Ryder System Inc filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $13.08 billion, which rose 3.2% on the year before. That growth rate was up 2.0 percentage points on the rate a quarter earlier.

What stands out

Reported profit and cash are moving at different speeds. Net income rose 3.6% over the year while free cash flow rose 2444.4%.

Growth and profit

The company generated $520.0 million in net income over the twelve months, a 3.6% increase on the year before. This profit level resulted in a trailing net margin of 4.0%.

Cash flow

Operating cash flow over the twelve months was $2.73 billion, up 13.8% on the year before. Capital spending was $1.78 billion, or 13.6% of revenue. Free cash flow, operating cash flow less capital spending, was $954.0 million, up 2444.4% on the year before. Free cash flow was 7.3% of revenue (the free-cash-flow margin), up 8.0 percentage points from a year earlier. The average diluted share count fell 6.9% over the year.

In context

Today’s free-cash-flow margin of 7.3% is higher than 95% of the company’s own past quarterly readings, which have ranged from −22.0% to 13.1%. Today’s twelve-month revenue growth rate of 3.2% is higher than 40% of the company’s own past quarterly readings, which have ranged from −5.7% to 24.3%.

Guidance

The company raised its Full Year 2026 guidance for ROE (non-GAAP) (adjusted): 18% to 19%. The company raised its Full Year 2026 guidance for Comparable EPS (non-GAAP) (adjusted): $14.85 to $15.05. The company kept its Full Year 2026 guidance for Operating revenue (non-GAAP) growth (adjusted): 3%. The company kept its Full Year 2026 guidance for Free cash flow (non-GAAP) (adjusted): $700.0 million to $800.0 million.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 36.8%, and 5 percentage points higher would raise it by 48.3%. A free-cash-flow margin 1 percentage point lower would lower it by 15.2%.

What to watch

The next filing will show whether the recent acceleration in revenue growth continues or reverts to the lower rates seen in the past. It will also reveal if the divergence between net income growth and free cash flow growth persists. Finally, it will provide updated actuals against the raised guidance for return on equity and comparable earnings per share.