Ryder System, Inc. (R): Business Model Canvas [Dec-2025 Updated]

You're digging into the financials of a major fleet operator, and honestly, the 2025 story for Ryder System, Inc. is a masterclass in de-risking the business. Forget the old rental model; they are now laser-focused on locking in revenue, targeting a huge $1 billion in Free Cash Flow this year because roughly 90% of their business comes from sticky, contractual services. This strategic pivot-backed by a $2.3 billion Gross CapEx forecast for 2025 to secure assets like 4,000 BrightDrop EVs-is what separates today's valuation from past cycles. See the full breakdown below to understand how their Key Activities and Partnerships are engineered to protect that recurring revenue stream. That's the real play here.

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

You're looking at the backbone of Ryder System, Inc.'s operational scale and future-proofing strategy, which heavily relies on who they partner with. These alliances are defintely critical for maintaining their fleet management dominance and accelerating their shift into next-generation logistics.

OEM Agreements for Commercial EV Supply

Ryder System, Inc. has locked in supply agreements to support its RyderElectric+ solution, which bundles EVs, charging, and maintenance for customers. This strategy is designed to make EV adoption simple for their $\sim$42,700 customers.

Ryder announced a plan to introduce $\mathbf{4,000}$ BrightDrop Zevo 600 and Zevo 400 electric vans into its lease and rental fleet through $\mathbf{2025}$. This is part of a broader effort where Ryder collaborates with manufacturers of electric vehicles and charging infrastructure.

Here's a look at the key OEM relationships supporting their advanced vehicle technology offerings:

Network of Preferred Third-Party Freight Carriers for Brokerage Services

For its freight brokerage services within the Supply Chain Solutions segment, Ryder relies on a vast network of external carriers. This capacity is essential, as Ryder System, Inc. purchased and/or executed $\mathbf{\$10.4}$ billion in customer freight moves.

The company maintains a large pool of contracted capacity to ensure it can meet customer demands, even while projecting a flat freight market for $\mathbf{2025}$.

• Carrier Network Size: $\mathbf{115,000}$ qualified carriers under contract.
• Service Offering: Provides truckload, LTL, and intermodal services.
• Carrier Incentive: Rewards carriers for consistently moving freight with discounted used vehicles and digital tools.

Technology Alliances with Telematics and Supply Chain Software Providers

Ryder Connected Fleet Solutions acts as an advisor, combining its expertise with vetted external technology providers to outfit its $\sim\mathbf{250,000}$ vehicles under management. This approach allows them to offer flexibility and the right fit for a customer's specific fleet needs.

The company's telematics offerings integrate with various systems to enhance safety, compliance, and efficiency. They have a partnership with Geotab, for instance, to streamline IFTA records and fleet visibility.

The breadth of these technology integrations is significant:

• Telematics Providers: Partners with $\mathbf{10+}$ top telematics providers.
• System Integration: Integrates with ELDs, in-cab cameras, route optimization, and remote diagnostics.
• Internal Tech: Leverages platforms like RyderShare™ for end-to-end visibility.

Strategic Investments via RyderVentures in Logistics Tech Startups

RyderVentures functions as a $\mathbf{\$50}$ million corporate venture capital fund, focused on strategic alliances and investments in startups addressing emerging supply chain technologies. This fund is part of Ryder System, Inc.'s larger innovation push, building on $\mathbf{\$1.7}$ billion in strategic investments made since $\mathbf{2018}$.

One notable success is Baton, a startup RyderVentures invested in, which now operates as a Ryder Technology Lab focused on optimizing truckload deliveries and visibility.

The portfolio spans several key areas of logistics innovation:

Finance: draft $\mathbf{13}$-week cash view by Friday.

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

You're looking at the core engine of Ryder System, Inc. (R), the activities that actually generate that $12.68 billion in trailing twelve-month revenue as of September 30, 2025. These aren't abstract concepts; they are concrete operations moving physical assets and managing complex networks.

