Core Insights - Datadog has been recognized as a Leader in the 2025 Gartner Magic Quadrant for Digital Experience Monitoring (DEM) for the second consecutive year, highlighting its strong execution capabilities and comprehensive vision in the market [2][3]. Company Overview - Datadog is a monitoring and security platform for cloud applications, providing a unified solution that integrates various capabilities such as infrastructure monitoring, application performance monitoring, log management, user experience monitoring, and cloud security [13]. Product Offerings - The DEM suite from Datadog includes Synthetic Monitoring and Testing, Real User Monitoring (RUM), Product Analytics, Session Replay, and Error Tracking, which collectively offer a single source of truth for frontend monitoring data [3]. - The introduction of RUM Without Limits enhances flexibility and value for Real User Monitoring, allowing teams to gain high-fidelity insights and manage costs effectively [3]. Customer Impact - Customers like Ibnsina Pharma and Booksy have reported significant improvements in understanding user activity and measuring the business impact of changes through Datadog's solutions [4].

Core Insights - Graphene Manufacturing Group Ltd. (GMG) has reached a significant commercial milestone by partnering with Beijer Ref to distribute its THERMAL-XR® ENHANCE heat transfer coating in Australia, starting November 17, 2025 [1][4][8] - The collaboration allows Beijer Ref customers to opt for the THERMAL-XR® ENHANCE coating on their refrigeration evaporator coils, enhancing energy efficiency and corrosion resistance in the HVAC-R industry [1][4][8] Company Overview - GMG is an Australian clean-technology company focused on developing energy-saving and energy storage solutions using graphene produced through an in-house process [9] - The company aims to de-risk and develop commercial scale-up capabilities while securing market applications, particularly in the HVAC-R sector [10] Product Details - THERMAL-XR® ENHANCE is a graphene-based coating designed to improve thermal performance, longevity, and corrosion resistance of heat exchange surfaces, thereby reducing energy consumption and enhancing sustainability [4][8] - The coating will be applied by a network of trained HVAC contractors certified through GMG's SPRAY ACADEMY, ensuring quality and safety in the application process [5][6][7] Strategic Collaboration - Beijer Ref, a leading global refrigeration and HVAC wholesaler, will distribute GMG's coating through its extensive network of approximately 73 wholesale locations in Australia [1][3] - The partnership is expected to foster long-term benefits for both GMG and Beijer Ref as customers experience the advantages of the THERMAL-XR® ENHANCE coating [2][4] Market Impact - The initiative aims to enhance system performance and provide pathways for energy and emission reductions across various cooling environments in Australia [4][8] - GMG's strategic commercialization model leverages trained technicians to maximize accessibility and maintain warranty integrity, strengthening the company's reputation in the HVAC-R market [7][8]

Core Insights - Ryder System, Inc. reported mixed third-quarter 2025 results with earnings surpassing estimates while revenues fell short [1][9] - Quarterly earnings per share were $3.57, exceeding the Zacks Consensus Estimate by a penny and reflecting a 3.7% year-over-year increase [1][9] - Total revenues reached $3.17 billion, slightly missing the Zacks Consensus Estimate of $3.22 billion, with a marginal year-over-year growth of 0.1% [2][9] Financial Performance - Operating revenues (adjusted) were $2.61 billion, up 1% year over year, driven by growth in Supply Chain Solutions and Fleet Management Solutions [2] - Fleet Management Solutions reported total revenues of $1.46 billion, down 0.3% year over year, while Supply Chain Solutions saw revenues of $1.38 billion, up 5% year over year [4] - Dedicated Transportation Solutions experienced a decline in total revenues to $570 million, down 10% year over year, due to decreased subcontracted transportation costs [5] Management Commentary - Ryder's CEO, Robert Sanchez, highlighted the company's fourth consecutive quarter of earnings-per-share growth, attributing it to resilient contractual businesses and strategic initiatives [3] - The company is on track for earnings growth in 2025, supported by lease pricing benefits, maintenance cost-saving initiatives, and acquisition synergies [3] Liquidity and Outlook - Ryder ended the third quarter with cash and cash equivalents of $189 million, an increase from $180 million in the previous quarter, while total debt rose to $7.85 billion [6] - For the fourth quarter of 2025, adjusted EPS is expected in the range of $3.50-$3.70, with the full-year adjusted EPS guidance narrowed to $12.85-$13.05 [7][9] - Total revenues are anticipated to increase by nearly 1%, with adjusted operating revenues also expected to rise by 1% [7] Capital Expenditure and Cash Flow - Capital expenditure is estimated at $2.3 billion, with adjusted free cash flow projected to be between $900 million and $1.00 billion [8][10]

