RYDER SYSTEM INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RYDER SYSTEM INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	6,758	7,280	8,414	8,926	8,420	9,663	12,011	11,783	12,636	12,665
Cost of revenue	2,574	2,971
Gross profit	4,184	4,309
Selling, general and administrative	804	871	849	907	1,044	1,187	1,415	1,421	1,478	1,470
Interest expense	148	142	180	241	261	214	228	296	386	404
Other non-operating income	13.1	44.2	5.42	33.6	22	66	32	47	34	26
Pre-tax income	407	296	389	-42.3	-130	693	1,216	618	661	685
Income tax	142	-424	103	-19	-18	171	353	212	172	184
Income from continuing operations	265	720	287	-23.3	-112	522	863	406	489	501
Net income	263	720	285	-24.4	-122	519	867	406	489	499
EPS, basic	4.50	13.63	5.41	-0.47	-2.34	9.87	17.41	8.89	11.29	12.15
EPS, diluted	4.46	13.53	5.38	-0.47	-2.34	9.66	17.04	8.73	11.06	11.94
Shares, basic (weighted)	58.3	52.6	52.4	52.3	52.4	52.3	49.5	45.4	43.1	40.8
Shares, diluted (weighted)	58.7	53	52.7	52.3	52.4	53.5	50.9	46.5	44.2	41.8
Dividend per share	1.54	1.80	2.12	2.20	2.24	2.28	2.40	2.66	3.04	3.44

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	58.8	78.3	68.1	73.6	151	234	267	204	154	198
Receivables	832	1,011	1,242	1,228	1,182	1,465	1,610	1,714	1,861	1,897
Inventory	69.5	73.5	79.2	80.8	61.2	69	78
Other current assets	39.8	33.9	42.3	179	201	693	323	347	448	378
Total current assets	1,102	1,323	1,568	1,562	1,596	2,461	2,200	2,265	2,463	2,473
Property, plant and equipment	746	777	862	918	927	985	1,148	1,217	1,184	1,268
Lease right-of-use assets			204	215	256	341	715	1,016	1,055	1,000
Goodwill	387	396	475	475	475	571	861	940	1,158	1,152
Intangible assets	48.2	42.9	59.1	50.9	43.2	171	295	396	457	412
Other non-current assets	16.8	25.5	29.9
Total assets	10,912	11,726	13,348	14,475	12,932	13,835	14,395	15,778	16,672	16,387
Accounts payable	445	599	732	595	547	748	767	833	828	689
Accrued liabilities	90.9	136	150	126	158	210	259	200	197	226
Deferred revenue	14.1	14	161	165	183	183	178	177	160	161
Short-term debt	791	826	937	1,155	517	1,333	1,349	1,583	1,120	819
Total current liabilities	1,744	2,015	2,517	2,625	2,053	3,201	3,316	3,649	3,271	2,778
Long-term debt	4,600	4,584	5,712	6,770	6,094	5,247	5,003	5,531	6,659	6,826
Lease liabilities			137	151	186	256	541	800	804	732
Other non-current liabilities	818	813	1,403	1,442	1,404	1,314	1,568	1,871	1,954	1,923
Total liabilities	8,850	8,622	10,811	11,999	10,676	11,037	11,458	12,709	13,555	13,335
Total debt	5,366	5,396	6,620	7,898	6,588	6,555	6,328	7,129	7,765	7,693
Paid-in capital	1,033	1,051	1,084	1,109	1,133	1,194	1,192	1,148	1,144	1,083
Retained earnings	1,827	2,472	2,337	2,178	1,913	2,266	2,518	2,554	2,644	2,569
Other comprehensive income	-834	-708	-912	-836	-817	-689	-796	-655	-692	-620
Shareholders' equity	2,058	2,454	2,537	2,476	2,256	2,798	2,937	3,069	3,117	3,052
Total equity	-834	2,454	2,537	2,476	2,256	2,798	2,937	3,069	3,117	3,052
Total liabilities and equity	10,902	11,464	13,348	14,475	12,932	13,835	14,395	15,778	16,672	16,387
Shares outstanding	58.8	53	53.1	53.3	53.7	53.8	46.3	43.9	42.1	39.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	263	720	285	-24.4	-122	519	867	406	489	499
Depreciation and amortization	1,187	1,258	1,389	1,879	2,027	1,786	1,713	2,085	2,228	2,240
Stock-based compensation	18.7	19	25	25.8	30	47	46	44	42	39
Deferred income tax	125	-446	109	-32.3	-33	126	266	115	21	130
Change in receivables	-51.8	-179	-193	27.1	-5	-240	-134	-26	-61	-33
Change in inventory	-5.91	-3.3	-5.78	-1.33	20	-8	-9
Cash from operations	1,601	1,628	1,718	2,141	2,181	2,175	2,310	2,353	2,265	2,594
Capital expenditures	-1,905	-1,860	-3,050	-3,735	-1,146	-1,941	-2,631	-3,234	-2,683	-2,135
Acquisitions	0	-7.24	-167	0	0	-325	-458	-250	-314	-1
Cash from investing	-1,407	-1,439	-2,821	-3,217	-601	-1,450	-1,850	-2,663	-2,446	-1,650
Debt issued					2,084	300	1,229	2,307	1,789	892
Debt repaid					-3,055	-608	-1,552	-1,481	-1,479	-1,119
Stock issued								2	10	-12
Share buybacks	-37.3	-78.3	-30.8	-27.7	-29	-57	-557	-337	-321	-519
Dividends paid	-91	-95.8	-112	-116	-119	-122	-123	-128	-135	-145
Cash from financing	-186	-162	1,086	1,084	-1,507	-204	-861	256	153	-912
Exchange rate effect	-9.48	-5.54	4.69	-4.27	5	-1	-4	-9	-21	13
Net change in cash	-2.14	19.5	-14.9	5.47	77	521	-405	-63	-50	44
Free cash flow	-304	-232	-1,332	-1,595	1,035	234	-321	-881	-418	459
Interest paid	144	130	162	226	246	208	214	269	372	399
Income taxes paid	14.1	13.7	23	6.33	14	45	115	96	207	52

