Free cash flow remains highly volatile with negative results in five of the last ten quarters, even as management prioritized $233 million in share repurchases during 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 2.53B | 2.59B | 2.26B | 2.35B | 2.31B | 2.17B | 2.18B | 2.14B | 1.64B | 1.55B | 1.6B | 1.44B | 1.37B | 1.22B | 1.13B | 1.04B | 1.02B | 959.22M | 1.26B | 1.1B | 853.59M | 779.06M | 883.03M | 802.86M | 632.79M | 308.7M | 1.02B | 269.82M | 960.54M | 615.79M | 590.92M |
| Operating CF Margin % | - | 20.47% | 17.92% | 19.97% | 19.23% | 22.51% | 25.9% | 23.98% | 19.43% | 21.21% | 23.59% | 21.94% | 20.64% | 18.96% | 18.07% | 17.21% | 19.83% | 19.63% | 20.24% | 16.8% | 13.53% | 13.57% | 17.15% | 16.72% | 13.25% | 6.17% | 19.03% | 5.45% | 18.51% | 12.58% | 10.71% |
| Operating CF Growth % | 30.53% | 14.53% | -3.78% | 1.86% | 6.21% | -0.28% | 1.89% | 30.91% | 5.63% | -3.31% | 11.04% | 5.24% | 12.54% | 7.64% | 8.59% | 2.23% | 6.21% | -23.6% | 13.84% | 29.21% | 9.57% | -11.77% | 9.99% | 26.88% | 104.98% | -69.6% | 276.38% | -71.91% | 55.98% | 4.21% | -26.99% |
| Net Income | 495M | 501M | 489M | 406M | 863M | 522M | -112M | -23.73M | 275.61M | 791.01M | 264.64M | 305.99M | 220.46M | 243.2M | 200.9M | 171.37M | 124.61M | 90.12M | 199.88M | 253.86M | 248.96M | 226.93M | 215.61M | 131.44M | 93.67M | 18.68M | 89.03M | 72.92M | 159.07M | 160.24M | -21.27M |
| Depreciation & Amortization | 2.3B | 2.24B | 2.23B | 2.08B | 1.83B | 1.81B | 2.14B | 1.97B | 1.43B | 1.27B | 1.26B | 1.21B | 1.09B | 1.01B | 988.89M | 912.19M | 874.74M | 922.52M | 868.48M | 814.01M | 757.39M | 754.77M | 706.03M | 624.58M | 552.49M | 545.49M | 580.36M | 566.76M | 604.28M | 592.28M | 713.34M |
| Stock-Based Compensation | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24.95M | 18.97M | 18.66M | 21.18M | 20.91M | 19.31M | 18.86M | 17.42M | 16.54M | 16.4M | 17.08M | 16.75M | 13.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 147M | 130M | 21M | 115M | 266M | 126M | -33M | -32.33M | 104.6M | -499.78M | 124.89M | 154.04M | 104.76M | 113.58M | 87.1M | 90.02M | 41.1M | 92.68M | 128.25M | 64.4M | 76.23M | -24.91M | 9.81M | 51.47M | 52.62M | -1.89M | 73.24M | 250.04M | 108.81M | 124.52M | -8.45M |
| Other Non-Cash Items | 18M | 219M | 159M | 202M | -59M | 26M | 247M | 359.88M | 37.25M | 17.24M | -972K | -117.81M | -29.59M | -101.97M | -92.33M | -63.38M | -38M | -38.45M | -16.9M | -42.64M | -45.36M | -14.36M | -51.77M | -8.39M | 13.39M | 78.94M | 32.93M | 372.74M | 2.21M | 19.49M | -108.43M |
| Working Capital Changes | -456M | -496M | -632M | -455M | -591M | -310M | -64M | -136.05M | -240.98M | -74.48M | -61.51M | -132.3M | -34.06M | -70.36M | -72.52M | -86.16M | -228K | -124.05M | 58.75M | -3.45M | -197.28M | -138.74M | 3.35M | 3.77M | -79.37M | -332.52M | 259.29M | -646.14M | 86.17M | -270.43M | 15.73M |
| Change in Receivables | -102M | -33M | -61M | -26M | -134M | -240M | -5M | 27.15M | 471.87M | -173.84M | -51.75M | -40.32M | -20.69M | -14.27M | 7.11M | -18.02M | -18.02M | 173.87M | 181.02M | 57.97M | -58.31M | -81.97M | -81.83M | -4.19M | -74.95M | -156.96M | 327.25M | -254.5M | 93M | -76.9M | -183M |