Core Insights - Ryder System, Inc. reported mixed third-quarter results with earnings of $3.57 per share, slightly exceeding the consensus estimate of $3.55, and a 3.8% increase from $3.44 per share in the same quarter last year [1] - Revenue for the quarter was $3.171 billion, which was below analysts' expectations of $3.197 billion but consistent with the prior year [1] Earnings Guidance - For the fourth quarter, the company expects adjusted earnings of $3.50 to $3.70 per share, compared to the consensus estimate of $3.69 [2] - For the full year 2025, Ryder narrowed its adjusted EPS guidance to $12.85 to $13.05, from a previous range of $12.85 to $13.30, aligning closely with the analyst estimate of $13.00 [2] - Ryder maintained its 2025 sales guidance at $10.37 billion, consistent with previous forecasts and below the Street estimate of $12.76 billion [2] Management Commentary - Ryder's Chairman and CEO Robert Sanchez stated that earnings met expectations due to strong performance from contractual businesses and strategic initiatives, which offset challenges from freight market conditions [3] - The company is on track for earnings growth in 2025, driven by lease pricing benefits, maintenance cost-saving initiatives, acquisition synergies, and optimization of the omnichannel retail network [3] Analyst Reactions - Following the earnings announcement, JP Morgan analyst Brian Ossenbeck maintained a Neutral rating on Ryder System and raised the price target from $194 to $197 [4]

Financial Performance - Diluted EPS from continuing operations was $3.33, up 2% from the prior year, and comparable EPS increased 4% to $3.57, reflecting higher contractual earnings and share repurchases [88]. - Total revenue for Q3 2025 was $3.2 billion, consistent with the prior year, while operating revenue increased 1% to $2.6 billion, driven by growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [91]. - Services revenue for Q3 2025 was $2.1 billion, a decrease of 1% from the prior year, while gross margin decreased to $309 million, reflecting higher medical costs and e-commerce network performance issues [94]. - Total revenue for Q3 2025 was $3,171 million, a slight increase from $3,168 million in Q3 2024, with total revenue for the nine months at $9,490 million, consistent with the prior year [115]. - Earnings from continuing operations before income taxes increased by 1% in Q3 2025 to $190 million and by 6% for the nine months to $508 million [115]. - Net earnings for Q3 2025 were $138 million, a slight decrease from $142 million in Q3 2024, while net earnings for the nine months ended September 30, 2025, were $367 million, up from $354 million in 2024 [171]. - Adjusted net earnings for the twelve months ended September 30, 2025, were $508 million, compared to $484 million in 2024, reflecting a strong performance despite market challenges [176]. Revenue Breakdown - Fleet Management Solutions revenue was $1,465 million in Q3 2025, a decrease of 0% from the prior year, while Supply Chain Solutions revenue increased by 5% to $1,380 million [115]. - FMS total revenue for Q3 2025 was $1,465 million, a slight decrease of 1% compared to Q3 2024, while total revenue for the nine months ended September 30, 2025, was $4,379 million, down 1% from the previous year [121]. - Supply Chain Solutions (SCS) total revenue for Q3 2025 was $1,380 million, up 5% from Q3 2024, and for the nine months, it increased by 3% to $4,077 million [132]. - DTS total revenue decreased by 10% in Q3 2025 and 3% for the nine months ended September 30, 2025, primarily due to lower operating revenue and subcontracted transportation costs [137]. Expenses and Costs - SG&A expenses increased by 3% in Q3 2025 to $380 million, and by 1% for the nine months ended September 30, 2025, totaling $1,123 million, maintaining 12% of total revenue [103]. - Interest expense increased by 4% in Q3 2025 to $102 million and by 6% for the nine months to $304 million, primarily due to higher average debt [108]. - Non-operating pension costs remained unchanged at $10 million for Q3 2025 and decreased by 10% to $27 million for the nine months ended September 30, 2025 [104]. Cash Flow and Capital Expenditures - Free cash flow for the nine months ended September 30, 2025, was $496 million, a significant increase of 128% compared to the prior year [89]. - Total capital expenditures for the nine months ended September 30, 2025, were $1.6 billion, a decrease of 19% compared to the prior year [89]. - Gross capital expenditures decreased to $1.6 billion for the nine months ended September 30, 2025, down from $2.0 billion in 2024, reflecting reduced investments in ChoiceLease and rental vehicles [146]. - Net cash provided by operating activities from continuing operations was $1.8 billion for the nine months ended September 30, 2025, compared to $1.7 billion in the prior year, primarily due to lower income tax payments [142]. Debt and Equity - The debt to equity ratio increased to 254% in September 2025, up from 250% in the prior year, indicating a slight increase in financial leverage [89]. - The variable-rate portion of total debt was 22% as of September 30, 2025, up from 18% as of December 31, 2024 [158]. - The company declared a quarterly cash dividend of $0.91 per share in October 2025, an increase from $0.81 per share in October 2024 [160]. - The corporate revolving credit facility's committed borrowing capacity was increased to $1.6 billion, expiring in April 2030, primarily used for general corporate purposes [154]. Operational Challenges and Market Conditions - The company faced risks including decreased demand for services and products due to economic conditions, which could lead to lower profit margins and increased bad debt [179]. - The company highlighted potential challenges in maintaining pricing levels due to competition and economic conditions [179]. - The company noted that higher borrowing costs and inflationary pressures could impact financial performance [182]. - The company indicated that there were no changes in internal control over financial reporting that materially affected such controls during the reporting period [186]. - The company reported that it may face difficulties in attracting and retaining professional drivers and technicians due to labor shortages [182]. - The company acknowledged the impact of geopolitical events and financial institution disruptions on its operations [179]. Strategic Initiatives - The company plans to reinvest earnings from foreign subsidiaries to support future growth initiatives and strategic investments [177]. - The company purchased a total of 516,283 shares of its common stock during the three months ended September 30, 2025, at an average price of $183.59 per share [191]. - The company maintained two share repurchase programs approved by its board of directors in October 2023 and 2024 [192].

