Ryder System, Inc. (R): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el dinámico mundo de transporte y logística, Ryder System, Inc. se destaca como una fuerza transformadora, que ofrece soluciones innovadoras que redefinen cómo las empresas administran sus operaciones de flota y cadena de suministro. Con un sofisticado lienzo de modelo de negocio que integra estratégicamente la tecnología de vanguardia, los servicios integrales y los enfoques centrados en el cliente, Ryder se ha posicionado como un jugador fundamental en el ecosistema de transporte comercial. Esta exploración presentará los intrincados mecanismos detrás del modelo de negocio de Ryder, revelando cómo la empresa crea, entrega y captura el valor en un mercado cada vez más complejo y competitivo.

Ryder System, Inc. (R) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de camiones

Ryder mantiene asociaciones estratégicas con los principales fabricantes de camiones para apoyar sus operaciones de gestión de flotas y logística.

Fabricante	Detalles de la asociación	Tipos de vehículos
Navistar internacional	Acuerdo de adquisición de flota a largo plazo	Camiones comerciales, vehículos de servicio mediano
Grupo de volvo	Asociación de abastecimiento estratégico	Camiones de servicio pesado, vehículos comerciales

Asociaciones de tecnología de gestión de flotas

Ryder colabora con proveedores de tecnología para mejorar las capacidades de gestión de la flota.

• Geotab - Soluciones de seguimiento de las telemáticas y flotas
• Samsara - IoT y Connected Fleet Technologies
• Flota Completa - Integración de software de gestión de flotas

Colaboraciones de servicios de seguros y mantenimiento

Ryder se asocia con proveedores de servicios especializados para optimizar el mantenimiento de la flota y la gestión de riesgos.

Pareja	Tipo de servicio	Valor anual del contrato
Seguro progresivo	Seguro de flota comercial	$ 45 millones
Cummins Inc.	Servicios de mantenimiento y reparación del vehículo	$ 78 millones

Asociaciones de software automotriz y de logística

Ryder integra soluciones avanzadas de software para mejorar la eficiencia operativa.

• Oracle - Sistemas de planificación de recursos empresariales
• SAP - Software de gestión logística
• Manhattan Associates - Supply Chain Technology Solutions

Valor de la red de asociación total: aproximadamente $ 250 millones anuales

Ryder System, Inc. (R) - Modelo de negocio: actividades clave

Servicios de arrendamiento y alquiler de flotas

Ryder opera una flota de 263,300 vehículos al 31 de diciembre de 2022. Los ingresos totales de arrendamiento de la flota fueron de $ 2.6 mil millones en 2022.

Tipo de vehículo	Número de unidades
Camiones comerciales	192,400
Tractores	48,700
Remolques	22,200

Gestión de la cadena de suministro y el transporte

Ryder gestionó 154 instalaciones de cadena de suministro que cubren 46.8 millones de pies cuadrados en 2022.

• Ingresos de soluciones de la cadena de suministro: $ 1.7 mil millones en 2022
• Número de instalaciones de cadena de suministro: 154
• Total de pies cuadrados de instalaciones: 46.8 millones

Mantenimiento y reparación del vehículo

Ryder opera 294 instalaciones de mantenimiento en América del Norte.

Servicio de mantenimiento	Volumen anual
Inspecciones de mantenimiento preventivo	475,000
Pedidos de reparación completados	350,000

Soluciones de logística y distribución

Ryder ofrece servicios de logística de extremo a extremo para múltiples industrias.

• Ingresos logísticos: $ 1.1 mil millones en 2022
• Número de clientes de logística: más de 50,000
• Industrias servidas: automotriz, alimentos y bebidas, minorista, tecnología

Servicios de transporte dedicados

El segmento de transporte dedicado generó $ 2.2 mil millones en ingresos para 2022.

Característica de servicio	Detalle
Total de camiones dedicados	14,800
Duración promedio del contrato	5 años

Ryder System, Inc. (R) - Modelo de negocio: recursos clave

Flota extensa de vehículos comerciales

A partir del cuarto trimestre de 2023, Ryder System, Inc. mantiene una flota de aproximadamente 70,500 vehículos comerciales. La composición de la flota incluye:

Categoría de vehículos	Número de vehículos
Camiones	52,300
Remolques	18,200

Tecnología avanzada de telemática y gestión de flotas

La infraestructura tecnológica de Ryder incluye:

