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

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- **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).

Ryder System, Inc. (R) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

R

R fundamentals

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