Inferra AI / Company / R / Slides
Ryder System Inc. — Q3 2026 Earnings Presentation
Ryder System Inc. (R) · 33 slides · Filed Oct 22, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All R deck slides
Slide 1 — Third Quarter 2026 Earnings
Third Quarter 2026 Earnings Conference Call October 22, 2026
Slide 2 — Safe Harbor and Non-GAAP Financial Measures
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding: our forecasts, guidance and outlook; market conditions, including macroeconomic uncertainty and geopolitical events; rental demand, utilization and pricing, rental fleet investment and expected fleet size; used vehicle sales volumes, pricing and inventory levels; the freight cycle, cycle timing and the pace and strength of any recovery; expected financial performance, including total revenue, operating revenue, EPS, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, capital expenditures and debt-to-equity; expectations regarding execution of our transformed business model and our ability to outperform prior cycles; the expected benefits of our strategic initiatives; customer demand, contractual sales activity, customer retention and new business opportunities; performance and growth of our contractual businesses and contractual portfolio; fleet size and asset utilization; long-term growth opportunities and secular growth trends; strategic investments and acquisitions, including acquisition synergies; optimization of the omnichannel retail network; our capital deployment capacity and capital allocation priorities; our ability to increase returns and create long-term value; our ability to return capital to shareholders, including through share repurchases and dividends; and our expectations regarding pension plan settlements, including the timing and completion of the anticipated U.K. pension plan settlement and the expected financial impact of the U.K. and Canadian pension plan settlements. Our forward-looking statements also include estimates regarding the impact of residual value assumptions on earnings and depreciation expense, which are based in part on our current assessment of the residual values and useful lives of revenue-earning equipment informed by multi-year trends and our outlook for near- and long-term used vehicle market conditions. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors. All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause such differences include: changes in and uncertainty regarding financial, economic and market conditions; geopolitical events; supply chain disruptions, labor challenges and vehicle production constraints; our ability to adapt to changing market conditions, including lower-than-expected contractual sales activity, customer retention, new business conversion, rental demand, utilization or pricing, demand for used vehicles, or our anticipated mix of retail versus wholesale used vehicle sales; failure to realize anticipated benefits of our strategic initiatives, pricing actions, sales and marketing efforts, new product offerings or acquisitions; our ability to retain profitable customer accounts and attract new business; higher than expected maintenance costs; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; workforce availability and labor costs; higher-than-expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; the adequacy of, and impact of changes in, accounting estimates, residual value estimates, assumptions and policies, including our depreciation policy; higher-than-expected reserves and accruals, particularly with respect to pension, taxes, insurance and revenue; adverse insurance claim developments; changes in fuel and alternative energy prices, currency exchange rates, inflation or interest rates; our ability to manage our cost structure; changes in the assumptions, timing or other circumstances relating to anticipated pension plan settlements; the inability of our information technology systems to provide timely and accurate access to data or of our information security program to safeguard our or our stakeholders' data; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess their impact on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Note Regarding Non-GAAP Financial Measures: This presentation includes certain