RYDER SYSTEM INC Earnings Per Share Disclosure
(Dollars in millions, except per share amounts; share amounts in thousands) | 2025 | 2024 | 2023 | |||||||||||||||||
| Earnings per common share — Basic | ||||||||||||||||||||
| Earnings from continuing operations | $ | 501 | $ | 489 | $ | 406 | ||||||||||||||
| Less: Distributed and undistributed earnings allocated to unvested stock | (3) | (3) | (2) | |||||||||||||||||
Earnings from continuing operations available to common shareholders | $ | 498 | $ | 486 | $ | 404 | ||||||||||||||
| Weighted average common shares outstanding | 40,799 | 43,079 | 45,383 | |||||||||||||||||
Earnings from continuing operations per common share — Basic | $ | 12.20 | $ | 11.29 | $ | 8.89 | ||||||||||||||
| Earnings per common share — Diluted | ||||||||||||||||||||
Earnings from continuing operations available to common shareholders — Diluted | $ | 501 | $ | 489 | $ | 406 | ||||||||||||||
| Weighted average common shares outstanding — Basic | 40,799 | 43,079 | 45,383 | |||||||||||||||||
| Effect of dilutive equity awards | 1,004 | 1,155 | 1,104 | |||||||||||||||||
| Weighted average common shares outstanding — Diluted | 41,803 | 44,234 | 46,488 | |||||||||||||||||
Earnings from continuing operations per common share — Diluted | $ | 11.99 | $ | 11.06 | $ | 8.73 | ||||||||||||||
| Anti-dilutive equity awards not included in diluted EPS | 50 | 66 | 825 | |||||||||||||||||
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 Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.