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    SEC Form 11-K filed by Ryder System Inc.

    6/16/25 3:10:53 PM ET
    $R
    Rental/Leasing Companies
    Consumer Discretionary
    Get the next $R alert in real time by email
    11-K 1 ryder202411-kfs.htm 11-K Document

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549

    FORM 11-K




    (Mark One)

    [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

    For the fiscal year ended December 31, 2024


    OR



    [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


    For the transition period from __________to __________.


    Commission file number: 1-4364


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN

    imagea.jpg

    Ryder System, Inc.
    2333 Ponce de Leon Blvd., Suite 700
    Coral Gables, Florida 33134





    REQUIRED INFORMATION
    FINANCIAL STATEMENTS & SUPPLEMENTAL SCHEDULE    PAGE NO.
    Statements of Net Assets Available for Plan Benefits
    December 31, 2024 and 2023
    1
    Statements of Changes in Net Assets Available for Plan Benefits for the years ended December 31, 2024 and 2023
    2
    Notes to Financial Statements
    3
    Supplemental Schedule*: Form 5500, Schedule H, Line 4i: Schedule of Assets (Held at End of Year) December 31, 2024
    12
    Signature
        
    19
    EXHIBIT
    Exhibit Index
      
    20
              
    Consent of Independent Registered Certified Public Accounting Firm
    21
    *Other supplemental schedules required by Section 2520-10 of the Department of Labor Rules and Regulations for Reporting and Disclosure under Employee Income Security Act of 1974 have been omitted because they are not applicable.





    Report of Independent Registered Public Accounting Firm

    Plan Administrator and Participants
    Ryder System, Inc. 401(k) Savings Plan
    Coral Gables, Florida

    Opinion on the Financial Statements

    We have audited the accompanying statements of net assets available for benefits of the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) as of December 31, 2024 and 2023, the related statement of changes in net assets available for benefits for the years ended December 31, 2024 and 2023, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.

    Basis for Opinion

    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

    Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

    Supplemental Information

    The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

    /s/ BDO USA, P.C.

    We have served as the Plan’s auditor since 2015.

    Miami, Florida

    June 16, 2025


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN


    STATEMENTS OF NET ASSETS AVAILABLE FOR PLAN BENEFITS
    December 31,
    (In thousands)20242023
    Assets
    Investments at fair value$2,129,393 $1,742,834 
    Investments at contract value134,105 146,785 
    Receivables:
      Notes receivable from participants43,845 37,360 
      Participant contributions1,199 1,037 
      Employer contributions15,271 16,860 
      Due from broker2,392 987 
          Total receivables62,707 56,244 
           Total assets2,326,205 1,945,863 
    Liabilities
      Due to broker346 320 
      Other liabilities32 37 
           Total liabilities378 357 
    Net assets available for plan benefits$2,325,827 $1,945,506 
    The accompanying notes are an integral part of these financial statements.


    1


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN


    STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS
    Years ended December 31,
    (In thousands)20242023
    Additions to net assets attributed to:
      Investment income:
        Net appreciation in value of investments$355,270 $343,630 
        Dividends14,678 10,093 
        Interest4,846 3,689 
            Net investment income 374,794 357,412 
      Interest income on notes receivable from participants2,539 1,676 
      Contributions:
        Employer42,923 43,342 
        Participant100,880 95,716 
        Participant rollovers21,639 12,956 
            Total contributions165,442 152,014 
            Total additions542,775 511,102 
    Deductions from net assets attributed to:
      Benefits paid to plan participants249,376 186,370 
      Administrative expenses1,679 1,727 
            Total deductions251,055 188,097 
            Net increase291,720 323,005 
            Transfer in from related plans88,601 — 
    Net assets available for plan benefits:
      Beginning of year1,945,506 1,622,501 
      End of year$2,325,827 $1,945,506 
    The accompanying notes are an integral part of these financial statements.


    2


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    NOTES TO FINANCIAL STATEMENTS
    1.Description of Plan

    The following description of the Ryder System, Inc. 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more comprehensive description of the Plan’s provisions.

    General
    The Plan, established January 1, 1993, is a defined contribution plan and, as such, is subject to some, but not all, of the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). It is excluded from coverage under Title IV of ERISA, which generally provides for guaranty and insurance of retirement benefits, and it is not subject to the funding requirements of Title I of ERISA. The Plan is, however, subject to those provisions of Title I and II of ERISA which, among other things, require that each participant be furnished with an annual financial report and a comprehensive description of the participant’s rights under the Plan, set minimum standards of responsibility applicable to fiduciaries of the Plan, and establish minimum standards for participation and vesting.

    The Plan Administrator is the Ryder System, Inc. Retirement Committee. The Plan’s trustee and record-keeper are Fidelity Management Trust Co. and Fidelity Investments Institutional Operations Company, respectively.

    Eligibility
    Participation in the Plan is voluntary. In general, all employees on the United States (“U.S.”) payroll of Ryder System, Inc. and its subsidiaries (the “Company”) that have adopted the Plan are eligible to participate in the Plan. Newly hired employees are eligible to participate as soon as administratively practicable after hire. The following employees or classes of employees are not eligible to participate: (a) an employee who is in a unit of employees represented by a collective bargaining agent is excluded from participation in the Plan unless the unit has negotiated coverage under the Plan; (b) employees eligible to participate under another Company-sponsored qualified savings plan; and (c) leased employees.

    Contributions
    Participant Contributions
    Participants may elect to contribute pre-tax dollars to the Plan by having their compensation reduced by a maximum of the lesser of: (a) 50% of compensation, (b) the Internal Revenue Service (“IRS”) limit of $23,000 and $22,500 for 2024 and 2023, respectively, or (c) such other amount as shall be determined by the Company’s Retirement Committee from time to time. Additionally, participants may elect to make after-tax contributions to the Plan.

    Participants who reach age 50 during the calendar year may be eligible to make catch-up contributions up to $7,500, in addition to the IRS limit. Participants can also elect a direct rollover of an existing balance from a tax-qualified retirement or savings plan into the Plan. Participants may elect to contribute to any of the investment funds within the investment pool and may direct the record-keeper to transfer among investment options on a daily basis.

    Employer Contributions
    If a participant meets certain requirements related to employment date, age and service hours, the Company may contribute to the participant’s account. Company contributions are invested in the investment options in the same allocation percentages as each participant’s contributions.

    Salaried and non-salaried employees that were hired prior to January 1, 2016, other than field hourly employees of Ryder Integrated Logistics, Inc. (“RIL”), a wholly-owned subsidiary of the Company and other employee groups as described below, that are not grandfathered into the Ryder System, Inc. Retirement Plan are eligible to receive: (a) Company contributions equal to 3% of eligible pay, even if employees do not make contributions

    3


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    to the Plan and (b) a 50% Company match of participant contributions of up to 5% of eligible pay, subject to IRS limits upon meeting eligibility requirements.

