Design/methodology/approach The finite element method and finite difference method are used to solve thermohydrodynamic (THD) lubrication models, including the Reynolds equation, energy equation and temperature–viscosity equation. The deformation matrix method is applied to solve the elastic deformation equation, and then the deformation distribution, floating ring equilibrium and minimum film thickness are investigated. The maximum pressure is compared with the published article to verify the mathematical models. Findings The deformation value increases with the growth of shaft speed; owing to elastic deformation on the film reaction force and friction moment, the ring achieves equilibrium at a new position, and the inner eccentricity increases while the ring-shaft speed ratio declines. The minimum film thickness declines with the growth of inlet temperature, and the outer film tends to rupture considering elastic deformation at a higher temperature. Originality/value The floating ring elastic deformation is coupled with the THD lubrication equations to study ring deformation on the hydrodynamic/hydrostatic FRB lubrication mechanism. The elastic deformation of floating ring should be considered to improve analysis accuracy for FRBs. Peer review The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-05-2023-0139/