| Change in Inventory | 0 | 0 | 0 | 0 | -9M | -7.49M | 20M | -1.33M | -5.78M | -3.3M | -5.91M | 1.45M | -2.15M | -841K | 729K | -6.15M | -7.51M | -1.09M | 10.37M | 1.41M | 513K | -564K | -4.58M | 5.4M | 6.26M | 12.44M | -7.81M | -10.38M | -1.6M | -7.95M | -1.65M |
| Change in Payables | -17M | -63M | -32M | -7M | -29M | 126M | 29M | -26.6M | 16.87M | 66.15M | 94.32M | -74.38M | 53.48M | 34.43M | -22.8M | 24.66M | 6.91M | 15.57M | -104.95M | -18.1M | 32.64M | 51.08M | 11.25M | 20.69M | 22.79M | -136.21M | 48.06M | -56.3M | 88.2M | 22.3M | -51.4M |
| Cash from Investing | -1.7B | -1.65B | -2.45B | -2.66B | -1.85B | -1.45B | -601M | -3.21B | -2.75B | -1.37B | -1.41B | -2.16B | -1.58B | -1.62B | -1.5B | -1.66B | -980.79M | -431.94M | -1.1B | -823.22M | -1.34B | -988.86M | -726.93M | -533.67M | -376.91M | 6.89M | -642.96M | 228.07M | -775.69M | -628.86M | -169.22M |
| Capital Expenditures | -2.05B | -2.13B | -2.68B | -3.23B | -2.63B | -1.94B | -1.15B | -3.74B | -3.05B | -1.86B | -1.91B | -2.67B | -2.26B | -2.14B | -2.13B | -1.7B | -1.07B | -651.95M | -1.23B | -1.32B | -1.7B | -1.4B | -1.09B | -725.13M | -600.3M | -656.6M | -1.29B | -1.73B | -1.37B | -1.04B | -1.3B |
| CapEx % of Revenue | 16.18% | 16.86% | 21.23% | 27.45% | 21.9% | 20.09% | 13.61% | 41.85% | 36.25% | 25.5% | 28.07% | 40.6% | 34.03% | 33.34% | 34.09% | 28.07% | 20.83% | 13.34% | 19.89% | 20.06% | 26.88% | 24.38% | 21.19% | 15.1% | 12.57% | 13.12% | 24.15% | 35.02% | 26.39% | 21.23% | 23.6% |
| Acquisitions | -11M | -1M | -314M | -250M | -458M | -325M | 0 | 517.98M | -167.37M | -7.24M | 421.3M | 427.5M | -9.97M | -1.86M | -5.11M | -361.92M | -211.9M | -88.87M | -246.99M | -75.23M | -4.11M | -15.11M | -148.79M | -96.52M | 0 | 14.11M | -28.13M | 927.3M | -70.08M | 27.11M | 574.17M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 364M | 486M | 551M | 821M | 1.24B | 816M | 545M | 2.26M | 471.29M | 501.34M | 499.32M | 506.62M | 690.45M | 520.67M | 634.08M | 403.34M | 301.2M | 308.88M | 378.27M | 569.24M | 359.63M | 425.63M | 513.44M | 287.98M | 223.39M | 649.38M | 673.95M | 1.03B | 663.5M | 383.15M | 559.17M |
| Cash from Financing | -651M | -912M | 153M | 256M | -861M | -204M | -1.51B | 1.08B | 1.09B | -155.12M | -185.92M | 731.49M | 198.65M | 393.63M | 333.81M | 504.06M | 75.21M | -551.44M | -150.63M | -299.2M | 488.2M | 241.5M | -195.76M | -232.8M | -269.51M | -319.7M | -363.6M | -527.85M | -124.86M | -105.18M | -323.18M |
| Debt Issued (Net) | -198M | -230M | 606M | 726M | -189M | -48M | -1.35B | 1.22B | 1.22B | -6.7M | -75.69M | 808.27M | 332.54M | 365.56M | 397.09M | 593.86M | 240.44M | -380.62M | 103.05M | -89.06M | 620.69M | 406.46M | -95.75M | -237.82M | -267.54M | -293.3M | -335.08M | -220.03M | -3.56M | 120.9M | -210.3M |
| Equity Issued (Net) | -341M | -531M | -311M | -335M | -543M | -27M | -21M | -19.47M | -30.81M | -78.32M | -37.27M | 17.49M | -59.72M | 90.65M | 1.51M | -26.33M | -106.27M | -108.84M | -201.42M | -166.68M | -97.46M | -124.03M | -61.28M | 43.01M | 35.17M | 9.85M | 7.25M | -266.94M | -77.15M | -179.3M | -59.2M |
