Ryder System, Inc. (NYSE: R) announced its board of directors has authorized a new share repurchase plan allowing management to repurchase up to 2 million shares of common stock from May 1, 2026, through May 1, 2028.

The Miami-based logistics and transportation services company said the discretionary plan replaces its previously authorized 2 million share program from 2025, which was largely completed. The new plan provides management with capital structure flexibility while managing objectives related to balance sheet leverage, investments in organic growth, acquisition opportunities, and shareholder returns.

Share repurchases can be made using the company's working capital through various methods, including open-market transactions and trading plans established under Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and number of shares repurchased will depend on market conditions, legal requirements, and other factors.

"Since 2021, we have repurchased approximately 25% of our shares outstanding and have increased our quarterly dividend by 57%," said Chief Executive Officer John Diez in a statement.

As of March 31, 2026, Ryder had approximately 38.7 million shares of common stock outstanding. The company operates as a provider of outsourced logistics and transportation services throughout the United States, Canada, and Mexico, with annual revenue of nearly $13 billion.