non-GAAP financial measures as defined under SEC rules, including: Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; and comparable earnings before income tax. Additionally, our adjusted ROE (ROE) measure is calculated based on adjusted earnings items. Operating Revenue Measures, including operating revenue, operating revenue growth and EBT as a percentage of operating revenue, in each case for Ryder and its business segments. Cash Flow Measures, including total cash generated and free cash flow. Refer to "Appendix - Non-GAAP Financial Measures" for reconciliations of the non-GAAP financial measures contained in this presentation to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this presentation, which are available at https:// investors.ryder.com. Amounts throughout the presentation may not be additive due to rounding. 2
Slide 3 — Contents
© 2026 Ryder System, Inc. All Rights Reserved SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Contents 3Q26 Earnings Release Conference Call 2026 Highlights & Strategic Update Slides 4 - 5 3Q26 Results Slides 6 - 11 Capex, Cash Flow & Capital Allocation Slides 12 - 13 Outlook Slides 14 - 16 Appendix & Non-GAAP Financial Measures 3
Slide 4 — Balanced Growth Strategy Supports Continued Value Creation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Balanced Growth Strategy Supports Continued Value Creation 4
Slide 5 — Higher Earnings and Return Profile Reflects Transformative Changes
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Higher Earnings and Return Profile Reflects Transformative Changes Post-transformation returns (2026) well above pre-transformation peak returns (2018) Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS and ROE. 5
Slide 6 — 3Q26 Performance Highlights
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 3Q26 Performance Highlights Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS, ROE, and Free Cash Flow 6
Slide 7 — 3rd Quarter Results Overview
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved FREE CASH FLOW 3rd Quarter Results Overview $2.6B $2.8B 3Q25 3Q26 Reflects contractual revenue growth in SCS and FMS $496M $992M 3Q25 3Q26 $3.57 $4.33 3Q25 3Q26 Reflects higher earnings in FMS and share repurchases 17% 18% 3Q25 3Q26 Reflects share repurchases and earnings 7 Third Quarter Year-to-Date +21% Trailing 12 Months Third Quarter Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue, Comparable EPS, ROE, and Free Cash Flow. OPERATING REVENUE COMPARABLE EPS ROE Primarily reflects reduced capital expenditures +6%
Slide 8 — 3rd Quarter Results Overview – FMS
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved $146M $177M 3Q25 3Q26 3rd Quarter Results Overview – FMS 3Q26 HIGHLIGHTS • Operating revenue reflects contractual growth • Strategic initiatives continue to benefit ChoiceLease performance • Used vehicle sales results reflect improving market conditions • Rental power-fleet utilization improved to 77% OPERATING REVENUE EARNINGS BEFORE TAX (EBT) $1.3B $1.3B 3Q25 3Q26 11.4% 13.2% EBT as % of Operating Revenue Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue. Strong earnings growth driven by contractual business performance, UVS and Rental 8 +21% +5%
Slide 9 — 3rd Quarter Used Vehicle Sales Update – FMS
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Used vehicle prices continued to improve, reflecting early stages of freight market recovery 4,900 5,100 5,100 3Q25 2Q26 3Q26 8,500 8,500 7,300 3Q25 2Q26 3Q26 USED VEHICLE INVENTORY 3rd Quarter Used Vehicle Sales Update – FMS 19% 5% 15% 6% vs. 3Q25 3Q26 HIGHLIGHTS • Pricing up YOY and sequentially • 3Q26 retail mix of 61% vs 54% in 3Q25 and 56% in 2Q26 • Inventory declined YOY and sequentially • Ending inventory is at the lower end of the long-term target range of 7-9K USED VEHICLES SOLD vs. 2Q26 9 % CHANGE IN PROCEEDS PER UNIT
Slide 10 — 3rd Quarter Results Overview – SCS
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 3rd Quarter Results Overview – SCS $1.0B $1.1B 3Q25 3Q26 $86M $91M 3Q25 3Q26 8.3% 8.1% EBT as % of Operating Revenue Earnings growth reflects benefits from strategic initiatives 10 OPERATING REVENUE EARNINGS BEFORE TAX (EBT) Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue. 3Q26 HIGHLIGHTS • Operating revenue reflects new business and higher volumes and pricing, partially offset by lost business in automotive • Earnings reflect: ◦ Optimization of omnichannel retail network and higher operating revenue ◦ Partially offset by productivity of new business ramping up and lower automotive results +9% +7%