• Software de gestión de flotas que cubre el 100% de los vehículos propios
• Seguimiento de GPS en tiempo real para una flota comercial completa
• Sistemas de mantenimiento predictivo integrados en la red de vehículos

Fuerza laboral hábil

Métrica de la fuerza laboral	2023 datos
Total de empleados	9,800
Años promedio de experiencia	12.5 años

Red de servicio a nivel nacional

Ubicaciones de servicio: Más de 500 centros de servicio en los Estados Unidos y Canadá

Plataformas digitales

• Sistema de seguimiento de flotas basado en la nube
• Aplicaciones de gestión móvil
• Plataforma de gestión de logística integrada

Inversión total en infraestructura tecnológica: $ 127 millones en 2023

Ryder System, Inc. (R) - Modelo de negocio: propuestas de valor

Soluciones integrales de transporte y logística

Ryder System, Inc. generó $ 9.26 mil millones en ingresos totales para el año fiscal 2022. La compañía proporciona soluciones de transporte y logística de extremo a extremo con una flota de aproximadamente 239,400 vehículos.

Categoría de servicio	Ingresos anuales	Segmento de mercado
Soluciones de gestión de flotas	$ 2.3 mil millones	Empresas comerciales
Soluciones de cadena de suministro	$ 1.8 mil millones	Outsourcing de logística
Venta de vehículos usados	$ 1.1 mil millones	Remarketing de vehículos

Opciones de alquiler y arrendamiento de vehículos flexibles

Ryder ofrece múltiples configuraciones de arrendamiento de vehículos con aproximadamente 50,000 vehículos comerciales de alquiler disponibles.

• Opciones de arrendamiento de servicio completo
• Programas de camiones de alquiler
• Transporte de contrato dedicado

Costos operativos reducidos para las empresas

Ryder ayuda a las empresas a reducir el costo total de propiedad en aproximadamente un 15-20% a través de Integrated Fleet Management Services.

Área de reducción de costos	Porcentaje guardado
Gastos de mantenimiento	18%
Eficiencia de combustible	12%
Sobrecarga administrativa	22%

Servicios de gestión de flotas personalizados

Ryder atiende a más de 50,000 clientes en varias industrias con soluciones de transporte a medida.

• Automotor
• Minorista
• Comida y bebida
• Fabricación

Mejor eficiencia y confiabilidad en el transporte

Ryder mantiene una flota tecnológicamente avanzada con un 99.5% de tiempo de actividad del vehículo y capacidades de seguimiento en tiempo real.

Característica tecnológica	Métrico de rendimiento
Tiempo de actividad del vehículo	99.5%
Seguimiento de GPS	100% de cobertura de flota
Mantenimiento predictivo	87% de precisión

Ryder System, Inc. (R) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas dedicada

Ryder System ofrece administración de cuentas dedicada para clientes comerciales y empresariales clave. A partir de 2023, Ryder atiende a aproximadamente 50,000 clientes comerciales en varios segmentos de transporte y logística.

Segmento de clientes	Número de cuentas dedicadas	Duración promedio del contrato
Operadores de flota grandes	1,200	5-7 años
Empresas pequeñas a medianas	3,800	3-5 años

Atención al cliente 24/7

Ryder mantiene una infraestructura integral de atención al cliente con disponibilidad de servicios 24/7.

• Centros de atención al cliente: 12 ubicaciones a nivel nacional
• Tiempo de respuesta promedio: menos de 15 minutos
• Interacciones anuales de atención al cliente: más de 500,000

Consultoría de flota personalizada

Ryder ofrece servicios especializados de consultoría de gestión de flotas con expertos dedicados.

Tipo de servicio de consultoría	Clientes anuales atendidos	Valor de compromiso de consultoría promedio
Optimización de la flota	850	$75,000 - $250,000
Integración tecnológica	650	$100,000 - $350,000

Plataformas de autoservicio digital

Las plataformas digitales de Ryder permiten el autoservicio de los clientes y la gestión de flotas en tiempo real.

• Usuarios de la plataforma digital: 35,000 cuentas activas
• Descargas de aplicaciones móviles: 22,000
• Transacciones digitales anuales: 1.2 millones

Relaciones a largo plazo basadas en contratos

Ryder enfatiza las relaciones contractuales a largo plazo con los clientes.

