FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         	UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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                      	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940	                      	

1. Name and Address of Reporting Person *

CARSON RICHARD B	2. Issuer Name and Ticker or Trading Symbol

RYDER SYSTEM INC [ R ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP-Fleet Mngt Solutions	
(Last)          (First)          (Middle)

3600 N.W. 82ND AVENUE	3. Date of Earliest Transaction (MM/DD/YYYY)

2/10/2004		
(Street)

MIAMI, FL 33166
(City)        (State)        (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY)

 	6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person	

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned	
1.Title of Security
(Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code
(Instr. 8)	4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)	
			Code	V	Amount	(A) or (D)	Price				
Common Stock  	2/10/2004  	 	M	  	300.0000  	A	$24.7500  	5542.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	1800.0000  	A	$23.3750  	7342.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	1800.0000  	A	$28.8750  	9142.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	3000.0000  	A	$29.6875  	12142.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	8500.0000  	A	$27.0313  	20642.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	6200.0000  	A	$19.3125  	26842.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	15080.0000  	A	$16.7188  	41922.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	M	  	5000.0000  	A	$26.8300  	46922.0000   (1)	D  	 	
Common Stock  	2/10/2004  	 	S	  	41680.0000  	D	$36.2492  	5242.0000   (1)	D  	 	
Common Stock  	 	 	 	  	 	 	 	809.0000  	I  	By Ryder Employee Savings Plan  	
Common Stock  	 	 	 	  	 	 	 	1343.0000  	I  	By Ryder Deferred Compensation Plan  	

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)	
1. Title of Derivate Security
(Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code
(Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)	6. Date Exercisable and Expiration Date	7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)	8. Price of Derivative Security
(Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)	
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares					
Stock Option (right to buy)  	$24.7500  	2/10/2004  	 	M 	  	  	300.0000   	  (2)	5/4/2004  	Common Stock  	300.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$23.3750  	2/10/2004  	 	M 	  	  	1800.0000   	  (3)	5/3/2005  	Common Stock  	1800.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$28.8750  	2/10/2004  	 	M 	  	  	1800.0000   	  (4)	5/1/2006  	Common Stock  	1800.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$29.6875  	2/10/2004  	 	M 	  	  	3000.0000   	  (5)	10/1/2006  	Common Stock  	3000.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$27.0313  	2/10/2004  	 	M 	  	  	8500.0000   	  (6)	2/17/2009  	Common Stock  	8500.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$19.3125  	2/10/2004  	 	M 	  	  	6200.0000   	  (7)	2/17/2010  	Common Stock  	6200.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$16.7188  	2/10/2004  	 	M 	  	  	15080.0000   	  (8)	10/2/2010  	Common Stock  	15080.0000  	$0  	0  	D  	 	
Stock Option (right to buy)  	$26.8300  	2/10/2004  	 	M 	  	  	5000.0000   	  (9)	2/14/2009  	Common Stock  	5000.0000  	$0  	10000.0000  	D  	 	

Explanation of Responses:	
(  1) 	Includes 2,042 shares of common stock owned by the reporting person through the Ryder System, Inc. Stock Purchase Plan for Employees.	
(  2) 	The stock options vested in three equal installments on May 5, 1995, May 5, 1996 and May 5, 1997.	
(  3) 	The stock options vested in three equal installments on May 4, 1996, May 4, 1997 and May 4, 1998.	
(  4) 	The stock options vested in three equal installments on May 2, 1997, May 2, 1998 and May 2, 1999.	
(  5) 	The stock options vested in three equal installments on October 2, 1997, October 2, 1998 and October 2, 1999.	
(  6) 	The stock options vested in three equal installments on February 18, 2000, February 18, 2001 and February 18, 2002.	
(  7) 	The stock options vested in three equal installments on February 18, 2001, February 18, 2002 and February 18, 2003.	
(  8) 	The stock options vested in three equal installments on October 3, 2001, October 3, 2002 and October 3, 2003.	
(  9) 	The stock options vested on February 15, 2003.	

Reporting Owners	
Reporting Owner Name / Address	Relationships	
	Director	10% Owner	Officer	Other	
CARSON RICHARD B
3600 N.W. 82ND AVENUE
MIAMI, FL 33166			SVP-Fleet Mngt Solutions		

Signatures		
/s/ Richard H. Siegel, by power of attorney		2/12/2004	
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.	
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).	
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).	
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.	
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