RYDER SYSTEM INC
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
R$266.39-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000085961-25-000101
ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001628280-25-046075
ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 202 previous paragraphs and 203 current paragraphs.
153 unchanged; 47 reworded; 3 added; 2 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 37 previous and 37 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Unallocated CSS costs increased 23% in the third quarter of 2025, primarily due to higher information technology costs. Unallocated CSS costs increased 20% for the nine months ended September 30, 2025, primarily due to higher information technology costs and incentive compensation.
Current report
During the nine months ended September 30, 2025, we prefunded future required contributions of $60 million to our U.S. pension plan.
Current report
(1)For the three and nine months ended September 30, 2025, includes the income tax effects of other items impacting comparability and non-recurring income tax adjustments.
Removed paragraphs (2)
Previous report
June 30, 2025. The average active power fleet was 7% smaller in the second quarter of 2025 and 6% smaller in the six months ended June 30, 2025.
Previous report
Unallocated CSS costs decreased 1% in the second quarter of 2025. Unallocated CSS costs increased 18% for the six months ended June 30, 2025, primarily due to higher incentive-based compensation costs and a prior year gain on sale of assets.
Reworded paragraphs (47)
Previous wording
Selected Operating Performance Items For The Second Quarter 2025
Current wording
Selected Operating Performance Items For The Third Quarter 2025
Previous wording
•Diluted EPS from continuing operations of $3.15, up 11% from prior year
Current wording
•Diluted EPS from continuing operations of $3.33, up 2% from prior year
Previous wording
•Comparable EPS (a non-GAAP measure) from continuing operations of $3.32, up 11% from prior year, reflecting higher contractual earnings and share repurchases
Current wording
•Comparable EPS (a non-GAAP measure) from continuing operations of $3.57, up 4% from prior year, reflecting higher contractual earnings and share repurchases
Previous wording
•Operating revenue (a non-GAAP measure) of $2.6 billion, up 2%, reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS)
Current wording
•Operating revenue (a non-GAAP measure) of $2.6 billion, up 1%, reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS)
Previous wording
During the three and six months ended June 30, 2025, the strength and diversification of our contractual portfolio and execution of strategic initiatives helped mitigate the impact of weak market conditions on used vehicle sales and commercial rental demand. We continue to benefit from favorable long-term secular trends in logistics and transportation solutions; however, we are experiencing near-term sales headwinds that reflect the extended freight downturn and overall economic uncertainty. The favorable secular trends provide long-term revenue and earnings growth opportunities for all of our business segments.
Current wording
During the three and nine months ended September 30, 2025, the strength and diversification of our contractual portfolio and execution of strategic initiatives helped mitigate the impact of weak market conditions on used vehicle sales and commercial rental demand. We continue to benefit from favorable long-term secular trends in logistics and transportation solutions; however, we are experiencing near-term revenue growth headwinds that reflect the extended freight downturn and overall economic uncertainty. The favorable secular trends provide long-term revenue and earnings growth opportunities for all of our business segments.
Previous wording
In our FMS business, strong lease performance was driven by our lease pricing and maintenance cost savings initiatives which delivered strong portfolio returns. Used vehicle sales and rental demand declined from the prior year during the first half of 2025, reflecting freight market conditions. Rental utilization was 70% and 68% during the three and six months ended June 30, 2025, respectively, compared to 69% and 68%, respectively, in the prior year, on a smaller fleet in 2025. We do not anticipate significant improvement in the current freight market conditions for the remainder of the year.
Current wording
In our FMS business, solid ChoiceLease performance, driven by our lease pricing and maintenance cost-savings initiatives, delivered strong portfolio returns. Used vehicle sales and rental demand declined from the prior year during the three and nine months ended September 30, 2025, reflecting weaker freight market conditions. Rental utilization was 70% and 69% during the three and nine months ended September 30, 2025, respectively, compared to 71% and 69%, respectively, in the prior year, on a smaller fleet in 2025. We do not anticipate significant improvement in the current freight market conditions for the remainder of the year.
Previous wording
Our SCS business benefited from operating revenue growth and improved operating performance from the optimization of the omnichannel retail network. Dedicated Transportation Solutions (DTS) continued to benefit from synergies related to the prior year acquisition of Cardinal Logistics, but generated less revenue given a reduction in fleet count resulting from the prolonged freight market downturn. We expect to realize further benefits from the acquisition for the remainder of 2025.
