What were the key takeaways from Ryder System’s earnings call?

Did Ryder System beat or miss consensus estimates last quarter?

What guidance did Ryder System's management provide for the next earnings period?

What were the key takeaways from Ryder System's earnings call?

What does Ryder System do and what are its main business segments?

What factors drove the changes in Ryder System's revenue and profit?

What is the revenue and EPS growth rate for Ryder System year over year?

What is the market's earnings forecast for Ryder System next quarter?

- **Resilient Growth**: 2025 comparable EPS up 7% YoY to $12.85-$13.05, driven by lease pricing, maintenance savings, and Cardinal synergies.
- **ROE Outperformance**: 17% ROE vs 13% 2018 peak, with 60% of 2025 revenue from asset-light businesses.
- **Cash Flow Strength**: $900M-$1B free cash flow supported by $200M annual tax benefit.
- **Supply Chain Momentum**: 2026 revenue growth from 2025 omnichannel retail contracts.
- **Regulatory Tailwinds**: CDL rule changes could accelerate outsourcing trends.

**【CEO Summary Section】**
- Ryder delivered 4th consecutive quarter of EPS growth, driven by resilient contractual businesses and strategic initiatives. 
- 2025 comparable EPS forecast: $12.85-$13.05, up from $12 in 2024, reflecting benefits from lease pricing, maintenance cost savings, and Cardinal acquisition synergies.
- Transformed business model generates 17% ROE vs 13% in 2018 peak, with 60% of 2025 revenue from asset-light Supply Chain and Dedicated businesses.
- Free cash flow forecast $900M-$1B in 2025, supported by lower capital spending and $200M annual tax bonus depreciation benefit.

**【CFO Financial Commentary】**
- Q3 2025 operating revenue: $2.6B (1% YoY), with Pretax earnings in Fleet Management Solutions up 4% YoY due to ChoiceLease pricing and cost savings.
- Supply Chain Solutions operating revenue up 4% YoY, though EBT margin at 8.3% due to e-commerce network underperformance.
- Full year 2025 capital expenditures: $2.3B, with $1.8B net capex reflecting lower rental and lease fleet growth.
- Share repurchase program expanded, with $457M returned to shareholders in 2025 through buybacks and dividends.

**【Q&A Highlights】**
- **CDL Rule Impact**: 5% reduction in driver capacity could benefit outsourcing trends, with Ryder's dedicated business poised to gain share.
- **Used Vehicle Pricing**: Retail mix at 54% (vs 68% prior year), with sequential tractor pricing decline of 4% and truck pricing increase of 7%.
- **Supply Chain Growth**: Strong sales pipeline in omnichannel retail, with 2026 revenue growth driven by multiyear contracts signed in 2025.
- **Tax Depreciation Benefits**: $200M annual impact from bonus depreciation, supporting free cash flow and capital allocation flexibility.
- **Leverage Strategy**: Target 2.5-3x leverage ratio, with current level at 254% (low end of target range).

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