Slide 11 — 3rd Quarter Results Overview – DTS
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 3rd Quarter Results Overview – DTS $458M $455M 3Q25 3Q26 $36M $34M 3Q25 3Q26 7.8% 7.5% EBT as % of Operating Revenue Earnings reflect lower fleet count partially offset by execution of strategic initiatives 11 OPERATING REVENUE EARNINGS BEFORE TAX (EBT) Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue. -1% -5% 3Q26 HIGHLIGHTS • Operating revenue reflects lower fleet count, partially offset by higher pricing • Earnings reflects: ◦ Lower operating revenue and a prior year workers’ compensation insurance benefit ◦ Partially offset by cost savings from strategic initiatives
Slide 12 — Capital Expenditures
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Full-year capital expenditures forecast remains unchanged • Increased 2H rental fleet investments to capture higher expected demand • Offset by lower planned lease spending due to timing of new sales activity LEASE Year-to-Date $271M $265M 3Q25 3Q26 Capital Expenditures $1.2B $1.0B 3Q25 3Q26 RENTAL Year-to-Date Reflects timing of sales activity; FY26 capex expected to be higher than prior year Capital Expenditures (billions) Replacement activity in line with prior year 12 Note: Amounts may not be additive due to rounding. FY25 FY26F Lease Vehicles $ 1.5 $ 1.7 Rental Vehicles 0.3 0.5 Operating Property & Equipment 0.2 0.2 Gross Capital Expenditures $ 2.1 $ 2.4 Less: Proceeds from Sales (0.5) (0.5) Net Capital Expenditures $ 1.6 $ 1.9
Slide 13 — Earnings Power Expected to Increase Capital Capacity (3-Yr View)
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 13 Earnings Power Expected to Increase Capital Capacity (3-Yr View) 1 Debt capacity based on 2.75x leverage (midpoint of target range) 2 As of 9/30/26 ~$4.5B of flexible capital deployment capacity over 3-year period represents ~50% of market cap2 Executing against planned capital allocation priorities YTD 2026 • Replacement capex of $1.3B; FY26 forecast of $2.0B replacement and $0.1B of growth • Returned $0.5B to shareholders through buybacks and dividends • New discretionary 2 million share repurchase program authorized in 2Q
Slide 14 — 2026 Outlook
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved • Full-year 2026 comparable EPS forecast range raised to $14.85 - $15.05 from $14.40 - $14.80 – Reflects stronger than expected 3Q performance – Reflects incremental benefit from improving market conditions in used vehicle sales and rental • 2026 ROE forecast raised to 18% - 19% • 2026 free cash flow forecast unchanged at $700 million - $800 million • 4Q26 and full-year 2026 GAAP EPS forecasts include estimated non-cash pension settlement charges of $4.30 related to the transfer of our U.K. and Canadian defined benefit pension plan obligations to insurance companies. The pension settlement will have no impact to shareholders' equity (Earnings Per Share from Continuing Operations) FULL YEAR EPS 2025 2026 Forecast GAAP $11.99 $9.75 - $9.95 Comparable $12.92 $14.85 - $15.05 FOURTH QUARTER EPS 2025 2026 Forecast $3.25 $(0.15) - $0.05 $3.59 $4.25 - $4.45 2026 Outlook Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS, ROE, and Free Cash Flow. 14
Slide 15 — Transformed Model Well-Positioned for Earnings Growth
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Transformed Model Well-Positioned for Earnings Growth 15
Slide 16 — Delivering Shareholder Value
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 16 Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year initiatives provide significant opportunity for long-term profitable growth Investing in customer-centric innovation to create value for our customers and shareholders Our transformed model provides a solid foundation to meaningfully benefit from the cycle upturn
Slide 17 — Q&A
© 2026 Ryder System, Inc. All Rights Reserved SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Q&A 17
Slide 18 — Appendix
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations 18
