solutions. This performance could provide a blueprint for other transportation and logistics companies navigating challenging economic conditions.

The details

Ryder's Q4 2025 operating revenue of $2.6 billion was nearly unchanged from the previous year, with a 1% decline in fleet management solutions and an 8% drop in dedicated transport solutions offset by a 3% gain in supply chain solutions. CEO Robert Sanchez said the company's balanced growth strategy and business model adjustments, including reducing reliance on used vehicle sales, have enabled it to outperform prior cycles during the freight downturn.

  • Ryder reported its Q4 2025 earnings on February 11, 2026.

The players

Robert Sanchez

CEO of Ryder System.

Cristina Gallo-Aquino

CFO of Ryder System.

John Diez

President and COO of Ryder System, who will take over as CEO following Sanchez's retirement on March 31.

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What they’re saying

“We typically see about a 6-month lag before … market conditions improve, show up in rental.”

— John Diez, President and COO (truckingdive.com)

“The company's balanced growth strategy has enabled it to 'outperform prior cycles even during this prolonged freight downturn'.”

— Robert Sanchez, CEO (truckingdive.com)

What’s next

Ryder's new CEO, John Diez, will take over leadership of the company on March 31, 2026, following the retirement of current CEO Robert Sanchez.

The takeaway

Ryder's ability to maintain relatively flat revenue during a prolonged freight downturn demonstrates the resilience of its diversified business model, which has shifted focus to higher-margin supply chain and dedicated solutions. This performance could provide a blueprint for other transportation and logistics companies navigating challenging economic conditions.