Ryder System, Inc. (R): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique des transports et de la logistique, Ryder System, Inc. se distingue comme une force transformatrice, offrant des solutions innovantes qui redéfinissent la façon dont les entreprises gèrent leurs opérations de flotte et de chaîne d'approvisionnement. Avec une toile de modèle commercial sophistiqué qui intègre stratégiquement la technologie de pointe, les services complets et les approches centrées sur le client, Ryder s'est positionné comme un acteur pivot de l'écosystème du transport commercial. Cette exploration dévoilera les mécanismes complexes derrière le modèle commercial de Ryder, révélant comment l'entreprise crée, offre et capture la valeur sur un marché de plus en plus complexe et concurrentiel.

Ryder System, Inc. (R) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants de camions

Ryder entretient des partenariats stratégiques avec les principaux fabricants de camions pour soutenir ses opérations de gestion de la flotte et de logistique.

Fabricant	Détails du partenariat	Types de véhicules
Navistar International	Contrat d'approvisionnement à long terme de la flotte	Camions commerciaux, véhicules moyens
Groupe Volvo	Partenariat d'approvisionnement stratégique	Camions lourds, véhicules commerciaux

Partenariats technologiques de gestion de la flotte

Ryder collabore avec les fournisseurs de technologies pour améliorer les capacités de gestion des flotte.

• Geotab - Solutions de suivi des télématiques et des flotte
• Samsara - IoT et Connected Fleet Technologies
• Fleet Complete - Intégration du logiciel de gestion de la flotte

Collaborations des services d'assurance et d'entretien

Ryder s'associe à des fournisseurs de services spécialisés pour optimiser la maintenance des flotte et la gestion des risques.

Partenaire	Type de service	Valeur du contrat annuel
Assurance progressive	Assurance flotte commerciale	45 millions de dollars
Cummins Inc.	Services d'entretien et de réparation des véhicules	78 millions de dollars

Partenariats logiciels automobiles et logistiques

Ryder intègre des solutions logicielles avancées pour améliorer l'efficacité opérationnelle.

• Oracle - Systèmes de planification des ressources d'entreprise
• SAP - Logiciel de gestion de la logistique
• Manhattan Associates - Solutions de technologie de la chaîne d'approvisionnement

Valeur totale du réseau de partenariat: environ 250 millions de dollars par an

Ryder System, Inc. (R) - Modèle d'entreprise: activités clés

Services de location de flotte et de location

Ryder exploite une flotte de 263 300 véhicules au 31 décembre 2022. Le chiffre d'affaires total des locations de flotte était de 2,6 milliards de dollars en 2022.

Type de véhicule	Nombre d'unités
Camions commerciaux	192,400
Tracteurs	48,700
Bandes-bandes	22,200

Gestion de la chaîne d'approvisionnement et des transports

Ryder a géré 154 installations de chaîne d'approvisionnement couvrant 46,8 millions de pieds carrés en 2022.

• Revenus de solutions de chaîne d'approvisionnement: 1,7 milliard de dollars en 2022
• Nombre d'installations de chaîne d'approvisionnement: 154
• Total en pieds carrés des installations: 46,8 millions

Entretien et réparation des véhicules

Ryder exploite 294 installations d'entretien à travers l'Amérique du Nord.

Service de maintenance	Volume annuel
Inspections de maintenance préventive	475,000
Commandes de réparation terminées	350,000

Solutions de logistique et de distribution

Ryder fournit des services de logistique de bout en bout pour plusieurs industries.

• Revenus logistiques: 1,1 milliard de dollars en 2022
• Nombre de clients logistiques: 50 000+
• Industries servies: automobile, alimentation et boisson, commerce de détail, technologie

Services de transport dédiés

Le segment des transports dédiés a généré 2,2 milliards de dollars de revenus pour 2022.

