Ryder System Q1 Net Income Slips 5% to $93M on Flat Revenue

Ryder System Inc. (NYSE: R), a logistics and transportation services provider, reported net income of $93 million for the three months ending March 31, 2026, a 5% decline from $98 million in the same period a year earlier. Revenue edged down marginally to $3.13 billion from $3.13 billion. Read more earnings reports.

Diluted earnings per share rose to $2.33 from $2.27 in the prior-year quarter, reflecting a smaller share count. The company had 39.6 million diluted weighted average shares outstanding in the quarter, down from 42.9 million a year earlier.

Operating Performance

Operating cash flow declined to $583 million from $651 million in the first quarter of 2025. The company deployed $321 million in investing activities, down from $393 million in the prior-year period. Cash used in financing totaled $277 million compared with $261 million a year earlier.

Selling, general and administrative expenses climbed to $380 million from $368 million. Interest expense fell to $97 million from $100 million. The income tax provision dropped to $25 million from $36 million.

Balance Sheet

Total assets stood at $16.23 billion as of March 31, down from $16.39 billion at year-end 2025. Cash and cash equivalents declined to $182 million from $198 million at December 31, 2025.

Current liabilities surged to $3.67 billion from $2.78 billion at the end of 2025. Accounts payable increased to $725 million from $689 million. Total stockholders' equity fell to $2.86 billion from $3.05 billion at year-end.

Common shares outstanding decreased to 38.7 million from 39.4 million at December 31, 2025. Retained earnings declined to $2.42 billion from $2.57 billion.

Financial Summary

*As of December 31, 2025