    For field hourly employees hired by RIL prior to January 1, 2016, the Company will make a basic contribution of $400 on an annual basis whether or not the employee contributes to the Plan. If the employee contributes to the Plan, in addition to the basic contribution, the Company will match the first $300 at 100% and match the next $800 at 50%.

    On January 1, 2016, the Plan was amended for new hires, and re-hires. Effective January 1, 2016, the matching contributions for these employees, regardless of position, shall equal 50% company match of participant contributions up to 6% of eligible pay (the "Match"), subject to IRS limits upon meeting eligibility requirements.

    Additionally, the Company contribution for all eligible salaried and non-salaried employees shall be made annually, as soon as practicable, following the last day of the Plan year in an amount equal to 3% of the participant’s eligible compensation for the Plan year. For field hourly employees of RIL, the $400 Company contribution will also be made annually, as soon as practicable, following the last day of the Plan year. An employee must be employed by the Company on December 31st of the Plan year to be eligible to receive the Plan year’s Company contribution. New hires or re-hires are not eligible to receive Company contributions.

    The Company may make a discretionary matching contribution for salaried and non-salaried employees, other than RIL field hourly employees. This discretionary matching contribution may be based on the Company’s attainment of specified performance goals. Company contributions are for the benefit of those participants who meet eligibility requirements as defined by the Company’s Retirement Committee. For the years ended December 31, 2024 and 2023, the Company did not make any discretionary matching contributions.

    Effective December 31, 2021, Ryder acquired Midwest Warehouse and Distribution System, which included the Midwest & Bedford 401(k) Profit Sharing Plan and Trust and the Logistics Resources, LLC 401(k) Profit Sharing Plan and Trust (the “Midwest Plans”). The acquired employees became eligible to participate in the Plan on January 1, 2023. At that time, all acquired employees who had one or more years of credited service became immediately eligible to receive the Match. Effective December 31, 2022, the Midwest Plans were merged into the Plan, and all protected features and benefits of the Midwest Plans remain protected under the Plan. Transfer of assets of approximately $7.9 million was completed in July 2023.

    Effective January 1, 2022, Ryder acquired PLG Investments I, LLC (“Whiplash”). The acquired employees became eligible to participate in the Plan on October 1, 2022. At that time, all acquired employees became immediately eligible to receive the Match. For acquired employees, Company matching contributions, contributed by the Company, vest 100% immediately. Effective December 31, 2022, the Whiplash 401(k) Plan merged into the Plan, and all protected features and benefits of the Whiplash 401(k) Plan remain protected under the Plan. Transfer of assets of approximately $7.0 million was completed in January 2023.

    Effective November 1, 2022, Ryder acquired DotCom Distribution (“DotCom”). The acquired employees became eligible to participate in the Plan effective January 1, 2024. At that time, all acquired employees became eligible to receive the Match. Effective March 28, 2024, the DotCom 401(k) Savings Plan was merged into the Plan, and all protected features and benefits of the DotCom 401(k) Savings Plan remain protected under the Plan. The transfer of assets of approximately $6.6 million was completed in March 2024.

    Effective February 1, 2024, Ryder acquired Cardinal Logistics (“Cardinal”). The acquired employees became eligible to participate in the Plan effective July 1, 2024. At that time, all acquired employees became eligible to receive a 50% Company match of participant contributions up to 2% of eligible pay. Effective August 19, 2024, the Cardinal 401(k) Savings Plan was merged into the Plan, and all protected features and benefits of the Cardinal 401(k) Savings Plan remain protected under the Plan. The transfer of assets of approximately $82.0 million was completed in August 2024.


    4


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    Effective August 1, 2024 Ryder acquired Pit Stop Fleet Services ("Pit Stop"). At that time, acquired employees were credited with all service at Pit Stop for purposes of match, eligibility, and vesting under the Plan.

    Contributions are subject to certain IRS limits.

    Vesting
    Participants are immediately vested in their contributions plus earnings thereon. Upon completion of two years of service, participants vest 25% in the Company contributions and the earnings attributable to such contributions and 25% upon completion of each year thereafter until they are fully vested. Participants will also become fully vested in Company contributions and the earnings attributable to such contributions when they reach age 65, become permanently disabled or upon death while employed by the Company. RIL field hourly employees’ basic Company contributions and the match on the first $300 of participant contributions are immediately fully vested while the match on the next $800 of participant contributions follows the vesting schedule described above in this paragraph.

    Participant Accounts
    Each participant’s account is credited with the participant’s contribution and with allocations of: (a) the Company’s contribution and (b) Plan earnings, and charged with an allocation of administrative expenses. Expenses are allocated evenly across all eligible accounts for recordkeeping services. Loan and distribution expenses are charged directly to the respective participant. Trustee fees are allocated to participants’ accounts on a pro-rata basis based on the participant’s account balance. Earnings are currently allocated on a daily basis. The benefit for a participant is the benefit that can be provided from the participant’s vested account. Participants forfeit the nonvested portion of their accounts in the Plan upon termination of employment with the Company. Forfeited balances of terminated participants’ nonvested accounts are used to reduce future Company contributions. In 2024 and 2023, employer contributions were reduced by approximately $3.0 million and $1.8 million, respectively, from forfeited nonvested accounts. At December 31, 2024 and 2023, forfeited nonvested accounts available to reduce future employer contributions totaled approximately $0.5 million and $0.3 million, respectively.

    Notes Receivable from Participants
    Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their account balance. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant’s account and accrue interest at a fixed rate which is the current prime rate at the time of the loan initiation and used for the life of the loan. Changes to the prime rate are received from Reuters and are updated on the first business day of the quarter, for the life of the loan. Principal and interest is paid ratably through payroll deductions. All principal and interest payments are allocated to the Plan’s investment funds based on the participant’s investment elections at the time of payment. Loans which are granted and repaid in compliance with the Plan provisions will not be considered distributions to the participant for tax purposes.

    Benefits Paid
    If a participant leaves the Company, the participant is entitled to receive the vested value of the account balance. If a participant’s vested account value is $1,000 or less, it will be paid as an automatic distribution. As of December 31, 2024 and 2023, there were no automatic distributions pending. However, if the account value is $7,000 or less, and the participant does not consent to a distribution of his account, the account will be distributed according to the Plan document. If the vested value of the account balance is greater than $7,000, or $1,000 prior to 2024, a participant may request an immediate lump-sum payment, or a participant may choose to delay payment to a later date, but not beyond April 1st of the year after the participant reaches age 73. Participants may request a withdrawal of all or a portion of their elective contribution account balance if they can demonstrate financial hardship as defined by the Plan. Such amounts will be considered distributions to the participant for income tax purposes.


