Ryder beats Q3 estimates, raises 2026 guidance and lifts rental fleet spending

Chief Financial Officer Cristina Gallo-Aquino ties the $300 million increase in rental fleet investment to demand she expects in 2027

Ryder reported third-quarter earnings per share of $4.33, $0.09 ahead of expectations. Revenue came to $3.43 billion, just above the $3.42 billion forecast.

The company raised its full-year 2026 comparable earnings per share guidance to a range of $14.85 to $15.05 and lifted its adjusted return on equity guidance to 18% to 19%. Ryder also increased its planned 2026 rental fleet investment to $500 million, up $300 million from its prior forecast.

Chief Financial Officer Cristina Gallo-Aquino said the larger fleet budget is meant to capture higher rental demand she expects in 2027, pointing to improving used vehicle sales and rental market conditions. For the fourth quarter, Ryder guided to comparable earnings per share of $4.25 to $4.45. Its GAAP guidance of -$0.15 to $0.05 reflects about $4.30 per share in non-cash pension settlement charges.

The move marks a shift from earlier in the year, when Ryder was running a rental fleet about 15% smaller and said it would expand only modestly unless demand accelerated. The new spending is built on a forecast rather than current volume, and the raised return on equity target implies management expects that capital to pay off. Whether it does will depend on fleet utilization holding near the company's 75% target as the fleet grows.