RYDER SYSTEM INCR
RYDER SYSTEM INC Debt Disclosure
DEBT
| Weighted Average Interest Rate | ||||||||||||||||||||||||||||||||
(Dollars in millions) | December 31, 2025 | December 31, 2024 | Maturities | December 31, 2025 | December 31, 2024 | |||||||||||||||||||||||||||
| Debt: | ||||||||||||||||||||||||||||||||
| Trade receivables financing program | 4.31% | 5.06% | 2026 | $ | 20 | $ | 20 | |||||||||||||||||||||||||
| U.S. commercial paper | 4.07% | 4.78% | 2030 | 865 | 868 | |||||||||||||||||||||||||||
| Unsecured medium term note issued April 2020 | 4.63% | 4.63% | 2025 | — | 400 | |||||||||||||||||||||||||||
| Unsecured medium term note issued May 2020 | 3.35% | 3.35% | 2025 | — | 400 | |||||||||||||||||||||||||||
| Unsecured medium term note issued December 1995 | 6.95% | 6.95% | 2025 | — | 150 | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2021 | 4.81% | 5.53% | 2026 | 300 | 300 | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2019 | 2.90% | 2.90% | 2026 | 400 | 400 | |||||||||||||||||||||||||||
| Unsecured medium term note issued February 2022 | 3.94% | 4.27% | 2027 | 450 | 450 | |||||||||||||||||||||||||||
| Unsecured medium term note issued May 2022 | 4.30% | 4.30% | 2027 | 300 | 300 | |||||||||||||||||||||||||||
| Unsecured medium term note issued February 2024 | 5.30% | 5.30% | 2027 | 350 | 350 | |||||||||||||||||||||||||||
| Unsecured medium term note issued February 2023 | 5.65% | 5.65% | 2028 | 500 | 500 | |||||||||||||||||||||||||||
| Unsecured medium term note issued May 2023 | 5.25% | 5.25% | 2028 | 650 | 650 | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2023 | 6.30% | 6.30% | 2028 | 400 | 400 | |||||||||||||||||||||||||||
| Unsecured medium term note issued February 2024 | 5.38% | 5.38% | 2029 | 550 | 550 | |||||||||||||||||||||||||||
| Unsecured medium term note issued May 2024 | 5.50% | 5.50% | 2029 | 300 | 300 | |||||||||||||||||||||||||||
| Unsecured medium term note issued August 2024 | 4.95% | 4.95% | 2029 | 300 | 300 | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2024 | 4.90% | 4.90% | 2029 | 300 | 300 | |||||||||||||||||||||||||||
| Unsecured medium term note issued February 2025 | 5.00% | —% | 2030 | 300 | — | |||||||||||||||||||||||||||
| Unsecured medium term note issued May 2025 | 4.85% | —% | 2030 | 300 | — | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2025 | 4.30% | —% | 2030 | 300 | — | |||||||||||||||||||||||||||
| Unsecured medium term note issued November 2023 | 6.60% | 6.60% | 2033 | 600 | 600 | |||||||||||||||||||||||||||
| Unsecured U.S. obligations | 5.14% | 5.14% | 2027 | 275 | 275 | |||||||||||||||||||||||||||
Asset-backed U.S. obligations (1) | 3.69% | 3.59% | 2026-2030 | 120 | 252 | |||||||||||||||||||||||||||
Finance lease obligations and other | 2026-2032 | 113 | 76 | |||||||||||||||||||||||||||||
| 7,693 | 7,841 | |||||||||||||||||||||||||||||||
Fair market value adjustment on medium-term notes (2) | (11) | (25) | ||||||||||||||||||||||||||||||
| Debt issuance costs and original issue discounts | (37) | (37) | ||||||||||||||||||||||||||||||
Total debt (3) | 7,645 | 7,779 | ||||||||||||||||||||||||||||||
| Short-term debt and current portion of long-term debt | (819) | (1,120) | ||||||||||||||||||||||||||||||
| Long-term debt | $ | 6,826 | $ | 6,659 | ||||||||||||||||||||||||||||
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(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2025 and 2024.
(3)The unsecured medium-term notes bear semi-annual interest.
The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.6 billion as of December 31, 2025 and 2024, respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and our other debt were classified within Level 2 of the fair value hierarchy.
Debt Proceeds and Repayments
The following table includes our debt proceeds and repayments in 2025:
| (In millions) | Debt Proceeds | Debt Repayments | ||||||||||||||||||
Medium-term notes (1) | $ | 892 | Medium-term notes | $ | 950 | |||||||||||||||
| U.S. and foreign term loans, finance lease obligations and other | — | U.S. and foreign term loans, finance lease obligations and other | 169 | |||||||||||||||||
Total debt proceeds | $ | 892 | Total debt repaid | $ | 1,119 | |||||||||||||||
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(1)Proceeds from medium-term notes presented net of discount and issuance costs.
Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest.
Contractual maturities of total debt are as follows:
Years ending December 31, | (In millions) | |||||||
| 2026 | 790 | |||||||
| 2027 | 1,388 | |||||||
| 2028 | 1,564 | |||||||
| 2029 | 1,472 | |||||||
| 2030 | 1,766 | |||||||
| Thereafter | 600 | |||||||
Finance lease obligations (Refer to Note 12, "Leases") | 113 | |||||||
| 7,693 | ||||||||
Fair market value adjustment on medium-term notes | (11) | |||||||
| Debt issuance costs and original issue discounts | (37) | |||||||
| Total debt | $ | 7,645 | ||||||
Credit Arrangements
Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:
| December 31, 2025 | ||||||||||||||||||||
(In millions) | Borrowing Capacity | Outstanding | Available | |||||||||||||||||
Revolving credit facility | $ | 1,600 | $ | 865 | $ | 735 | ||||||||||||||
Trade receivables financing facility (1) | 300 | 99 | 201 | |||||||||||||||||
Total | $ | 1,900 | $ | 964 | $ | 936 | ||||||||||||||
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(1)Includes borrowings of $20 million and letters of credit outstanding of $79 million.
Revolving Credit Facility
We maintain a $1.6 billion committed revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven lending institutions that expires in April 2030. The agreement provides for annual facility fees which range from 7 to 17.5 basis points based on our long-term credit ratings. The annual facility fee is 10.0 basis points as of December 31, 2025. The credit facility is primarily used to finance working capital and vehicle purchases, but can also be used to issue up to $150 million in letters of credit (there were no letters of credit outstanding against the facility as of December 31, 2025.) At our option, the interest rate on borrowings under the credit facility is based on specific risk-free rates.
The credit facility contains no provisions limiting its availability in the event of a material adverse change to our business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions, and certain affirmative and negative covenants.
Our revolving credit facility enables us to refinance short-term obligations on a long-term basis. Short-term commercial paper obligations are classified as long-term as we have both the intent and ability to refinance on a long-term basis.
Trade Receivables Financing Program
We maintain a trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a committed purchaser. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. The credit facility associated with this program is used to provide additional liquidity to fund our operations and to issue letters of credit, particularly when it is cost effective to do so. The credit facility has a commitment fee of 35 to 55 basis points depending on the utilization of the credit facility and the borrowing capacity. Borrowings bear interest at a variable interest rate based on the 30-day term SOFR rate plus 90 basis points or the A1/P1 commercial paper yield rate plus 80 basis points. In April 2025, we extended the credit facility maturity until April 2026. In September 2025, we amended this credit facility to permit an increase in borrowing capacity of up to $200 million for a maximum borrowing of $500 million, subject to lender approval. As of December 31, 2025, this credit facility's borrowing capacity was $300 million.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 15, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 12, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.