Ryder credited strong used tractor sales as one of the main drivers behind a relatively solid first quarter, even as the company continues its longer-term effort to reduce dependence on leasing, rentals and the used vehicle market.
In its earnings statement, Ryder said tractor sales were up 6% year on year in the first quarter compared with the same period in 2025. That increase was enough to support overall used vehicle performance despite a 5% decline in truck pricing.
Sequentially, pricing softened further, with used tractor values down 3% and used truck prices down 4%. Ryder said pricing between the fourth quarter of 2025 and the first quarter of 2026 was broadly stable, but a lower mix of retail sales weighed on sales revenue during the period.
The company does not disclose average selling prices, but the numbers suggest that the stronger tractor market played an outsized role in lifting used vehicle profitability.
The improvement did not come from higher volumes. Ryder sold 9,500 vehicles in the first quarter of both 2025 and 2026, highlighting that mix and pricing within the used tractor category were the real drivers of better results.
According to SeekingAlpha, Ryder reported non-GAAP earnings per share from continuing operations of $2.54, which was $0.27 above consensus expectations. Revenue came in at $3.13 billion, or about $10 million below forecasts.
Alongside used vehicle performance, Ryder also pointed to share buybacks as a contributor to stronger earnings per share.
Overall, the business delivered a mixed quarter. GAAP net earnings were $2.33 per share, up slightly from $2.27 a year earlier. Free cash flow improved to $273 million from $259 million, while total revenue held steady at $3.13 billion. Operating revenue was also flat year on year at $2.6 billion.
Segment performance varied. Fleet Management Solutions, Ryder’s best-known leasing and rental division, posted a 1% increase in revenue to $1.46 billion and a 6% rise in earnings before income taxes.
Supply Chain Systems, the company’s contract logistics arm, grew revenue by 2% to $1.36 billion, but earnings before tax fell 17%.
Dedicated Transportation Services posted weaker results, with revenue down 8% to $553 million and earnings before tax falling 5%.
Despite the uneven segment picture, Ryder raised its non-GAAP EPS outlook for the full year. The company now expects 2026 earnings per share in a range of $14.05 to $14.80, up from its previous guidance of $13.45 to $14.45.
Ryder’s earnings call is scheduled for Thursday at 11 a.m. EDT.
