Cash Flow Statement

Operating Cash Flow

+12%

+19%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	13	22	62	94	116	121	124	131	147	176	192	216	222	222	231	227	233	240	242	249	253	248	248	254	259	257	261	200	151	111	64	62	68	74	89	118	131	141	159	170	179	186	204	210	216	231	227	238	246	259	272	218	223	233	240	305	308	296	291	263	245	222	196	720	789	783	815	285	293	323	141	(24)	(179)	(329)	(201)	(122)	38	261	364	519	644	734	842	867	830	573	488	406	352	497	478	489	502	505	502	499
Depreciation & Amortization	623	628	585	561	569	569	598	628	661	670	678	689	696	732	741	755	751	748	756	757	782	794	798	826	833	846	858	851	872	893	912	923	912	896	882	875	867	877	893	912	934	958	974	989	998	997	1 004	1 040	1 058	1 085	1 106	1 094	1 122	1 142	1 162	1 193	1 207	1 208	1 247	1 226	1 282	1 303	1 285	1 299	1 312	1 374	1 436	1 457	1 518	1 563	1 798	1 980	2 120	2 167	2 089	2 143	1 965	1 877	1 824	1 786	1 755	1 735	1 712	1 713	1 728	1 716	1 712	1 712	1 691	1 707	1 713	1 694	1 695	1 687	1 693	1 703
Change in Deffered Taxes	12	27	39	53	44	44	49	52	61	81	98	10	(7)	(44)	(65)	(25)	(11)	22	37	76	81	76	61	64	73	87	111	129	106	78	67	93	77	54	76	41	65	104	88	90	92	87	89	87	91	98	102	114	117	125	131	105	110	112	117	154	157	153	152	125	115	100	92	(446)	(486)	(460)	(470)	109	96	69	35	(32)	(66)	(110)	(94)	(33)	(4)	60	83	126	169	193	226	266	250	237	209	115	63	1	(43)	21	18	(1)	148	130
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	3	0	0	0	14	17	23	18	17	17	15	26	17	18	17	17	16	16	16	16	17	17	17	17	17	18	18	19	19	19	19	19	19	20	20	21	21	22	22	22	21	20	20	19	19	19	14	10	19	19	26	33	25	27	28	28	26	22	22	13	30	38	43	58	47	47	46	45	46	46	45	45	44	43	43	43	42	38	40	39	39
Other Non-Cash Items	8	8	7	5	(16)	(16)	(12)	(7)	(10)	(16)	(25)	(13)	(17)	(18)	(20)	(39)	(38)	(35)	(31)	(32)	(34)	(32)	(29)	(21)	(19)	(17)	(11)	55	64	59	62	7	1	9	2	(15)	(19)	(28)	(38)	(44)	(54)	(62)	(78)	(83)	(83)	(82)	(71)	(77)	(83)	(94)	(104)	2	(6)	(7)	7	(79)	(64)	(26)	(32)	56	36	55	85	212	103	111	135	235	240	266	296	355	373	456	477	257	234	92	25	55	14	(5)	(8)	55	110	395	472	575	678	583	647	692	704	731	760	757
Cash Taxes Paid	0	0	0	15	0	0	0	27	32	39	43	21	255	295	289	290	151	119	133	145	56	50	65	58	55	56	33	26	23	12	12	(16)	(31)	(29)	(30)	5	21	21	29	22	21	21	14	12	11	13	10	13	11	12	14	11	14	14	15	13	15	14	12	14	12	13	12	14	19	20	23	23	18	19	18	6	8	1	1	14	14	25	26	45	50	96	120	115	123	115	97	96	86	171	221	207	209	102	50	52
