RYDER SYSTEM INC
For the period ended Dec 31, 2024. Filed Feb 12, 2025.
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FY2024 · Filed Feb 12, 2025
R$281.72+1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| (In millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash flows from operating activities from continuing operations: | |||
| Net earnings | $489 | $406 | $867 |
| Less: Earnings from discontinued operations, net of taxes | — | — | 4 |
| Earnings from continuing operations | 489 | 406 | 863 |
| Depreciation expense | 1,694 | 1,712 | 1,713 |
| Used vehicle sales, net | (72) | (196) | (450) |
| Currency translation adjustment loss | — | 188 | — |
| Amortization expense and other non-cash charges, net | 160 | 102 | 118 |
| Non-cash lease expense | 374 | 271 | 199 |
| Non-operating pension costs, net and share-based compensation expense | 83 | 84 | 57 |
| Deferred income tax expense | 21 | 115 | 266 |
| Collections on sales-type leases | 148 | 126 | 135 |
| Changes in operating assets and liabilities: | |||
| Receivables | (61) | (26) | (134) |
| Prepaid expenses and other assets | (108) | (85) | (130) |
| Accounts payable | (32) | (7) | (29) |
| Accrued expenses and other liabilities | (431) | (337) | (298) |
| Net cash provided by operating activities from continuing operations | 2,265 | 2,353 | 2,310 |
| Cash flows from investing activities from continuing operations: | |||
| Purchases of property and revenue earning equipment | (2,683) | (3,234) | (2,631) |
| Sales of revenue earning equipment | 532 | 764 | 1,182 |
| Sales of operating property and equipment | 19 | 63 | 53 |
| Acquisitions, net of cash acquired | (314) | (250) | (458) |
| Other investing activities | — | (6) | 4 |
| Net cash used in investing activities from continuing operations | (2,446) | (2,663) | (1,850) |
| Cash flows from financing activities from continuing operations: | |||
| Net borrowings (repayments) of commercial paper and other | 296 | (100) | 134 |
| Debt proceeds | 1,789 | 2,307 | 1,229 |
| Debt repayments | (1,479) | (1,481) | (1,552) |
| Dividends on common stock | (135) | (128) | (123) |
| Common stock issued | 10 | 2 | 14 |
| Common stock repurchased | (321) | (337) | (557) |
| Other financing activities | (7) | (7) | (6) |
| Net cash provided by (used in) financing activities from continuing operations | 153 | 256 | (861) |
| Effect of exchange rate changes on Cash and cash equivalents | (21) | (9) | (4) |
| Decrease in Cash and cash equivalents from continuing operations | (49) | (63) | (405) |
| Net cash used by operating activities from discontinued operations | (1) | — | — |
| Decrease in Cash and cash equivalents | (50) | (63) | (405) |
| Cash and cash equivalents at beginning of period | 204 | 267 | 672 |
| Cash and cash equivalents at end of period | $154 | $204 | $267 |
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