Tipo de contrato	Valor de contrato promedio	Tasa de retención
Arrendamiento de servicio completo	$500,000 - $2,000,000	92%
Transporte dedicado	$750,000 - $3,500,000	88%

Ryder System, Inc. (R) - Modelo de negocio: canales

Fuerza de ventas directa

Ryder System mantiene una fuerza de ventas dedicada de 1,247 representantes de ventas profesionales a partir de 2023. El equipo de ventas directas genera aproximadamente $ 2.8 mil millones en ingresos anuales a través de interacciones directas del cliente.

Métrica del equipo de ventas	2023 datos
Representantes de ventas totales	1,247
Ventas promedio por representante	$2,244,267
Ingresos de ventas directos	$ 2.8 mil millones

Plataformas digitales en línea

Las plataformas digitales de Ryder generan el 37% de las interacciones totales del cliente, con un volumen de transacción en línea estimado de $ 1.05 mil millones en 2023.

• Tráfico del sitio web: 2.4 millones de visitantes únicos anualmente
• Tasa de finalización de la transacción de plataforma digital: 68%
• Interacciones en línea de servicio al cliente: 412,000 por año

Aplicaciones móviles de gestión de flotas

La aplicación móvil de Ryder admite 22,500 usuarios de gestión de flotas activas, procesando más de 3.6 millones de transacciones de seguimiento de flotas mensualmente.

Módulo de aplicación móvil	2023 datos
Usuarios de la aplicación de administración de flotas activas	22,500
Transacciones mensuales de seguimiento de la flota	3.6 millones

Ferias y conferencias comerciales de la industria

Ryder participa en 47 ferias comerciales de la industria anualmente, generando aproximadamente $ 156 millones en posibles clientes potenciales.

• Total de ferias comerciales a la que asistieron: 47
• Valor de generación de leads estimado: $ 156 millones
• Leads promedio por conferencia: 1.250

Asociaciones de ventas estratégicas

Ryder mantiene 89 asociaciones estratégicas de ventas, contribuyendo con $ 624 millones en fuentes de ingresos colaborativos para 2023.

Métrico de asociación	2023 datos
Asociaciones estratégicas totales	89
Ingresos de la asociación	$ 624 millones
Valor de asociación promedio	$ 7.01 millones

Ryder System, Inc. (R) - Modelo de negocio: segmentos de clientes

Pequeñas a grandes negocios comerciales

Ryder sirve a negocios comerciales en varias escalas con soluciones de gestión de flotas.

Tamaño de negocio	Conteo de clientes	Contribución anual de ingresos
Pequeñas empresas	12,500	$ 385 millones
Empresas medianas	7,800	$ 624 millones
Grandes empresas	3,200	$ 1.2 mil millones

Empresas automotrices y de transporte

Ryder proporciona soluciones integrales de logística y transporte.

• Fabricantes automotrices compatibles: 42
• Empresas de transporte atendidas: 1.850
• Ingresos anuales de arrendamiento de la flota: $ 2.3 mil millones

Proveedores de logística minorista y de comercio electrónico

Ryder admite requisitos complejos de la cadena de suministro para el comercio minorista y digital.

Segmento	Conteo de clientes	Ingresos de servicios logísticos
Negocios minoristas	1,100	$ 675 millones
Proveedores de comercio electrónico	850	$ 520 millones

Empresas de fabricación e industrial

Ryder ofrece soluciones logísticas especializadas para sectores de fabricación.

• Manufactura de clientes: 2,300
• Ingresos del sector industrial: $ 890 millones
• Contratos de gestión de la cadena de suministro: 680

Organizaciones gubernamentales y municipales

Ryder ofrece servicios de gestión y logística de flotas a entidades del sector público.

Nivel gubernamental	Clientes	Valor anual del contrato
Agencias federales	38	$ 215 millones
Gobiernos estatales	47	$ 180 millones
Organizaciones municipales	226	$ 95 millones

Ryder System, Inc. (R) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del vehículo

A partir del informe financiero 2023, los costos de mantenimiento y adquisición de la flota de Ryder totalizaron $ 1.87 mil millones. La compañía opera aproximadamente 70,000 vehículos comerciales en su flota.

Categoría de costos	Gasto anual
Compras de vehículos	$ 1.2 mil millones
Mantenimiento de la flota	$ 670 millones

Inversiones de tecnología e infraestructura

Ryder invirtió $ 124.5 millones en tecnología e infraestructura digital en 2023, centrándose en sistemas de gestión de flotas y tecnologías logísticas.

• Plataformas de gestión de flotas basadas en la nube
• Sistemas telemáticos
• Tecnologías de mantenimiento predictivo

Gastos de trabajo y personal

Los costos totales de personal para Ryder en 2023 fueron de $ 1.45 mil millones, que cubrió aproximadamente 40,000 empleados.