    5


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    2.Summary of Significant Accounting Policies

    Basis of Accounting
    The financial statements of the Plan are prepared on the accrual basis of accounting.

    For the year ended December 31, 2023, the Plan previously reported certain investments separately as Common Collective Trusts (CCTs) and Collective Investment Trusts (CITs). For the year ended December 31, 2024, these investments have been combined and are now presented under a single category labeled 'Common Collective Trusts' to better reflect their similar nature and investment characteristics. This change in presentation had no impact on the total value of investments or on the Plan’s net assets available for benefits; however, the Plan elected to revise the presentation of the prior period investments to conform to the current year presentation. See footnote 3 to the Plan's financial statements for disclosure of the Plan's investments.

    Use of Estimates
    The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Such estimates and assumptions are subject to inherent uncertainties, which may result in actual amounts differing from reported amounts.

    Investment Valuation and Income Recognition
    Investments are reported at fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 3 for discussion of fair value measurements.

    Purchases and sales of securities are recorded on a trade-date basis. The Plan presents in the Statements of Changes in Net Assets Available for Plan Benefits the net appreciation in the fair value of its investments, which consists of the related (losses) gains and the unrealized appreciation (depreciation) on those investments. Dividends on mutual funds and Ryder System, Inc. common stock fund is recorded on the record date. Interest income is recorded on the accrual basis.

    Effective August 8, 2024, Ryder amended the Plan to add an Employee Stock Ownership Plan (“ESOP”) component. As part of this amendment, a portion of the existing Ryder Common Stock Fund was designated as an ESOP, which is intended to be a stock bonus plan under Section 401(a) of the Internal Revenue Code, an employee stock ownership plan for purposes of section 4975(e)(7) of the Code, and an eligible individual account plan within the meaning of Section 407(d)(3) of ERISA. In connection with this implementation, participants may elect to either reinvest dividends paid on ESOP shares in the Ryder Stock Fund or receive them in cash, in accordance with Section 404(k) of the Code.

    Notes Receivable from Participants
    Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Loans in default are recorded as distributions based upon the terms of the Plan document and are included in Benefits paid to participants.

    Due to/from Broker
    Due to/from broker for investment securities purchased/sold include amounts payable or receivable to/from clearing organizations relating to investment security transactions to be settled.

    Payment of Benefits
    Benefits are recorded when paid.

    Administrative Expenses
    Trustee fees, management fees and other fund expenses are paid from the assets of the Plan. Loan administrative and origination fees and recordkeeping fees are paid by the participants. Investment related

    6


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    expenses are included in net appreciation in value of investments.

    Subsequent Events
    The Plan evaluated subsequent events through June 16, 2025, the date the financial statements were available to be issued.


    3.Fair Value Measurements

    The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The three levels of the fair value hierarchy under the Accounting Standard Codification (“ASC”) 820, Fair Value Measurement, are described as follows:

    Level 1:    Inputs to the valuation methodology are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan can access at the measurement date.

    Level 2:    Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as:

    a.Quoted prices for similar assets or liabilities in active markets
    b.Quoted prices for identical or similar assets or liabilities in inactive markets
    c.Inputs other than quoted prices that are observable for the asset or liability
    d.Inputs that are derived principally from or corroborated by observable market data by correlation or other means

    If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the assets or liability.

    Level 3: Inputs that are unobservable inputs for the asset or liability.

    The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies at December 31, 2024 and 2023.

    Mutual funds: Valued at quoted market prices, which represent the net asset value of the shares held in such funds. Each of these funds is considered an open ended mutual fund and are valued using a market approach. Fair value is based on a daily net asset value (“NAV”) that can be validated with a sufficient level of observable activity (i.e., purchases and sales at NAV) and, therefore, the mutual funds have been classified within Level 1 of the fair value hierarchy.

    Ryder System, Inc. common stock fund: The Ryder System, Inc. common stock fund is an employer stock unitized fund. The fund consists of Ryder System, Inc. common stock and a short-term cash component, which provides liquidity for daily trading. Ryder System, Inc. common stock is valued at the closing price reported on the active market on which the individual security is traded, and the short term cash investments are valued at cost, which approximates fair value. The Ryder System, Inc. common stock fund has been classified within Level 1 of the fair value hierarchy.

    Common collective trusts: Valued at the NAV per unit as determined by the collective trust as of the valuation date. The NAV is based on the market price of the underlying securities held in each fund. Each common collective trust invests in a diversified portfolio of equity, fixed income, and/or short-term products. These investments are direct filing entities.


    7


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    Short-term money market instruments: Stated at NAV. The funds invest in money market funds to provide daily liquidity. Fair value is based on the NAV that can be validated with a sufficient level of observable activity (i.e., purchases and sales at NAV).

    The following table presents the Plan’s assets at fair value. Classification within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
    December 31,
    (In thousands)20242023
    Investments in the fair value hierarchy: (a)
    Mutual funds$133,459 $285,329 
    Ryder System, Inc. common stock fund141,579 108,981 
    275,038 394,310 
    Investments measured at net asset value: (b)
    Common collective trusts1,849,963 1,345,124 
    Short-term money market instruments4,392 3,400 
    $2,129,393 $1,742,834 
    __________________________________________
    (a)Mutual funds and Ryder System, Inc. common stock fund have been classified within Level 1 of the fair value hierarchy.

    Investments Measured Using the Net Asset Value per Share Practical Expedient
    The following table summarizes investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2024 and 2023, respectively. There are no participant redemption restrictions for these investments. The redemption notice period is applicable only to the Plan.

    December 31, 2024
    (In thousands)Fair ValueUnfunded CommitmentsRedemption Frequency (If Currently Eligible)Redemption Notice Period
    Common collective trusts$1,849,963 N/ADailyN/A
    Short-term money market instruments$4,392 N/ADailyN/A
    December 31, 2023
    (In thousands)Fair ValueUnfunded CommitmentsRedemption Frequency (If Currently Eligible)Redemption Notice Period
    Common collective trusts$1,345,124 N/ADailyN/A
    Short-term money market instruments$3,400 N/ADailyN/A

    4.Investment Contracts with Insurance Companies

    The Interest Income Fund, one of the Plan’s investment options, may be invested in short-term money market instruments and in fully benefit-responsive synthetic guaranteed investment contracts with various insurance companies, banks and financial institutions. The fund is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.

    As described in Note 2, because the guaranteed investment contracts are fully benefit-responsive, the contract is

    8


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    measured at contract value. Contract value, as reported to the Plan, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.

