Ryder posted a solid albeit not spectacular performance in the second quarter, with used vehicle sales once again providing a significant tailwind to profitability, according to the company's July 23 earnings release. The non-GAAP earnings per share came in at $3.73, up 12% from a year earlier, slightly above analyst consensus of $3.69.
Used Vehicle Sales Lift Results
Used vehicle sales continue to be a major variable for Ryder's earnings. In the second quarter, average tractor prices increased 3% year-over-year, while truck prices rose 6%. The company sold 5,100 vehicles in Q2, down from 6,200 a year earlier but up from 4,600 in Q1. The net contribution from used vehicle sales was negative $7 million (a cost reduction), compared to plus $2 million a year ago. "In used vehicle sales, results outperformed our expectations as market conditions continued to strengthen," CEO John Diez said in the earnings report. CFO Cristina Gallo-Aquino noted that selling prices remain above Ryder's booked residual values, a situation that persists. Ryder now expects full-year gains on used vehicle sales of approximately $40 million, up $10 million from earlier forecasts, with total proceeds of about $500 million.
Fleet Management Solutions Segment
Ryder's Fleet Management Solutions (FMS) segment, which houses truck rental and leasing, posted operating revenue of $1.303 billion, up 1% sequentially. This was above Citi's consensus of $1.29 billion. However, Citi analyst Ariel Rosa said the results were "in-line with our view that truck capacity reduction is providing some support." But a 15% reduction in average fleet size, according to Citi, will limit Ryder's ability to take full advantage of the stronger market.
Financial Outlook Raised
Ryder raised its 2026 non-GAAP EPS forecast to $14.40–$14.80, from $14.05–$14.80 in the first quarter. Return on equity is now projected at 18%, up from 17%–18%. Operating revenue growth remains at 3%, "primarily driven" by Supply Chain Services contract logistics. Net cash and free cash flow projections are unchanged at $2.7 billion and $700–$800 million, respectively. On a heavy selloff day for Wall Street, Ryder's stock was down 3.55% to $266.56.
Implications for Logistics Operators
For freight forwarders and fleet managers, Ryder's results point to a tightening truck capacity environment, as fleet reductions support pricing. The improved used vehicle market provides a boost to carriers looking to replace aging equipment, but the overall fleet contraction signals caution among operators. The 6% price increase for used trucks may indicate stronger demand for heavy-duty assets, while the sequential volume increase from Q1 to Q2 suggests some recovery in transaction activity.
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