Ryder System, Inc. raised its 2026 comparable earnings forecast after third-quarter diluted earnings per share from continuing operations advanced 25%, while it also increased planned rental-fleet investment.
Ryder disclosed the results in a release attached to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Oct. 22. Diluted EPS from continuing operations was $4.16. Comparable EPS, a non-GAAP measure, rose 21% to $4.33 from $3.57.
Total revenue grew 8% to $3.433 billion. Operating revenue, which excludes fuel and subcontracted transportation revenue, increased 6% to $2.759 billion.
The company now expects comparable EPS of $14.85 to $15.05 for 2026, and a non-GAAP return on equity of 18% to 19%. Ryder kept its operating revenue growth forecast at 3%, its forecast for net cash provided by operating activities from continuing operations at $2.6 billion, and its non-GAAP free cash flow range at $700 million to $800 million.
Fleet Management Solutions posted pretax earnings of $177 million, up 21%. CEO John Diez said strategic actions and improved performance in used-vehicle sales and rentals supported the quarter. Used-truck and used-tractor pricing rose 5% and 19%, respectively, from a year earlier. Utilization of the rental power fleet was 77%, versus 70% a year ago, with the average fleet 12% smaller.
Dedicated Transportation Solutions recorded operating revenue of $455 million, down 1%, and pretax earnings of $34 million, down 5%. A lower fleet count weighed on operating revenue, while higher pricing partly offset the effect. Lower operating revenue and the absence of a workers’ compensation insurance benefit recorded in the year-earlier quarter affected pretax earnings; savings from strategic initiatives provided a partial offset.
Chief Financial Officer Cristina Gallo-Aquino said Ryder’s 2026 rental-fleet budget is now $500 million, $300 million higher than previously planned, to prepare for the higher rental demand the company expects in 2027.