Categoría de personal	Costo anual
Salarios	$ 1.1 mil millones
Beneficios	$ 350 millones

Costos de combustible y operativo

Los gastos de combustible para la flota de Ryder alcanzaron los $ 512 millones en 2023, lo que representa un gasto operativo significativo.

• Consumo promedio de combustible diesel: 35 millones de galones anuales
• Tecnologías de eficiencia de combustible implementadas

Gastos de marketing y ventas

Los costos de marketing y ventas para Ryder en 2023 ascendieron a $ 87.3 millones.

Canal de marketing	Gasto
Marketing digital	$ 42 millones
Ferias y eventos comerciales	$ 22.3 millones
Operaciones del equipo de ventas	$ 23 millones

Ryder System, Inc. (R) - Modelo de negocio: flujos de ingresos

Alquiler de vehículos y tarifas de alquiler

Para el año fiscal 2023, Ryder informó $ 2.75 mil millones en ingresos del segmento de arrendamiento de vehículos. El tamaño de la flota consistía en aproximadamente 255,000 vehículos en segmentos comerciales y de alquiler.

Tipo de vehículo	Ingresos anuales	Tasa de arrendamiento promedio
Camiones comerciales	$ 1.85 mil millones	$ 7,250 por vehículo
Vehículos de alquiler	$ 900 millones	$ 4,500 por vehículo

Servicios de mantenimiento y reparación

Los ingresos de mantenimiento para 2023 alcanzaron $ 1.2 mil millones, con cobertura de servicio para más 175,000 vehículos.

• Mantenimiento preventivo: $ 450 millones
• Servicios de reparación: $ 750 millones

Contratos de transporte dedicados

Segmento de transporte dedicado generado $ 2.1 mil millones en 2023, sirviendo 350 clientes empresariales.

Tipo de contrato	Ingresos anuales	Número de contratos
Contratos a largo plazo	$ 1.6 mil millones	225 contratos
Contratos a corto plazo	$ 500 millones	125 contratos

Soluciones de logística y cadena de suministro

Segmento de soluciones de cadena de suministro generado $ 1.5 mil millones en 2023, gestión de la logística para 250 empresas.

Suscripciones de tecnología de gestión de flotas

Tecnología y servicios telemáticos generados $ 180 millones, con 45,000 clientes de la flota Uso de plataformas digitales.

Servicio tecnológico	Ingresos anuales	Recuento de suscriptores
Plataforma telemática	$ 90 millones	25,000 suscriptores
Software de gestión de flotas	$ 90 millones	20,000 suscriptores

Ryder System, Inc. (R) - Canvas Business Model: Value Propositions

You're looking at how Ryder System, Inc. (R) delivers distinct value across its core offerings as of late 2025. This isn't just about moving assets; it's about guaranteed performance and digital control.

Full-Service Leasing (ChoiceLease): Reduced total cost of ownership and guaranteed uptime

The value here centers on predictable costs and operational continuity. For the full year 2025, Ryder System, Inc. projects an Adjusted Return on Equity (ROE) (non-GAAP) of 17%, showing the financial benefit of their contractual model. Capital expenditures for leasing specifically were reduced year-to-date 2025 to $1.2 billion, down from $1.5 billion in 2024, suggesting efficiency in asset deployment. The company's debt-to-equity ratio stood at 254% as of September 30, 2025, which is at the lower end of their long-term target range of 250% to 300%.

Here's a snapshot of the financial context supporting this segment:

Metric	2025 Q3 Actual / Projection	Prior Year / Context
Operating Revenue (FMS)	$1.28 billion	Almost in line year-over-year
Full Year 2025 Projected Free Cash Flow	$900 million - $1 billion	Year-to-date FCF was $496 million compared to $218 million prior year
Full Year 2025 Projected Comparable EPS (non-GAAP)	$12.85 - $13.05	Comparable EPS for Q3 2025 was $3.57, up 4% year-over-year

Turnkey EV Adoption: RyderElectric+™ solution for vehicle, charging, and maintenance

RyderElectric+™ addresses the complexity of fleet electrification. While the US market for Battery Electric Vehicles (BEVs) in new sales stalled at just 7.5% by mid-2025, Ryder System, Inc. is positioned to help customers overcome barriers like charging infrastructure concerns. Globally, electrified vehicles (including hybrids) represented 43% of total auto sales in Q1 2025. The value proposition is managing the transition, which is critical given that 44% of US consumers cited insufficient public charging infrastructure in their area as of 2025.