Fleet Management: Leasing, maintenance, and commercial rental of vehicles

This is the foundational activity, centered on full-service leasing and commercial rental. For the second quarter of 2025, the Fleet Management Solutions (FMS) segment brought in operating revenue of $1,288 million. This segment manages a massive asset base, which, as of the end of 2024, included 145,300 vehicles under the ChoiceLease program and 35,500 in the commercial rental fleet. To keep this fleet moving, Ryder operates over 800+ maintenance facilities, employing 4,900 trained technicians. The company also reports maintaining a 99% on-time delivery rate across its operations, a key service metric.

Here's a quick look at the operational scale supporting this activity, based on the most recent segment reporting:

Rental power-fleet utilization was reported at 66% for the first quarter of 2025, which is consistent with the prior year, but this area faces headwinds from weaker demand.

Supply Chain Management: E-commerce fulfillment, warehousing, and reverse logistics

Ryder System, Inc.'s Supply Chain Solutions (SCS) segment focuses on integrated logistics, and it delivered operating revenue of $1,019 million in the second quarter of 2025. This activity relies heavily on physical infrastructure and specialized labor. The company manages approximately 300 warehouses, which cover more than 95 million square feet of space. Furthermore, the company utilizes a team of 10,800 professional drivers to support these complex distribution and fulfillment networks. The SCS segment saw a 9% increase in operating revenue in the full year 2024, largely fueled by recent acquisitions and growth in the omnichannel retail vertical.

Dedicated Transportation: Providing drivers, vehicles, and route management

The Dedicated Transportation Solutions (DTS) segment provides turnkey transportation, combining leasing, maintenance, and professional drivers. In the full year 2024, this segment's operating revenue increased by 44%, significantly boosted by the acquisition of Cardinal Logistics. As of year-end 2024, the DTS segment managed 19,100 vehicles. The company's overall 2025 outlook anticipates continued contractual earnings growth here, supporting the full-year 2025 forecast for operating revenue growth of about 1% (non-GAAP).

The core components of the dedicated service offering include:

• Providing professional drivers for turnkey solutions.
• Integrating leasing and maintenance capabilities.
• Managing routes for customer distribution needs.
• Supporting the DTS fleet of 19,100 vehicles (2024 year-end).

Technology Development: Enhancing proprietary platforms like RyderShare and RyderGyde

While the financial results are segmented by service line, the underlying activity of technology development is crucial for efficiency across all three. The company has advanced proprietary telematics systems, such as RydeSmart® 3.0, which is the next generation of their onboard system designed to boost vehicle intelligence for fleet management users. This continuous enhancement of platforms like RyderShare and RyderGyde supports the contractual revenue growth that management is relying on, especially given the muted freight market projected for 2025. The company is focused on structural changes and operational efficiencies derived from these digital tools to drive performance, aiming for a full-year 2025 free cash flow forecast between $900 million and $1 billion (non-GAAP).

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

You're looking at the core assets that let Ryder System, Inc. (R) actually run its integrated logistics and fleet management business. These aren't just line items on a balance sheet; they are the engines of service delivery across North America.

The physical assets are massive, underpinning both the Fleet Management Solutions (FMS) and the logistics segments (SCS and DTS). You can see the scale when you look at the fleet numbers, which are quite dynamic given the business model.

Here's a quick look at the tangible and human capital that make up the backbone of Ryder System, Inc. (R) as of late 2025, drawing from their latest operational figures.

The technology platforms are critical because they turn that massive physical fleet into a manageable, visible, and optimized service offering. Ryder System, Inc. (R) has been pouring capital into this area; they invested more than $1.7 billion in leading-edge technology since 2018.

These proprietary platforms translate directly into operational control for you, the customer:

• RyderShare™: Provides real-time supply chain visibility and collaboration across shippers, carriers, and service providers.
• RyderGyde™: The all-in-one platform for fleet managers and drivers to monitor and manage the fleet anytime, anywhere, including maintenance center access.
• RyderView™: The platform focused on last-mile digital visibility for your end customers.

The human element, the skilled technicians and professional drivers, are the final layer of this resource structure. You can have the best trucks and the slickest software, but without the 5,000 trained technicians to keep the assets running and the 13,400 professional drivers to move the freight, the system stops. If onboarding takes 14+ days, churn risk rises.

Also, consider the scale of the operations supported by these resources, like the approximately 320,000 cross-border freight movements between the U.S., Canada, and Mexico annually. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.