v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
 Weighted Average
Interest Rate		  
(Dollars in millions)
December 31, 2025December 31, 2024MaturitiesDecember 31,
2025		December 31,
2024
Debt:
Trade receivables financing program4.31%5.06%2026$20 $20 
U.S. commercial paper4.07%4.78%2030865 868 
Unsecured medium term note issued April 20204.63%4.63%2025— 400 
Unsecured medium term note issued May 20203.35%3.35%2025— 400 
Unsecured medium term note issued December 19956.95%6.95%2025— 150 
Unsecured medium term note issued November 20214.81%5.53%2026300 300 
Unsecured medium term note issued November 20192.90%2.90%2026400 400 
Unsecured medium term note issued February 20223.94%4.27%2027450 450 
Unsecured medium term note issued May 20224.30%4.30%2027300 300 
Unsecured medium term note issued February 20245.30%5.30%2027350 350 
Unsecured medium term note issued February 20235.65%5.65%2028500 500 
Unsecured medium term note issued May 20235.25%5.25%2028650 650 
Unsecured medium term note issued November 20236.30%6.30%2028400 400 
Unsecured medium term note issued February 20245.38%5.38%2029550 550 
Unsecured medium term note issued May 20245.50%5.50%2029300 300 
Unsecured medium term note issued August 20244.95%4.95%2029300 300 
Unsecured medium term note issued November 20244.90%4.90%2029300 300 
Unsecured medium term note issued February 20255.00%—%2030300 — 
Unsecured medium term note issued May 20254.85%—%2030300 — 
Unsecured medium term note issued November 20254.30%—%2030300 — 
Unsecured medium term note issued November 20236.60%6.60%2033600 600 
Unsecured U.S. obligations5.14%5.14%2027275 275 
Asset-backed U.S. obligations (1)
3.69%3.59%2026-2030120 252 
Finance lease obligations and other
2026-2032113 76 
7,693 7,841 
Fair market value adjustment on medium-term notes (2)
(11)(25)
Debt issuance costs and original issue discounts(37)(37)
Total debt (3)
7,645 7,779 
Short-term debt and current portion of long-term debt(819)(1,120)
Long-term debt$6,826 $6,659 
_______________
(1)Asset-backed U.S. obligations are financing transactions backed by a portion of our revenue earning equipment.
(2)Included in "Other non-current liabilities" within the Consolidated Balance Sheets. The notional amount of the executed interest rate swaps designated as fair value hedges was $500 million as of both December 31, 2025 and 2024.
(3)The unsecured medium-term notes bear semi-annual interest.

The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.6 billion as of December 31, 2025 and 2024, respectively. For publicly-traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly-traded debt and our other debt were classified within Level 2 of the fair value hierarchy.
Debt Proceeds and Repayments

The following table includes our debt proceeds and repayments in 2025:
(In millions)Debt ProceedsDebt Repayments
Medium-term notes (1)
$892 Medium-term notes$950 
U.S. and foreign term loans, finance lease obligations and other— U.S. and foreign term loans, finance lease obligations and other169 
Total debt proceeds
$892 Total debt repaid$1,119 
_______________
(1)Proceeds from medium-term notes presented net of discount and issuance costs.
Debt proceeds were used to repay maturing debt and for general corporate purposes. If the unsecured medium-term notes are downgraded below investment grade following, or as a result of, a change in control, the note holders can require us to repurchase all or a portion of the notes at a purchase price equal to 101% of principal value plus accrued and unpaid interest.
Contractual maturities of total debt are as follows:
Years ending December 31,
(In millions)
2026790 
20271,388 
20281,564 
20291,472 
20301,766 
Thereafter600 
Finance lease obligations (Refer to Note 12, "Leases")
113 
7,693 
Fair market value adjustment on medium-term notes
(11)
Debt issuance costs and original issue discounts(37)
Total debt $7,645 

Credit Arrangements

Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

December 31, 2025
(In millions)
Borrowing CapacityOutstandingAvailable
Revolving credit facility
$1,600 $865 $735 
Trade receivables financing facility (1)
30099201
Total
$1,900 $964 $936 
_______________
(1)Includes borrowings of $20 million and letters of credit outstanding of $79 million.

Revolving Credit Facility

We maintain a $1.6 billion committed revolving credit facility, which supports U.S. and Canadian commercial paper programs, with a syndicate of eleven lending institutions that expires in April 2030. The agreement provides for annual facility fees which range from 7 to 17.5 basis points based on our long-term credit ratings. The annual facility fee is 10.0 basis points as of December 31, 2025. The credit facility is primarily used to finance working capital and vehicle purchases, but can also be used to issue up to $150 million in letters of credit (there were no letters of credit outstanding against the facility as of December 31, 2025.) At our option, the interest rate on borrowings under the credit facility is based on specific risk-free rates.
The credit facility contains no provisions limiting its availability in the event of a material adverse change to our business operations; however, the credit facility does contain standard representations and warranties, events of default, cross-default provisions, and certain affirmative and negative covenants.

Our revolving credit facility enables us to refinance short-term obligations on a long-term basis. Short-term commercial paper obligations are classified as long-term as we have both the intent and ability to refinance on a long-term basis.
Trade Receivables Financing Program

We maintain a trade receivables purchase and sale program, pursuant to which we sell certain of our domestic trade accounts receivable to a bankruptcy remote, consolidated subsidiary of Ryder, that in turn sells, on a revolving basis, an ownership interest in certain of these accounts receivable to a committed purchaser. The subsidiary is considered a VIE and is consolidated based on our control of the entity’s activities. The credit facility associated with this program is used to provide additional liquidity to fund our operations and to issue letters of credit, particularly when it is cost effective to do so. The credit facility has a commitment fee of 35 to 55 basis points depending on the utilization of the credit facility and the borrowing capacity. Borrowings bear interest at a variable interest rate based on the 30-day term SOFR rate plus 90 basis points or the A1/P1 commercial paper yield rate plus 80 basis points. In April 2025, we extended the credit facility maturity until April 2026. In September 2025, we amended this credit facility to permit an increase in borrowing capacity of up to $200 million for a maximum borrowing of $500 million, subject to lender approval. As of December 31, 2025, this credit facility's borrowing capacity was $300 million.