End-to-End Logistics: Seamless port-to-door supply chain and dedicated transportation

This delivers reliability from the port onward. The Supply Chain Solutions (SCS) segment showed strong growth, reporting operating revenues of $1.03 billion in Q3 2025, a 4% year-over-year increase. Total revenue for the entire company in Q3 2025 was $3.2 billion. The company's overall operating revenue (non-GAAP) for Q3 2025 was $2.6 billion, up 1% year-over-year, driven by contractual growth in SCS and Fleet Management Solutions (FMS).

Last-Mile Delivery: White-glove service for big-and-bulky goods, driving brand loyalty

The focus here is on the customer experience at the final touchpoint. Last-mile delivery costs are a significant factor, accounting for 41% of total supply chain expenses. Ryder System, Inc.'s research indicates that 96% of consumers who had a positive delivery experience are more likely to shop with that retailer again. Furthermore, over 70% of consumers are willing to pay for premium services like installation, setup, and haul-away.

Key last-mile experience statistics:

• 96% of consumers are more likely to return after a positive experience.
• Over 70% are willing to pay for premium services.
• Last-mile costs represent 41% of total supply chain expenses.

Digital Visibility: Real-time tracking and exception management via RyderShare

RyderShare™ provides the data to manage operations proactively. Users of the platform have seen efficiency gains, specifically up to a 50% increase in productivity. Labor efficiency savings at the freight receiving site have been reported up to 35% due to more precise arrival information. The platform has over 200+ customers onboarded. This digital layer helps manage the complexity, as the company's SCS/DTS revenue mix increased to 60% of total revenue, up from 56% in 2018.

Finance: draft 13-week cash view by Friday.

Ryder System, Inc. (R) - Canvas Business Model: Customer Relationships

You're looking at how Ryder System, Inc. keeps its customers locked in, which is key since their business is built on long-term commitments.

Contractual: Long-term, high-value contracts for ChoiceLease, SCS, and DTS (approx. 90% of revenue)

Ryder System, Inc. relies heavily on its contractual base, which is reported to be approximately 90% of total revenue, covering ChoiceLease, SCS, and DTS services. This structure helps support stable cash flow generation. For context on the scale, the Fleet Management Solutions (FMS) segment had 145,300 vehicles under the ChoiceLease program at the end of 2024. The Dedicated Transportation Solutions (DTS) segment managed 19,100 vehicles by the end of 2024, reflecting growth from acquisitions like Cardinal Logistics. The Supply Chain Solutions (SCS) segment managed 13,000 vehicles in 2024. Contractual revenue growth is a focus; for instance, Q2 2025 Operating revenue (non-GAAP) of $2.6 billion reflected contractual revenue growth in both SCS and FMS.

Here's a look at the segment revenue contribution as of late 2024, showing the shift toward contractual services:

Segment	2024 Revenue (Billions USD)	2018 Revenue Contribution Percentage	2024 Revenue Contribution Percentage
Supply Chain Solutions (SCS) & Dedicated Transportation Solutions (DTS) Combined	$7.75 B (Approximate)	44%	61%
Fleet Management Solutions (FMS)	$5.89 B (2024)	56% (Implied)	39% (Implied)

The company's 2025 outlook anticipates a 1% increase in full-year Operating revenue (non-GAAP), with Q2 2025 Comparable EPS (non-GAAP) reaching $3.32, up 11% from the prior year, driven by higher contractual earnings. For Q3 2025, Comparable EPS (non-GAAP) was $3.57, up 4% year-over-year.

Dedicated Account Management: Strategic advisory and customized solution engineering

Ryder System, Inc. provides strategic advisory and customized solution engineering through its dedicated services. The DTS segment saw its operating revenue increase by 44% in the fiscal year, largely due to the Cardinal Logistics acquisition, which bolsters turnkey transportation solutions. The SCS segment focuses on optimizing logistics networks, with transportation management solutions accounting for 12% of its SCS revenue in 2024. The company's focus on structural changes and operational efficiencies drives growth in these asset-light businesses.

Tech-Enabled Self-Service: Mobile apps (RyderGyde) for rental, maintenance, and fleet status

Ryder System, Inc. supports customer interaction through technology. For example, the company launched Torque by Ryder®, an on-demand retail mobile maintenance solution, in select U.S. markets in 2023. The customer experience in related logistics services is critical; a 2025 study indicated that 96% of consumers who had a positive delivery experience said they're more likely to shop with that retailer again. Furthermore, nearly 1 in 3 consumers now schedule deliveries online.

