Ryder System, Inc. (R) Cash Flow Statement
Where R’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.59B +14.5% vs 2024
- Capital expenditures
- $2.13B 16.8% of revenue
- Free cash flow
- $459.0M 3.6% margin
- Returned to shareholders
- $664.0M 145% of free cash flow
- Change in cash
- $44.0M cash at year-end $198.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
R operating cash flow, capex and free cash flow
R cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.60B2016 | $2.59B2025 | +5.5%/yr | |
| Capital expenditures | $1.91B2016 | $2.13B2025 | +1.3%/yr | |
| Free cash flow | −$304.1M2016 | $459.0M2025 | — | |
| Free cash flow margin | −4.5%2016 | 3.6%2025 | +8.1 pts | |
| Operating cash flow / net income | 6.052016 | 5.182025 | −0.87 | |
| Stock-based compensation | $18.7M2016 | $75.0M2025 | +16.7%/yr | |
| Dividends paid | $91.0M2016 | $145.0M2025 | +5.3%/yr | |
| Share buybacks (net) | $37.3M2016 | $519.0M2025 | +34.0%/yr | |
| Capex / revenue | 28.2%2016 | 16.8%2025 | −11.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
R cash flow by activity
R net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
R cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $501.0M | $489.0M | $406.0M | $863.0M | $521.6M | −$112.0M | −$23.3M | $275.6M | $791.0M | $264.6M |
| Depreciation & amortization | $2.24B | $2.23B | $2.08B | $1.83B | $1.81B | $2.14B | $1.98B | $1.46B | $1.30B | $1.19B |
| Stock-based compensation | $75.0M | $83.0M | $84.0M | $57.0M | −$211.0M | $40.7M | $144.9M | $25.0M | $19.0M | $18.7M |
| Change in working capital | −$496.0M | −$632.0M | −$455.0M | −$591.0M | −$309.9M | −$64.2M | −$136.1M | −$241.0M | −$74.5M | −$61.5M |
| Other non-cash items | $273.0M | $96.0M | $233.0M | $150.0M | $363.2M | $173.8M | $174.7M | $119.0M | −$486.2M | $186.2M |
| Cash from operating activities | $2.59B | $2.26B | $2.35B | $2.31B | $2.18B | $2.18B | $2.14B | $1.64B | $1.55B | $1.60B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.13B | −$2.68B | −$3.23B | −$2.63B | −$1.94B | −$1.15B | −$3.74B | −$3.05B | −$1.86B | −$1.91B |
| Investments (net) | — | −$2.45B | −$2.31B | −$1.85B | −$1.45B | −$601.0M | −$3.22B | $75.0M | $73.2M | $76.5M |
| Acquisitions & other investing | $485.0M | $2.68B | $2.88B | $2.63B | $1.94B | $1.15B | $3.74B | $228.9M | $420.9M | $422.8M |
| Cash from investing activities | −$1.65B | −$2.45B | −$2.66B | −$1.85B | −$1.45B | −$601.0M | −$3.22B | −$2.75B | −$1.37B | −$1.41B |
| Financing activities | ||||||||||
| Dividends paid | −$145.0M | −$135.0M | −$128.0M | −$123.0M | −$121.8M | −$119.0M | −$116.5M | −$111.9M | −$95.8M | −$91.0M |
| Share repurchases & issuance (net) | −$519.0M | −$321.0M | −$337.0M | −$557.0M | −$56.2M | −$29.2M | −$27.7M | −$30.8M | −$78.3M | −$37.3M |
| Net borrowing (repayment) | −$230.0M | $606.0M | $726.0M | $134.0M | $259.5M | −$377.3M | −$23.1M | $46.3M | $87.8M | −$81.6M |
| Shares issued | $0 | $10.0M | $2.0M | $14.0M | $30.0M | $7.4M | $8.2M | $17.0M | $0 | $0 |
| Other financing | −$18.0M | −$7.0M | −$7.0M | −$329.0M | −$315.2M | −$989.1M | $1.24B | $1.17B | −$68.8M | $24.0M |
| Cash from financing activities | −$912.0M | $153.0M | $256.0M | −$861.0M | −$203.7M | −$1.51B | $1.08B | $1.09B | −$155.1M | −$185.9M |
| Summary | ||||||||||
| Net change in cash | $44.0M | −$50.0M | −$63.0M | −$405.0M | $522.0M | $77.7M | $5.5M | −$14.9M | $19.5M | −$2.1M |
| Cash at end of period | $198.0M | $154.0M | $204.0M | $267.0M | $673.3M | $151.3M | $73.6M | $68.1M | $78.3M | $58.8M |
| Free cash flow | $459.0M | −$418.0M | −$881.0M | −$321.0M | $233.9M | $1.03B | −$1.59B | −$1.42B | −$312.4M | −$304.1M |
| Free cash flow margin | 3.6% | −3.3% | −7.4% | −2.6% | 2.4% | 12.3% | −18.0% | −16.9% | −4.3% | −4.5% |
| Capex / revenue | 16.8% | 21.1% | 27.0% | 21.1% | 19.6% | 13.6% | 42.1% | 36.4% | 25.6% | 28.2% |
| Operating cash flow / net income | 5.18 | 4.63 | 5.80 | 2.68 | 4.17 | — | — | 5.93 | 1.96 | 6.05 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $133.0M | $93.0M | $133.0M | $138.0M | $132.0M | $98.0M | $135.0M | $142.0M | $127.0M | $85.0M | $124.0M | $160.0M |
| Depreciation & amortization | $1.12B | $531.0M | $570.0M | $555.0M | $554.0M | $521.0M | $469.0M | $536.0M | $653.0M | $463.0M | $473.0M | $440.0M |