Current wording
Our SCS business benefited from operating revenue growth and improved operating performance from the optimization of the omnichannel retail network during the nine months ended September 30, 2025, despite unfavorable e-commerce network performance and increased medical costs during the third quarter of 2025. Our Dedicated Transportation Solutions (DTS) business continued to benefit from synergies related to the prior year acquisition of Cardinal Logistics, but generated less revenue given a reduction in fleet count resulting from the prolonged freight market downturn. We expect to realize further benefits from the acquisition for the remainder of 2025.
Previous wording
While we are experiencing positive momentum in our businesses, other unknown effects from inflationary cost pressures, labor interruptions, introduction of tariffs and taxes and the continued higher interest rate environment may negatively impact demand for our business, financial results and significant judgments and estimates.
Current wording
While we are experiencing positive momentum in our businesses, other unknown effects from inflationary cost pressures, regulatory uncertainty, labor interruptions, introduction of tariffs and taxes and the continued higher interest rate environment may negatively impact demand for our business, financial results and significant judgments and estimates.
Previous wording
Total revenue was$3.2 billion in the second quarter of 2025, and $6.3 billion in the six months ended June 30, 2025, consistent with prior year. Operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation)increased 2% in the second quarter of 2025, and for thesix months ended June 30, 2025, reflecting contractual revenue growth in SCS and FMS.
Current wording
Total revenue was$3.2 billion in the third quarter of 2025, and $9.5 billion in the nine months ended September 30, 2025, consistent with prior year. Operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) increased 1% in the third quarter of 2025, and 2% for the nine months ended September 30, 2025, reflecting contractual revenue growth in SCS and FMS.
Previous wording
EBT and comparable EBTincreased in thesecond quarter andsix months ended June 30, 2025, primarily due to higher contractual earnings, partially offset by lower used vehicle sales and rental results.
Current wording
EBT and comparable EBTincreased in thethird quarter andnine months ended September 30, 2025, primarily due to higher contractual earnings, partially offset by lower used vehicle sales and rental results reflecting weaker market conditions.
Previous wording
Services revenue represents all the revenue associated with our SCS and DTS business segments, including subcontracted transportation and fuel, as well as SelectCare and fleet support services associated with our FMS business segment. Services revenue was consistent in the second quarter and increased 1% in the six months ended June 30, 2025, primarily driven by the prior year acquisition and new business as well as higher customer volumes and pricing.
Current wording
Services revenue represents all the revenue associated with our SCS and DTS business segments, including subcontracted transportation and fuel, as well as SelectCare and fleet support services associated with our FMS business segment. Services revenue was consistent in the third quarter and increased 1% in the nine months ended September 30, 2025, primarily driven by new business and higher customer volumes in SCS and pricing, partially offset by lost business in DTS.
Previous wording
Cost of services represents the direct costs related to services revenue and is primarily comprised of salaries and employee-related costs, subcontracted transportation (purchased transportation from third parties), fuel, vehicle liability costs and maintenance costs. Cost of services remained consistent in the second quarter of 2025, and increased 1% for the six months ended June 30, 2025, reflecting revenue growth.
Current wording
Cost of services represents the direct costs related to services revenue and is primarily comprised of salaries and employee-related costs, subcontracted transportation (purchased transportation from third parties), fuel, insurance and maintenance costs. Cost of services remained consistent in the third quarter of 2025, and increased 1% for the nine months ended September 30, 2025, consistent with revenue.
Previous wording
Services gross margin and service gross margin percentage increased in the second quarter and for the six months ended June 30, 2025, reflecting improved operating performance from strategic initiatives.
Current wording
Services gross margin decreased in the third quarter primarily reflecting e-commerce network performance and higher medical costs. Services gross margin increased for the nine months ended September 30, 2025, primarily reflecting improved operating performance from strategic initiatives despite third quarter unfavorable e-commerce performance and higher medical costs. Service gross margin percentage remained consistent in the third quarter and for the nine months ended September 30, 2025.
Previous wording
Lease & related maintenance and rental revenue represent revenue from our ChoiceLease and commercial rental product offerings within our FMS business segment. Revenue increased 2% in the second quarter and 1% in the six months ended June 30, 2025, reflecting ChoiceLease revenue growth, partially offset by lower rental demand.
Current wording
Lease & related maintenance and rental revenue represent revenue from our ChoiceLease and commercial rental product offerings within our FMS business segment. Revenue increased 2% in the third quarter and for the nine months ended September 30, 2025, reflecting ChoiceLease revenue growth, partially offset by lower rental demand.