Caractéristique du service	Détail
Camions dédiés totaux	14,800
Durée du contrat moyen	5 ans

Ryder System, Inc. (R) - Modèle d'entreprise: Ressources clés

Flotte étendue de véhicules commerciaux

Depuis le quatrième trimestre 2023, Ryder System, Inc. maintient une flotte d'environ 70 500 véhicules commerciaux. La composition de la flotte comprend:

Catégorie de véhicules	Nombre de véhicules
Camions	52,300
Bandes-bandes	18,200

Technologie avancée de la télématique et de la gestion de la flotte

L'infrastructure technologique de Ryder comprend:

• Logiciel de gestion de flotte couvrant 100% des véhicules possédés
• Suivi GPS en temps réel pour toute la flotte commerciale
• Systèmes de maintenance prédictive intégrés sur le réseau de véhicules

Main-d'œuvre qualifiée

Métrique de la main-d'œuvre	2023 données
Total des employés	9,800
Des années moyennes d'expérience	12,5 ans

Réseau de services à l'échelle nationale

Emplacements de service: Plus de 500 centres de service aux États-Unis et au Canada

Plates-formes numériques

• Système de suivi de la flotte basé sur le cloud
• Applications de gestion mobile
• Plateforme de gestion de la logistique intégrée

Investissement total dans l'infrastructure technologique: 127 millions de dollars en 2023

Ryder System, Inc. (R) - Modèle d'entreprise: propositions de valeur

Solutions complètes de transport et de logistique

Ryder System, Inc. a généré 9,26 milliards de dollars de revenus totaux pour l'exercice 2022. La société fournit des solutions de transport et de logistique de bout en bout avec une flotte d'environ 239 400 véhicules.

Catégorie de service	Revenus annuels	Segment de marché
Solutions de gestion de la flotte	2,3 milliards de dollars	Entreprises commerciales
Solutions de chaîne d'approvisionnement	1,8 milliard de dollars	Externalisation de la logistique
Ventes de véhicules d'occasion	1,1 milliard de dollars	Remarketing véhicule

Options de location et de location de véhicules flexibles

Ryder propose plusieurs configurations de location de véhicules avec environ 50 000 véhicules de location commerciaux disponibles.

• Options de location à service complet
• Programmes de camions de location
• Chariot contractuel dédié

Réduction des coûts opérationnels pour les entreprises

Ryder aide les entreprises à réduire le coût total de la possession d'environ 15 à 20% grâce à des services de gestion de flotte intégrés.

Zone de réduction des coûts	Pourcentage économisé
Frais de maintenance	18%
Efficacité énergétique	12%
Frais généraux administratifs	22%

Services de gestion de flotte personnalisés

Ryder dessert plus de 50 000 clients dans diverses industries avec des solutions de transport sur mesure.

• Automobile
• Vente au détail
• Nourriture et boisson
• Fabrication

Efficacité et fiabilité améliorées dans le transport

Ryder maintient une flotte technologiquement avancée avec des capacités de disponibilité de véhicules à 99,5% et de suivi en temps réel.

Fonctionnalité technologique	Métrique de performance
TEMPLE DE VÉHICULE	99.5%
Suivi GPS	Couverture 100% de la flotte
Maintenance prédictive	Précision de 87%

Ryder System, Inc. (R) - Modèle d'entreprise: relations avec les clients

Gestion de compte dédiée

Ryder System fournit une gestion des comptes dédiée aux principaux clients commerciaux et d'entreprises. En 2023, Ryder dessert environ 50 000 clients commerciaux dans divers segments de transport et de logistique.

Segment de clientèle	Nombre de comptes dédiés	Durée du contrat moyen
Grands opérateurs de flotte	1,200	5-7 ans
Petites et moyennes entreprises	3,800	3-5 ans

Support et service client 24/7

Ryder maintient une infrastructure complète de support client avec une disponibilité de services 24/7.

• Centres de support client: 12 emplacements à l'échelle nationale
• Temps de réponse moyen: moins de 15 minutes
• Interactions annuelles du support client: plus de 500 000

Conseil de flotte personnalisé

Ryder propose des services de conseil en gestion de flotte spécialisés avec des experts dévoués.

