Ryder Raises 2026 Comparable EPS Outlook, Rental Fleet Plan to $500 Million

Ryder System, Inc. raised its 2026 comparable earnings-per-share outlook and shifted more capital toward rental vehicles, increasing planned fleet investment by $300 million while keeping total capital spending steady.

The new comparable EPS range is $14.85 to $15.05 per share, up from the prior forecast of $14.40 to $14.80. Ryder increased its planned rental fleet investment to $500 million for 2026. Total capital expenditures remain forecast at $2.4 billion, with higher rental spending offset by lower lease spending.

Ryder announced the changes Thursday, Oct. 22, with its third-quarter results. For the three months ended Sept. 30, total revenue rose 8% year over year to $3.433 billion. Non-GAAP operating revenue increased 6% to $2.759 billion.

Comparable EPS from continuing operations was $4.33, up 21% from $3.57 a year earlier. GAAP EPS from continuing operations was $4.16, up 25% from $3.33.

CEO John Diez credited strategic initiatives and improved performance in used vehicle sales and rental with the quarter’s operating results. Ryder operates through Fleet Management Solutions, Supply Chain Solutions and Dedicated Transportation Solutions. Fleet Management Solutions includes leasing, maintenance, rental and used vehicle sales.

CFO Cristina Gallo-Aquino said the added investment is intended to help Ryder “capture higher expected rental demand in 2027.”

The full-year comparable EPS outlook is a non-GAAP measure. Ryder’s separate 2026 GAAP EPS forecast is $9.75 to $9.95 per share and includes about $4.30 per share in estimated noncash pension settlement charges.

For the fourth quarter, Ryder forecast comparable EPS of $4.25 to $4.45 per share. Its full-year free cash flow forecast remains $700 million to $800 million.