| Stock-based compensation | $26.0M | $18.0M | — | $20.0M | $21.0M | $15.0M | — | $43.0M | — | $20.0M | $44.0M | −$25.0M |
| Change in working capital | −$85.0M | −$125.0M | −$36.0M | −$451.0M | $31.0M | −$40.0M | −$242.0M | −$82.0M | −$166.0M | −$142.0M | −$187.0M | −$83.0M |
| Other non-cash items | −$514.0M | $66.0M | $82.0M | $180.0M | $14.0M | $57.0M | $195.0M | −$10.0M | −$62.0M | $100.0M | $57.0M | $129.0M |
| Cash from operating activities | $677.0M | $583.0M | $749.0M | $442.0M | $752.0M | $651.0M | $557.0M | $629.0M | $552.0M | $526.0M | $511.0M | $621.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$405.0M | −$427.0M | −$405.0M | −$527.0M | −$689.0M | −$514.0M | −$761.0M | −$598.0M | −$638.0M | −$686.0M | −$777.0M | −$805.0M |
| Investments (net) | — | — | — | −$407.0M | −$550.0M | −$393.0M | −$644.0M | −$497.0M | −$495.0M | −$810.0M | −$849.0M | −$607.0M |
| Acquisitions & other investing | $138.0M | $106.0M | $105.0M | $527.0M | $689.0M | $514.0M | $761.0M | $598.0M | $638.0M | $686.0M | $777.0M | −$402.0M |
| Cash from investing activities | −$267.0M | −$321.0M | −$300.0M | −$407.0M | −$550.0M | −$393.0M | −$644.0M | −$497.0M | −$495.0M | −$810.0M | −$849.0M | −$1.81B |
| Financing activities | ||||||||||||
| Dividends paid | −$35.0M | −$39.0M | −$37.0M | −$37.0M | −$33.0M | −$38.0M | −$34.0M | −$35.0M | −$31.0M | −$35.0M | −$32.0M | −$33.0M |
| Share repurchases & issuance (net) | −$75.0M | −$257.0M | −$164.0M | −$73.0M | −$87.0M | −$190.0M | −$39.0M | −$141.0M | −$73.0M | −$68.0M | −$55.0M | −$131.0M |
| Net borrowing (repayment) | −$244.0M | $20.0M | −$241.0M | $103.0M | −$60.0M | −$32.0M | $159.0M | $43.0M | — | — | — | $92.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $4.0M | $0 | $0 | $0 | $1.0M | $0 |
| Other financing | −$19.0M | −$1.0M | −$1.0M | −$18.0M | −$3.0M | −$1.0M | −$2.0M | $4.0M | −$18.0M | $419.0M | $468.0M | $3.0M |
| Cash from financing activities | −$373.0M | −$277.0M | −$443.0M | −$25.0M | −$183.0M | −$261.0M | $88.0M | −$129.0M | −$122.0M | $316.0M | $382.0M | −$69.0M |
| Summary | ||||||||||||
| Net change in cash | $37.0M | −$16.0M | $9.0M | $9.0M | $29.0M | −$3.0M | −$8.0M | −$2.0M | −$70.0M | $30.0M | $45.0M | −$59.0M |
| Cash at end of period | $219.0M | $182.0M | $198.0M | $189.0M | $180.0M | $151.0M | $154.0M | $162.0M | $164.0M | $234.0M | $204.0M | $159.0M |
| Free cash flow | $272.0M | $156.0M | $344.0M | −$85.0M | $63.0M | $137.0M | −$203.0M | $31.0M | −$86.0M | −$160.0M | −$266.0M | −$184.0M |
| Free cash flow margin | 8.1% | 5.0% | 10.8% | −2.7% | 2.0% | 4.4% | −6.3% | 1.0% | −2.7% | −5.1% | −8.7% | −6.2% |
| Capex / revenue | 12.1% | 13.6% | 12.7% | 16.6% | 21.6% | 16.4% | 23.7% | 18.8% | 19.9% | 22.0% | 25.5% | 27.1% |
| Operating cash flow / net income | 5.09 | 6.27 | 5.63 | 3.20 | 5.70 | 6.64 | 4.13 | 4.43 | 4.35 | 6.19 | 4.12 | 3.88 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
R cash generation
In fiscal 2025 (ended December 31, 2025), Ryder generated $2.6 billion of cash from operations (up 14.5%) and spent $2.1 billion on capital expenditures, leaving free cash flow of $459.0 million, 3.6% of revenue. It returned $664.0 million to shareholders through dividends ($145.0 million) and net share buybacks ($519.0 million). Cash and equivalents rose by $44.0 million over the year.
Related: R income statement, R balance sheet, R dividend history. See the R stock overview for the latest quote and news.
R cash flow FAQ
What is Ryder's free cash flow?
Ryder's free cash flow was $459.0 million in fiscal 2025: $2.6 billion of operating cash flow minus $2.1 billion of capital expenditures It was -$418.0 million a year earlier..
How much cash does Ryder generate from operations?
Ryder generated $2.6 billion of cash from operating activities in fiscal 2025, 5.18 times its net income of $501.0 million.
How much does Ryder spend on capital expenditures?
Ryder spent $2.1 billion on capital expenditures in fiscal 2025, 16.8% of revenue, compared with $2.7 billion the year before.
How much stock does Ryder buy back?
Ryder spent $519.0 million on net share repurchases in fiscal 2025.
How much does Ryder pay in dividends?
Ryder paid $145.0 million in dividends in fiscal 2025, 31.6% of free cash flow.