RYDER SYSTEM INCR
RYDER SYSTEM INC Revenue Disclosure
REVENUE
Disaggregation of Revenue
Primary Geographical Markets
The following tables disaggregate our revenue recognized by primary geographical market by our business segments.
| 2025 | ||||||||||||||||||||||||||||||||
| (In millions) | FMS | SCS | DTS | Eliminations | Total | |||||||||||||||||||||||||||
| United States | $ | 5,548 | $ | 4,830 | $ | 2,343 | $ | (939) | $ | 11,782 | ||||||||||||||||||||||
| Canada | 297 | 294 | — | (43) | 548 | |||||||||||||||||||||||||||
| Mexico | — | 335 | — | — | 335 | |||||||||||||||||||||||||||
| Total revenue | $ | 5,845 | $ | 5,459 | $ | 2,343 | $ | (982) | $ | 12,665 | ||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||
| (In millions) | FMS | SCS | DTS | Eliminations | Total | |||||||||||||||||||||||||||
| United States | $ | 5,585 | $ | 4,697 | $ | 2,446 | $ | (955) | $ | 11,773 | ||||||||||||||||||||||
| Canada | 303 | 278 | — | (43) | 538 | |||||||||||||||||||||||||||
| Mexico | — | 325 | — | — | 325 | |||||||||||||||||||||||||||
| Total revenue | $ | 5,888 | $ | 5,300 | $ | 2,446 | $ | (998) | $ | 12,636 | ||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||
| (In millions) | FMS | SCS | DTS | Eliminations | Total | |||||||||||||||||||||||||||
| United States | $ | 5,616 | $ | 4,295 | $ | 1,785 | $ | (764) | $ | 10,932 | ||||||||||||||||||||||
| Canada | 314 | 267 | — | (43) | 538 | |||||||||||||||||||||||||||
| Mexico | — | 313 | — | — | 313 | |||||||||||||||||||||||||||
| Total revenue | $ | 5,930 | $ | 4,875 | $ | 1,785 | $ | (807) | $ | 11,783 | ||||||||||||||||||||||
Product Line
Our FMS revenue disaggregated by line of service is as follows:
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| ChoiceLease | $ | 3,510 | $ | 3,446 | $ | 3,181 | ||||||||||||||
| Commercial rental | 937 | 976 | 1,178 | |||||||||||||||||
| SelectCare and other | 680 | 694 | 694 | |||||||||||||||||
| Fuel services revenue | 718 | 772 | 877 | |||||||||||||||||
| Fleet Management Solutions | $ | 5,845 | $ | 5,888 | $ | 5,930 | ||||||||||||||
Industry
We have a diversified portfolio of customers across a full array of transportation and logistics solutions and across many industries. We believe this will help to mitigate the impact of adverse downturns in specific sectors of the economy. Our portfolio of ChoiceLease and commercial rental customers, as well as our DTS business, is not concentrated in any one particular industry or geographic region.
Our SCS business segment included revenue from the following industries:
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Omnichannel retail | $ | 1,878 | $ | 1,726 | $ | 1,757 | ||||||||||||||
| Automotive | 1,542 | 1,580 | 1,600 | |||||||||||||||||
| Consumer packaged goods | 1,213 | 1,182 | 965 | |||||||||||||||||
| Industrial and other | 826 | 812 | 553 | |||||||||||||||||
| Total SCS revenue | $ | 5,459 | $ | 5,300 | $ | 4,875 | ||||||||||||||
Lease & Related Maintenance and Rental Revenue
The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Consolidated Statements of Earnings. We recognized $1.0 billion in 2025, $972 million in 2024 and $963 million in 2023.
Deferred Revenue
The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
| (In millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Balance as of beginning of period | $ | 600 | $ | 545 | $ | 544 | ||||||||||||||
| Recognized as revenue during period from beginning balance | (159) | (174) | (166) | |||||||||||||||||
| Consideration deferred during period, net | 240 | 231 | 168 | |||||||||||||||||
| Foreign currency translation adjustment and other | 3 | (2) | (1) | |||||||||||||||||
| Balance as of end of period | $ | 684 | $ | 600 | $ | 545 | ||||||||||||||
Contracted Not Recognized Revenue
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.4 billion and $3.1 billion as of December 31, 2025 and 2024, respectively, and primarily includes deferred revenue and amounts for full service ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers. Contracted not recognized revenue excludes (1) variable consideration as it is not included in the transaction price consideration allocated at contract inception, (2) revenues from the lease component of our ChoiceLease product and all the revenue from the commercial rental product, (3) revenues from contracts with an original duration of one year or less, including SelectCare contracts, and (4) revenue from SCS, DTS and other contracts where there are remaining performance obligations when we have the right to invoice but the revenue to be recognized in the future corresponds directly with the value to be delivered to the customer.
Sales Commissions and Contract Origination Costs
The sales commission and setup costs capitalized as of the period ended and the amortization expense for the years ended were as follows:
| December 31, | Amortization expense | |||||||||||||||||||||||||||||||
(In millions) | 2025 | 2024 | 2025 | 2024 | 2023 | |||||||||||||||||||||||||||
Sales commissions | $ | 102 | $ | 109 | $ | 41 | $ | 46 | $ | 47 | ||||||||||||||||||||||
Contract origination costs | $ | 83 | $ | 75 | $ | 31 | $ | 34 | $ | 30 | ||||||||||||||||||||||
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 Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.