Core Viewpoint - Delivra Health Brands Inc. is expanding its Dream Water® brand by launching a new 6-Count Sleep Gummies product in the Gulf Cooperation Council (GCC) market, targeting key Middle Eastern markets through a partnership in Saudi Arabia, with availability expected by September 2025 [1][2]. Group 1: Product Launch and Market Expansion - The new 6-Count Sleep Gummies will be available in airports, major pharmacies, and e-commerce channels in the GCC region, which is identified as a high-growth market for wellness and sleep-support products [1]. - The launch represents a significant step in Delivra's global expansion strategy, enhancing brand presence and consumer convenience while increasing distribution opportunities [2]. Group 2: Company Strategy and Leadership - Gord Davey, President and CEO of Delivra Health, emphasized the strong demand for convenient, natural sleep solutions and the importance of partnering with international distributors who understand local markets [2]. - The product extension aims to provide a cost-effective entry point for both new and existing customers, reflecting the company's commitment to international growth [2]. Group 3: Stock Options Grant - On August 7, 2025, the Company’s Board of Directors approved the granting of 100,000 incentive stock options to certain directors, officers, and employees, exercisable at a price of $0.30 per common share, with a term of three years and immediate vesting [5].

Company Overview - Ryder System, Inc. is one of the world's largest providers of integrated logistics and transportation solutions, serving a diverse range of customers from small businesses to large international enterprises across various industries including automotive, electronics, transportation, grocery, lumber and wood products, food service, and home furnishing [11]. Investment Ratings - Ryder has a Zacks Rank of 3 (Hold) and a VGM Score of A, indicating a solid position in the market [12]. - The company has a Momentum Style Score of A, with shares increasing by 5% over the past four weeks [12]. Earnings Estimates - For fiscal 2025, one analyst has revised Ryder's earnings estimate upwards in the last 60 days, with the Zacks Consensus Estimate increasing by $0.03 to $13.12 per share [12]. - Ryder boasts an average earnings surprise of +2.9%, suggesting a positive trend in earnings performance [12]. Investment Considerations - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Ryder is recommended to be on investors' short lists for potential investment opportunities [13].

Core Insights - Ryder System, Inc. reported strong second-quarter 2025 results with earnings and revenues exceeding expectations and showing year-over-year improvement [1][8] - Earnings per share (EPS) reached $3.32, surpassing the Zacks Consensus Estimate of $3.11 and reflecting a 10.7% year-over-year increase [1][8] - Total revenues amounted to $3.18 billion, slightly exceeding the Zacks Consensus Estimate of $3.17 billion and showing a 0.2% year-over-year growth [2][8] Financial Performance - Operating revenue (adjusted) was $2.6 billion, up 2% year over year, driven by growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [2] - The company achieved a return on equity (ROE) of 17%, demonstrating effective execution and resilience in its business model [3][8] Segment Performance - Fleet Management Solutions reported total revenues of $1.46 billion, a 1% decline year over year, while operating revenues increased by 1% to $1.28 billion due to higher ChoiceLease revenue [4] - Supply Chain Solutions saw total revenues of $1.36 billion, a 2% increase year over year, with operating revenues rising 3% to $1.01 billion due to new business and higher customer volumes [5] - Dedicated Transportation Solutions experienced a decline, with total revenues of $606 million and operating revenues of $470 million, down 5% and 3% year over year, respectively [5] Liquidity and Outlook - Ryder ended the second quarter with cash and cash equivalents of $180 million, up from $151 million in the previous quarter, while total debt decreased slightly to $7.72 billion [6] - For the third quarter of 2025, adjusted EPS is expected to be in the range of $3.45-$3.65, with the full-year adjusted EPS guidance updated to $12.85-$13.30 [7][9] - The company raised its free cash flow outlook for 2025 to up to $1 billion, with net cash from operating activities projected at $2.8 billion [8][9]