Cash Interest Paid	0	0	0	94	0	0	0	94	105	144	155	101	103	104	101	118	117	129	131	138	139	150	159	154	160	148	153	141	159	149	156	145	136	132	127	120	125	118	130	127	133	130	133	127	135	130	131	133	129	135	133	140	137	140	140	145	141	146	136	144	141	139	143	130	138	136	146	162	174	195	212	226	234	244	237	246	233	227	224	208	208	204	210	214	229	237	256	269	284	325	338	372	381	387	394	399
Change in Working Capital	(97)	32	(93)	(98)	(180)	(40)	1	(0)	(3)	(102)	(106)	(34)	(247)	(255)	(205)	(139)	(16)	(63)	(84)	(197)	(91)	(25)	2	(19)	4	(53)	(71)	21	17	85	16	(124)	(85)	(40)	(39)	(0)	(76)	(131)	(99)	(86)	(141)	(129)	(165)	(73)	(28)	(20)	(10)	(68)	(103)	(150)	(66)	(39)	(21)	17	(54)	(132)	(82)	(86)	(102)	(71)	(116)	(113)	(77)	(157)	(166)	(128)	(260)	(369)	(281)	(324)	(241)	(136)	(153)	(6)	5	(64)	(99)	(192)	(242)	(310)	(406)	(510)	(495)	(591)	(596)	(492)	(515)	(455)	(383)	(578)	(577)	(632)	(530)	(333)	(702)	(496)
Cash from Operating Activities	559 N/A	718 +28%	599 -17%	615 +3%	534 -13%	677 +27%	760 +12%	804 +6%	855 +6%	808 -6%	838 +4%	867 +3%	648 -25%	636 -2%	681 +7%	779 +14%	919 +18%	913 -1%	920 +1%	854 -7%	990 +16%	1 061 +7%	1 079 +2%	1 104 +2%	1 151 +4%	1 121 -3%	1 148 +2%	1 256 +9%	1 209 -4%	1 226 +1%	1 122 -8%	960 -14%	972 +1%	993 +2%	1 010 +2%	1 018 +1%	969 -5%	964 0%	1 002 +4%	1 041 +4%	1 010 -3%	1 040 +3%	1 025 -1%	1 131 +10%	1 194 +6%	1 224 +3%	1 252 +2%	1 246 0%	1 235 -1%	1 225 -1%	1 340 +9%	1 381 +3%	1 428 +3%	1 497 +5%	1 472 -2%	1 441 -2%	1 525 +6%	1 546 +1%	1 554 +1%	1 599 +3%	1 562 -2%	1 568 +0%	1 581 +1%	1 627 +3%	1 552 -5%	1 679 +8%	1 657 -1%	1 716 +4%	1 865 +9%	1 897 +2%	2 029 +7%	2 143 +6%	2 096 -2%	2 197 +5%	2 251 +2%	2 181 -3%	2 208 +1%	2 214 +0%	2 170 -2%	2 176 +0%	2 176 +0%	2 147 -1%	2 277 +6%	2 310 +1%	2 322 +1%	2 429 +5%	2 366 -3%	2 353 -1%	2 401 +2%	2 210 -8%	2 218 +0%	2 264 +2%	2 389 +6%	2 589 +8%	2 401 -7%	2 593 +8%
Investing Cash Flow
Capital Expenditures	(532)	(507)	(558)	(582)	(593)	(699)	(703)	(735)	(742)	(848)	(940)	(1 092)	(1 391)	(1 362)	(1 428)	(1 399)	(1 267)	(1 396)	(1 465)	(1 695)	(1 873)	(1 804)	(1 617)	(1 304)	(1 090)	(1 028)	(1 099)	(1 230)	(1 209)	(1 013)	(851)	(652)	(600)	(805)	(1 004)	(1 070)	(1 183)	(1 343)	(1 374)	(1 699)	(1 856)	(2 085)	(2 228)	(2 133)	(2 082)	(1 877)	(1 934)	(2 123)	(2 281)	(2 430)	(2 368)	(2 259)	(2 234)	(2 333)	(2 605)	(2 668)	(2 690)	(2 459)	(2 092)	(1 905)	(1 692)	(1 640)	(1 707)	(1 860)	(2 162)	(2 426)	(2 748)	(3 050)	(3 414)	(3 840)	(3 808)	(3 735)	(3 140)	(2 229)	(1 657)	(1 147)	(1 097)	(1 346)	(1 695)	(1 941)	(2 145)	(2 232)	(2 430)	(2 631)	(2 688)	(3 088)	(3 171)	(3 234)	(3 279)	(2 906)	(2 699)	(2 683)	(2 511)	(2 562)	(2 491)	(2 135)
