RMEDIUM SIGNALFINANCIAL10-K

Ryder significantly accelerated share buybacks by 62% to $519M while reducing outstanding shares from 42.1M to 39.4M, signaling aggressive capital return strategy.

The substantial increase in share repurchases combined with the reduction of 2.7 million outstanding shares demonstrates management's confidence in the business and commitment to returning capital to shareholders. However, the strategic messaging has shifted from specific execution priorities and recent Cardinal Logistics acquisition details to more generic supply chain positioning language, which may indicate a change in strategic focus or communication approach.

Comparing 2026-02-11 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

Ryder shows strong operational momentum with operating cash flow growing 14.5% to $2.6B, enabling the company to dramatically increase share buybacks by 62% to $519M. The balance sheet strengthened with cash increasing 29% to $198M and current liabilities declining 15% to $2.8B, while modest inventory growth of 14% suggests controlled working capital management. Overall, the financial picture reflects a company generating strong cash flows and aggressively returning capital to shareholders while maintaining balance sheet flexibility.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+61.7%
$321.0M→$519.0M

Share repurchases increased 61.7% — management returning capital, signals confidence in intrinsic value.

Cash & Equivalents
Balance Sheet
+28.6%
$154.0M→$198.0M

Cash grew 28.6% — improving liquidity position supports investment and shareholder returns.

Current Liabilities
Balance Sheet
-15.1%
$3.3B→$2.8B

Current liabilities reduced — improved short-term financial position and working capital health.

Operating Cash Flow
Cash Flow
+14.5%
$2.3B→$2.6B

Operating cash flow grew 14.5% — strong conversion of earnings to cash, healthy business fundamentals.

Inventory
Balance Sheet
+13.6%
$68.7M→$78.0M

Inventory built 13.6% — monitor whether demand supports this build or if write-downs may follow.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-12
ADDED
Common Stock outstanding at January 31, 2026 was 39,427,204 .
We offer port to door solutions that integrate every step of the supply chain, including international inbound flows and cross border logistics, fleet and transportation management, warehousing, manufacturing support and multi-channel final delivery.
Our complementary business segments provide a broad range of value-added solutions, which provides our customers with a seamless, end to end logistics network designed to reduce complexity and improve speed, reliability and efficiency across the entire flow of goods.
Ryder connects every link in the supply chain, moving products smoothly from ports and suppliers all the way to customers doorsteps as illustrated below.
1 ___________________ As of and for the year ended December 31, 2025.
We offer the most comprehensive port-to-door solutions and transportation services in North America to help solve many of the challenges facing companies today.
FMS operates one of the leading full service leasing, commercial rental and contract maintenance businesses in North America.
Operations In 2025, our global FMS business accounted for 38% of our consolidated revenue.
Our FMS customers range from small businesses to large enterprises operating in a variety of industries.
As of December 31, 2025, we had 789 operating locations, excluding ancillary storage locations, in 49 states, the District of Columbia, Puerto Rico and seven Canadian provinces.
REMOVED
Common Stock outstanding at January 31, 2025 was 42,084,928 .
___________________ As of and for the year ended December 31, 2024.
We seek to execute our strategy by: leveraging secular trends that favor outsourcing logistics and transportation services; growing earnings from our contractual lease, dedicated and supply chain businesses; continuously improving productivity and processes; investing in customer-centric innovations that differentiate and enhance our solutions; attracting, developing and retaining the best talent; and executing our disciplined capital allocation priorities, including organic growth, targeted acquisitions and strategic investments, and returning capital to shareholders.
Cardinal Logistics Acquisition In 2024, we acquired CLH Parent Corporation (Cardinal Logistics), a leading customized dedicated contract carrier in the United States (U.S.) primarily providing dedicated transportation services and professional drivers, as well as freight brokerage services.
The acquisition increased our scale and network density, supporting our strategy to accelerate profitable growth in our dedicated business.
Vehicles acquired from Cardinal Logistics are included as FMS operating lease right-of-use assets and revenue earning equipment, and our DTS business leases and obtains maintenance services on these vehicles from our FMS business.
2 Demand for efficient and reliable vehicles have caused companies to place greater emphasis on the quality of their preventive maintenance and safety programs; Maintaining and operating commercial vehicles has become more complex and expensive, as truck technology must comply with increasing state and federal emissions regulations; and Companies must also manage global supply chain and labor challenges, as well as volatile used vehicle markets.
Operations In 2024, our global FMS business accounted for 39% of our consolidated revenue.
range from small businesses to large enterprises operating in a variety of industries.
As of December 31, 2024, we had 563 operating locations, excluding ancillary storage locations, in 49 states, the District of Columbia and Puerto Rico.
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