    There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than zero percent. Such interest rates are reviewed on a quarterly basis for resetting.

    Certain events limit the ability of the Plan to transact at contract value with the issuer. These events may be different under each contract. Such events include the following: (1) any substantive modification to the Plan or administration of the Plan that is not consented to by the contract issuer (including complete or partial plan termination or merger with another plan), (2) establishment of a defined contribution plan that competes with the Plan for employee contributions, (3) plan sponsor events, such as divestitures, spin-offs or early retirement programs that cause a significant withdrawal from the Plan, (4) transfer of assets from the fund directly to a competing option, and (5) the failure of the Plan to qualify under Section 401(a) or Section 401(k) of the Internal Revenue Code. The Plan administrator does not believe that the occurrence of any of these events, which would limit the Plan’s ability to transact at contract value with participants, is probable.

    The guaranteed investment contract does not permit the insurance company to terminate the agreement before the scheduled maturity date. In addition, certain events allow the issuer to terminate the contracts with the Plan and settle at an amount different from contract value. Such events include the following: (1) if there is a change in the qualification status of the Plan, (2) if there is a breach of material obligations under the contract and misrepresentations by the contract holder, (3) if there is a failure of the underlying portfolio to conform to the pre-established investment guidelines, (4) if the contract holder assigns its interest in the contract without permission, (5) if the investment manager is terminated and a successor manager acceptable by the wrap issuers is not appointed, and (6) if the contract holder engages in fraud or deceit related to the wrap contract.

    5.Risks and Uncertainties

    The Plan’s invested assets ultimately consist of stocks, bonds, fixed income securities and other investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Plan Benefits and the Statements of Changes in Net Assets Available for Plan Benefits.

    The Plan’s exposure to a concentration of credit risk is limited by the diversification of investments across participant-directed fund elections. Additionally, the investments within each participant-directed fund election are further diversified into varied financial instruments, with the exception of the Ryder System, Inc. common stock fund, which invests in a single security. The Plan’s exposure to credit risk on the wrapper contracts is limited to the fair value of the contracts with each company.

    6.Related Party Transactions and Party-In-Interest Transactions

    The Plan holds shares of Ryder System, Inc. common stock in the common stock fund described in Note 3 (902,582 and 947,163 shares at December 31, 2024 and 2023, respectively), and recorded dividend income (approximately $2.9 million and $2.7 million in 2024 and 2023, respectively), net realized gains on sale (approximately $8.3 million and $5.5 million in 2024 and 2023, respectively), and net unrealized appreciation in value of these securities of approximately $28.9 million and $25.4 million in 2024 and 2023, respectively. During the year ended December 31, 2024, purchases and sales of Ryder System, Inc. common stock recorded in the common stock fund were approximately $21.2 million and $27.2 million, respectively. During the year ended December 31, 2023, purchases and sales of Ryder System, Inc. common stock recorded in the common stock fund were $20.1 million and $23.0 million, respectively. Accordingly, these shares qualify as a party-in-

    9


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    interest.

    The Plan also holds shares of mutual funds managed by Fidelity Management Company, which are affiliated with the Plan’s current trustee. The Plan has recorded dividend income, net realized gains (losses) on sales and net unrealized appreciation (depreciation) in value of these securities. Accordingly, these transactions qualify as a party-in-interest.

    Fees incurred by the Plan to Fidelity Management Company for investment management and recordkeeping services amounted to approximately $1.3 million and $1.2 million for the years ended December 31, 2024 and 2023, respectively. These fees are recorded as administrative expenses in the accompanying Statements of Changes in Net Assets Available for Plan Benefits. Notes receivable from participants also qualify as exempt party-in-interest transactions.

    7.Plan Termination

    While it has not expressed any intention to do so, the Company has the right under the Plan to amend or terminate the Plan subject to the provisions of ERISA. In the event of termination, Plan assets are payable to each participant in a lump sum equal to the balance in the participant’s account, and would become 100 percent vested in their employer contributions.

    8.Tax Status of the Plan

    The Plan qualifies as a profit sharing plan under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and also qualifies as a cash or deferred arrangement under Section 401(k) of the Code and, therefore, is exempt from federal income taxes under Section 501(a) of the Code.

    Under a plan qualified pursuant to Sections 401(a) and (k) of the Code, participants generally will not be taxed on contributions or matching contributions, or earnings thereon, until such amounts are distributed to participants or their beneficiaries under the Plan. For tax purposes, the tax-deferred contributions and matching contributions are deductible by the Company for tax purposes when those contributions are made, subject to certain limitations set forth in Section 404 of the Code.

    Participants or their beneficiaries will be taxed, at ordinary income tax rates, on the amount they receive as a distribution from the Plan at the time they receive the distribution. However, if the participant or beneficiary receives a lump sum payment of the balance under the Plan in a single taxable year, and the distribution is made by reason of death, disability or termination of employment of the participant, or after the participant has attained age 59 ½, then certain special tax rules may be applicable.

    U.S. generally accepted accounting principles require plan management to evaluate tax positions taken by the plan and recognize a tax liability (or asset) if the plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. As of December 31, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken by the Plan. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.


    10


    RYDER SYSTEM, INC. 401(K) SAVINGS PLAN


    9.Reconciliation of Financial Statements to Form 5500

    The following is a reconciliation of Net assets available for plan benefits per the financial statements to the Form 5500:
    December 31,
    (In thousands)20242023
    Net assets available for plan benefits per the financial statements$2,325,827 $1,945,506 
    Adjustment for fair value of fully benefit-responsive investment contracts(3,871)(4,260)
    Net assets available for plan benefits per the Form 5500$2,321,956 $1,941,246 

    The following is a reconciliation of total additions per the financial statements to the Form 5500:

    December 31,
    (In thousands)20242023
    Total additions per the financial statements$542,775 $511,102 
    Prior year adjustment from fair value to contract value
    for fully benefit-responsive investment contracts
    4,260 7,326 
    Current adjustment from fair value to contract value
    for fully benefit-responsive investment contracts
    (3,871)(4,260)
    Total income per the Form 5500$543,164 $514,168 
    December 31,
    20242023
    Total change in net assets available for plan benefits per financial statements$291,720 $323,005 
    Net adjustment from fair value to contract value for fully benefit-responsive investment contracts389 3,066 
    Total change in net assets available for plan benefits per Form 5500$292,109 $326,071 