Other Items	232	214	208	223	229	248	271	191	79	137	265	372	511	490	389	411	412	387	353	356	419	582	598	481	356	108	86	128	98	172	190	220	292	290	274	89	25	(221)	(198)	41	145	593	637	629	648	511	505	519	532	574	580	555	530	490	491	507	540	553	530	498	466	441	446	422	471	288	269	229	243	452	508	518	513	474	510	546	603	704	717	492	137	333	490	781	1 244	1 013	859	571	183	145	48	237	482	478	497	485
Cash from Investing Activities	(300) N/A	(293) +2%	(350) -19%	(359) -3%	(364) -2%	(451) -24%	(432) +4%	(543) -26%	(663) -22%	(711) -7%	(675) +5%	(720) -7%	(880) -22%	(872) +1%	(1 040) -19%	(989) +5%	(855) +14%	(1 010) -18%	(1 112) -10%	(1 340) -20%	(1 453) -8%	(1 223) +16%	(1 019) +17%	(823) +19%	(734) +11%	(920) -25%	(1 013) -10%	(1 103) -9%	(1 111) -1%	(841) +24%	(661) +21%	(432) +35%	(308) +29%	(515) -67%	(731) -42%	(981) -34%	(1 158) -18%	(1 564) -35%	(1 572) -1%	(1 657) -5%	(1 712) -3%	(1 492) +13%	(1 591) -7%	(1 504) +5%	(1 434) +5%	(1 367) +5%	(1 429) -5%	(1 604) -12%	(1 750) -9%	(1 856) -6%	(1 788) +4%	(1 705) +5%	(1 704) +0%	(1 843) -8%	(2 115) -15%	(2 161) -2%	(2 150) +1%	(1 906) +11%	(1 563) +18%	(1 407) +10%	(1 225) +13%	(1 199) +2%	(1 261) -5%	(1 439) -14%	(1 691) -18%	(2 138) -26%	(2 478) -16%	(2 822) -14%	(3 172) -12%	(3 388) -7%	(3 300) +3%	(3 217) +2%	(2 627) +18%	(1 755) +33%	(1 148) +35%	(601) +48%	(494) +18%	(642) -30%	(978) -52%	(1 450) -48%	(2 007) -38%	(1 899) +5%	(1 940) -2%	(1 850) +5%	(1 443) +22%	(2 075) -44%	(2 313) -11%	(2 663) -15%	(3 096) -16%	(2 761) +11%	(2 651) +4%	(2 446) +8%	(2 029) +17%	(2 084) -3%	(1 994) +4%	(1 650) +17%
Financing Cash Flow
Net Issuance of Common Stock	29	36	37	35	17	19	32	43	45	(7)	(37)	(61)	(75)	(43)	(32)	(124)	(165)	(126)	(192)	(98)	(37)	(144)	(178)	(167)	(236)	(245)	(201)	(201)	(142)	(55)	6	(109)	(133)	(163)	(195)	(106)	(90)	(77)	(51)	(26)	(18)	(12)	(10)	2	23	50	65	91	46	4	(17)	(60)	(32)	(3)	8	18	13	(9)	(13)	(19)	(34)	(56)	(59)	(58)	(56)	(18)	(17)	(14)	(17)	(20)	(18)	(20)	(14)	(7)	(4)	(29)	(40)	(51)	(59)	(26)	(319)	(307)	(300)	(543)	(299)	(385)	(518)	(335)	(335)	(325)	(330)	(311)	(433)	(447)	(402)	(531)