Core Insights - Ryder System has achieved its third consecutive quarter of double-digit earnings per share growth, indicating the effectiveness of its transformation strategy amid a prolonged freight market downturn [1][3] - The company reported comparable earnings per share of $3.32, an 11% increase year over year, with revenue reaching $2.6 billion, up 2% from the previous year [2] Financial Performance - The transformation strategy has led to asset-light supply chain and dedicated transportation services now accounting for a majority of Ryder's revenue, moving away from traditional fleet management [3] - Ryder's full-year earnings forecast has been adjusted to $12.85 to $13.30 per share, down from the previous range of $12.85 to $13.60, reflecting strong contractual earnings performance but muted recovery in used vehicle sales [7] Strategic Initiatives - The company has adopted a "balanced growth strategy" that focuses on businesses generating stable cash flows across economic cycles, with over 90% of operating revenue derived from multiyear contracts [4] - Ryder's business model is designed to de-risk operations and enhance return profiles, with a resilient contractual portfolio driving performance [5] Market Outlook - Looking ahead, Ryder anticipates benefiting from long-term trends favoring the outsourcing of transportation and logistics, as well as increased industrial manufacturing in the United States [6] - The company acknowledges near-term headwinds in contractual sales due to macroeconomic uncertainty, which has led some customers to delay decisions [8]

PART I. FINANCIAL INFORMATION This section presents the company's financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) Ryder System, Inc. reported increased revenue and net earnings for Q2 and YTD 2025, with significant growth in operating cash flow Condensed Consolidated Statements of Earnings Highlights | Metric (In millions, except EPS) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | $3,189 | $3,182 | $6,319 | $6,279 | | **Earnings from continuing operations** | $132 | $126 | $230 | $212 | | **Net Earnings** | $131 | $127 | $228 | $212 | | **Diluted EPS (Continuing operations)** | $3.15 | $2.83 | $5.42 | $4.72 | | **Diluted EPS (Net earnings)** | $3.13 | $2.84 | $5.39 | $4.73 | Condensed Consolidated Balance Sheets Highlights | Metric (In millions) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $2,340 | $2,463 | | **Total Assets** | $16,470 | $16,672 | | **Total Current Liabilities** | $2,869 | $3,271 | | **Total Liabilities** | $13,396 | $13,555 | | **Total Shareholders' Equity** | $3,074 | $3,117 | Condensed Consolidated Statements of Cash Flows Highlights | Metric (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,403 | $1,078 | | **Net cash used in investing activities** | $(943) | $(1,305) | | **Net cash (used in) provided by financing activities** | $(444) | $194 | | **Increase (decrease) in Cash and cash equivalents** | $26 | $(40) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section details segment performance, revenue disaggregation, debt structure, and share repurchase activities - The company reports financial performance across three business segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS)[26](index=26&type=chunk) Segment Earnings Before Taxes (EBT) | Segment (In millions) | Q2 2025 EBT | Q2 2024 EBT | YTD 2025 EBT | YTD 2024 EBT | | :--- | :--- | :--- | :--- | :--- | | **Fleet Management Solutions (FMS)** | $126 | $133 | $220 | $233 | | **Supply Chain Solutions (SCS)** | $99 | $85 | $186 | $149 | | **Dedicated Transportation Solutions (DTS)** | $37 | $37 | $64 | $55 | FMS Revenue by Product Line | Product Line (In millions) | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **ChoiceLease** | $871 | $856 | $1,738 | $1,698 | | **Commercial rental** | $239 | $244 | $458 | $475 | | **Fuel services revenue** | $179 | $202 | $366 | $406 | Share Repurchases | Program (In millions) | Q2 2025 Shares | Q2 2025 Amount | YTD 2025 Shares | YTD 2025 Amount | | :--- | :--- | :--- | :--- | :--- | | **2023 Anti-Dilutive Program** | 0.1 | $14 | 0.4 | $68 | | **October 2024 Discretionary Program** | 0.6 | $79 | 1.3 | $192 | | **Total** | **0.6** | **$94** | **1.7** | **$261** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details strong contractual portfolio performance, 11% diluted EPS growth, and a substantial increase in free cash flow - The company's contractual portfolio and strategic initiatives helped mitigate the impact of weak market conditions on used vehicle sales and commercial rental demand during the first half of 2025[82](index=82&type=chunk) Selected Financial Highlights (Q2 2025) | Metric | Q2 2025 | Change vs Q2 2024 | | :--- | :--- | :--- | | **Diluted EPS from continuing operations** | $3.15 | +11% | | **Comparable EPS (non-GAAP)** | $3.32 | +11% | | **Total revenue** | $3.2 billion | 0% | | **Operating revenue (non-GAAP)** | $2.6 