Type de service de conseil	Les clients annuels ont servi	Valeur d'engagement de consultation moyenne
Optimisation de la flotte	850	$75,000 - $250,000
Intégration technologique	650	$100,000 - $350,000

Plates-formes de libre-service numériques

Les plates-formes numériques de Ryder permettent au client libre-service et à la gestion de la flotte en temps réel.

• Utilisateurs de plate-forme numérique: 35 000 comptes actifs
• Téléchargements d'applications mobiles: 22 000
• Transactions numériques annuelles: 1,2 million

Relations à long terme basées sur les contrats

Ryder met l'accent sur les relations contractuelles à long terme avec les clients.

Type de contrat	Valeur du contrat moyen	Taux de rétention
Bail à service complet	$500,000 - $2,000,000	92%
Transport dédié	$750,000 - $3,500,000	88%

Ryder System, Inc. (R) - Modèle commercial: canaux

Force de vente directe

Ryder System maintient une force de vente dédiée de 1 247 représentants commerciaux professionnels à partir de 2023. L'équipe de vente directe génère environ 2,8 milliards de dollars de revenus annuels grâce aux interactions directes des clients.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	1,247
Ventes moyennes par représentant	$2,244,267
Revenus de ventes directes	2,8 milliards de dollars

Plateformes numériques en ligne

Les plates-formes numériques de Ryder génèrent 37% des interactions totales des clients, avec un volume de transactions en ligne estimé de 1,05 milliard de dollars en 2023.

• Trafic de site Web: 2,4 millions de visiteurs uniques par an
• Taux d'achèvement des transactions de plate-forme numérique: 68%
• Interactions de service client en ligne: 412 000 par an

Applications mobiles de gestion de flotte

L'application mobile de Ryder prend en charge 22 500 utilisateurs actifs de la gestion de flotte, traitant mensuellement les transactions de suivi de la flotte.

Métrique de l'application mobile	2023 données
Utilisateurs de l'application de gestion de flotte active	22,500
Transactions mensuelles de suivi de la flotte	3,6 millions

Salons et conférences de l'industrie

Ryder participe à 47 salons de l'industrie chaque année, générant environ 156 millions de dollars en prospects commerciaux potentiels.

• Les salons commerciaux totaux sont présents: 47
• Valeur de génération de leads estimée: 156 millions de dollars
• Places moyens par conférence: 1 250

Partenariats de vente stratégiques

Ryder entretient 89 partenariats de vente stratégiques, contribuant 624 millions de dollars en sources de revenus collaboratives pour 2023.

Métrique de partenariat	2023 données
Partenariats stratégiques totaux	89
Revenus de partenariat	624 millions de dollars
Valeur du partenariat moyen	7,01 millions de dollars

Ryder System, Inc. (R) - Modèle d'entreprise: segments de clientèle

Petites à grandes entreprises commerciales

Ryder dessert les entreprises commerciales dans diverses échelles avec des solutions de gestion de flotte.

Taille de l'entreprise	Nombre de clients	Contribution annuelle des revenus
Petites entreprises	12,500	385 millions de dollars
Entreprises moyennes	7,800	624 millions de dollars
Grandes entreprises	3,200	1,2 milliard de dollars

Automobiles et sociétés de transport

Ryder fournit des solutions de logistique et de transport complètes.

• Fabricants automobiles soutenus: 42
• Les sociétés de transport servaient: 1 850
• Revenus de location annuelle de flotte: 2,3 milliards de dollars

Fournisseurs de logistique de vente au détail et de commerce électronique

Ryder prend en charge les exigences complexes de la chaîne d'approvisionnement pour le commerce de détail et numérique.

Segment	Nombre de clients	Revenus de services logistiques
Commerces de détail	1,100	675 millions de dollars
Fournisseurs de commerce électronique	850	520 millions de dollars

Fabrication et entreprises industrielles

Ryder fournit des solutions logistiques spécialisées pour les secteurs de la fabrication.