Slide 19 — Long-Term Financial Model
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Long-term average over the cycle Low Twenties at target Component drivers to achieve ROE target include: Operating Revenue Growth Total Ryder High Single Digit at target Fleet Management Mid Single Digit below target Supply Chain Low Double Digit below target Dedicated High Single Digit EBT as % of Operating Revenue Fleet Management Low Teens at target Supply Chain High Single Digit at target Dedicated High Single Digit Leverage (Debt-to-Equity) 2.5x - 3.0x below target Long-Term Financial Model In order to achieve a long-term ROE target over the cycle, we are pursuing segment revenue and profitability targets as set forth above over the long-term. Our long-term leverage goal is also set forth above. These targets are based on management’s current estimates and expectations over the long-term and are subject to change. 19 ROE T A R G E T 2 0 2 6 F O R E C A S T Operating Revenue Growth EBT as % of Operating Revenue Leverage (Debt-to-Equity) Below long-term targets reflecting freight cycle conditions Expected to be In line with long-term targets; FMS is reflective of cycle timing Leverage at bottom-end of target Note: See Appendix for reconciliations of non-GAAP financial measures, including ROE, Operating Revenue, and EBT as % of Operating Revenue. Reflective of cycle timing; within cycle range of high-teens to mid-twenties
Slide 20 — Historical Used Vehicle Sales Price as % of Original Cost
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 20 Historical Used Vehicle Sales Price as % of Original Cost 1 Illustrative for Truck and Tractor (U.S. only) fleets. Depicts Ryder's sales prices as a percent of original cost indexed to the value in 1999 to show the percent change in value each year through the period ending September 30, 2026. Excludes vehicles operated in excessively high mileage applications and sales prices adjusted to a consistent age at sale. Used vehicle sales prices reflect retail/wholesale mix at the respective periods. Residual Estimates for Accounting Trucks: estimated long-term residual values Tractors: top-end of range represents estimated long-term residual values; bottom-end of range represents residual values for units sold in the current year (2026) Tractor Residual Index1 Truck Residual Index1 Used vehicle prices remained above residual value estimates
Slide 21 — Comparable Segment EBITDA
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Third Quarter Comparable Segment EBITDA 2026 YTD FMS SCS DTS Earnings before income tax $ 426 $ 255 $ 93 Interest expense 271 16 4 Depreciation (1) 1,174 101 3 Used vehicle sales, net (1) (36) — — Comparable Segment EBITDA (2) $ 1,835 $ 372 $ 100 2025 YTD FMS SCS DTS Earnings before income tax $ 366 $ 271 $ 100 Interest expense / (income) 284 14 6 Depreciation (1) 1,180 88 5 Used vehicle sales, net (1) (10) — — Comparable Segment EBITDA (2) $ 1,820 $ 373 $ 111 ($ Millions) Note: Amounts may not be additive due to rounding. Segment EBITDA excludes eliminations, unallocated CSS, intangible amortization expense, non-operating pension costs, net and certain other items. (1) Excludes the impact of depreciation and gains on vehicles sold allocated to SCS and DTS. (2) Non-GAAP financial measure. A reconciliation of GAAP earnings before income tax to comparable EBITDA for each business segment (FMS, SCS and DTS) is set forth in this table. 21
Slide 22 — Cash Flow
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved CAPITAL ALLOCATION PRIORITIES – Invest in organic growth in line with balanced growth strategy – Pursue strategic acquisitions – Repurchase shares and pay dividends $2.3B $2.4B $2.3B $2.6B $2.6B $0.9B $(0.1)B $0.1B $0.9B $0.8B Operating Cash Flow Free Cash Flow FY22 FY 23 FY 24 FY 25 FY26F 22 Cash Flow Note: See Appendix for reconciliation of non-GAAP financial measures, including Free Cash Flow. OPERATING CASH FLOW AND FREE CASH FLOW HISTORY FREE CASH FLOW SUMMARY (billions) Includes $0.4B UK asset sales (billions) 2025 2026F(1) Cash Flow from Operations $ 2.6 $ 2.6 Proceeds from Sales (Primarily Revenue Earning Equipment) 0.5 0.5 Total Cash Generated $ 3.1 $ 3.1 Less: Fleet Replacement Capex 1.9 2.0 Operating Property & Equipment Capex 0.2 0.2 FCF Prior to Fleet Growth Capex $ 0.9 $ 0.9 Less: Fleet Growth Capex — 0.1 Free Cash Flow $ 0.9 $ 0.8 FY22 FY23 FY24 FY26F(1) FY25 Higher lease replacement Lower capex due to freight downturn Lower capex and tax reform benefits Note: Amounts may not be additive due to rounding. (1) Represents high end of $700M - $800M Free Cash Flow forecast range Structurally higher contractual earnings generate increased cash flow