Financial Data and Key Metrics Changes - The company reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [12] - Comparable EPS from continuing operations increased to $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [13] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [13] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue was in line with the prior year, with pre-tax earnings of $146 million, reflecting higher ChoiceLease performance but lower used vehicle sales and rental results [14] - Supply Chain operating revenue increased by 4%, driven by new business in omnichannel retail, although earnings decreased by 8% due to e-commerce network performance and higher medical costs [16] - Dedicated operating revenue decreased by 6% due to lower fleet count, but earnings before tax (EBT) remained in line with the prior year, reflecting acquisition synergies [17] Market Data and Key Metrics Changes - The company expects 60% of 2025 revenue to come from asset-light businesses, up from 44% in 2018, indicating a shift in revenue mix towards supply chain and dedicated services [10] - The company anticipates a free cash flow forecast of $900 million to $1 billion for 2025, reflecting lower year-over-year capital spending [9][23] Company Strategy and Development Direction - The company remains focused on creating value through operational excellence and investment in customer-centric technology, aiming for earnings growth driven by resilient contractual businesses and strategic initiatives [6] - A new discretionary share repurchase program was authorized, reflecting the company's commitment to disciplined capital allocation [8] - The company expects to realize approximately $100 million in benefits from strategic initiatives by year-end 2025, benefiting all three business segments [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform prior cycles, citing a strong performance from the transformed business model and the execution of the balanced growth strategy [11] - The company anticipates continued earnings growth in 2025, driven by contractual earnings and strategic initiatives, despite headwinds from the freight market [22] - Management noted that the prolonged freight downturn and economic uncertainty are causing some customers to delay decisions, but robust sales and pipeline activity in SCS are encouraging [22][26] Other Important Information - The company has repurchased approximately 22% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [8] - The company expects to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds over a three-year period, creating $3.5 billion of incremental debt capacity [20] Q&A Session Summary Question: Impact of CDL regulations on the business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek help in driver recruitment, with minimal impact expected on the lease side [30][31] Question: Drivers of earnings growth for 2026 - Management expects contractual earnings growth and benefits from strategic initiatives to drive earnings growth, with strong performance anticipated in supply chain solutions [33][34] Question: Used vehicle pricing and tariffs - Management noted uncertainty regarding the impact of truck tariffs on pricing but suggested that higher new truck prices could eventually benefit used truck values [41][42] Question: Supply chain performance and headwinds - Management acknowledged temporary headwinds in supply chain performance due to higher medical costs and lower e-commerce volumes but remains optimistic about future growth [52][53] Question: SelectCare performance volatility - Management views the recent lower activity in SelectCare as temporary, expecting a return to normal levels in the fourth quarter [57] Question: Non-domicile CDL role and timing of impacts - Management indicated that the impact of CDL regulations would unfold over time, with expectations of increased demand for dedicated services as the driver market tightens [62]