Net Issuance of Debt	(257)	(420)	(285)	(268)	(120)	(182)	(320)	(238)	(202)	(96)	(115)	(96)	306	316	489	407	133	255	403	621	560	379	140	(89)	(127)	75	105	103	78	(262)	(387)	(369)	(437)	(245)	0	240	378	754	660	594	738	466	618	397	240	151	146	324	536	719	551	451	391	420	724	808	696	462	121	(72)	(225)	(225)	(166)	(7)	339	605	945	1 217	1 426	1 649	1 422	1 225	1 008	444	(359)	(1 348)	(1 855)	(1 971)	(1 492)	(49)	417	387	397	(189)	(432)	(74)	261	726	1 170	967	918	606	153	110	170	(230)
Cash Paid for Dividends	(36)	(37)	(37)	(37)	(37)	(37)	(38)	(38)	(38)	(39)	(39)	(39)	(39)	(40)	(40)	(41)	(42)	(42)	(43)	(44)	(46)	(48)	(49)	(50)	(51)	(51)	(52)	(52)	(52)	(51)	(53)	(53)	(54)	(54)	(54)	(55)	(55)	(56)	(57)	(58)	(59)	(59)	(60)	(61)	(62)	(64)	(66)	(68)	(70)	(72)	(73)	(75)	(77)	(79)	(81)	(83)	(86)	(88)	(90)	(91)	(92)	(94)	(95)	(96)	(100)	(104)	(108)	(112)	(113)	(115)	(115)	(117)	(118)	(119)	(119)	(119)	(120)	(120)	(121)	(122)	(124)	(124)	(124)	(123)	(124)	(123)	(125)	(128)	(128)	(131)	(133)	(135)	(138)	(140)	(142)	(145)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	7	8	9	7	4	4	7	8	10	19	0	(2)	(19)	(33)	(20)	(19)	(9)	(7)	(5)	(7)	(7)	(7)	(6)	(6)	(2)	(3)	(4)	(2)	(1)	3	0	(1)	(6)	(8)	(5)	(6)	(5)	(7)	(11)	(11)	(10)	(7)	(4)	(2)	(2)	(3)	(2)	(2)	(2)	(5)	(6)	(5)	(7)	(6)	(5)	(9)	(16)	(14)	(11)	(8)	2	(0)	(7)	(9)	(11)	(9)	(6)	(2)	(6)	(4)	(7)	(9)	(4)	(8)	(7)	(6)	(8)	(7)	(6)
Cash from Financing Activities	(264) N/A	(420) -59%	(285) +32%	(270) +5%	(140) +48%	(200) -43%	(327) -63%	(233) +29%	(196) +16%	(141) +28%	(191) -35%	(196) -2%	191 N/A	234 +22%	416 +78%	242 -42%	(71) N/A	92 N/A	176 +90%	488 +178%	484 -1%	191 -61%	(83) N/A	(299) -260%	(405) -35%	(211) +48%	(129) +39%	(151) -17%	(118) +22%	(387) -229%	(467) -20%	(551) -18%	(642) -16%	(471) +27%	(256) +46%	75 N/A	226 +201%	614 +171%	546 -11%	504 -8%	655 +30%	393 -40%	545 +39%	334 -39%	198 -41%	137 -31%	147 +8%	347 +135%	511 +47%	646 +26%	453 -30%	312 -31%	275 -12%	334 +21%	644 +93%	732 +14%	613 -16%	355 -42%	12 -97%	(186) N/A	(353) -90%	(377) -7%	(322) +15%	(162) +50%	181 N/A	481 +166%	815 +70%	1 086 +33%	1 290 +19%	1 508 +17%	1 283 -15%	1 084 -15%	867 -20%	302 -65%	(496) N/A	(1 507) -204%	(2 023) -34%	(2 141) -6%	(1 672) +22%	(204) +88%	(35) +83%	(55) -55%	(36) +34%	(861) -2 289%	(857) +0%	(588) +31%	(387) +34%	256 N/A	698 +173%	507 -27%	447 -12%	153 -66%	(424) N/A	(485) -14%	(381) +21%	(912) -139%
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	9	0	0	0	9	9	8	4	(4)	(2)	(0)	4	(2)	(3)	(2)	1	7	10	8	(3)	1	(4)	(1)	6	2	2	(3)	0	2	4	8	6	3	5	2	1	1	6	7	9	6	1	(1)	(5)	0	(0)	(1)	(1)	0	(4)	(2)	(4)	(10)	(5)	(3)	(9)	(6)	(4)	(6)	1	5	(0)	(1)	(0)	(4)	(2)	(5)	2	5	3	6	(2)	(1)	(3)	(14)	(48)	(4)	11	5	38	(9)	(22)	(10)	(11)	(21)	(19)	(4)	1	13
