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Ryder System cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$182M in Q3 2026 · $954M over twelve months

Operating cash flow$725M
Capital spending−$543M
Free cash flow+$182M
Cash / net income4.5×

Analysis

In Q3 2026, Ryder System generated $725M of operating cash flow and spent $543M on capital projects, leaving free cash flow of $182M. That is $267M more than in Q3 2025 (−$85.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.7B; the largest uses were capital spending ($1.8B), net borrowing (+) / repaid (−) ($935M), buybacks ($541M); besides operations, cash came from other investing ($487M), other financing ($216M); the cash balance rose by $9.0M.

Operating cash flow was $725M against net income of $162M — 4.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$557M, receivables −$80.0M, accrued liabilities +$36.0M.

Free cash flow

Ryder System: free cash flow by quarterRyder System: free cash flow by quarter−$203MQ4 2024$137MQ1 2025$63.0MQ2 2025−$85.0MQ3 2025$344MQ4 2025$156MQ1 2026$272MQ2 2026$182MQ3 2026
Operating cash flow less capital spending.
Ryder System: operating cash flow against capital spendingRyder System: operating cash flow against capital spendingOperating cash flowCapital spending$558M$761MQ4 2024$651M$514MQ1 2025$752M$689MQ2 2025$442M$527MQ3 2025$749M$405MQ4 2025$583M$427MQ1 2026$677M$405MQ2 2026$725M$543MQ3 2026
Latest (Q3 2026): Operating cash flow $725M, Capital spending $543M.

Capital allocation, year by year

Ryder System: where the cash came from (up) and went (down), by fiscal yearRyder System: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $2.2BFY2021: Net borrowing −$48.0MFY2021: Shares issued $30.0MFY2021: Capital spending −$1.9BFY2021: Acquisitions −$325MFY2021: Buybacks −$57.0MFY2021: Dividends −$122M$2.2BFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing −$189MFY2022: Shares issued $14.0MFY2022: Capital spending −$2.6BFY2022: Acquisitions −$458MFY2022: Buybacks −$557MFY2022: Dividends −$123M$2.3BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing $726MFY2023: Shares issued $2.0MFY2023: Capital spending −$3.2BFY2023: Acquisitions −$250MFY2023: Buybacks −$337MFY2023: Dividends −$128M$3.1BFY2023FY2024: Operating cash flow $2.3BFY2024: Net borrowing $606MFY2024: Shares issued $10.0MFY2024: Capital spending −$2.7BFY2024: Acquisitions −$314MFY2024: Buybacks −$321MFY2024: Dividends −$135M$2.9BFY2024FY2025: Operating cash flow $2.6BFY2025: Net borrowing −$230MFY2025: Shares issued −$12.0MFY2025: Capital spending −$2.1BFY2025: Acquisitions −$1.0MFY2025: Buybacks −$519MFY2025: Dividends −$145M$2.6BFY2025
Over these 5 years operating cash flow totalled $11.7B; the largest uses were capital spending ($12.6B) and buybacks ($1.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$198M
Debt$7.2B
Net debt$7.0B
Due within a year$790M

Ryder System funds itself: free cash flow was $954M over the last twelve months, and $198M of cash and investments stands against $7.2B of debt ($790M due within a year, 0.3× covered by cash).

Ryder System: debt maturities by year (FY2025)Ryder System: debt maturities by year (FY2025)$790MYear 1$1.4BYear 2$1.6BYear 3$1.5BYear 4$1.8BYear 5$600MAfter year 5
Principal due in each year as disclosed in the annual report, against $198M of cash and investments now.

Where the cash came from and went

Ryder System: sources (+) and uses (−) of cash, Q3 2026Ryder System: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$725MCapital spending−$543MNet borrowing (+) / repaid (−)−$435MOther financing$183MOther investing$126MBuybacks−$40.0MDividends−$39.0MCash drawn (+) / kept (−)$21.0MShares issued$4.0MExchange rates−$2.0M
Ryder System: sources (+) and uses (−) of cash, TTM to Q3 2026Ryder System: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.7BCapital spending−$1.8BNet borrowing (+) / repaid (−)−$935MBuybacks−$541MOther investing$487MOther financing$216MDividends−$150MAcquisitions−$12.0MShares issued−$10.0MCash drawn (+) / kept (−)−$9.0M

From profit to cash

Ryder System: net income to operating cash flow, Q3 2026Ryder System: net income to operating cash flow, Q3 2026Net income$162MDepreciation & amortization$557MDeferred taxes$3.0MReceivables−$80.0MAccrued liabilities$36.0MPrepaid and other assets−$11.0MOperating cash flow$725M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$725M−$543M—−$40.0M−$39.0M−$435M$4.0M$21.0M$182M
Q2 2026$677M−$405M−$1.0M−$99.0M−$35.0M−$174M$5.0M−$37.0M$272M
Q1 2026$583M−$427M−$11.0M−$233M−$39.0M$33.0M−$24.0M$16.0M$156M
Q4 2025$749M−$405M—−$169M−$37.0M−$241M$5.0M−$9.0M$344M
Q3 2025$442M−$527M—−$89.0M−$37.0M$103M−$1.0M−$9.0M−$85.0M
Q2 2025$752M−$689M—−$94.0M−$33.0M−$60.0M$7.0M−$29.0M$63.0M
Q1 2025$651M−$514M−$1.0M−$167M−$38.0M−$32.0M−$23.0M$3.0M$137M
Q4 2024$558M−$761M−$1.0M−$39.0M−$34.0M$159M$4.0M$8.0M−$203M

Ryder System: income statement and cash flow

Ryder System, Q3 2026: revenue $3.4B (+8% year over year), operating margin 6.6%. The chart follows the revenue to costs, profit and cash.

Ryder System: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.