Previous wording
Cost of lease & related maintenance and rental represents the direct costs related to Lease & related maintenance and rental revenue and are comprised of depreciation of revenue earning equipment, maintenance costs (primarily repair parts and labor), and other costs such as licenses, insurance and operating taxes. Cost of lease & related maintenance and rental excludes interest costs from vehicle financing, which are reported within "Interest expense" in our Condensed Consolidated Statements of Earnings. Cost of lease & related maintenance and rental remained consistent in the second quarter and decreased 2% in the six months ended June 30, 2025, primarily reflecting maintenance cost savings initiative and a smaller lease and rental fleet.
Current wording
Cost of lease & related maintenance and rental represents the direct costs related to Lease & related maintenance and rental revenue and is comprised of depreciation of revenue earning equipment, maintenance costs (primarily repair parts and labor), and other costs such as licenses, insurance and operating taxes. Cost of lease & related maintenance and rental excludes interest costs from vehicle financing, which are reported within "Interest expense" in our Condensed Consolidated Statements of Earnings. Cost of lease & related maintenance and rental decreased 3% in the third quarter and 2% in the nine months ended September 30, 2025, primarily reflecting lower maintenance costs and a smaller lease and rental fleet.
Previous wording
Lease & related maintenance and rental gross margin and gross margin percentage increased in the second quarter and the six months ended June 30, 2025, primarily due to higher ChoiceLease pricing and maintenance cost savings initiatives.
Current wording
Lease & related maintenance and rental gross margin and gross margin percentage increased in the third quarter and the nine months ended September 30, 2025, primarily due to higher ChoiceLease pricing and maintenance cost-savings initiatives.
Previous wording
Fuel services revenue represents fuel services provided to our FMS customers. Fuel services revenue decreased 17% in the second quarter and 16% in the six months ended June 30, 2025, primarily reflecting lower fuel costs passed through to customers and fewer gallons sold.
Current wording
Fuel services revenue represents fuel services provided to our FMS customers. Fuel services revenue decreased 4% in the third quarter primarily reflecting fewer gallons sold offset by higher fuel costs passed through to customers, and decreased 12% in the nine months ended September 30, 2025, primarily reflecting lower fuel costs passed through to customers and fewer gallons sold.
Previous wording
Cost of fuel services includes the direct costs associated with providing our customers with fuel. These costs include fuel, salaries and employee-related costs of fuel island attendants, and depreciation of our fueling facilities and equipment. Cost of fuel services decreased 19% in the second quarter and 16% in the six months ended June 30, 2025, as a result of lower fuel costs and fewer gallons sold.
Current wording
Cost of fuel services includes the direct costs associated with providing our customers with fuel. These costs include fuel, salaries and employee-related costs of fuel island attendants, and depreciation of our fueling facilities and equipment. Cost of fuel services decreased 6% in the third quarter and 13% in the nine months ended September 30, 2025, reflecting lower fuel costs and fewer gallons sold.
Previous wording
Fuel services gross margin increased in the second quarter and the six months ended June 30, 2025. Fuel services gross margin as a percentage of revenue increased to 6% in the second quarter of 2025 and 4% for the six months ended June 30, 2025. Fuel is largely a pass-through to customers for which we realize minimal changes in margin during periods of steady market fuel prices. However, fuel services margin is impacted by sudden increases or decreases in market fuel prices during a short period of time, as customer pricing for fuel is established based on current market fuel costs. Fuel services gross margin in the second quarter of 2025 was positively impacted by these price change dynamics as fuel prices experienced sudden increases during a short period of time.
Current wording
Fuel services gross margin and fuel services gross margin as a percentage of revenue increased in the third quarter and for the nine months ended September 30, 2025. Fuel is largely a pass-through to customers for which we realize minimal changes in margin during periods of steady market fuel prices. However, fuel services margin is impacted by sudden increases or decreases in market fuel prices during a short period of time, as customer pricing for fuel is established based on current market fuel costs. Fuel services gross margin and fuel services gross margin as a percentage of revenue in the third quarter of 2025 and for the nine months ended September 30, 2025 were positively impacted by these price change dynamics.
Previous wording
SG&A expenses increased 3% in the second quarter of 2025, primarily reflecting higher incentive compensation-related expenses and bad debt expense, partially offset by lower travel expenses. SG&A expenses remained consistent for the six months ended June 30, 2025. SG&A expenses as a percentage of total revenue remained consistent at 12% for the second quarter and for the six months ended June 30, 2025.
