The raised FY guidance and improving freight cycle signals accelerating earnings momentum into Q4. Watch for continued used vehicle pricing strength and rental demand as key drivers for 2027, with the increased rental fleet investment ($500M) positioning for higher demand.
Price Chart
Executive Summary
Ryder reported Q3 2026 comparable EPS of $4.33, a 1.8% beat vs consensus of $4.25, and total revenue of $3.433B (+8% YoY), slightly above the $3.40B consensus. The company raised its full-year 2026 comparable EPS guidance to $14.85-$15.05 (from $14.40-$14.80) and lifted its ROE target to 18%-19%, driven by strong FMS earnings (+21% YoY), improving used vehicle sales pricing, and rental utilization rising to 77%. This marks the eighth consecutive quarter of EPS growth, with the freight market recovery providing tailwinds across all segments.
Key Financial Metrics
Key Facts
- Q3 2026 comparable EPS $4.33 vs consensus $4.25 (beat by 1.8%)
- Total revenue $3.433B, up 8% YoY, above $3.40B consensus
- Full-year 2026 comparable EPS guidance raised to $14.85-$15.05 from $14.40-$14.80
- ROE target raised to 18%-19% from 18%
- FMS segment EBT $177M, up 21% YoY, with operating revenue margin 13.2%
- Used truck pricing +5% YoY, tractor pricing +19% YoY
- Rental utilization improved to 77% from 70% YoY
- Free cash flow $992M YTD vs $496M prior year, more than doubled
- Debt-to-equity improved to 242% from 250% at year-end 2025
- Eighth consecutive quarter of EPS growth
Financial Impact
Q3 comparable EPS $4.33 beat consensus by $0.08; full-year guidance raised by $0.45 at midpoint; free cash flow YTD $992M vs $496M prior year
Risk Factors
- Freight market recovery pace may slow, impacting rental and used vehicle demand
- DTS segment operating revenue declined 1% YoY, with lower fleet count
- Effective tax rate increased to 28.1% from 27.1% YoY, pressuring net income
- GAAP EPS Q4 guided to $(0.15)-$0.05 due to $4.30 non-cash pension settlement charge
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000085961-26-000023 |
| Document: 0000085961-26-000023-index-headers.html | 0000085961-26-000023 |
| Document: 0000085961-26-000023-index.html | 0000085961-26-000023 |
| Document: 0000085961-26-000023.txt | 0000085961-26-000023 |
| 8-K Data (Synthetic) | 0000085961-26-000023 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 144 | $283.62 | awaiting T+60 | — | $279.49 (−1.46%) |
Oct 26, 2026 1d ago | 144 | $282.20 | awaiting T+60 | — | $279.49 (−0.96%) |
Oct 22, 2026 5d ago | 8-K | $265.53 | awaiting T+60 | — | $279.49 (+5.26%) |
Jul 23, 2026 13w ago | 8-K | $267.91 $240.16 | ▼ −10.36% | ▼ −14.91% | $279.49 (+4.32%) |
Jun 1, 2026 21w ago | Insider Cluster | $258.06 $249.64 | ▼ −3.26% | ▼ −4.38% | $279.49 (+8.30%) |
May 14, 2026 23w ago | Court Ruling | $231.06 $260.16 | ▲ +12.59% | ▲ +9.01% | $279.49 (+20.96%) |
Apr 28, 2026 26w ago | DEFA14A | $244.45 $267.68 | ▲ +9.50% | ▲ +5.39% | $279.49 (+14.33%) |
Apr 27, 2026 26w ago | Court Ruling | $245.74 $266.60 | ▲ +8.49% | ▲ +4.39% | $279.49 (+13.74%) |
Apr 23, 2026 26w ago | 8-K | $242.59 $267.69 | ▲ +10.35% | ▲ +5.33% | $279.49 (+15.21%) |
Mar 11, 2026 32w ago | DEFA14A | $194.56 $260.38 | ▲ +33.83% | ▲ +22.31% | $279.49 (+43.65%) |
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