    11


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024






    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    SHORT-TERM MONEY MARKET INSTRUMENTS:
    *FIDELITY INVESTMENTS MONEY MARKET GOVERNMENT PORTFOLIO - CLASS I— 5.20 %**4,392,433 
    SYNTHETIC GUARANTEED INVESTMENT CONTRACTS:
    FIXED INCOME SECURITIES:
    SSGA GOVERNMENT ST INVESTMENT FUND— 4.43 %416,367 
    COREBRIDGE GLOBAL FUNDING 5.75% 07/02/2026 144A7/2/20265.75 %**417,098 
    ALLY AUTO RECEIVABLES TRUST 2024-1 5.08% 12/15/20212/15/20285.08 %**65,605 
    AMERICAN EXPRESS CO 5.389%/VAR 07/28/20277/28/20275.39 %**413,554 
    AMERICAN EXPRESS CR ACC MST TR 4.87% 05/15/20285/15/20284.87 %**203,502 
    AMERICAN EXPRESS CR ACC MST TR 5.23% 09/15/20289/15/20285.23 %**425,306 
    AMERICAN EXPRESS CR ACC MST TR 5.23% 04/15/20294/15/20295.23 %**407,007 
    AMERICAN HONDA FINANCE CORP 4.95% 01/09/20261/9/20264.95 %**330,182 
    AMPHENOL CORPORATION NEW 5.05% 04/05/20274/5/20275.05 %**63,287 
    AMPHENOL CORPORATION NEW 5.05% 04/05/20294/5/20295.05 %**90,602 
    GALLAGHER (ARTHUR J.) & CO 4.6% 12/15/202712/15/20274.60 %**122,696 
    GALLAGHER (ARTHUR J.) & CO 4.85% 12/15/202912/15/20294.85 %**19,941 
    ASTRAZENECA FINANCE LLC 4.8% 02/26/20272/26/20274.80 %**357,883 
    ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144A10/2/20261.73 %**332,992 
    ATHENE GLOBAL FUNDING 5.339% 01/15/2027 144A1/15/20275.34 %**239,127 
    ATHENE GLOBAL FUNDING 5.684% 02/23/2026 144A2/23/20265.68 %**411,344 
    ATHENE GLOBAL FUNDING 5.516% 03/25/2027 144A3/25/20275.52 %**282,229 
    BA CR CARD TR 4.79% 05/15/20285/15/20284.79 %**147,956 
    BA CR CARD TR 4.98% 11/15/202811/15/20284.98 %**208,440 
    BAE SYSTEMS PLC 5% 03/26/2027 144A3/26/20275.00 %**203,490 
    BAE SYSTEMS PLC 5.125% 03/26/2029 144A3/26/20295.13 %**203,148 
    BAT CAPITAL CORP 3.557% 08/15/20278/15/20273.56 %**294,311 
    BMW US CAPITAL LLC 3.45% 04/01/2027 144A4/1/20273.45 %**575,831 
    BPCE SA 5.203% 01/18/2027 144A1/18/20275.20 %**359,965 
    BPCE SA 4.75% 07/19/2027 144A7/19/20274.75 %**432,114 
    BMW VECHILE OWNER TRUST 2023-A 5.47% 02/25/20282/25/20285.47 %**54,545 
    BAKER HUGHES A GE CO LLC / CO-OBLIGOR INC 2.061% 112/15/20262.06 %**437,623 
    BANK OF AMERICA CORPORATION 2.651%/VAR 03/11/20323/11/20322.65 %**304,588 
    BANK OF AMERICA CORPORATION 1.734%/VAR 07/22/20277/22/20271.73 %**464,166 
    BANK OF AMERICA CORPORATION 4.827%/VAR 07/22/20267/22/20264.83 %**408,531 
    BANK OF AMERICA CORPORATION 5.202%/VAR 04/25/20294/25/20295.20 %**294,172 
    BANK OF AMERICA CORPORATION 5.933%/VAR 09/15/20279/15/20275.93 %**362,450 
    BANK OF MONTREAL QUE 5.37% 06/04/20276/4/20275.37 %**356,567 

    12


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    BANK OF MONTREAL QUE 5.266% 12/11/202612/11/20265.27 %**304,383 
    BANK OF NOVA SCOTIA 5.4% 06/04/20276/4/20275.40 %**285,537 
    BANK OF NOVA SCOTIA 5.35% 12/07/202612/7/20265.35 %**437,051 
    BANQUE FED CRED MUTUEL PARIS 5.088% 01/23/2027 1441/23/20275.09 %**358,592 
    BARCLAYS PLC 5.501%/VAR 08/09/20288/9/20285.50 %**299,419 
    BARCLAYS PLC 5.304%/VAR 08/09/20268/9/20265.30 %**204,557 
    BARCLAYS PLC 6.496%/VAR 09/13/20279/13/20276.50 %**365,375 
    BRISTOL-MYERS SQUIBB CO 4.9% 02/22/20272/22/20274.90 %**244,177 
    BRISTOL-MYERS SQUIBB CO 4.9% 02/22/20292/22/20294.90 %**177,902 
    CANADIAN IMPERIAL BK OF COMM 5.926% 10/02/202610/2/20265.93 %**258,777 
    CAPITAL ONE FINANCIAL CORP 4.985%/VAR 07/24/20267/24/20264.99 %**143,964 
    CAPITAL ONE FINANCIAL CORP 5.468%/VAR 02/01/20292/1/20295.47 %**298,606 
    CAPITAL ONE PRIME AUTO RECEIVABLES TR 2024-1 4.62%7/16/20294.62 %**250,798 
    CAPITAL ONE PRIME AUTO RECEIVABLES TRUST 2023-2 5.6/15/20285.82 %**341,852 
    CARMAX AUTO OWNER TR 2023-2 5.05% 01/18/20281/18/20285.05 %**377,530 
    CARMAX AUTO OWNER TRUST 2024-1 4.92% 10/16/202810/16/20284.92 %**159,206 
    CARMAX AUTO OWNER TR 2023-4 6% 07/17/20287/17/20286.00 %**67,360 
    CARMX 2023-3 A3 5.28% 05/15/20285/15/20285.28 %**256,744 
    CARMAX AUTO OWNER TR 2024-2 5.5% 01/16/20291/16/20295.50 %**48,882 
    CHASE ISSUANCE TR 3.97% 09/15/20279/15/20273.97 %**377,467 
    CHASE ISSUANCE TR 5.16% 09/15/20289/15/20285.16 %**497,876 
    CHASE ISSUANCE TR 5.08% 09/15/20309/15/20305.08 %**453,269 
    CISCO SYSTEMS INC 4.8% 02/26/20272/26/20274.80 %**358,388 
    CITIGROUP INC 3.52%/VAR 10/27/202810/27/20283.52 %**300,331 
    CITIBANK CR CARD ISSUANCE TR 5.23% 12/08/202712/8/20275.23 %**160,562 
    COMMONWEALTH EDISON CO 2.95% 08/15/20278/15/20272.95 %**446,524 
    UBS GROUP AG 6.442%/VAR 08/11/2028 144A8/11/20286.44 %**296,346 
    UBS GROUP AG 6.373%/VAR 07/15/2026 144A7/15/20266.37 %**414,614 
    DNB BANK ASA 1.535%/VAR 05/25/2027 144A5/25/20271.54 %**447,460 
    DTE ENERGY CO 4.95% 07/01/20277/1/20274.95 %**115,739 
    DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5% 01/15/1/15/20275.00 %**358,858 
    DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 5.125% 099/25/20275.13 %**152,927 
    DAIMLER TRUCKS RETAIL TRUST 2024-1 5.49% 12/15/20212/15/20275.49 %**227,383 
    DUKE ENERGY FLORIDA LLC 3.8% 07/15/20287/15/20283.80 %**443,680 
    ENBRIDGE INC 5.9% 11/15/202611/15/20265.90 %**149,950 
    ENBRIDGE INC 5.25% 04/05/20274/5/20275.25 %**179,277 
    ENBRIDGE INC 5.3% 04/05/20294/5/20295.30 %**149,333 
    ENTERPRISE PRODS OPER LLC 3.125% 07/31/20297/31/20293.13 %**292,524 
    EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/1211/12/20261.70 %**284,285 
    EXELON CORP 5.15% 03/15/20293/15/20295.15 %**79,576 
    FHLG 5.50% 3/34 #G016653/1/20345.50 %**6,625 