| Dividends Paid | -146M | -145M | -135M | -128M | -123M | -122M | -119M | -116.47M | -111.86M | -95.81M | -91.04M | -83.2M | -74.87M | -67.72M | -61.27M | -57.5M | -54.47M | -53.33M | -52.24M | -50.15M | -43.96M | -40.93M | -38.73M | -37.98M | -37.14M | -36.25M | -35.77M | -40.88M | -43.84M | -45.86M | -48.31M |
| Share Repurchases | -574M | -519M | -321M | -337M | -557M | -57M | -29M | -27.69M | -30.81M | -78.32M | -37.27M | -6.14M | -106.29M | 0 | -26.88M | -59.69M | -123.3M | -116.28M | -256.13M | -209.02M | -159.05M | -152.33M | -149.03M | -3.57M | 0 | 0 | 0 | -274.89M | -109.54M | -241.3M | -122.9M |
| Other Financing | 34M | -6M | -7M | -7M | -6M | -7M | -19M | 0 | 11.42M | 25.71M | 18.09M | -11.08M | 700K | 5.15M | -3.53M | -5.97M | -4.48M | -8.65M | -24K | 6.69M | 8.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -313K | 0 | -5.36M |
| Net Change in Cash | 31M | 44M | -50M | -63M | -405M | 521M | 77M | 5.47M | -14.91M | 19.55M | -2.14M | 10.85M | -11.47M | -4.83M | -38.18M | -108.48M | 114.53M | -21.78M | 3.85M | -12.18M | -88K | 27.76M | -39.66M | 36.39M | -13.63M | -4.1M | 8.98M | -25.36M | 59.98M | -113.01M | 98.53M |
| Free Cash Flow | 478M | 459M | -418M | -881M | -321M | 234M | 1.03B | -1.59B | -1.42B | -312.45M | -304.13M | -1.23B | -889.17M | -923.17M | -1B | -657.13M | -51.33M | 307.27M | 21.47M | -214.3M | -841.48M | -620.32M | -208.55M | 77.72M | 32.49M | -347.89M | -273.25M | -1.46B | -408.58M | -423.33M | -711.63M |
| FCF Margin % | 3.78% | 3.62% | -3.31% | -7.48% | -2.67% | 2.42% | 12.29% | -17.87% | -16.82% | -4.28% | -4.48% | -18.66% | -13.39% | -14.38% | -16.02% | -10.86% | -1% | 6.29% | 0.35% | -3.26% | -13.34% | -10.81% | -4.05% | 1.62% | 0.68% | -6.95% | -5.12% | -29.57% | -7.87% | -8.65% | -12.89% |
| FCF Growth % | 495.04% | 209.81% | 52.55% | -174.45% | -237.18% | -77.39% | 164.91% | -12.67% | -352.97% | -2.73% | 75.2% | -37.9% | 3.68% | 7.9% | -52.53% | -1180.11% | -116.71% | 1331.41% | 110.02% | 74.53% | -35.65% | -197.45% | -368.32% | 139.26% | 109.34% | -27.32% | 81.34% | -258.41% | 3.48% | 40.51% | 46.99% |
| FCF per Share | 12.07 | 10.98 | -9.45 | -18.95 | -6.31 | 4.37 | 19.77 | -30.46 | -26.86 | -5.90 | -5.70 | -23.02 | -16.77 | -17.31 | -19.51 | -12.85 | -0.99 | 5.55 | 0.38 | -3.59 | -13.67 | -9.61 | -3.18 | 1.22 | 0.52 | -5.77 | -4.57 | -21.32 | -5.55 | -7.11 | -8.79 |
| FCF Conversion (FCF/Net Income) | 0.97x | 5.20x | 4.63x | 5.80x | 2.66x | 4.19x | -17.77x | -91.98x | 5.98x | 1.96x | 6.10x | 4.73x | 6.27x | 5.12x | 5.39x | 6.13x | 8.62x | 15.50x | 6.28x | 4.34x | 3.43x | 3.43x | 4.10x | 6.11x | 6.76x | 16.53x | 11.41x | 0.64x | 6.04x | 3.51x | -14.30x |
| Interest Paid | 312M | 399M | 372M | 269M | 214M | 208M | 246M | 225.84M | 161.83M | 129.56M | 143.99M | 144.97M | 139.59M | 132.95M | 126.76M | 126.92M | 120.18M | 0 | 141.41M | 154.26M | 134.92M | 118.01M | 101.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 43M | 52M | 207M | 96M | 115M | 45M | 14M | 6.33M | 22.96M | 13.69M | 14.06M | 13.38M | 11.38M | 13.06M | 11.61M | 21.54M | 4.91M | 0 | 26.14M | 57.99M | 145.4M | 289.62M | 21.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital intensity and cyclicality
