RYDER SYSTEM INC
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash flows from operating activities from continuing operations: | |||
| Net earnings | $499 | $489 | $406 |
| Less: Loss from discontinued operations, net of tax | (2) | — | — |
| Earnings from continuing operations | 501 | 489 | 406 |
| Depreciation expense | 1,703 | 1,694 | 1,712 |
| Used vehicle sales, net | (22) | (72) | (196) |
| Currency translation adjustment loss | — | — | 188 |
| Amortization expense and other non-cash charges, net | 156 | 160 | 102 |
| Operating lease right-of-use asset amortization expense | 381 | 374 | 271 |
| Non-operating pension costs, net and share-based compensation expense | 75 | 83 | 84 |
| Deferred income taxes | 130 | 21 | 115 |
| Collections on sales-type leases | 166 | 148 | 126 |
| Changes in operating assets and liabilities: | |||
| Receivables | (33) | (61) | (26) |
| Prepaid expenses and other assets | 53 | (108) | (85) |
| Accounts payable | (63) | (32) | (7) |
| Accrued expenses and other liabilities | (453) | (431) | (337) |
| Net cash provided by operating activities from continuing operations | 2,594 | 2,265 | 2,353 |
| Cash flows from investing activities from continuing operations: | |||
| Purchases of property and revenue earning equipment | (2,135) | (2,683) | (3,234) |
| Sales of revenue earning equipment | 468 | 532 | 764 |
| Sales of operating property and equipment | 18 | 19 | 63 |
| Acquisitions, net of cash acquired | (1) | (314) | (250) |
| Other investing activities, net | — | — | (6) |
| Net cash used in investing activities from continuing operations | (1,650) | (2,446) | (2,663) |
| Cash flows from financing activities from continuing operations: | |||
| Net (repayments) borrowings of commercial paper and other | (3) | 296 | (100) |
| Debt proceeds | 892 | 1,789 | 2,307 |
| Debt repayments | (1,119) | (1,479) | (1,481) |
| Dividends on common stock | (145) | (135) | (128) |
| Common stock issued, net of tax withholdings on vested stock awards | (12) | 10 | 2 |
| Common stock repurchased | (519) | (321) | (337) |
| Other financing activities | (6) | (7) | (7) |
| Net cash (used in) provided by financing activities from continuing operations | (912) | 153 | 256 |
| Effect of exchange rate changes on Cash and cash equivalents | 13 | (21) | (9) |
| Increase (Decrease) in Cash and cash equivalents from continuing operations | 45 | (49) | (63) |
| Net cash used by operating activities from discontinued operations | (1) | (1) | — |
| Increase (Decrease) in Cash and cash equivalents | 44 | (50) | (63) |
| Cash and cash equivalents at beginning of period | 154 | 204 | 267 |
| Cash and cash equivalents at end of period | $198 | $154 | $204 |
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