Current wording
SG&A expenses increased 3% in the third quarter of 2025, primarily reflecting higher incentive compensation costs, intangible amortization expenses and information technology costs, partially offset by lower bad debt. SG&A expenses increased 1% for the nine months ended September 30, 2025, primarily reflecting higher incentive compensation costs, intangible amortization expenses and information technology costs, partially offset by lower travel expenses. SG&A expenses as a percentage of total revenue remained consistent at 12% for the third quarter and for the nine months ended September 30, 2025.
Previous wording
Used vehicle sales, net includes gains or losses from sales of used vehicles, selling costs associated with used vehicles and write-downs of vehicles held for sale to fair market values (referred to as "valuation adjustments"). Used vehicle sales, net decreased in the second quarter and six months ended June 30, 2025, reflecting weaker market conditions and higher wholesale volumes to manage aged inventory levels. The sell of aged inventory through our wholesale channels negatively impacted used vehicle sales results by $10 million during the second quarter of 2025.
Current wording
Used vehicle sales, net includes gains or losses from sales of used vehicles, selling costs associated with used vehicles and write-downs of vehicles held for sale to fair market values (referred to as "valuation adjustments"). Used vehicle sales, net decreased in the third quarter and nine months ended September 30, 2025, due to lower pricing, reflecting weaker market conditions and lower retail mix.
Previous wording
Average proceeds per unit decreased in the second quarter and for the six months ended June 30, 2025. The following table presents the average used vehicle pricing changes compared to the prior year:
Current wording
Average proceeds per unit decreased in the third quarter and for the nine months ended September 30, 2025. The following table presents the average used vehicle pricing changes compared to the prior year:
Previous wording
Average proceeds per unit increased 3% for tractors and declined 10% for trucks in the second quarter of 2025, sequentially from the first quarter.
Current wording
Average proceeds per unit remained consistent for tractors and increased 7% for trucks in the third quarter of 2025, sequentially from the second quarter, reflecting higher retail mix.
Previous wording
Interest expense increased 6% and 7% in the second quarter and for the six months ended June 30, 2025, respectively, primarily reflecting higher average debt and higher market interest rates on new debt issuances and refinancings.
Current wording
Interest expense increased 4% and 6% in the third quarter and for the nine months ended September 30, 2025, respectively, primarily reflecting higher average debt.
Previous wording
Miscellaneous income, net consists of investment income on securities used to fund certain benefit plans, interest income, gains on sales of operating property, foreign currency transaction remeasurement and other non-operating items. Miscellaneous income, net increased to $13 million in the second quarter of 2025, primarily due to higher investment income. Miscellaneous income, net decreased to $8 million for the six months ended June 30, 2025, due to lower performance on investments and interest income and a prior year gain on the sale of assets.
Current wording
Miscellaneous income, net consists of investment income on securities used to fund certain benefit plans, interest income, gains on sales of operating property, foreign currency transaction remeasurement and other non-operating items. Miscellaneous income, net increased to $14 million in the third quarter of 2025, primarily due to higher investment income. Miscellaneous income, net decreased to $21 million for the nine months ended September 30, 2025, due to prior year gain on the sale of assets and insurance recoveries.
Previous wording
Restructuring and other items, net for the six months ended June 30, 2024, primarily reflects acquisition-related costs.
Current wording
Restructuring and other items, net for the nine months ended September 30, 2024, primarily reflects acquisition-related costs.
Previous wording
Our effective tax rate on continuing operations was 28.3% in the second quarter of 2025, compared to 29.1% in the prior year, and our comparable tax rate was 28.0% compared to 29.0% in the prior year, primarily due to a reduction in U.S. tax on foreign earnings. Our effective tax rate on continuing operations and comparable tax rate were 27.7% and 27.0% for the six months ended June 30, 2025, respectively, consistent with prior year.
Current wording
In the third quarter of 2025, our effective tax rate on continuing operations was 27.1% compared to 24.0% in the prior year, and our comparable tax rate was 25.6% compared to 23.9% in the prior year. For the nine months ended September 30, 2025, our effective tax rate on continuing operations was 27.5% compared to 26.2% in the prior year, and our comparable tax rate was 26.5% and 26.1% in the prior year. The increase in tax rates for both periods was primarily due to discrete tax benefits in the third quarter of 2024.
Previous wording
(1)For the three months ended June 30, 2025 and 2024, rental revenue from lease customers in place of a lease vehicle represented 28% and 30% of commercial rental revenue, respectively. For the six months ended June 30, 2025 and 2024, rental revenue from lease customers in place of a lease vehicle represented 29% and 33% of commercial rental revenue, respectively.