billion | +2% | Free Cash Flow (non-GAAP) | Metric (In millions) | Six months ended June 30, 2025 | Six months ended June 30, 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $1,403 | $1,078 | | **Total cash generated** | $1,664 | $1,395 | | **Purchases of property and equipment** | $(1,203) | $(1,324) | | **Free cash flow** | $461 | $71 | - The recently enacted One Big Beautiful Bill Act (OBBBA) is expected to reduce the company's U.S. federal cash tax liability by approximately **$200 million** in 2025 and defer federal tax payments for several years[145](index=145&type=chunk) [Consolidated Results of Operations](index=27&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated results show flat total revenue, improved gross margins, and a decline in used vehicle sales due to weaker market conditions Gross Margin by Revenue Type (Q2 2025 vs Q2 2024) | Revenue Type (In millions) | Q2 2025 Gross Margin | Q2 2024 Gross Margin | Change | | :--- | :--- | :--- | :--- | | **Services** | $331 | $321 | +3% | | **Lease & Related Maintenance and Rental** | $325 | $304 | +7% | | **Fuel Services** | $6 | $4 | +50% | - Used vehicle sales, net, decreased to **$2 million** in Q2 2025 from a net gain of **$19 million** in Q2 2024, reflecting weaker market conditions and higher wholesale volumes to manage aged inventory[102](index=102&type=chunk) Average Used Vehicle Pricing Change (2025 vs 2024) | Vehicle Type | Q2 Change | YTD Change | | :--- | :--- | :--- | | **Tractors** | (17)% | (16)% | | **Trucks** | (17)% | (18)% | [Operating Results by Business Segment](index=31&type=section&id=Operating%20Results%20by%20Business%20Segment) Segment performance varied in Q2 2025, with FMS EBT declining, SCS EBT growing, and DTS EBT remaining flat - **FMS:** EBT decreased **6%** in Q2 2025, driven by lower used vehicle sales results, which were partially offset by higher ChoiceLease results from pricing and maintenance cost savings initiatives[122](index=122&type=chunk) - **SCS:** EBT increased **16%** in Q2 2025, reflecting operating revenue growth and improved performance from the optimization of the omnichannel retail network[131](index=131&type=chunk) - **DTS:** EBT was flat in Q2 2025, as acquisition synergies and prior year integration costs were offset by lower operating revenue due to a reduced fleet count reflecting the freight market downturn[133](index=133&type=chunk)[134](index=134&type=chunk) Segment EBT Performance (Q2 2025 vs Q2 2024) | Segment (In millions) | Q2 2025 EBT | Q2 2024 EBT | Change | | :--- | :--- | :--- | :--- | | **Fleet Management Solutions** | $126 | $133 | (6)% | | **Supply Chain Solutions** | $99 | $85 | 16% | | **Dedicated Transportation Solutions** | $37 | $37 | 1% | [Financial Resources and Liquidity](index=36&type=section&id=Financial%20Resources%20and%20Liquidity) Liquidity strengthened in H1 2025 with increased operating cash flow, higher free cash flow, and an expanded credit facility - Net cash provided by operating activities increased to **$1.4 billion** for the first six months of 2025, up from **$1.1 billion** in the prior year, primarily due to lower income tax payments and timing of vendor payments[138](index=138&type=chunk) - In April 2025, the company amended its corporate revolving credit facility, increasing its borrowing capacity to **$1.6 billion** and extending the expiration to April 2030[63](index=63&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - The company's debt-to-equity ratio was **251%** as of June 30, 2025, consistent with **250%** at year-end 2024[153](index=153&type=chunk) - In July 2025, the board of directors declared a quarterly cash dividend of **$0.91 per share**, a **12%** increase from the prior year[154](index=154&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk exposures have occurred since year-end 2024 - There have been no material changes to Ryder's exposures to market risks since December 31, 2024[174](index=174&type=chunk) [Controls and Procedures](index=48&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal control over financial reporting - The CEO and CFO concluded that as of the end of Q2 2025, Ryder's disclosure controls and procedures were effective[177](index=177&type=chunk) - There were no changes in Ryder's internal control over financial reporting during Q2 2025 that have materially affected, or are reasonably likely to materially affect, such controls[178](index=178&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, equity security sales, and other relevant information [Legal Proceedings](index=48&type=section&id=ITEM%201.