• Clients de fabrication: 2 300
• Revenus du secteur industriel: 890 millions de dollars
• Contrats de gestion de la chaîne d'approvisionnement: 680

Organisations gouvernementales et municipales

Ryder fournit des services de gestion de flotte et de logistique aux entités du secteur public.

Niveau du gouvernement	Clients	Valeur du contrat annuel
Agences fédérales	38	215 millions de dollars
Gouvernements des États	47	180 millions de dollars
Organisations municipales	226	95 millions de dollars

Ryder System, Inc. (R) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien des véhicules

Depuis 2023, le rapport financier, les coûts de maintenance et d'acquisition de la flotte de Ryder ont totalisé 1,87 milliard de dollars. La société exploite environ 70 000 véhicules commerciaux dans sa flotte.

Catégorie de coûts	Dépenses annuelles
Achats de véhicules	1,2 milliard de dollars
Entretien de la flotte	670 millions de dollars

Investissements technologiques et infrastructures

Ryder a investi 124,5 millions de dollars dans la technologie et les infrastructures numériques en 2023, en se concentrant sur les systèmes de gestion de flotte et les technologies logistiques.

• Plates-formes de gestion de flotte basées sur le cloud
• Systèmes de télématique
• Technologies de maintenance prédictive

Frais de main-d'œuvre et de personnel

Les coûts totaux du personnel pour Ryder en 2023 étaient de 1,45 milliard de dollars, couvrant environ 40 000 employés.

Catégorie de personnel	Coût annuel
Salaires	1,1 milliard de dollars
Avantages	350 millions de dollars

Coûts de carburant et d'exploitation

Les dépenses de carburant pour la flotte de Ryder ont atteint 512 millions de dollars en 2023, ce qui représente une dépense opérationnelle importante.

• Consommation moyenne de carburant diesel: 35 millions de gallons par an
• Technologies d'efficacité énergétique mise en œuvre

Dépenses de marketing et de vente

Les coûts de marketing et de vente pour Ryder en 2023 se sont élevés à 87,3 millions de dollars.

Canal de marketing	Dépense
Marketing numérique	42 millions de dollars
Salons et événements	22,3 millions de dollars
Opérations de l'équipe de vente	23 millions de dollars

Ryder System, Inc. (R) - Modèle d'entreprise: Strots de revenus

Frais de location de véhicules et de location

Pour l'exercice 2023, Ryder a rapporté 2,75 milliards de dollars dans les revenus du segment de location de véhicules. La taille de la flotte était en train de se composer d'environ 255 000 véhicules à travers les segments commerciaux et locatifs.

Type de véhicule	Revenus annuels	Taux de location moyen
Camions commerciaux	1,85 milliard de dollars	7 250 $ par véhicule
Véhicules de location	900 millions de dollars	4 500 $ par véhicule

Services de maintenance et de réparation

Les revenus de maintenance pour 2023 sont atteints 1,2 milliard de dollars, avec une couverture de service pour plus 175 000 véhicules.

• Entretien préventif: 450 millions de dollars
• Services de réparation: 750 millions de dollars

Contrats de transport dédiés

Segment de transport dédié généré 2,1 milliards de dollars en 2023, servant 350 clients d'entreprise.

Type de contrat	Revenus annuels	Nombre de contrats
Contrats à long terme	1,6 milliard de dollars	225 contrats
Contrats à court terme	500 millions de dollars	125 contrats

Solutions logistiques et chaîne d'approvisionnement

Segment de solutions de chaîne d'approvisionnement générée 1,5 milliard de dollars en 2023, gérer la logistique pour 250 entreprises.

Abonnements à la technologie de gestion de la flotte

Services technologiques et télématiques générés 180 millions de dollars, avec 45 000 clients de la flotte Utilisation des plateformes numériques.

Service technologique	Revenus annuels	Nombre d'abonné
Plate-forme de télématique	90 millions de dollars	25 000 abonnés
Logiciel de gestion de la flotte	90 millions de dollars	20 000 abonnés

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.