Ryder System (NYSE:R) reported a resilient finish to 2025, with full-year comparable earnings per share rising 8% to $12.92.
The Miami-based logistics giant leveraged its "transformed business model"—which prioritizes steady, contractual supply chain revenue over volatile vehicle sales—to navigate a prolonged freight market downturn that has hampered many of its peers.
For the fourth quarter, Ryder’s comparable earnings per share climbed 4% to $3.59, despite total revenue remaining flat at $3.2 billion.
The bottom-line beat was largely driven by the company’s Supply Chain Solutions (SCS) and Fleet Management (FMS) segments, where higher contractual lease pricing and multi-year maintenance cost-saving initiatives offset double-digit declines in used-tractor and truck pricing.
"Our results demonstrate that we are outperforming prior cycles," said Chairman and CEO Robert Sanchez.
"Even with headwinds in rental and used-vehicle sales, our contractual portfolio provided the stability needed to deliver an adjusted return on equity of 17%."
Operating revenue for the full year rose to $10.4 billion, led by a 3% increase in SCS and FMS contractual business.
This stability allowed Ryder to generate $946 million in free cash flow for the year, much of which was returned to investors.
Looking ahead to 2026, Ryder issued a confident outlook, projecting comparable EPS in the range of $13.45 to $14.45.
The company expects operating revenue to grow by approximately 3%, primarily fueled by new business in its Supply Chain Solutions segment.