Slide 23 — SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved 23
Slide 24 — Non-GAAP Financial Measures
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. Specifically, the following non-GAAP financial measures are included in this presentation: Non-GAAP Financial Measure Comparable GAAP Measure Reconciliation & Additional Information Presented on Slide Titled Operating Revenue Measures: Operating Revenue Total Revenue Total Revenue to Operating Revenue Reconciliation FMS Operating Revenue, SCS Operating Revenue and DTS Operating Revenue FMS Total Revenue, SCS Total Revenue and DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) FMS EBT as a % of FMS Operating Revenue, SCS EBT as a % of SCS Operating Revenue, and DTS EBT as a % of DTS Operating Revenue FMS EBT as a % of FMS Total Revenue, SCS EBT as a % of SCS Total Revenue, and DTS EBT as a % of DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) Comparable Earnings Measures: Comparable Earnings and Comparable EPS Earnings and EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation Comparable EPS Adjusted Return on Equity (ROE) Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. Adjusted Return on Equity Reconciliation FMS Comparable EBITDA, SCS Comparable EBITDA, and DTS Comparable EBITDA ** FMS EBT, SCS EBT, and DTS EBT Comparable Segment EBITDA Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation ** We believe comparable segment EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance by segment. 24
Slide 25 — Fleet Management Solutions (FMS)
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Fleet Management Solutions (FMS) Third Quarter ($ Millions) Revenue 2026 2025 % B/(W) ChoiceLease $ 913 $ 875 4% Commercial rental 244 242 1% SelectCare and other 187 165 14% FMS operating revenue (1) 1,344 1,282 5% Fuel services revenue (2) 272 183 48% FMS total revenue $ 1,616 $ 1,465 10% Earnings Before Tax FMS Earnings Before Tax (EBT) $ 177 $ 146 21% FMS EBT as a % of FMS total revenue 10.9 % 10.0 % FMS EBT as a % of FMS operating revenue (1) 13.2 % 11.4 % NM - Not meaningful Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. (2) Includes intercompany fuel sales from FMS to SCS and DTS. 25
Slide 26 — Supply Chain Solutions (SCS)
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Supply Chain Solutions (SCS) ($ Millions) Third Quarter Revenue 2026 2025 % B/(W) Omnichannel retail (1) $ 404 $ 321 26% Automotive 257 270 (5)% Consumer packaged goods 302 304 (1)% Industrial and other 163 139 17% SCS operating revenue (2) 1,126 1,034 9% Subcontracted transportation and fuel 378 346 9% SCS total revenue $ 1,504 $ 1,380 9% Earnings Before Tax SCS Earnings Before Tax (EBT) $ 91 $ 86 7% SCS EBT as a % of SCS total revenue 6.1 % 6.2 % SCS EBT as a % of SCS operating revenue (2) 8.1 % 8.3 % Note: Amounts may not be additive due to rounding. (1) Omnichannel retail includes retail, technology, last mile, and e-commerce. (2) Non-GAAP financial measure. 26
Slide 27 — Dedicated Transportation Solutions (DTS)
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Dedicated Transportation Solutions (DTS) Third Quarter Revenue 2026 2025 % B/(W) DTS Operating Revenue (1) $ 455 $ 458 (1)% Subcontracted transportation and fuel 151 112 35% DTS Total Revenue $ 606 $ 570 6% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 34 $ 36 (5)% DTS EBT as a % of DTS Total Revenue 5.6 % 6.3 % DTS EBT as a % of DTS Operating Revenue (1) 7.5 % 7.8 % Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. 27 ($ Millions)
Slide 28 — Total Revenue to Operating Revenue Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Total Revenue to Operating Revenue Reconciliation 2026 2025 Total Revenue $ 3,433 $ 3,171 Subcontracted Transportation (379) (358) Fuel (295) (202) Operating Revenue (1) $ 2,759 $ 2,611 ($ Millions) Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. Third Quarter 28 Year-to-Date
