R · 10-K filed 11 Feb 2026 · year to 31 Dec 2025

Ryder System

24 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

SCS and DTS top ten customers

concentrated in · approximately one-third of total revenue and operating revenue for each segmentnamed as a risk

During 2025, sales to our top ten customers in each of SCS and DTS accounted for approximately one-third of total revenue and operating revenue for each segment.Risk factors (Item 1A)

Food and beverage industry

earns fromnamed as a risk

In addition, many of our SCS customers operate in cyclical or seasonal industries, or operate in industries, such as the food and beverage industry, that may be impacted by unanticipated weather, growing conditions (such as drought, insects or disease), natural disasters, pandemics and other conditions over which we have no control.Risk factors (Item 1A)

Suppliers

Original equipment manufacturers (commercial vehicle OEMs)

depends onnamed as a risk

We buy vehicles and related equipment from a relatively small number of OEMs in our FMS business.Risk factors (Item 1A)

Also named by DORM, IOT, LKQ, VSEC, WTS

Other companies

International Brotherhood of Teamsters

3,600named as a risk

Those employees organized by labor unions are principally represented by the International Brotherhood of Teamsters, the International Association of Machinists and Aerospace Workers and the United Auto Workers.Business (Item 1)

Also named by UPS, USFD, XPO

Places

Mexico

operates in · approximately 23,600 border crossings each month

In Mexico, we offer a full range of logistics services and manage approximately 23,600 border crossings each month between the U.S. and Mexico.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Canada

operates in · approximately 5,000 border crossings each month

Our Canadian operations are also highly coordinated with their U.S. and Mexico counterparts and manage approximately 5,000 border crossings each month.Business (Item 1)

Also named by AAP, AJG, ALL, AMRC, AOS, ARE, BBY, BF/B and 97 more

Commodities and inputs

Used commercial vehicle market

exposed to its price · 9,500 vehiclesnamed as a risk

At December 31, 2025, we have used vehicle inventory of 9,500 vehicles, slightly above our long-term target range of 7,000 to 9,000.Business (Item 1)

Diesel fuel

exposed to its price · 12% of our FMS total revenue

During 2025, fuel services revenue accounted for 12% of our FMS total revenue.Business (Item 1)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

SOFR

exposed to its price · $500 million

As of December 31, 2025, we had $1.4 billion of variable-rate debt, including $500 million of fixed-rate debt instruments swapped to SOFR-based floating-rate debt.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Diesel fuel

exposed to its pricenamed as a risk

However, profitability may be positively or negatively impacted by sudden increases or decreases in market fuel prices during a short period of time as customer pricing for fuel services is established based on current market fuel costs.Market risk (Item 7A)

Also named by ADM, BLDR, BTU, CAH, CHD, CHRW, COST, CP and 43 more

Semiconductors

depends onnamed as a risk

When global supply chain disruptions later caused a semiconductor shortage, we then experienced a significant increase in demand for rental and used vehicles, as well as lease, due to the limited supply of commercial vehicles.Risk factors (Item 1A)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more

Commercial auto liability insurance market

exposed to its pricenamed as a risk

In recent years, several insurance companies have stopped offering coverage to trucking companies and reduced capacity limits as a result of increases in the severity of automobile liability claims and higher costs of settlements and verdicts, causing the cost of such insurance to increase.Risk factors (Item 1A)

Canadian dollar

exposed to its price

The principal foreign currency exchange rate risks to which we are exposed include the Canadian dollar and Mexican peso.Market risk (Item 7A)

Also named by ABBV, ADBE, AMG, AYI, BBY, BWXT, CBRE, CDRE and 67 more

Regulators

Environmental Protection Agency (EPA)

subject tonamed as a risk

We are also subject to safety, health and environmental laws and regulations imposed by various jurisdictions and agencies, such as the FDA, USDA, EPA and OSHA, including requirements related to emissions and vehicle specifications.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

U.S. Department of Transportation (DOT)

subject tonamed as a risk

Moreover, if we fail to comply with DOT regulations, including failing to maintain a "satisfactory" safety rating, the DOT could levy fines and require us to cease all transportation services, which could have a material adverse effect on our business.Risk factors (Item 1A)

Also named by ACHR, AESI, ALK, BLDR, CHRW, CTAS, DAL, EXPE and 19 more

Federal Motor Carrier Safety Administration (FMCSA)

subject tonamed as a risk

In addition, compliance and enforcement initiatives implemented by the FMCSA related to drivers' hours of service, fitness and safety may shrink the industry's pool of professional drivers.Risk factors (Item 1A)

Also named by CASY, CVLG, ET, FDXF, HTLD, IOT, JBHT, LSTR and 5 more

Laws and programs

U.S.-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

•changes in tariff policies, including recently imposed tariffs on imported vehicles, vehicle parts and industrial goods, trade restrictions and trade agreements, such as the U.S.-Mexico-Canada Agreement;Risk factors (Item 1A)

Also named by GM, GNRC, LII, STZ

Compliance, Safety, Accountability program (CSA)

subject tonamed as a risk

Additionally, interventions and enforcement under the CSA initiative may shrink the industry's pool of professional drivers as existing drivers with unfavorable scores may no longer be eligible to drive for us.Risk factors (Item 1A)

U.S. tariffs on imported vehicles and vehicle parts

exposed to its pricenamed as a risk

For example, in our FMS business, the recent introduction of tariffs has modestly increased our maintenance costs as the prices of certain vehicle parts has increased.Risk factors (Item 1A)

U.S. Patriot Act

subject tonamed as a risk

However, such insurance may be inadequate or become unavailable, premiums charged for some or all of the insurance could increase dramatically, regulations may change, or U.S. Patriot Act protections could be reduced.Risk factors (Item 1A)

FMCSA electronic logging device mandate

subject to

The FMCSA also has regulations mandating electronic logging devices in commercial motor vehicles that impact various aspects of our dedicated, supply chain and rental businesses.Business (Item 1)

U.S. Customs and Border Protection C-TPAT

subject to

We must comply with licensing and other requirements imposed by the DHS, and our supply chain security program is certified by the U.S. Customs and Border Protection Customs-Trade Partnership Against Terrorism certification, Canada’s Partners in Protection program, and Mexico’s Authorized Economic Operator program.Business (Item 1)

Technology

Zero-emission vehicles

named as a risk

Certain innovations, such as an increase in customer use of zero-emission vehicles, for example, could reduce the demand for our diesel vehicle and related maintenance and other offerings.Risk factors (Item 1A)

Autonomous mobile robots (warehouse automation)

named as a risk

Advancements in warehouse automation technology, such as autonomous mobile robots (AMRs), have impacted, and may continue to impact, our supply chain business.Risk factors (Item 1A)