Current wording
(1)For the three months ended September 30, 2025 and 2024, rental revenue from lease customers in place of a lease vehicle represented 28% and 30% of commercial rental revenue, respectively. For the nine months ended September 30, 2025 and 2024, rental revenue from lease customers in place of a lease vehicle represented 29% and 32% of commercial rental revenue, respectively.
Previous wording
FMS total revenue decreased 1% in the second quarter of 2025 and six months ended June 30, 2025, reflecting lower fuel costs passed through to customers and fewer gallons sold, partially offset by higher operating revenue. FMS operating revenue increased 1% in the second quarter of 2025 and six months ended June 30, 2025, reflecting higher ChoiceLease revenue.
Current wording
FMS total revenue was relatively consistent in the third quarter of 2025 and decreased 1% for the nine months ended September 30, 2025, due to lower fuel service revenue, reflecting fewer gallons sold and lower fuel costs passed through to customers, offset by higher operating revenue. FMS operating revenue remained consistent in the third quarter of 2025 and increased 1% for the nine months ended September 30, 2025, primarily reflecting higher ChoiceLease revenue offset by weaker rental demand.
Previous wording
FMS EBT decreased 6% in the second quarter and six months ended June 30, 2025, primarily driven by lower used vehicle sales results reflecting weaker market conditions and higher wholesale volumes to manage aged inventory levels, partially offset by higher ChoiceLease results driven by pricing and maintenance cost savings initiatives. Lower used vehicle results reflect a 17% decrease in both used truck and tractor pricing in the second quarter of 2025 and an 18% and 16% decrease in used truck and tractor pricing, respectively, in the six months ended June 30, 2025. Rental power fleet utilization increased to 70% in the second quarter of 2025, as compared to 69% in prior year, and remained consistent with the prior year at 68% for the six months ended
Current wording
FMS EBT increased 11% in the third quarter primarily due to higher ChoiceLease performance driven by pricing and lower maintenance costs, partially offset by used vehicle sales and rental results reflecting weaker market conditions. FMS EBT was relatively consistent for the nine months ended September 30, 2025. Lower used vehicle results reflect a 15% and 6% decrease in used truck and tractor pricing in the third quarter of 2025 and a 17% and 14% decrease in used truck and tractor pricing, respectively, in the nine months ended September 30, 2025. Rental power fleet utilization was 70% in the third quarter of 2025, compared with 71% in the prior year, and remained consistent at 69% for the nine months ended September 30, 2025 compared with the prior year. The average active power fleet was 6% smaller in the third quarter of 2025 and for the nine months ended September 30, 2025.
Previous wording
The following table provides information on our active ChoiceLease fleet (number of units rounded to nearest hundred) and our commercial rental power fleet (excludes trailers):
Current wording
The following table provides information on our active ChoiceLease fleet (number of units rounded to nearest hundred) and our commercial rental power fleet utilization (excludes trailers):
Previous wording
SCS total revenue increased 2% in the second quarter of 2025 and six months ended June 30, 2025, primarily as a result of higher operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation). SCS operating revenue increased 3% in the second quarter of 2025 and six months ended June 30, 2025, driven by new business as well as higher customer volumes and pricing.
Current wording
SCS total revenue increased 5% in the third quarter of 2025 and 3% for the nine months ended September 30, 2025, primarily as a result of higher operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) and subcontracted transportation costs passed through to customers. SCS operating revenue increased 4% in the third quarter of 2025 and 3% for the nine months ended September 30, 2025, driven by new business as well as higher customer volumes.
Previous wording
SCS EBT increased 16% in the second quarter of 2025 and 24% for the six months ended June 30, 2025, primarily reflecting operating revenue growth and improved performance from optimization of our omnichannel retail network.
Current wording
SCS EBT decreased 8% in the third quarter of 2025, as benefits from operating revenue growth were more than offset by e-commerce network performance and higher medical costs. SCS EBT increased 12% for the nine months ended September 30, 2025, primarily reflecting operating revenue growth and improved performance from optimization of our omnichannel retail network.
Previous wording
DTS total revenue decreased 5% in the second quarter of 2025 primarily due to lower operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) and increased 1% for the six months ended June 30, 2025, primarily due to higher operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation). DTS operating revenue decreased 3% in the second quarter of 2025 primarily due to lower fleet count reflecting the prolonged freight market downturn and increased 2% in the six months ended June 30, 2025, due to the prior year acquisition completed February 2024.
