Ryder Q3 Earnings Beat Expectations with Strong Fleet Utilization

Ryder reported solid third quarter 2026 results across all three business segments, raising its full-year non-GAAP earnings per share guidance to $14.85-$14.05 (from $14.40-$14.80) and increasing its return on equity forecast to 18-19%. Revenue growth was positive everywhere: Fleet Management Solutions up 10%, Supply Chain Solutions up 9%, and Dedicated Transportation Solutions up 6%. The standout metric was a 77% rental utilization rate, approaching the company's 80% target, which analysts viewed as better than expected.

Used vehicle sales remained a significant earnings driver despite Ryder's strategic efforts to diversify. The company achieved a $17 million net benefit from used vehicle sales, beating the expected $10 million, supported by strong pricing: used tractor prices rose 19% year-over-year and 15% sequentially, while used truck prices climbed 5% annually and 6% sequentially. However, Dedicated Transportation Solutions earnings fell 5% before tax, attributed to lower operating revenue and tighter driver labor markets pushing up hiring and wage costs.

The results reflect a recovering transportation market and improving asset utilization, but also highlight persistent labor cost pressures in dedicated trucking. For supply chain professionals, this signals stronger demand for contract logistics and vehicle rental services while underscoring the structural challenge of driver availability driving up operational costs in freight.