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [13] - Comparable earnings per share from continuing operations were $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [14] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [14] Business Line Data and Key Metrics Changes - Fleet Management Solutions operating revenue was in line with the prior year, with pretax earnings of $146 million, up year-over-year due to higher ChoiceLease performance, offset by lower used vehicle sales and rental results [14][15] - Supply Chain operating revenue increased 4%, driven by new business in omni-channel retail, but earnings decreased 8% due to e-commerce network performance and higher medical costs [19] - Dedicated operating revenue decreased 6% due to lower fleet count, but earnings before tax (EBT) was in line with the prior year, reflecting acquisition synergies [20] Market Data and Key Metrics Changes - The company noted that 93% of its revenue is generated in the U.S., positioning it well to benefit from increased domestic industrial manufacturing [6] - Rental demand was lower than historical seasonal trends, with rental utilization on the power fleet at 70%, down from 71% in the prior year [15] - Used vehicle pricing saw a year-over-year decline of 6% for tractors and 15% for trucks, although sequential pricing for trucks increased by 7% [16] Company Strategy and Development Direction - Ryder is focused on creating value through operational excellence and investment in customer-centric technology, aiming for earnings growth driven by resilient contractual businesses and strategic initiatives [5][6] - The company expects its transformed business model to deliver ROE in the low to mid-20s when market conditions improve, with over 90% of operating revenue generated by multiyear contracts [7] - A new discretionary $2 billion share repurchase program was authorized, reflecting the company's commitment to disciplined capital allocation [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to outperform prior cycles, citing a strong foundation from its transformed business model [8] - The outlook for 2025 includes a comparable EPS forecast of $12.85 to $13.05, driven by higher contractual earnings and benefits from strategic initiatives [29] - Management acknowledged ongoing headwinds from the freight market downturn but remains optimistic about robust sales and pipeline activity in SCS [29][30] Other Important Information - The company has returned $457 million to shareholders in 2025 through share repurchases and dividends, with a 57% increase in the quarterly dividend since 2021 [9] - The forecast for free cash flow remains unchanged at $900 million to $1 billion, reflecting lower capital expenditures and an estimated annual benefit of $200 million from tax bonus depreciation [10][30] Q&A Session Summary Question: Impact of CDL regulations on the business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek assistance in driver recruitment, with minimal impact expected on the lease side [38][40] Question: Drivers of earnings growth for next year - Management expects contractual earnings growth and strong performance in supply chain to drive revenue and earnings growth, despite muted sales in lease and dedicated due to freight market softness [42][45] Question: Used vehicle pricing and tariffs - Management noted that any price increases would likely be passed through to lease rates, and higher new truck pricing could eventually support used truck prices [52][56] Question: Supply Chain Solutions headwinds - Management acknowledged temporary headwinds in e-commerce network performance but remains optimistic about future growth and margin targets [65][66] Question: Bonus depreciation impact - The bonus depreciation is expected to provide a cash tax benefit of approximately $200 million annually, with no significant impact on operating margins [84][86]

