Ryder System Reports Q2 2025 Revenue of $3.189 Billion, Earnings Increase to $132 Million

Ryder System, Inc. reported its financial results for the second quarter and first half of 2025, revealing total revenue of $3.189 billion for the quarter, a slight increase from $3.182 billion in the same period last year. For the six months ending June 30, 2025, total revenue reached $6.319 billion, up from $6.279 billion in 2024. The company’s earnings from continuing operations for the second quarter were $132 million, or $3.15 per diluted share, compared to $126 million, or $2.83 per diluted share, in the prior year, marking an 11% increase in earnings per share.

The company experienced a 1% increase in services revenue, which totaled $2.123 billion for the second quarter, compared to $2.114 billion in 2024. The Fleet Management Solutions (FMS) segment reported a revenue decline of 1% to $1.467 billion, while the Supply Chain Solutions (SCS) segment saw a 2% increase to $1.366 billion. The Dedicated Transportation Solutions (DTS) segment's revenue decreased by 5% to $606 million. The overall increase in revenue was attributed to higher contractual earnings and improved performance in the SCS segment, despite challenges in used vehicle sales and rental demand.

Operationally, Ryder's rental utilization rates were reported at 70% for the second quarter, slightly up from 69% in the previous year. The company’s average active fleet size decreased by 2% year-over-year, reflecting a strategic decision to right-size its fleet in response to market conditions. The total number of vehicles in the fleet was approximately 188,400 as of June 30, 2025, down from 191,900 at the end of 2024. The company also noted a significant reduction in used vehicle sales, with net sales of $2 million in the second quarter, compared to a loss of $19 million in the same period last year.

Ryder's financial position remains stable, with cash and cash equivalents totaling $180 million as of June 30, 2025. The company reported net cash provided by operating activities of $1.403 billion for the first half of 2025, a 30% increase from $1.078 billion in the prior year. However, net cash used in investing activities decreased to $943 million, down from $1.305 billion in 2024, primarily due to lower capital expenditures and the absence of significant acquisitions. The company’s debt-to-equity ratio stood at 251%, consistent with the previous year.

Looking ahead, Ryder anticipates continued challenges in the freight market and used vehicle sales, but remains optimistic about long-term growth opportunities driven by favorable trends in logistics and transportation solutions. The company expects to leverage its diversified contractual portfolio and strategic initiatives to mitigate short-term market pressures. Ryder's management emphasized the importance of maintaining operational efficiency and cost management to navigate the current economic landscape.