Transactional: Short-term commercial truck rental and used vehicle sales

The transactional side includes commercial rental and used vehicle sales, which are less stable than the contractual business. In 2024, commercial rental revenue accounted for 17% of the FMS total revenue. The company expects only a modest improvement in rental demand later in 2025. Used vehicle sales proceeds are a factor in cash flow, with the 2025 Free Cash Flow forecast benefiting from lower proceeds from sales of used vehicles compared to prior periods. Fuel services, which are largely a pass-through cost, accounted for 13% of FMS total revenue in 2024.

The company forecasts Net cash provided by operating activities from continuing operations to be ~$2.5B for the full year 2025, with a revised full-year Free Cash Flow (non-GAAP) forecast between $900 million and $1 billion.

Ryder System, Inc. (R) - Canvas Business Model: Channels

You're looking at how Ryder System, Inc. (R) gets its services-from maintenance to complex logistics-into the hands of its $\sim\mathbf{42,700}$ customers. It's a mix of physical presence and digital tools, all designed to support a heavy contractual focus.

Physical Service Network

The physical backbone of Ryder System, Inc. (R) is its extensive network of facilities supporting Fleet Management Solutions (FMS) and Supply Chain Solutions (SCS). This network is built for both vehicle servicing and logistics execution.

As of early 2025 reporting, the company maintained:

• $\sim\mathbf{760}$ maintenance locations globally.
• $\sim\mathbf{300}$ warehouses, with the SCS segment specifically managing $\mathbf{291}$ warehouses ($\mathbf{233}$ in the U.S. and $\mathbf{58}$ in Mexico and Canada).
• The acquisition of Cardinal Logistics added $\mathbf{200}$ operating locations to the network.

The company continues to expand this footprint, for example, by opening new truck rental and maintenance facilities in key markets like McDonough, Georgia.

Digital Platforms

Ryder System, Inc. (R) relies on digital channels to manage operations and interact with customers. These platforms are central to their strategy, which includes deploying a first-of-its-kind AI-powered digital platform and optimization engine.

Key digital components include:

• Ryder.com for customer interaction and used vehicle sales through its $\mathbf{63}$ retail sales centers in North America.
• Proprietary order technology like RyderShip™, which supports e-commerce fulfillment solutions.
• Digital channels used for the sale of used trucks, tractors, and trailers from the fleet.

Sales Force

The sales effort is heavily geared toward securing long-term, contractual revenue streams, which provides resilience against market cycles. This focus is evident in the revenue mix shift.

Here's a quick look at the contractual business emphasis:

Metric	2018	2025 (Expected)
Revenue from Asset-Light Businesses (SCS & DTS)	44%	60%
Total Annual Revenue	(Implied $\sim\mathbf{\$8.4}$ billion)	$\mathbf{\$12.6}$ billion

The direct sales teams focus on locking in these multi-year agreements, which drove contractual earnings growth and contributed to the $\mathbf{2025}$ comparable EPS forecast of $\mathbf{\$12.85}$ to $\mathbf{\$13.05}$.

E-fulfillment Network

For the Supply Chain Solutions (SCS) segment, the e-fulfillment network is a critical channel for delivering goods, especially for e-commerce and last-mile needs. This network is designed for speed and broad coverage across North America.

The network capabilities include:

• A network of more than $\sim\mathbf{150}$ strategically located sites across the U.S..
• The goal is to provide two-day delivery across the entire U.S.. Following an acquisition, Ryder projected delivery to 100% of the U.S. within two days and 60% within one day.
• Ryder manages over 20 omnichannel facilities across seven gateway markets, totaling more than 10 million square feet of space.

This network supports omnichannel delivery services through more than $\mathbf{150}$ sites throughout the U.S..

Ryder System, Inc. (R) - Canvas Business Model: Customer Segments

You're looking at the core groups Ryder System, Inc. (R) serves, which drives their three main reporting segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). As of late 2025, based on Q3 2025 performance and end-of-2024 fleet metrics, the customer base is diverse, spanning from small businesses to major national brands.

Ryder System, Inc. (R) serves approximately ~42,700 customers across its operations in the U.S., Canada, and Mexico, managing a fleet of ~250,000 vehicles under management as of early 2025 figures. The company's total revenue for the trailing twelve months ending September 30, 2025, was $12.7B.