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion in Q3 2025, up 1% from the prior year, primarily due to growth in contractual revenue [11] - Comparable EPS from continuing operations increased to $3.57, up 4% from $3.44 in the prior year, reflecting higher contractual earnings and benefits from share repurchases [11] - Return on equity (ROE) was 17%, up from the prior year, driven by higher contractual earnings and share repurchases, partially offset by lower rental demand and used vehicle sales [11] - Year-to-date free cash flow increased to $496 million from $218 million in the prior year due to reduced capital expenditures and lower income tax payments [11] Business Line Data and Key Metrics Changes - Fleet Management Solutions (FMS) operating revenue was in line with the prior year, with pre-tax earnings of $146 million, reflecting higher ChoiceLease performance [12] - Supply Chain Solutions (SCS) operating revenue increased 4%, driven by new business in omnichannel retail, but earnings decreased 8% due to e-commerce network performance and higher medical costs [15] - Dedicated Transportation Solutions (DTS) operating revenue decreased 6% due to lower fleet count, but EBT was in line with the prior year, reflecting acquisition synergies [16] Market Data and Key Metrics Changes - 93% of Ryder's revenue is generated in the U.S., positioning the company to benefit from increased domestic industrial manufacturing [5] - The rental demand was lower than historical seasonal trends, with rental utilization on the power fleet at 70%, down from 71% the prior year [12] - Used vehicle pricing declined 6% for tractors and 15% for trucks year-over-year, reflecting ongoing weakness in market conditions [13] Company Strategy and Development Direction - Ryder's balanced growth strategy focuses on operational excellence and investment in customer-centric technology, aiming to improve full-cycle returns and unlock long-term shareholder value [5] - The company expects earnings growth in 2025 driven by resilient contractual businesses and strategic initiatives, with a forecasted ROE of 17% [22] - Ryder has authorized a new discretionary share repurchase program, reflecting a commitment to disciplined capital allocation [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's cycle-tested business model, which has demonstrated resiliency during the freight cycle downturn [6] - The company anticipates continued earnings growth from multi-year strategic initiatives, with expected annual pre-tax earnings benefits of approximately $150 million [24] - Management noted that while there are near-term headwinds in lease and dedicated sales due to market conditions, robust sales activity in SCS is encouraging [22] Other Important Information - Ryder's forecast for free cash flow remains unchanged at $900 million to $1 billion, reflecting lower capital spending and an annual cash flow benefit of approximately $200 million from tax bonus depreciation [8] - The company has repurchased approximately 22% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [7] Q&A Session Summary Question: Impact of CDL regulations on business model - Management indicated that tighter driver markets could benefit the dedicated business as companies seek assistance in driver recruitment [30][32] Question: Drivers of earnings growth for 2026 - Management expects contractual earnings growth and benefits from strategic initiatives to drive earnings growth, with strong performance anticipated in supply chain solutions [34][35] Question: Challenges in used vehicle pricing - Management acknowledged challenges in used vehicle pricing but noted that higher new truck pricing could eventually support used truck values [39][40] Question: Supply chain performance and headwinds - Management highlighted that recent headwinds in supply chain performance were temporary and attributed to specific customer issues, with expectations for recovery [49][50] Question: Bonus depreciation impact on financials - Management clarified that the bonus depreciation will provide a cash tax benefit of approximately $200 million annually, with no significant impact on operating margins [61][62]

Core Insights - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] Group 1 - The article suggests that users may face blocks if ad-blockers are enabled, indicating a need to disable them for proper access [1]

Financial Performance Highlights - Operating revenue increased by 1% to $2.6 billion in 3Q25 compared to $2.6 billion in 3Q24 [16] - Comparable EPS increased by 4% to $3.57 in 3Q25 compared to $3.44 in 3Q24 [16] - Adjusted ROE increased to 17% in 3Q25 from 16% in 3Q24 [16] - The company returned $457 million YTD to shareholders through buybacks and dividends [9] - FY25 free cash flow forecast remains unchanged at $900 million - $1 billion [9] Segment Performance - Fleet Management Solutions (FMS) operating revenue remained consistent at $1.3 billion in 3Q25 compared to 3Q24, with EBT increasing by 11% to $146 million [19] - Supply Chain Solutions (SCS) operating revenue increased by 4% to $1.0 billion in 3Q25 compared to $996 million in 3Q24, while EBT decreased by 8% to $86 million [26] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 6% to $458 million in 3Q25 compared to $486 million in 3Q24, with EBT remaining consistent at $36 million [29] Outlook - The company updated its full-year 2025 comparable EPS forecast range to $12.85 - $13.05 [38] - The company forecasts a 2025 ROE of 17% and free cash flow between $900 million and $1 billion [38]