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Rental & leasing services · Industrials · Fiscal year ends Dec 31
Ryder System reported revenue of $12.7B in the fiscal year ended Dec 2025, up 0.2% from the year before. Net income was $499M. Operating cash flow of $2.6B less capital expenditure of $2.1B left free cash flow of $459M. Net debt was $7.4B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,663 | 12,011 | 11,783 | 12,636 | 12,665 |
| Selling, general & admin | 1,187 | 1,415 | 1,421 | 1,478 | 1,470 |
| Net interest incomeBanks | −214 | −228 | −296 | −386 | – |
| Interest expense | 214 | 228 | 296 | 386 | 404 |
| Pre-tax income | 693 | 1,216 | 618 | 661 | 685 |
| Income tax | 171 | 353 | 212 | 172 | 184 |
| Net income | 519 | 867 | 406 | 489 | 499 |
| Diluted EPS | 9.66 | 17.04 | 8.73 | 11.06 | 11.94 |
| Diluted shares | 53.5 | 50.9 | 46.5 | 44.2 | 41.8 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 234 | 267 | 204 | 154 | 198 |
| Receivables | 1,465 | 1,610 | 1,714 | 1,861 | 1,897 |
| Inventory | 69.0 | 78.0 | – | – | – |
| Current assets | 2,461 | 2,200 | 2,265 | 2,463 | 2,473 |
| Net PP&E | 985 | 1,148 | 1,217 | 1,184 | 1,268 |
| Goodwill | 571 | 861 | 940 | 1,158 | 1,152 |
| Total assets | 13,835 | 14,395 | 15,778 | 16,672 | 16,387 |
| Payables | 748 | 767 | 833 | 828 | 689 |
| Deferred revenue | 183 | 178 | 177 | 160 | 161 |
| Current liabilities | 3,201 | 3,316 | 3,649 | 3,271 | 2,778 |
| Short-term debt | 1,333 | 1,349 | 1,583 | 1,120 | 819 |
| Long-term debt | 6,555 | 6,328 | 7,129 | 7,765 | 6,826 |
| Total liabilities | 11,037 | 11,458 | 12,709 | 13,555 | 13,335 |
| Shareholders' equity | 2,798 | 2,937 | 3,069 | 3,117 | 3,052 |
| Backlog (remaining obligations) | 2,400 | 2,300 | 2,800 | 3,100 | 3,400 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,175 | 2,310 | 2,353 | 2,265 | 2,594 |
| Capital expenditure | 1,941 | 2,631 | 3,234 | 2,683 | 2,135 |
| Free cash flow | 234 | −321 | −881 | −418 | 459 |
| Depreciation & amortisation | 1,786 | 1,713 | 2,085 | 2,228 | 2,240 |
| Stock-based compensation | 47.0 | 46.0 | 44.0 | 42.0 | 39.0 |
| Acquisitions | 325 | 458 | 250 | 314 | 1.0 |
| Share buybacks | 57.0 | 557 | 337 | 321 | 519 |
| Dividends paid | 122 | 123 | 128 | 135 | 145 |
| Dividend per share | 2.28 | 2.40 | 2.66 | 3.04 | 3.44 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 24.3% | −1.9% | 7.2% | 0.2% |
| EPS growth (YoY) | – | 76.4% | −48.8% | 26.7% | 8.0% |
| Net margin | 5.4% | 7.2% | 3.4% | 3.9% | 3.9% |
| Return on equityBlank when equity is negative | 18.5% | 29.5% | 13.2% | 15.7% | 16.3% |
| Free cash flow margin | 2.4% | −2.7% | −7.5% | −3.3% | 3.6% |
| Cash conversion (CFO ÷ net income) | 4.19x | 2.66x | 5.80x | 4.63x | 5.20x |
| Receivable days | 55 | 49 | 53 | 54 | 55 |
| Debt ÷ equity | 2.82x | 2.61x | 2.84x | 2.85x | 2.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 7,654 | 7,410 | 8,508 | 8,731 | 7,447 |
| Current ratio | 0.77x | 0.66x | 0.62x | 0.75x | 0.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.