%20Legal%20Proceedings) The company refers to Note 14 for details on material pending legal proceedings - For details on material pending legal proceedings, the company directs readers to Note 14 of the Condensed Consolidated Financial Statements[180](index=180&type=chunk) [Risk Factors](index=48&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to risk factors have occurred since the 2024 Annual Report on Form 10-K - There have been no material changes in the risk factors from those disclosed in the Form 10-K for the year ended December 31, 2024[182](index=182&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=48&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 646,953 common shares in Q2 2025 under discretionary and anti-dilutive programs Common Stock Repurchases (Q2 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | **April 2025** | 340,061 | $139.57 | | **May 2025** | 305,513 | $150.80 | | **June 2025** | 1,379 | $151.24 | | **Total Q2** | **646,953** | **$144.90** | [Other Information](index=49&type=section&id=ITEM%205.%20Other%20Information) Officers and directors participate in company stock plans, with transactions potentially under Rule 10b5-1 trading plans - Certain officers and directors participate in company stock plans, and their transactions may be executed under Rule 10b5-1 trading plans or other arrangements[185](index=185&type=chunk) [Exhibits](index=50&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed, including CEO/CFO certifications and XBRL data files - The exhibits filed with this report include certifications from the CEO and CFO pursuant to SEC rules, as well as XBRL data files[187](index=187&type=chunk)

Financial Data and Key Metrics Changes - The company reported operating revenue of $2.6 billion in the second quarter, up 2% from the prior year, primarily due to contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [14] - Comparable earnings per share from continuing operations were $3.32, an 11% increase from $3 in the prior year, reflecting higher contractual earnings and share repurchases [14] - Return on equity (ROE) was 17%, up from the prior year, primarily due to higher contractual earnings [15] - Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures [15] Business Line Data and Key Metrics Changes - **Fleet Management Solutions (FMS)**: Operating revenue increased by 1%, driven by ChoiceLease revenue, which was up 2%. However, pretax earnings in fleet management were $126 million, down year-over-year due to weaker freight market conditions [16] - **Supply Chain Solutions (SCS)**: Operating revenue increased by 3%, driven by new business and higher customer volumes and pricing. Earnings increased by 16% from the prior year, reflecting operating revenue growth and improved performance from initiatives [21] - **Dedicated Transportation Solutions (DTS)**: Operating revenue decreased by 3% due to lower fleet count, but EBT increased by 1% year-over-year, reflecting acquisition synergies [22] Market Data and Key Metrics Changes - The company expects its transformed business model to continue outperforming prior cycles, with 60% of 2025 revenue expected to come from asset-light businesses compared to 44% in 2018 [12] - Used vehicle sales results were negatively impacted by increased wholesale volumes to manage aged inventory, with used tractor and truck pricing both declining 17% year-over-year [18] Company Strategy and Development Direction - The company is focused on executing its balanced growth strategy, which includes organic growth, strategic acquisitions, and innovative technology [12] - The company announced a 12% annualized increase to its quarterly dividend, reflecting higher profitability and improved returns over the cycle [10] - The company aims to leverage the momentum of its transformed business model to support profitable growth and return capital to shareholders [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current freight downturn and highlighted strong sales and pipeline activity in SCS [30] - The company revised its full-year 2025 comparable EPS forecast to a range of $12.85 to $13.30, reflecting higher contractual earnings and benefits from strategic initiatives [30] - Management noted that while sales pipelines remain strong, prolonged freight downturn and economic uncertainty continue to cause some customers to delay decisions [30] Other Important Information - The company expects to generate approximately $3.5 billion of incremental debt capacity over the next three years, resulting in $14 billion available for capital deployment [28] - The company has repurchased approximately 21% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [10] Q&A Session Summary Question: Confidence in deploying dry powder on the balance sheet - Management feels confident about deploying capital for share repurchase programs and acquisitions, indicating a balanced approach to capital allocation [41][42] Question: Used vehicle pricing expectations - Management expects tractor pricing to continue to increase, with a steady upward trend anticipated, especially in the fourth quarter [44][45] Question: Losses on sales in Q2 and expectations for Q3 - Losses were driven by incremental wholesaling activity of aged inventory, with expectations for a return to gains in Q3 as wholesaling activity decreases [48][49] Question: OEM delays and CapEx changes - Management anticipates that OEM delays will reverse in 2026, with increased capital spending expected as the freight market stabilizes [66][67] Question: Maintenance growth outlook - Management is focusing on mobile maintenance initiatives and sees potential for growth in retail maintenance services, despite traditional maintenance offerings being stagnant [100][103]

Financial Data and Key Metrics Changes - Ryder reported operating revenue of $2.6 billion for Q2 2025, an increase of 2% from the prior year, primarily driven by contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS) [13] - Comparable earnings per share from continuing operations were $3.32, up 11% from $3 in the prior year, reflecting higher contractual earnings and share repurchases [13] - Return on equity (ROE) was 17%, up from the prior year, primarily due to higher contractual earnings [14] - Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures [14] Business Line Data and Key Metrics Changes - **Fleet Management Solutions (FMS)**: Operating revenue increased by 1%, driven by ChoiceLease revenue, which was up 2%. However, pretax earnings decreased to $126 million due to weaker freight market conditions [15] - **Supply Chain Solutions (SCS)**: Operating revenue increased by 3%, with earnings up 16% from the prior year, reflecting new business and improved performance from initiatives to optimize the omnichannel retail network [21] - **Dedicated Transportation Solutions (DTS)**: Operating revenue decreased by 3% due to lower fleet count, but earnings before tax (EBT) increased by 1% year-over-year, reflecting acquisition synergies [22] Market Data and Key Metrics Changes - The U.S. market remains a significant focus, generating 93% of Ryder's revenue, with expectations of benefiting from increased industrial manufacturing [6] - Used vehicle sales results were negatively impacted by increased wholesale volumes, with used tractor and truck pricing declining by 17% year-over-year [18] - Rental utilization on the power fleet was 70%, up from 69% in the prior year, although still below the target range [16] Company Strategy and Development Direction - Ryder's balanced growth strategy aims to derisk the business, increase return profiles, and accelerate growth in asset-light supply chain and dedicated businesses [4] - The company expects to continue leveraging its transformed business model to outperform prior cycles, with a focus on organic growth, strategic acquisitions, and innovative technology [11] - Ryder announced a 12% annualized increase to its quarterly dividend, reflecting higher profitability and improved returns [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the transformed business model, expecting to generate higher earnings and returns even in a freight cycle downturn [7] - The company anticipates a more muted recovery in used vehicle sales and ongoing challenges in the rental market due to economic uncertainty [29] - Management remains optimistic about robust sales and pipeline activity in SCS, despite near-term headwinds in lease and dedicated businesses [29] Other Important Information - Ryder increased its 2025 forecast for free cash flow to a range of $900 million to $1 billion, reflecting lower expected capital spending and the reinstatement of tax bonus depreciation [10] - The company has repurchased approximately 21% of its shares outstanding since 2021 and increased the quarterly dividend by 57% [9] Q&A Session Summary Question: Confidence in deploying dry powder on the balance sheet - Management feels confident about deploying capital for share repurchase programs and acquisitions, with plans to invest organically as the freight market improves [40][41] Question: Used vehicle pricing expectations - Management expects a steady increase in tractor pricing, with retail pricing up 10%, although the overall increase may be more muted than initially expected [43][44] Question: Reasons for losses on sales in Q2 and recovery in Q3 - Losses were driven by increased wholesaling of aged inventory, which is not expected to continue at the same level, allowing for a return to gains in Q3 [47][48] Question: Impact of OEM delays on capital expenditures - Management anticipates that OEM delays will reverse in 2026, leading to increased capital spending as the freight market stabilizes [62][64] Question: Maintenance growth outlook - Management is focusing on mobile maintenance initiatives and retail maintenance offerings, which are expected to grow despite historical stagnation [96][99]