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $235.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	5.2%	Pre-tax income / revenue.
Net margin	3.9%	Net income / revenue.
FCF margin	5.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	19.1%	Cash from operations / revenue.
Effective tax rate	25.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.1%	Net income / average total assets.
SG&A / revenue	11.7%	Selling, general and administrative expense / revenue.
Capex / revenue	13.8%	Capital expenditures / revenue.
D&A / revenue	17.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	0.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	2.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-16.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	8.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	3.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	12.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-2.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-4.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.65x	Current assets / current liabilities.
Quick ratio	0.56x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.3%	Total debt / total assets.
Liabilities / assets	82.1%	Total liabilities / total assets.
Net debt	$7.24B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	-$1.40B	Current assets - current liabilities.
Goodwill and intangibles / assets	9.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.34B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	9.94x	Revenue / average property, plant and equipment.
Receivables turnover	6.42x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
FCF conversion	138.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	72.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$12.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$329.45	Revenue / diluted weighted shares.
FCF per share	$17.66	Free cash flow / diluted weighted shares.
Operating cash flow per share	$63.00	Cash from operations / diluted weighted shares.
Book value per share	$75.08	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$34.94	Tangible book value / shares outstanding.
Cash per share	$5.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	21.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	85.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.03B	Share price x shares outstanding.
Enterprise value	$16.27B	Market cap + total debt - cash - short-term investments.
P/E	18.2x	Market cap / net income. Only when net income is positive.
P/S	0.70x	Market cap / revenue.
P/B	3.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.74x	Market cap / tangible book value, when positive.
P/FCF	13.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.69x	Market cap / cash from operations, when positive.
EV/Sales	1.27x	Enterprise value / revenue.
EV/FCF	23.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.6%	Free cash flow / market cap.
Earnings yield	5.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	8.2%	(Dividends paid + share buybacks) / market cap.

What was RYDER SYSTEM INC's revenue in fiscal 2025?

RYDER SYSTEM INC reported revenue of $12.67B for fiscal 2025, 0.2% higher than the year before.

Was RYDER SYSTEM INC profitable in fiscal 2025?

Yes. Net income was $499.0M, a net margin of 3.9%.

How much free cash flow did RYDER SYSTEM INC generate in fiscal 2025?

Cash from operations of $2.59B minus capital expenditures of $2.14B left free cash flow of $459.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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