According to quarterly financial data, Ryder's OCF/NI ratio has consistently remained elevated, ranging from 3.20 to 6.64, which suggests that reported net income significantly understates the actual cash-generative capacity of the business due to the heavy non-cash depreciation charges inherent in its asset-heavy leasing model.
The persistent gap between net income and operating cash flow highlights the dominance of depreciation and amortization in the company's cost structure. Investors should interpret this high conversion ratio as a reflection of accounting choices regarding asset useful lives rather than pure operational efficiency, as the cash flow is heavily tethered to the ongoing reinvestment cycle.
As reported in recent financial statements, Ryder's free cash flow trajectory has been highly inconsistent, with negative FCF in five of the last ten quarters, indicating that the company's capital-intensive fleet renewal strategy frequently outpaces its ability to generate surplus cash from core operations.
The erratic FCF margins, which swung from -8.8% in 2023Q4 to 10.8% in 2025Q4, suggest that the business remains highly sensitive to the timing of fleet acquisitions and freight demand cycles. This volatility complicates the company's ability to sustain consistent shareholder returns without relying on external financing.
Based on the provided figures, Ryder's capital expenditure as a percentage of revenue has remained elevated, peaking at 25.7% in 2023Q4, which underscores the structural necessity of constant fleet reinvestment to maintain its competitive maintenance network and service-oriented logistics capabilities in a capital-intensive industry.
The high capital intensity suggests that a significant portion of operating cash flow is effectively committed to maintenance and growth capex, leaving limited room for discretionary capital allocation. This ongoing requirement for heavy investment may continue to pressure free cash flow unless the company successfully shifts toward a more asset-light service model.
As indicated by recent filings, Ryder has continued to prioritize share repurchases, totaling $233 million in 2026Q1 alone, even during periods of inconsistent free cash flow, which suggests a management preference for returning capital that may conflict with the need to deleverage during cyclical downturns.
The decision to maintain significant buyback activity while free cash flow remains volatile warrants further investigation into the company's long-term liquidity strategy. Investors should monitor whether this capital deployment approach limits the company's flexibility to navigate potential future freight market contractions or unexpected increases in fleet acquisition costs.
Quick answers to the most common questions about buying R stock.
Ryder System, Inc. (R) generated $2.59B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ryder System, Inc. (R) generated $459.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ryder System, Inc. (R) spent $2.13B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ryder System, Inc. (R) returned $145.0M to shareholders via cash dividends and spent $519.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.