莱德系统 2025年度报告

For the fiscal year ended December31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) 59-0739250(I.R.S. Employer Identification No.) Florida (State or other jurisdiction of incorporation or organization) 2333 Ponce de Leon Blvd., Suite 700(Address of principal executive offices, including zip code)Securities registered pursuant to Section12(b) of the Act:Title of each classRyder System, Inc. Common Stock ($0.50 par value) (Telephone number, including area code) Name of exchange on which registeredNew York Stock Exchange Securities registered pursuant to Section12(g) of the Act:NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☑No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.Yes☑No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files).Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Accelerated filer☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No☑ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant computed by reference to the price atwhich the common equity was sold at June30, 2025 was $6.3 billion. The number of shares of Ryder System, Inc. Common Stock outstanding atJanuary31, 2026 was 39,427,204. Documents Incorporated by Reference into this Report Part of Form 10-K into which Document is Incorporated Ryder System, Inc. 2025 Proxy Statement Part III TABLE OF CONTENTS PARTI ITEM 1BusinessITEM 1ARisk FactorsITEM 1BUnresolved Staff CommentsITEM 1CCybersecurityITEM 2PropertiesITEM 3Legal ProceedingsITEM 4Mine Safety Disclosures PART II ITEM 5Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesITEM 6Selected Financial DataITEM 7Management’s Discussion and Analysis of Financial Condition and Results of OperationsITEM 7AQuantitative and Qualitative Disclosures About Market RiskITEM 8Financial Statements and Supplementary DataITEM 9Changes In and Disagreements with Accountants on Accounting and Financial DisclosureITEM9AControls and ProceduresITEM 9BOther InformationITEM 9CDisclosure Regarding Foreign Jurisdictions That Prevent Inspections PART III ITEM 10Directors, Executive Officers and Corporate GovernanceITEM 11Executive CompensationITEM 12Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersITEM 13Certain Relationships and Related Transactions, and Director IndependenceITEM 14Principal Accountant Fees and Services PART IV ITEM 15Exhibits and Financial Statement Schedules99ITEM 16Form 10-K Summary100Exhibit Index101 SIGNATURES105 PART IITEM1. BUSINESS OVERVIEW Ryder System, Inc. (Ryd