R NYSE Russell 1000 Earnings call

Ryder (R) · Q2 2026 results and valuation

Share price: $282.27 · 2026-11-11

Results Q2 2026 vs Q1 2026 · previous quarter · published 23 Jul 2026 and 23 Apr 2026

Net income up 43.0% on the previous quarter, guidance raised. Management sounded about as positive as a typical company call, in its script and in answers to analysts.

Only a basic analysis is available for this company at the moment.

1 · Numbers

+43.0%

Net income vs Q1 2026

Guidance raised

Net income 133.0M vs 93.0M

Revenue +7.1%

Against the same quarter last year (Q2 2025) it is +1.5% — part of the move on last quarter is seasonal.

2 · How management spoke

Typical

More upbeat than 53% of company calls

Answers to analysts: restrained, in line with the script.

Similar to last call.

3 · What stood out

Key theme

I will begin today's call by providing an update on Ryder's balanced Improving market conditions in used vehicle sales also contributed to its higher…

Valuation

Is Ryder undervalued?

Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.

Current price

$282.27

close of 2026-11-11

Market implies growth of i

+17.2% for 10 yrs

Fair value / share

$-44.54

Buy below

$-33.40

Price vs fair value

n/a

Price vs buy-below price

n/a

FCF growth / yr i Discount rate i Terminal growth i Margin of safety i

Official channels

The company's own website and social media accounts.

Read between the lines

Guidance ↑

The company raised its 2026 comparable EPS forecast range to $14.40 to $14.80, which is more than double the previous forecast of $5.95.

Source quote
“Our increased 2026 comparable EPS forecast range of $14.40 to $14.80 is more than double 20 comparable EPS of $5.95 Our return on equity forecast of 18% is also well...”
Guidance ↑

The company raised its revenue forecast because of an improved outlook and reduced downside risk regarding used vehicle sales.

Source quote
“The increase to our forecast largely reflects an improved outlook and reduced down downside risk related to used vehicle sales.”
Figure

In 2018, prior to the balanced growth strategy, the majority of the $8.4 billion in revenue was from FMS.

Source quote
“In 2018, prior to the implementation of our balanced growth strategy, the majority of our $8.4 billion of revenue was from FMS.”
Fading

Forecast raised because used-vehicle sales outlook improved and downside risk declined.

Source quote
“Our multiyear lease pricing and maintenance cost savings initiatives continue to contribute meaningfully to our increased return profile and positive... Derisking actions included significantly reducing our reliance on used vehicle proceeds to achieve our targeted returns. Accelerated growth in our asset-light supply chain and dedicated businesses, has resulted in a more resilient business mix that is less capital intensive.”

Tone

How upbeat the language was, compared with other companiesi. Dot: Q2 2026. Ring: Q1 2026.

Prepared remarks Typical (was typical)

Answers to analysts Restrained (was typical)

Script and answers carried a similar tone, so the script's message held up under questioning.

Sentences that drove the tone

“In addition to benefiting our transactional businesses, we also expect additional opportunities for profitable contractual growth as freight conditions normalize and customers seek safe efficient, and reliable capacity.”

“We continue to see significant opportunity for profitable growth Supported by secular trends, our operational expertise and ongoing momentum from multiyear strategic initiatives.”

“Earnings before taxes were below prior year reflecting lower operating revenue and adverse development of prior year insurance claims.”

Full figures

USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)

Metric	Q2 2026period end 2026-06-30	Q1 2026period end 2026-03-31	Change	Q2 2025	YoY
Revenue	3.35B	3.13B	+7.1%	3.19B	+5.0%
Operating income	185.0M	118.0M	+56.8%	184.0M	+0.5%
Net income	133.0M	93.0M	+43.0%	131.0M	+1.5%
EPS	3.39	2.33	+45.5%	3.13	+8.3%
P/E today 19.2	21.5	17.1	+4.4	13.6	+7.9

Topics

Most discussed now

What you are seeing there is a combination of a little better, demand activity, more seasonally oriented than Ryder has...
Building on this transformed foundation, Ryder's strategic priorities remain focused on executing relentlessly, investing in the future…
In fleet management solutions, operating revenue increased reflecting contractual revenue growth partially offset by lower rental demand.
Ryder's free cash flow forecast of $700 million to $800 million is unchanged and reflects higher replacement capital expenditures versus...
In 2024 and 2025, Ryder realized $100 million in benefits leaving $70 million of incremental benefits expected in 2026.

Faded since Q1 2026

Fading Based on its increased forecast, Ryder expects to realize approximately $10 million of upterm benefits in 2026 and primarily from...
Fading Lower rental activity was partially offset by higher rental power fleet pricing, which was up 3% year-over-year.
Fading The decline in earnings was due to lower supply chain performance compared to a robust prior year, partially offset by...
Fading In Dedicated, Ryder expects benefits from margin improvement actions related to its Flex operating structure in 2026.

Latest announcements

Official filings, newest first.

2026-07-23 Results of operations; Regulation FD disclosure · SEC 8-K
2026-05-04 Shareholder vote results · SEC 8-K
2026-04-23 Results of operations; Regulation FD disclosure · SEC 8-K
2026-02-11 Results of operations; Regulation FD disclosure · SEC 8-K
2026-01-23 Director or officer change · SEC 8-K
2025-12-19 Director or officer change; Regulation FD disclosure · SEC 8-K
2025-12-12 Director or officer change; Regulation FD disclosure · SEC 8-K
2025-10-23 Results of operations; Regulation FD disclosure · SEC 8-K