Ryder raises 2026 EPS forecast after comparable earnings jump 21%

Ryder System raised its full-year earnings forecast after a 21% jump in third-quarter comparable earnings, citing its strategic initiatives and an improving freight market.

The transportation and logistics company now expects 2026 comparable EPS of $14.85 to $15.05 and return on equity of 18% to 19%, according to the earnings release it filed with an 8-K on Thursday. It forecast GAAP EPS of $9.75 to $9.95, including about $4.30 of non-cash pension settlement charges.

GAAP EPS from continuing operations rose 25% to $4.16, and comparable EPS rose 21% to $4.33. Total revenue increased 8% to $3.4 billion, with gains in every segment.

"Ryder delivered double-digit earnings growth in the third quarter, marking our eighth consecutive quarter of earnings-per-share growth," CEO John Diez said in the release.

Segment view

Fleet Management Solutions revenue rose 10% to $1.6 billion, Supply Chain Solutions grew 9% to $1.5 billion and Dedicated Transportation Solutions rose 6% to $606 million. Operating revenue, a non-GAAP measure, increased 6% to $2.8 billion.

Cash outlook unchanged

Ryder kept its forecasts for operating cash flow of $2.6 billion and free cash flow of $700 million to $800 million, with capital expenditures of $2.4 billion. It still expects operating revenue growth of 3%.

By the numbers

• GAAP EPS from continuing ops: $4.16, up 25%
• Comparable EPS: $4.33, up 21%
• Total revenue: $3.4 billion, up 8%
• 2026 comparable EPS outlook: $14.85 to $15.05
• 2026 free cash flow outlook: $700 million to $800 million

Sources

1. Ryder System, Inc., Form 8-K (Items 2.02 and 7.01) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0000085961-26-000023

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