Slide 29 — Earnings and EPS from Continuing Operations Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Earnings and EPS from Continuing Operations Reconciliation 3Q26 3Q26 3Q25 3Q25 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 162 $ 4.16 $ 139 $ 3.33 Non-operating pension costs, net 7 0.17 7 0.17 Other, net — — 3 0.07 Comparable (non-GAAP) $ 169 $ 4.33 $ 149 $ 3.57 Note: Amounts may not be additive due to rounding. 29 ($ Millions, Except Per Share Amounts) FY 2018 EPS Continuing operations (GAAP) $ 5.43 Non-operating pension costs, net 0.09 Restructuring and other, net 0.08 ERP implementation costs 0.01 Goodwill Impairment 0.29 Tax adjustments, net 0.05 Comparable (non-GAAP) $ 5.95
Slide 30 — Comparable EPS Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Comparable EPS Reconciliation Fourth Quarter 2026 Forecast Full Year 2026 Forecast EPS from continuing operations forecast (GAAP) $(0.15) - $0.05 $9.75 - $9.95 Non-operating pension costs, net 0.10 0.80 Pension settlements expense 4.30 4.30 Other, net — — Comparable EPS from continuing operations forecast (non-GAAP) $4.25 - $4.45 $14.85 - $15.05 Fourth Quarter 2025 Full Year 2025 Diluted EPS from continuing operations (GAAP) $ 3.25 $ 11.99 Non-operating pension costs, net 0.18 0.71 Other, net 0.16 0.22 Comparable EPS from continuing operations (non-GAAP) $ 3.59 $ 12.92 30
Slide 31 — Adjusted Return on Equity Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Adjusted Return on Equity Reconciliation 31 ($ Millions) Twelve months ended September 30, FY 2018 2025 2026 2026 Forecast Net earnings $ 285 $ 502 $ 520 $ 550 Other items impacting comparability, net 22 7 9 — Tax impact (1) 1 (1) (2) — Adjusted net earnings [A] $ 308 $ 508 $ 527 $ 550 Average shareholders' equity $ 2,493 $ 3,070 $ 2,972 $ 2,975 Average adjustments to shareholders' equity (2) (78) 3 3 — Adjusted average shareholders' equity [B] $ 2,415 $ 3,073 $ 2,975 $ 2,975 Adjusted return on equity (3) [A]/[B] 13 % 17 % 18 % 18 % 1. Includes income taxes on other items impacting comparability. 2. Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 3. Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity is provided on this slide. ($ Millions)
Slide 32 — Free Cash Flow Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Free Cash Flow Reconciliation ($ Millions) Nine months ended September 30, 2025 2026 Cash Provided by Operating Activities from Continuing Operations $ 1,845 $ 1,985 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 380 382 Other, net (1) 1 — Total Cash Generated (2) 2,226 2,367 Purchases of Property and Revenue Earning Equipment (1) (1,730) (1,375) Free Cash Flow (2) (3) $ 496 $ 992 (1) Included in cash flows from investing activities. (2) Non-GAAP financial measure. (3) We calculate free cash flow as the sum of net cash provided by operating activities, net cash provided by the sale of revenue earning equipment and operating property and equipment, and other cash inflows from investing activities, less purchases of property and revenue earning equipment. Note: Amounts may not be additive due to rounding. 32
Slide 33 — Cash Flow Reconciliation
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. All Rights Reserved Cash Flow Reconciliation 2022 2023 2024 2025 2026 Forecast (4) Net Cash Provided by Operating Activities from Continuing Operations $ 2,310 $ 2,353 $ 2,265 $ 2,594 $ 2,600 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 1,235 827 551 486 500 Other, net (1) 7 — — 1 — Total Cash Generated (2) 3,552 3,180 2,816 3,081 3,100 Purchases of Property and Revenue Earning Equipment (1) (2,631) (3,234) (2,683) (2,135) (2,300) Free Cash Flow (2) (3) $ 921 $ (54) $ 133 $ 946 $ 800 (1) Included in cash flows from investing activities. (2) Non-GAAP financial measure (3) We calculate free cash flow as the sum of net cash provided by operating activities, net cash provided by the sale of revenue earning equipment and operating property and equipment, and other cash inflows from investing activities, less purchases of property and revenue earning equipment. (4) Represents high end of $700 million - $800 million Free Cash Flow forecast range. Note: Amounts may not be additive due to rounding. 33 ($ Millions)