First look: almost all strong numbers in Ryder’s third quarter earnings

It was a solid third quarter for Ryder, with improvement in just about every metric compared to the third quarter of 2025.

The numbers have been good enough that Ryder (NYSE: R) raised its full-year outlook for 2026. With three quarters in the books, there’s only so much higher it can go. But the company in its third quarter earnings release said it is raising its non-GAAP earnings per share estimate for the year to $14.85-$14.05. In the company’s second quarter earnings, that estimate was $14.40-$14.80. The non-GAAP return on equity forecast was nudged up to 18% to 19% from a flat 18% in the previous forecast three months ago.

Revenue was up in every sector at Ryder. Its Fleet Management Solutions (FMS) segment, which includes its flagship vehicle rental and leasing activities, rose 10%. Supply Chain Solutions (SCS), a contract logistics provider, saw its revenue rise 9%. Dedicated Transportation Solutions (DTS), which is a dedicated carrier that contracts its service out to shippers, increased its revenue 6%.

Earnings before tax at FMS rose 21%. At SCS they were up 7%. But at DTS, that measure fell 5%, due to what Ryder said was “(reflecting) lower operating revenue and a prior year workers’ compensation insurance benefit, partially offset by cost savings from strategic initiatives.”

This story was originally published by FreightWaves. Read the full story at FreightWaves →