Ryder System Inc. (R): 2Q26 EPS Beat; FMS to Drive EBT Growth Partially Offset by SCS Timing; Buy

研报英文原文证据摘录

Ryder System Inc. (R): 2Q26 EPS Beat; FMS to Drive EBT Growth Partially Offset by SCS Timing; Buy

Goldman Sachs Ryder System Inc. (R)

higher ChoiceLease revenue of 2% offset by ~4% lower Rental revenue; FMS

EBT was +19% YoY due primarily to strategic initiatives in Lease with help from

UVS - showing signs of improving market but still well below normal. Ryder’s

used vehicle sales retail cohort proportion represented 56% of sales

versus 61% in 1Q26 and was higher than the 50% last year, with the

improved sale mix YoY reflected in YoY pricing in tractors up 3% YoY and

trucks up +6%. That said, the lower mix sequentially led to mixed overall

pricing from 1Q26, with tractors up 1% and trucks down -1%

(management noted retail pricing was stable sequentially). Management

anticipates that with lower inventories, they should be able to flex more into

the higher priced retail market.

o Within SCS, ~7.5% higher YoY operating revenue was driven by new business,

partially offset by lost business and lower volumes in automotive, while the

-7% lower YoY EBT was driven by lower automotive results and to some

degree lower productivity of new business starts which should catch up. That

said, SCS sales remain at record levels with some projects starting in 2H26,

however more will be moving into 2027 than previously expected. Within DTS,

~3% lower YoY operating revenue reflects lower fleet count, and the -3%

lower EBT was driven by the weaker operating revenue and higher insurance

costs.

n Estimates: Our 2026 EBITDA estimate moves lower to $2,919M from $2,951M from

lower depreciation expense and slightly lower operating EBT. The lower base and

depreciation expense moves our 2027E EBITDA from $3,284M to $3,230 and 2028E

EBITDA from $3,582M to $3,503M.