Large and Mid-Sized Commercial Fleets: Seeking to outsource vehicle ownership and maintenance

This group primarily utilizes the Fleet Management Solutions (FMS) segment, which is the largest revenue contributor, generating $5.89 Billion in revenue in fiscal year 2024. These customers are looking for full-service leasing and flexible maintenance options. At the end of 2024, the FMS segment managed 191,900 vehicles, with 145,300 vehicles under the ChoiceLease program, which is a key offering for this segment. Earnings before tax (EBT) for FMS in Q3 2025 increased by 11% to $146 million, showing strong contractual performance despite weaker used vehicle sales and rental market conditions.

E-commerce and Omnichannel Retailers: Requiring complex fulfillment and last-mile delivery

These customers are central to the Supply Chain Solutions (SCS) segment. SCS saw its total revenue increase by 5% in Q3 2025, with operating revenue up 4%, driven by new business in omnichannel retail. Ryder supports this segment with omnichannel delivery services through a network of over 150 sites strategically located throughout the U.S. While operating revenue grew, SCS EBT in Q3 2025 was $86 million, reflecting an 8% decline due to e-commerce network performance and medical costs.

Large Shippers: Needing managed transportation and dedicated capacity

Large shippers rely heavily on the Dedicated Transportation Solutions (DTS) segment for turnkey transportation, which includes dedicated vehicles and professional drivers. DTS revenue in fiscal year 2024 was $2.45 B, representing 17.94% of total revenue. This segment experienced softer freight demand in Q3 2025, with total revenue declining by 10% and operating revenue dropping by 6%, primarily due to a lower fleet count. The SCS segment also supports large shippers with integrated logistics, as Ryder works with the top 10 food and beverage companies in the U.S.

Businesses Across All Industries: Utilizing commercial rental for peak demand or breakdown coverage

This broad customer base uses the commercial rental portion of FMS for short-term needs. At the end of 2024, the commercial rental fleet stood at 35,500 vehicles. Rental utilization for the power fleet was steady at 66% year-over-year in Q1 2025, and the projected rental capital spending for the full year 2025 is $300 million. This service helps businesses of all sizes maintain operations during peak seasons or unexpected breakdowns.

Here's a quick look at the segment revenue contribution based on the most recent full-year data available:

Segment	FY 2024 Revenue (Approximate)	FY 2024 Revenue Share	Q3 2025 EBT
Fleet Management Solutions (FMS)	$5.89 Billion	43.19%	$146 million (Up 11%)
Supply Chain Solutions (SCS)	$5.30 Billion	38.87%	$86 million (Down 8%)
Dedicated Transportation Solutions (DTS)	$2.45 Billion	17.94%	Not explicitly stated for DTS only in Q3 2025

The customer base is heavily reliant on contractual arrangements, as multi-year contracts account for over 90% of Ryder System, Inc.'s operating revenue as of Q3 2025.

• FMS vehicle count (End of 2024): 191,900 total.
• SCS supports logistics for globally-recognized brands.
• DTS provides professional drivers, totaling 13,400 company-wide.
• Rental fleet size (End of 2024): 35,500 vehicles.
• The company has 50,700 employees as of early 2025.

Finance: draft 13-week cash view by Friday.

Ryder System, Inc. (R) - Canvas Business Model: Cost Structure

You're looking at the heavy asset base Ryder System, Inc. (R) needs to keep running its massive fleet, which is the core of its cost structure. This is where the capital goes before a single service is rendered.

Capital Expenditures

The fleet investment is the single largest driver here. Ryder System, Inc. (R) forecasts full-year 2025 gross capital expenditures to be approximately $2.3 billion. This is down from the 2024 gross CapEx of $2.7 billion, showing a deliberate step back in investment pace amid market conditions. You see this reduction reflected in the year-to-date numbers, too; for instance, year-to-date lease capital expenditures were $1.2 billion in 2025, down from $1.5 billion in 2024. Specifically, rental capital spending is projected to decline to $300 million for the full year 2025. To be fair, these figures represent the cost of acquiring the assets that generate the revenue, so they are lumpy.