    13


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    FHLG 25YR 5.50% 7/35 #G058157/1/20355.50 %**4,194 
    FHLG 15YR 3% 07/01/2035#SB03617/1/20353.00 %**491,653 
    FHLG 15YR 2.5% 12/01/2033#SB099212/1/20332.50 %**590,418 
    FHLG 15YR 2.5% 04/01/2036#SB10914/1/20362.50 %**781,448 
    FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/20462/25/20463.50 %**47,247 
    FNMA 5.50% 11/34 #31010511/1/20345.50 %**34,603 
    FEDERAL HOME LN MTG MLT CTF GT 2% 07/25/20427/25/20422.00 %**479,842 
    FEDERAL HOME LN MTG MLT CTF GT 2% 01/25/20441/25/20442.00 %**573,049 
    FEDERAL HOME LN MTG MLT CTF GT 2% 08/25/20418/25/20412.00 %**409,597 
    FEDERAL HOME LN MTG MLT CTF GT 2% 06/25/20416/25/20412.00 %**324,156 
    FEDERAL HOME LN MTG MLT CTF GT 2% 04/25/20434/25/20432.00 %**571,460 
    FNMA 15YR 4.5% 11/01/2025#AL824211/1/20254.50 %**115 
    FNMA 15YR 3.5% 07/01/2029#FS70197/1/20293.50 %**470,835 
    FNMA 20YR 3.00% 11/32 #MA123711/1/20323.00 %**217,153 
    FNMA 10YR 1.5% 10/01/2031#MA444810/1/20311.50 %**377,567 
    FNMA 10YR 1.5% 12/01/2031#MA450312/1/20311.50 %**394,024 
    FORD CREDIT AUTO OWNER TRUST 2023-B 5.23% 5/15/20285.23 %**225,454 
    FORD CREDIT AUTO LEASE TRUST 2023-B 5.91% 10/15/20265.91 %**352,883 
    FORD CREDIT AUTO OWNER TRUST 2024-D 4.84% 8/15/20294.61 %**140,371 
    GM FINANCIAL AUTOMOBILE LEASING TRUST 23-2 5.05% 7/20/20265.05 %**222,210 
    GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-22/16/20284.47 %**96,175 
    GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2022-22/16/20273.10 %**163,594 
    GM FINL CONSUMER AUTOMOBILE RECEIVABLES TR 2023-36/16/20285.45 %**62,810 
    GM FINANCIAL LEASING TRUST 2023-3 5.38% 11/20/202611/20/20265.38 %**30,206 
    GM FINANCIAL SECURITIZED TERM AUTO RECEIVABLES TR8/16/20285.78 %**280,310 
    GOLDMAN SACHS GROUP INC (THE) 2.64%/VAR 02/24/20282/24/20282.64 %**452,650 
    HSBC HOLDINGS PLC 2.357%/VAR 08/18/20318/18/20312.36 %**300,976 
    HSBC HOLDINGS PLC 4.755%/VAR 06/09/20286/9/20284.76 %**432,349 
    HEWLETT PACKARD ENTERPRISE CO 4.4% 09/25/20279/25/20274.40 %**168,188 
    HAROT 2023-4 5.67% 06/21/20286/21/20285.67 %**249,275 
    HUNTINGTON BANCSHARES INC/OH 6.208%/VAR 08/21/20298/21/20296.21 %**337,544 
    HYUNDAI CAP AMER 4.3% 09/24/2027 144A9/24/20274.30 %**358,207 
    HYUNDAI AUTO RECEIVABLES TR 2024-A 4.99% 02/15/2022/15/20294.99 %**68,652 
    HYUNDAI AUTO RECEIVABLES TRUST 2023-C 5.54% 10/16/10/16/20285.54 %**205,468 
    HYUNDAI AUTO RECEIVABLES TRUST 2023-B 5.48% 04/17/4/17/20285.48 %**63,842 
    ING GROEP NV 5.335%/VAR 03/19/20303/19/20305.34 %**213,036 
    INGERSOLL RAND INC 5.197% 06/15/20276/15/20275.20 %**304,157 
    INGERSOLL RAND INC 5.176% 06/15/20296/15/20295.18 %**303,654 
    JPMORGAN CHASE & CO 2.083%/VAR 04/22/20264/22/20262.08 %**348,416 
    JPMORGAN CHASE & CO 4.851%/VAR 07/25/20287/25/20284.85 %**510,382 
    JPMORGAN CHASE & CO 4.912%/VAR 07/25/20337/25/20334.91 %**428,602 