Net Change in Cash	(6) N/A	4 N/A	(36) N/A	(14) +62%	30 N/A	26 -12%	1 -95%	36 +2 925%	(4) N/A	(44) -1 038%	(28) +37%	(40) -42%	(32) +19%	6 N/A	62 +1 009%	28 -55%	(9) N/A	(5) +47%	(12) -164%	(0) +99%	18 N/A	27 +51%	(22) N/A	(12) +44%	21 N/A	(3) N/A	4 N/A	4 -7%	(23) N/A	(3) +88%	1 N/A	(22) N/A	24 N/A	4 -83%	24 +495%	115 +381%	41 -65%	22 -47%	(19) N/A	(109) -474%	(42) +61%	(58) -37%	(20) +65%	(38) -90%	(37) +3%	1 N/A	(21) N/A	(5) +77%	(4) +23%	14 N/A	0 -99%	(11) N/A	(1) +96%	(14) -2 600%	1 N/A	11 +2 060%	(16) N/A	(7) +52%	(1) +93%	(4) -620%	(20) -464%	(11) +47%	(11) -6%	20 N/A	39 +90%	17 -57%	(5) N/A	(15) -206%	(17) -14%	16 N/A	13 -22%	5 -57%	334 +6 091%	739 +121%	608 -18%	78 -87%	(306) N/A	(563) -84%	(482) +15%	522 N/A	130 -75%	180 +38%	254 +41%	(405) N/A	32 N/A	(228) N/A	(296) -30%	(63) +79%	(19) +70%	(54) -184%	3 N/A	(50) N/A	(83) -66%	16 N/A	27 +69%	44 +63%
Free Cash Flow
Free Cash Flow	27 N/A	211 +677%	41 -81%	33 -21%	(59) N/A	(22) +63%	57 N/A	69 +22%	113 +64%	(40) N/A	(102) -153%	(225) -122%	(743) -230%	(725) +2%	(747) -3%	(620) +17%	(348) +44%	(484) -39%	(545) -13%	(842) -54%	(883) -5%	(744) +16%	(538) +28%	(201) +63%	60 N/A	93 +55%	49 -47%	26 -48%	1 -97%	213 +26 550%	271 +27%	308 +13%	372 +21%	188 -50%	6 -97%	(52) N/A	(215) -315%	(379) -77%	(373) +2%	(657) -76%	(846) -29%	(1 045) -24%	(1 203) -15%	(1 002) +17%	(889) +11%	(654) +26%	(682) -4%	(876) -28%	(1 047) -19%	(1 205) -15%	(1 028) +15%	(878) +15%	(806) +8%	(836) -4%	(1 134) -36%	(1 227) -8%	(1 165) +5%	(913) +22%	(538) +41%	(306) +43%	(129) +58%	(73) +44%	(126) -73%	(234) -86%	(610) -161%	(747) -22%	(1 091) -46%	(1 334) -22%	(1 549) -16%	(1 943) -25%	(1 778) +8%	(1 592) +10%	(1 044) +34%	(33) +97%	593 N/A	1 034 +74%	1 112 +7%	868 -22%	475 -45%	235 -51%	32 -87%	(85) N/A	(153) -80%	(321) -110%	(365) -14%	(659) -80%	(805) -22%	(881) -9%	(878) +0%	(696) +21%	(481) +31%	(419) +13%	(122) +71%	27 N/A	(90) N/A	458 N/A

Income Statement Balance Sheet Cash Flow Statement

Ryder System Inc
NYSE:R

Cash Flow Statement

Cash Flow Statement
Ryder System Inc

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Ryder System Inc NYSE:R

Cash Flow Statement

Cash Flow Statement Ryder System Inc

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Ryder System Inc
NYSE:R

Cash Flow Statement
Ryder System Inc