Comparable earnings per share from continuing operations were $3.32 in the second quarter, up 11% from $3 in the prior year.
Dedicated operating revenue decreased 3% due to lower fleet count, but earnings before tax (EBT) increased 1% due to acquisition synergies and prior year integration cost benefits.
Fleet Management Solutions operating revenue increased 1%, driven by ChoiceLease revenue up 2%, but pretax earnings declined due to weaker freight market conditions and increased used vehicle wholesale volumes.
Operating revenue for the second quarter was $2.6 billion, up 2% year-over-year, primarily reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS).
Return on equity (ROE) was 17% for the trailing 12-month period, in line with expectations during a freight cycle downturn.
Ryder delivered its third consecutive quarter of double-digit earnings per share growth with second quarter results above expectations, driven by outperformance in the Supply Chain segment.
Supply Chain operating revenue increased 3%, with earnings up 16% reflecting new business, higher volumes, pricing, and operational improvements.
Used vehicle sales pricing declined 17% year-over-year for tractors and trucks, with increased wholesale volumes to manage aged inventory impacting results.
Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures.
Strong Performance and Strategic Focus on Heavy Haul Segment
Generated approximately $138 million in heavy haul revenue in Q2 2025, a 9% increase year-over-year.
Heavy haul volume increased by 4%, and revenue per load increased by 5%.
Heavy haul's share of load revenue increased from 33% in Q2 2024 to 35% in Q2 2025.
Management emphasized the segment's domestic focus and resilience, with no tariff-related headwinds expected in the near term.
Jim Applegate highlighted the broad-based demand across industries like machinery, electrical equipment, and data centers, supporting continued growth.
Dafinchi
