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# Ryder Lifts 2026 Adjusted EPS Forecast To $14.85-$15.05 After Third-Quarter Earnings Rise
- URL: https://www.bullished.co/ryder-lifts-2026-adjusted-eps-forecast-to-14-85-15-05-after-third-quarter-earnings-rise-6d85bad2/
- Published: 2026-10-22T11:09:10.000Z
- Updated: 2026-10-28T18:29:39.000Z
- Description: Used truck pricing and a freight recovery lifted Fleet Management earnings 21% to $177 million, and Ryder is adding $300 million of rental fleet spending.
- Author: Matteo Parrino
- Tags: Earnings, R, Industry: Industrials

[Ryder](https://www.bullished.co/tag/r/) raised its 2026 adjusted earnings forecast to [$14.85 to $15.05 a share](https://www.sec.gov/Archives/edgar/data/0000085961/000008596126000023/a3q26pressreleasedocument.htm?ref=bullished.co) after third-quarter earnings per share from continuing operations rose 25% to $4.16, according to the results release attached to an [8-K](https://www.bullished.co/learn/8-k-items-explained/) filed Thursday. Adjusted EPS was $4.33, up 21%.

## What the results show

Total revenue was $3.4 billion, up 8%, with all three segments growing. Operating revenue, which strips out fuel and subcontracted transportation, rose 6% to $2.8 billion.

Fleet Management Solutions drove the gain. Its pre-tax earnings rose 21% to $177 million, from $146 million a year earlier. Used truck prices rose 5% and used tractor prices 19% from a year earlier; sequentially they rose 6% and 15%.

Rental power-fleet utilization reached 77%, against 70% a year earlier, on an average fleet that was 12% smaller.

The other segments were weaker. Supply Chain Solutions earned $91 million before taxes, up 7%. Dedicated Transportation earned $34 million, down 5%, on lower operating revenue and a prior-year workers' compensation insurance benefit.

Chief Executive John Diez said used vehicle sales "exceeded our expectations, driven by stronger-than-expected pricing and sales volumes." He called it the eighth consecutive quarter of EPS growth.

## What changes in the outlook

Besides the higher EPS range, Ryder raised its return-on-equity target to 18% to 19%. Free cash flow guidance is unchanged at $700 million to $800 million, and operating revenue growth stays at 3%.

Full-year GAAP EPS is forecast at $9.75 to $9.95, including about $4.30 of non-cash pension settlement charges tied to moving U.K. and Canadian pension obligations to insurers. Fourth-quarter adjusted EPS is guided to $4.25 to $4.45.

CFO Cristina Gallo-Aquino said the company is lifting full-year rental fleet investment to $500 million, "up $300 million from our prior forecast," to capture higher expected rental demand in 2027\. Full-year capital spending stays at $2.4 billion, as lower lease spending offsets the rental increase.

Free cash flow for the first nine months was $992 million, versus $496 million a year earlier, as cash capital spending fell and operating cash rose. Debt-to-equity was 242% at September 30, down from 250% at year-end.

## What to watch

Ryder holds its earnings call and webcast at 11:00 a.m. ET Thursday, where management will present the results.

The full-year GAAP forecast carries the roughly $4.30 pension charge, so the gap to the adjusted range is mostly that one item.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — RYDER SYSTEM INC (R)](https://www.sec.gov/Archives/edgar/data/0000085961/000008596126000023/r-20261022.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit a3q26pressreleasedocument.htm — RYDER SYSTEM INC 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000085961/000008596126000023/a3q26pressreleasedocument.htm?ref=bullished.co) — SEC EDGAR
- [Ryder System Gears Up for Q3 Earnings: What's in Store for the Stock?](https://finance.yahoo.com/markets/stocks/articles/ryder-system-gears-q3-earnings-120800740.html?ref=bullished.co) — Yahoo Finance
- [Ryder System, Inc. (R) Stock Price, News, Quote & History - Yahoo Finance](https://ca.finance.yahoo.com/quote/R/?ref=bullished.co) — Yahoo Finance

### More on Ryder System

- [Ryder Plans A $240 Million Pension Charge That Cuts Fourth-Quarter Earnings Guidance To Near Zero](https://www.bullished.co/ryder-plans-a-240-million-pension-charge-that-cuts-fourth-quarter-earnings-guidance-to-e04e21d6/)
- [Ryder Sees Up To $250 Million Or More From Freight Upturn, With Only $40 Million Landing In 2026](https://www.bullished.co/ryder-sees-up-to-250-million-or-more-from-freight-upturn-with-only-40-million-landing-in-a780fd32/)

[All Ryder System (R) coverage →](https://www.bullished.co/tag/r/)