Ryder is a North American outsourced logistics and transportation company operating across three segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). FMS, roughly 38% of revenue, leases commercial trucks, tractors, and trailers to customers under multi-year contracts bundled with maintenance services, while also offering short-term commercial rentals and contract maintenance for customer-owned fleets. SCS, roughly 43% of revenue, manages warehousing, distribution, transportation, and end-to-end logistics across 319 warehouses totaling ~105M square feet in the U.S., Canada, and Mexico. DTS, roughly 18% of revenue, provides customers with vehicles, drivers, and operational support, essentially running a customer's private fleet on their behalf. Over 90% of Ryder's operating revenue comes from contractual relationships, giving the business relatively stable cash flows, though commercial rental and used vehicle sales add a cyclically volatile earnings layer. Ryder's core growth thesis centers on secular outsourcing tailwinds — roughly 5M privately-owned commercial vehicles in the U.S. are potential outsourcing candidates — and its ability to offer integrated port-to-door logistics, which Ryder argues differentiates it from single-service providers. Ryder has been executing multi-year structural initiatives targeting ~$170M in annual pretax earnings improvement, including lease repricing and maintenance cost savings. The business is capital-intensive, primarily in FMS where Ryder acquires vehicles to lease and rent, and has deployed capital toward M&A, share buybacks, and dividends alongside fleet replacement.