Operating Costs

Once the assets are acquired, the day-to-day burn rate kicks in. This includes significant expenses for maintenance, fuel, and driver labor, which are embedded within the Cost of Sales and Operating Expenses. For the fiscal quarter ending in September of 2025, Ryder System, Inc. (R) reported Operating Expenses of $2.88B. The Cost of Sales for that same quarter was $2.51B. Maintenance costs are a key component of the Cost of lease & related maintenance and rental, which saw a 2% decrease in 2024 due to lower costs on a younger fleet and maintenance cost savings initiatives. Driver labor is a huge component of the Dedicated Transportation Solutions segment costs.

The breakdown of major cost components for the third quarter of 2025 is telling:

Financial Metric (Q3 2025)	Amount (USD Millions)
Operating Expenses	2,880
Cost of Sales	2,510
Interest Expense on Debt	102
Unallocated CSS Costs (IT related)	21

Technology Investment

Funding proprietary platforms and innovation labs is a non-negotiable cost to maintain a competitive edge. Ryder System, Inc. (R) has been investing heavily here; since 2018, the company has put more than $1.7 billion into leading-edge technology. This builds on prior strategic investments, including the $1.3 billion made over the five years leading up to 2023 to establish and grow Baton: A Ryder Technology Lab. These technology costs are now showing up in operational line items, such as the unallocated CSS costs, which increased to $21 million in Q3 2025, primarily due to information technology costs.

Key technology-related cost drivers include:

• Funding for the Baton: A Ryder Technology Lab staff and operations.
• Investment in proprietary platforms like RyderShare™, RyderShip™, RyderGyde™, and RyderView™.
• Costs associated with evaluating and automating warehouse space, like deploying over 1,000 autonomous robots.

Interest Expense

Financing the massive lease and rental fleet assets means interest expense is a constant, significant cost. For the fiscal quarter ending in September of 2025, Ryder System, Inc. (R) reported Interest Expense on Debt of $102M. Looking at the nine months ending September 30, 2025, the cumulative interest expense was $304 million. This cost is reported separately from the Cost of lease & related maintenance and rental, which excludes vehicle financing interest costs. The company's Debt stood at $8.72B as of that same period, which directly ties to this financing cost.

Finance: draft 13-week cash view by Friday.

Ryder System, Inc. (R) - Canvas Business Model: Revenue Streams

You're looking at how Ryder System, Inc. actually brings in the money, which is key to understanding its valuation, especially with the shift toward asset-light services. Honestly, the revenue streams are heavily weighted toward recurring, contractual income, which is what management likes to highlight for stable cash flow generation.

Ryder System, Inc. reported Total Revenue for the twelve months ending September 30, 2025, was $12.679B. The company's operating revenue (non-GAAP, excluding fuel services) for the third quarter of 2025 was $2.6 billion.

Approximately 90% of total revenue is contractual, coming from the ChoiceLease, SCS, and DTS segments. Here's a look at the scale of the primary revenue components, using the latest available segment revenue data from 2024 as a baseline for the contractual streams, since precise 2025 segment revenue figures aren't fully broken out in the latest reports:

Revenue Stream Category	2024 Segment Revenue (Approximate)	Notes
Fleet Management Solutions (FMS) Total	$5.89 B	Includes ChoiceLease recurring payments
Supply Chain Solutions (SCS) Total	$5.30 B	Contractual fees for logistics and fulfillment
Dedicated Transportation Solutions (DTS) Total	$2.45 B	Contractual fees for dedicated fleet and drivers

The contractual revenue streams are the backbone, but the transactional side still matters for overall cash flow and market signaling. You see this in the performance of the FMS segment, where ChoiceLease is the recurring engine.

• ChoiceLease Revenue: Recurring monthly payments for full-service leasing.
• Supply Chain Solutions (SCS) Fees: Contractual fees for logistics, warehousing, and fulfillment services.
• Dedicated Transportation Solutions (DTS) Fees: Contractual fees for dedicated fleet and driver services.

The transactional portion, which includes commercial rental fees and used vehicle sales, is the variable part. For instance, in Q3 2025, FMS EBT increased 11%, driven primarily by higher ChoiceLease performance from pricing and maintenance cost-saving initiatives. Rental demand was noted as subdued in Q1 2025.

Transactional Revenue:

• Commercial rental fees.
• Proceeds from used vehicle sales (approx. $500 million expected in 2025).

To be fair, used vehicle sales pricing has been volatile; for example, used tractor pricing in Q3 2025 declined 6% year-over-year, while truck pricing declined 15%. Still, the contractual growth in SCS and DTS is what management points to, with DTS revenue up 39% in Q3 2025, partly due to the Cardinal Logistics acquisition.

Finance: draft 13-week cash view by Friday.