    14


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    JPMORGAN CHASE & CO 5.299%/VAR 07/24/20297/24/20295.30 %**427,761 
    JPMORGAN CHASE & CO 5.04%/VAR 01/23/20281/23/20285.04 %**359,062 
    JPMORGAN CHASE & CO 5.7%/VAR 04/22/20284/22/20285.57 %**244,629 
    JACKSON NATL LIFE GLOBAL FDG 4.6% 10/01/2029 144A10/1/20294.60 %**496,803 
    KENVUE INC 5.35% 03/22/20263/22/20265.35 %**135,163 
    KENVUE INC 5% 03/22/20303/22/20305.00 %**285,949 
    KEYCORP SOFRINDX+125 05/23/20255/23/20255.70 %**132,904 
    LLOYDS BANKING GROUP PLC 3.574%/VAR 11/07/202811/7/20283.57 %**299,526 
    LLOYDS BANKING GROUP PLC 4.716%/VAR 08/11/20268/11/20264.72 %**406,456 
    MPLX LP 1.75% 03/01/20263/1/20261.75 %**291,394 
    MASSMUTUAL GLOBAL FDG II 5.1% 04/09/2027 144A4/9/20275.10 %**358,171 
    MERCEDES-BENZ AUTO RECEIVABLES TR 2023-2 5.95% 11/11/15/20285.95 %**160,309 
    MERCEDES-BENZ FINANCE NORTH AMERICA LLC 5.25% 11/211/29/20275.25 %**435,677 
    MERCEDES-BENZ FINANCE NORTH AMERICA LLC 4.8% 08/018/1/20294.80 %**351,952 
    MERCEDES-BENZ AUTO LEASE TRUST 2024-A 5.32% 01/18/1/18/20285.32 %**76,065 
    MET TOWER GLOBAL FUNDING 4% 10/01/2027 144A10/1/20274.00 %**148,971 
    MIDAMERICAN ENERGY CO 3.1% 05/01/20275/1/20273.10 %**447,420 
    MITSUBISHI UFJ FIN GRP INC 5.017%/VAR 07/20/20287/20/20285.02 %**297,584 
    MIZUHO FINL GROUP INC 2.226%/VAR 05/25/20265/25/20262.23 %**346,960 
    MIZUHO FINL GROUP INC 2.651%/VAR 05/22/20265/22/20262.65 %**324,178 
    MORGAN STANLEY 4.679%/VAR 07/17/20267/17/20264.68 %**246,910 
    MORGAN STANLEY 4.889%/VAR 07/20/20337/20/20334.89 %**297,215 
    MORGAN STANLEY 5.164%/VAR 04/20/20294/20/20295.16 %**293,820 
    MORGAN STANLEY 5.042%/VAR 07/19/20307/19/20305.04 %**356,752 
    NTT FINANCE CORP 4.372% 07/27/2027 144A7/27/20274.37 %**444,410 
    NATIONAL BANK OF CANADA 4.5% 10/10/202910/10/20294.50 %**246,664 
    NATWEST MARKETS PLC 5.416% 05/17/2027 144A5/17/20275.42 %**367,272 
    NEW YORK LIFE GLOBAL FDG 5.45% 09/18/2026 144A9/18/20265.45 %**463,745 
    NISOURCE INC 0.95% 08/15/20258/15/20250.95 %**120,410 
    NISSAN AUTO RECEIVABLES 2023-B OWNER TR 5.93% 03/13/15/20285.93 %**188,452 
    NORTHWESTERN MUTUAL GLOBAL FUNDING 5.07% 03/25/2023/25/20275.07 %**408,841 
    OREILLY AUTOMOTIVE INC 5.75% 11/20/202611/20/20265.75 %**107,504 
    ONEOK INC 4.25% 09/24/20279/24/20274.25 %**34,893 
    ONEOK INC 4.4% 10/15/202910/15/20294.40 %**36,310 
    PNC FINANCIAL SERVICES GRP INC 6.55%/VAR 10/20/20210/20/20276.62 %**425,750 
    PACIFIC LIFE GF II 4.5% 08/28/2029 144A8/28/20294.50 %**420,863 
    PHILIP MORRIS INTL INC 5.125% 11/17/202711/17/20275.13 %**425,647 
    PHILIP MORRIS INTL INC 5.625% 11/17/202911/17/20295.63 %**290,331 
    PHILIP MORRIS INTL INC 4.75% 02/12/20272/12/20274.75 %**317,394 
    PRICOA GLOBAL FDG I 4.4% 08/27/2027 144A8/27/20274.40 %**425,003 
    RTX CORP 5.75% 11/08/202611/8/20265.75 %**162,152 

    15


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    RGA GLOBAL FUNDING 5.448% 05/24/2029 144A5/24/20295.45 %**216,069 
    ROPER TECHNOLOGIES INC 4.5% 10/15/202910/15/20294.50 %**121,780 
    S&P GLOBAL INC 2.45% 03/01/20273/1/20272.45 %**337,494 
    SAMMONS FINANCIAL GROUP GLOBAL FUNDING 5.1% 12/10/12/10/20295.10 %**239,939 
    SANTANDER HLDGS USA INC 6.124%/VAR 05/31/20275/31/20276.12 %**120,364 
    7 ELEVEN INC 0.95% 02/10/2026 144A2/10/20260.95 %**108,491 
    SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 3.4% 03/16/203/16/20273.40 %**432,998 
    STATE STREET CORP 4.53%/VAR 02/20/20292/20/20294.53 %**205,025 
    TORONTO DOMINION BANK 4.783% 12/17/202912/17/20294.78 %**294,537 
    TOYOTA MOTOR CREDIT CORP 4.65% 01/05/20291/5/20294.65 %**294,681 
    TOYOTA MOTOR CREDIT CORP 4.55% 08/09/20298/9/20294.55 %**47,269 
    TOYOTA AUTO RECEIVABLES 2023-D OWNER TR 5.54% 08/18/15/20285.54 %**203,424 
    TRUIST FINANCIAL CORP 4.26%/VAR 07/28/20267/28/20264.26 %**405,715 
    TRUIST FINANCIAL CORP 5.9%/VAR 10/28/202610/28/20265.90 %**559,991 
    TRUIST FINANCIAL CORP 7.161%/VAR 10/30/202910/30/20297.16 %**426,187 
    UBS GROUP AG 3.126%/VAR 08/13/2030 144A8/13/20303.13 %**305,487 
    US BANCORP DEL 5.727%/VAR 10/21/202610/21/20265.73 %**407,221 
    UST NOTES 4% 02/29/20282/29/20284.00 %**7,931,418 
    UST NOTES 4.625% 09/30/20289/30/20284.63 %**7,094,457 
    UST NOTES 4.5% 11/15/203311/15/20334.50 %**1,269,168 
    UST NOTES 4.375% 11/30/203011/30/20304.38 %**2,691,153 
    UST NOTES 4.375% 11/30/202811/30/20284.38 %**7,115,519 
    UST NOTES 4% 02/15/20342/15/20344.00 %**1,432,542 
    UST NOTES 4.25% 02/28/20312/28/20314.25 %**1,837,067 
    UST NOTES 4.5% 04/15/20274/15/20274.50 %**16,259,605 
    UST NOTES 4.625% 04/30/20294/30/20294.63 %**15,970,865 
    UST NOTES 4.375% 05/15/20345/15/20344.38 %**267,622 
    UST NOTES 4.5% 05/31/20295/31/20294.50 %**2,316,861 
    UST NOTES 4.25% 06/30/20316/30/20314.25 %**538,739 
    UST NOTES 4.375% 07/15/20277/15/20274.38 %**1,420,269 
    UST NOTES 3.375% 09/15/20279/15/20273.38 %**2,101,444 
    UST NOTES 3.5% 09/30/20299/30/20293.50 %**1,332,981 
    UST NOTES 4% 12/15/202712/15/20274.00 %**4,714,689 
    UST NOTES 4.375% 12/31/202912/31/20294.38 %**1,213,490 
    VERIZON MASTER TRUST 4.62% 11/20/203011/20/20304.62 %**340,120 
    VIRGINIA ELECTRIC AND POWER CO 5.3% 08/15/20338/15/20335.30 %**436,473 
    VOLKSWAGEN GROUP AMER FIN LLC 4.35% 06/08/2027 1446/8/20274.35 %**294,750 
    VOLKSWAGEN GROUP AMER FIN LLC 5.7% 09/12/2026 144A9/12/20265.70 %**384,718 
    VOLKSWAGEN AUTO LEASE TRUST 2023-A 5.81% 10/20/20210/20/20265.81 %**365,708 
    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-1 5.02% 06/20/20285.02 %**167,211 
    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2023-2 5.48% 112/20/20285.48 %**239,218 

