While Ryder management has been trying to restructure the company for years–successfully–so it was not as dependent upon vehicle leases and rentals, as well as the used vehicle sales that accompany that, the first thing management pointed to in its earnings report for the first quarter was the strength in the secondary market as a reason for a reasonably healthy performance.
In its earnings statement, Ryder said year-on-year sales of tractors was up 6% from the first quarter of 2025. That was enough to declare a strong quarter even as truck pricing was down 5%. Sequentially, the market wasn’t stronger; used tractor and truck pricing were down 3% and 4%, respectively. In its prepared release, Ryder said sequential pricing from the fourth quarter of 2025 to the first quarter of 2026 was mostly stable, but the company had a “lower retail sales mix,” accounting for the sequential decline in sales revenue.
Ryder doesn’t break out an average sales price, so the fact that tractor sales were up 6% and offset negative truck sales enough that used vehicle sales were considered a key driver of improved profitability reflects how important those tractor sales are in the company’s used vehicle mix.
The improvement in used vehicle sales did not come because of any large volumetric increase in sales. Sales were 9,500 vehicles in the first quarter of 2026 and 2025, boosting the idea that the tractor sales were so strong that it lifted the total performance that was otherwise steady to lower.
According to SeekingAlpha, Ryder’s non-GAAP EPS of $2.54 for continuing operations was 27 cents/share above consensus forecasts. Revenue of $3.13 billion was $10 million short of consensus forecasts.
Besides used vehicle sales, the company also cited stock buybacks as a reason for the improved earnings per share performance.
Ryder’s overall business was flat to slightly higher in some cases, lower in other areas. Its bottom line was GAAP net earnings of $2.33 per share compared to $2.27 a year earlier. Free cash flow rose to $273 million from $259 million. Total revenue of $3.13 billion was flat compared to a year earlier. So was operating revenue of $2.6 billion.
Individual segments were mixed. Fleet Management Solutions, the rental and leasing unit that is the public face of Ryder (NYSE: R) , had a 1% increase in revenue to $1.46 billion with a 6% increase in earnings before income taxes. Supply Chain Systems, its contract logistics arm, had a 2% increase in revenue to $1.36 billion but a 17% decline in earnings before income taxes. Dedicated Transportation Services saw an 8% decline in revenue to $553 million and a 5% decline in earnings before taxes.
The outlook for 2026 is strong enough that Ryder increased a key forecast for the year. In the latest forecast, Ryder said its projected non-GAAP EPS would be $14.05-$14.80. The earlier forecast was $13.45-$14.45.
Ryder’s earnings call is Thursday at 11 a.m. EDT.
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