Current wording
DTS total revenue decreased 10% in the third quarter of 2025 and 3% for the nine months ended September 30, 2025, primarily due to lower operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) and subcontracted transportation costs passed through to customers. DTS operating revenue decreased 6% in the third quarter of 2025, and 1% in the nine months ended September 30, 2025, primarily due to lower fleet count reflecting the prolonged freight market downturn.
Previous wording
DTS EBT increased 1% in the second quarter of 2025, due to acquisition synergies and prior year integration costs, partially offset by lower operating revenue. DTS EBT increased 17% for the six months ended June 30, 2025, primarily due to acquisition synergies and prior year integration costs.
Current wording
DTS EBT remained consistent in the third quarter of 2025, and increased 10% for the nine months ended September 30, 2025, reflecting acquisition synergies and prior year integration costs, partially offset by lower operating revenue.
Previous wording
Total CSS costs increased 4% in the second quarter of 2025 and increased 6% for the six months ended June 30, 2025, primarily due to higher incentive-based compensation costs.
Current wording
Total CSS costs increased 5% in the third quarter of 2025, primarily due to higher information technology costs, and increased 6% for the nine months ended September 30, 2025, primarily due to higher information technology costs and incentive compensation.
Previous wording
Net cash provided by operating activities from continuing operations was $1.4 billion for the six months ended June 30, 2025, compared to $1.1 billion in the prior year, primarily reflecting lower income tax payments and the timing of vendor payments. Net cash used in investing activities from continuing operations decreased to $943 million for the six months ended June 30, 2025, compared with $1.3 billion in 2024, primarily reflecting the prior year acquisition of Cardinal Logistics and lower capital expenditures. Net cash used in financing activities from continuing operations was $444 million for the six months ended June 30, 2025, compared with cash provided by financing activities from continuing operations of $194 million in 2024, primarily reflecting lower borrowing needs and higher share repurchases.
Current wording
Net cash provided by operating activities from continuing operations was $1.8 billion for the nine months ended September 30, 2025, compared to $1.7 billion in the prior year, primarily reflecting lower income tax payments. Net cash used in investing activities from continuing operations decreased to $1.4 billion for the nine months ended September 30, 2025, compared with $1.8 billion in 2024, primarily reflecting the prior year acquisition of Cardinal Logistics and lower capital expenditures. Net cash used in financing activities from continuing operations was $469 million for the nine months ended September 30, 2025, compared with cash provided by financing activities from continuing operations of $65 million in 2024, primarily reflecting lower borrowing needs and higher share repurchases.
Previous wording
Free cash flow (a non-GAAP measure) increased to $461 million for the six months ended June 30, 2025, compared to $71 million in 2024, primarily reflecting higher cash provided by operating activities and reduced capital expenditures.
Current wording
Free cash flow (a non-GAAP measure) increased to $496 million for the nine months ended September 30, 2025, compared to $218 million in 2024, primarily reflecting reduced cash capital expenditures and higher cash provided by operating activities.
Previous wording
Gross capital expenditures decreased to $1.2 billion for the six months ended June 30, 2025, compared to $1.3 billion in 2024, primarily reflecting reduced investments in ChoiceLease.
Current wording
Gross capital expenditures decreased to $1.6 billion for the nine months ended September 30, 2025, compared to $2.0 billion in 2024, primarily reflecting reduced investments in ChoiceLease and rental vehicles.
Previous wording
Cash and cash equivalents totaled $180 million as of June 30, 2025. As of June 30, 2025, $120 million was held outside the U.S. and is available to fund operations and growth of non-U.S. subsidiaries. We consider the historical earnings of our former U.K. business to be no longer indefinitely reinvested. We consider the historical earnings of Mexico, along with our remaining foreign jurisdictions to be permanently reinvested. Federal, state and foreign income taxes, withholding taxes and the tax impact of foreign currency exchange gains or losses were considered on the remaining U.K. undistributed earnings as of June 30, 2025, and there was no impact to deferred taxes.
Current wording
Cash and cash equivalents totaled $189 million as of September 30, 2025. As of September 30, 2025, $148 million was held outside the U.S. and is available to fund operations and growth of non-U.S. subsidiaries. We consider the historical earnings of our former U.K. business to be no longer indefinitely reinvested. We consider the historical earnings of Mexico, along with our remaining foreign jurisdictions to be permanently reinvested. Federal, state and foreign income taxes, withholding taxes and the tax impact of foreign currency exchange gains or losses were considered on the remaining U.K. undistributed earnings as of September 30, 2025, and there was no impact to deferred taxes.
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