Core Insights - Ryder reported revenue of $3.19 billion for the quarter ended June 2025, reflecting a year-over-year increase of 0.2% and surpassing the Zacks Consensus Estimate by 0.5% [1] - Earnings per share (EPS) for the quarter was $3.32, up from $3.00 in the same quarter last year, representing a surprise of 6.75% over the consensus estimate of $3.11 [1] Financial Performance Metrics - Commercial rental utilization was reported at 70%, exceeding the two-analyst average estimate of 68% [4] - Operating Revenue for Fleet Management Solutions was $1.29 billion, matching the average estimate and showing a year-over-year increase of 0.9% [4] - Operating Revenue for Dedicated Transportation Solutions was $470 million, slightly above the average estimate of $460.58 million, but down 3.1% year over year [4] - Operating Revenue for Supply Chain Solutions was $1.02 billion, aligning with the average estimate and reflecting a year-over-year increase of 3% [4] - Revenues for Fleet Management Solutions totaled $1.47 billion, consistent with the average estimate but down 0.7% year over year [4] - Revenues for Supply Chain Solutions reached $1.37 billion, slightly above the average estimate of $1.36 billion, marking a 1.9% year-over-year increase [4] - Revenues from Fleet Management Solutions - SelectCare and other amounted to $178 million, close to the average estimate, with a year-over-year increase of 1.1% [4] - Revenues from Eliminations were reported at -$250 million, better than the average estimate of -$261.4 million, but down 8.1% year over year [4] - Revenues from Fleet Management Solutions - Commercial rental were $239 million, exceeding the average estimate but down 2.1% year over year [4] - Revenues from Fleet Management Solutions - ChoiceLease were $871 million, slightly below the average estimate, with a year-over-year increase of 1.8% [4] - Revenues from Fleet Management Solutions - Fuel services were $179 million, below the average estimate, reflecting an 11.4% year-over-year decline [4] - Revenues from Dedicated Transportation Solutions were $606 million, slightly above the average estimate, but down 4.6% year over year [4] Stock Performance - Ryder's shares have returned +10.9% over the past month, outperforming the Zacks S&P 500 composite's +5.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Financial Performance Highlights - Second quarter operating revenue increased by 2% year-over-year to $2610 million[16,77] - Second quarter comparable EPS increased by 11% year-over-year to $332[16] - Second quarter ROE increased to 17%[16] - Year-to-date free cash flow reached $461 million[16] Segment Results - Fleet Management Solutions (FMS) operating revenue increased by 1% to $1288 million, while earnings before tax (EBT) decreased by 6% to $126 million[19,70] - Supply Chain Solutions (SCS) operating revenue increased by 3% to $1019 million, and EBT increased by 16% to $99 million[26,72] - Dedicated Transportation Solutions (DTS) operating revenue decreased by 3% to $470 million, but EBT remained flat at $37 million[29,74] Capital Allocation and Outlook - Full-year 2025 free cash flow forecast increased by $500 million to a range of $900 million - $1 billion[9,38] - Full-year 2025 comparable EPS forecast updated to $1285 - $1330[38]

Group 1 - Ryder reported quarterly earnings of $3.32 per share, exceeding the Zacks Consensus Estimate of $3.11 per share, and up from $3 per share a year ago, representing an earnings surprise of +6.75% [1] - The company posted revenues of $3.19 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.50%, and slightly up from $3.18 billion year-over-year [2] - Ryder has outperformed the S&P 500 with a gain of about 10.2% since the beginning of the year, compared to the S&P 500's gain of 8.1% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $3.65 on revenues of $3.26 billion, and for the current fiscal year, it is $13.03 on revenues of $12.87 billion [7] - The Transportation - Equipment and Leasing industry, to which Ryder belongs, is currently ranked in the top 39% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] Group 3 - The estimate revisions trend for Ryder was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6]