    16


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    VOLKSWAGEN AUTO LOAN ENHANCED TRUST 2024-1 4.63% 07/20/20294.63 %**341,158 
    WELLS FARGO CARD ISSUANCE TRUST 4.94% 02/15/20292/15/20294.94 %**354,069 
    WELLS FARGO BK NATL ASSN 5.254% 12/11/202612/11/20265.25 %**431,376 
    WELLS FARGO & CO NEW 5.574%/VAR 07/25/20297/25/20295.57 %**301,464 
    WELLS FARGO & CO NEW 5.67%/VAR 04/22/20284/22/20285.71 %**411,032 
    WILLIAMS COS INC 4.8% 11/15/202911/15/20294.80 %**181,668 
    WORLD OMNI AUTO RECEIVABLES TR 2023-D 5.79% 02/15/2/15/20295.79 %**228,507 
    WORLD OMNI AUTO RECEIVABLES TRUST 2023-C 5.15% 11/11/15/20285.15 %**37,348 
    WORLD OMNI AUTO RECEIVABLES TR 2024-A 4.86% 03/15/3/15/20294.86 %**352,307 
    WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TR 202410/15/20275.26 %**158,147 
    Total Fixed Income Securities130,234,205 
    Total Synthetic Guaranteed Investment Contracts130,234,205 
    MUTUAL FUNDS:
    *Fidelity US Bond Idx 3,767,887 shares**38,507,807 
    *JP Morgan Equity Income Select Fund3,767,206 shares**90,186,917 
    *DFA Emerging Markets Core Equity Fund204,630 shares**4,763,798 
    *Total Mutual Funds133,458,521 
    COMMON COLLECTIVE/INVESTMENT TRUSTS:
    *FIAM Index TD 2010 T181,457 units**3,776,114 
    *FIAM Index TD 2015 T563,680 units**12,451,703 
    *FIAM Index TD 2020 T1,681,666 units**38,342,004 
    *FIAM Index TD 2025 T3,805,906 units**94,729,008 
    *FIAM Index TD 2030 T5,642,452 units**146,252,374 
    *FIAM Index TD 2035 T5,064,243 units**148,078,473 
    *FIAM Index TD 2040 T3,691,379 units**113,731,415 
    *FIAM Index TD 2045 T3,322,894 units**104,305,661 
    *FIAM Index TD 2050 T2,737,280 units**85,321,018 
    *FIAM Index TD 2055 T2,214,959 units**70,834,389 
    *FIAM Index TD 2060 T1,862,973 units**42,214,976 
    *FIAM Index TD 2065 T5,421 units**88,688 
    *BTC Total Return L956,845 units**10,086,483 
    *Fidelity Contrafund Pool4,814,457 units**219,009,658 
    *FID GR CO POOL CL D6,473,719 units**458,080,401 
    *MFS INTL EQUITY 3B2,825,842 units**52,165,047 
    *Boston Trust Walden SMID Cap Cit2,773,216 units**38,298,117 
    *MIP CL 12,322,323 units**2,322,323 
    *FA STABLE VALUE I41,439 units**41,439 
    *SP 500 INDEX PL CL D555,986 units**153,296,632 

    17


    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN
    FORM 5500, SCHEDULE H, LINE 4i
    SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024




    (a)(b)(c)(d)(e)
    Description of Investment including Maturity Date, rate of Interest, Par or Maturity Value
    Identity of Issue, Borrower, lessor or Similar PartyCostCurrent Value
    *SP EXT MKT IDX CL D226,477 units**38,693,736 
    *FID FRDM INX INC T484,166 units**8,221,153 
    *SP TTL INTL IDX CL D88,855 units**9,617,749 
    *FID FRDM INX 2070 T420 units**4,282 
    *Total Common Collective/Investment Trusts1,849,962,843 
    *Ryder System, Inc. common stock fund 902,582 **141,579,013 
    Total investments per net assets available for plan benefits2,259,627,016 
    *Notes receivable from participants3.25% - 9.5%43,845,648 
       Investments at Fair Value2,303,472,664 
    *Represents a Party-In-Interest as defined by ERISA.
    **Indicates a participant directed investment; the cost disclosure is not required.












    18




    SIGNATURE

    Pursuant to the requirements of the Securities Exchange Act of 1934, the Ryder System, Inc. Retirement Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

    RYDER SYSTEM, INC. 401(k) SAVINGS PLAN


    Date: June 16, 2025
    /s/ Nicole Turner
    Nicole Turner
    Vice President of Compensation and Benefits


    19



    EXHIBIT INDEX


    EXHIBIT
    NUMBER                DESCRIPTION

    23.1 Consent of Independent Registered Certified Public Accounting Firm - BDO USA, P.C.


    20




    CONSENT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM



    Ryder System, Inc. 401(k) Savings Plan
    Coral Gables, Florida

    We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-231208, No.333-134113 and No. 333-177285) of Ryder System, Inc. of our report dated June 16, 2025, relating to the financial statements and supplemental schedule of Ryder System, Inc. 401(k) Savings Plan which appear in this Form 11-K for the year ended December 31, 2024.



    BDO USA, P.C.
    Miami, Florida

    June 16, 2025

    21

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