Used Truck Sales Lift Ryder Q1 Results, 2026 Guidance

Ryder’s rental power-fleet utilization was 68%, compared with 66% in the prior-year period. (Ryder System)

Better-than-expected used vehicle sales boosted Ryder System’s earnings in the first quarter of 2026 and encouraged the company enough to raise its guidance for full-year 2026.

Executives at Miami-based Ryder previously told analysts the company’s three leading indicators of an upturn in freight market conditions are used vehicle sales, rental and leased power miles.

After the longest market downturn in industry memory, market watchers are seeking sustainable indicators of an upturn.

Ryder’s used vehicle sales in the most recent quarter fell 10% year over year to 4,600 from 5,100 but rose 27.8%, or 1,000 vehicles, compared with the fourth quarter of 2025, Chief Financial Officer Cristina Gallo-Aquino said during the company’s Q1 earnings call April 23.

“Freight cycle conditions in the first quarter were better than our expectations. Used vehicle sales results were higher year over year for the first time since the third quarter of 2022,” CEO John Diez then told analysts on the call.

“Outperformance was driven by higher retail volumes relative to our expectations, and retail pricing was stable sequentially,” said Diez, who replaced Robert Sanchez as CEO on April 1.

That stability arrived sooner than Ryder expected, he added later in the call.

Ryder’s rental power-fleet utilization was 68%, compared with 66% in the prior-year period.

“The sequential change in commercial rental demand was in line with historical seasonal trends for the first time in three years,” Diez said.

However, the size of Ryder’s commercial rental fleet fell 13% year on year to 30,500 vehicles from 34,900 vehicles in Q1 2025.

Both used vehicle sales and rentals are part of Ryder’s largest division — fleet management solutions.

The division saw a 1% increase in revenue to $1.46 billion in Q1 from $1.45 billion in the same period 12 months earlier.

The used vehicle sales results reflected improving market conditions, the company said in a statement accompanying its Q1 earnings, adding that used tractor pricing increased 6%, and truck pricing decreased 5% year on year.

Compared with the fourth quarter of 2025, used tractor and truck pricing decreased 3% and 4%, respectively, due to a lower retail sales mix, as tractor and truck retail pricing remained stable, it added.

A quarter ago, Diez said the company had yet to see meaningful near-term change in the U.S. freight market.

Overall, Ryder posted revenue of $3.126 billion, compared with $3.131 billion in the year-ago period. The company’s net income, meanwhile, fell to $93 million from $98 million.

But Q1 outperformed expectations by such a significant margin that Ryder increased its full-year earnings guidance by a considerable amount.

The company increased its full-year 2026 comparable earnings per share guidance to $14.05-$14.80 from $13.45-$14.45 when Ryder released its Q4 results.

“We are raising our EPS forecast range to reflect stronger-than-expected first-quarter performance and our expectations for modest improvement in used vehicle market conditions,” Gallo-Aquino said in comments accompanying the results.

Ryder expects $500 million in proceeds from the sale of used vehicles in 2026, the CFO said.

Diez added during the call: “We’re also encouraged by stronger sales in the fleet management and dedicated segments, which have been experiencing sales headwinds reflecting trade market conditions. Sales for both segments during the quarter were above prior year and ahead of expectations.”

Revenue at Ryder’s supply chain solutions division rose 2% year over year to $1.36 billion from $1.33 billion.

The company said new business from the omnichannel retail segment boosted revenue.

Ryder’s smallest division, dedicated transportation solutions, posted an 8% decline in revenue to $553 million in Q1 from $602 million a year earlier.

The division’s earnings fell as the prolonged freight market downturn ushered in a smaller fleet.

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But Diez is encouraged by the impact of a decline in capacity in the truckload segment of the freight market due to regulatory measures, including the Department of Transportation and the Federal Motor Carrier Safety Administration shuttering noncompliant driver training schools, imposing stricter rules for non-domiciled commercial driver licenses and enforcing English-language proficiency requirements.

“We have seen a number of inquiries and the level of commitment and activity from customers to sign up for longer-term contracts [in Q1], which was very encouraging. So clearly there’s signs out there that we are seeing pressure on that side, that’s going to bring more demand for us,” he told analysts.

However, the freight market recovery is not yet sustained, the company’s top executive said.

“Conditions remain below normalized levels, and geopolitical and macroeconomic factors continue to influence the pace and durability of the recovery,” he told analysts.

Ryder ranks No. 6 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, with Ryder Dedicated Transportation Solutions ranking No. 5 among truckload/dedicated carriers. The company also ranks No. 8 on the TT Top 100 list of the largest logistics companies.