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1 Investor Supplement Segment Overview, Innovation, Financials and Corporate Responsibility
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved Safe Harbor and Non-GAAP Financial Measures 2 Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn and cycle timing and recovery on our businesses; total and operating revenue, earnings per share, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, debt-to-equity, capital expenditures (including with respect to lease/rental replacement, lease/rental growth, and operating property and equipment), and the causes of change; our ability to continue executing on our transformed business model; our ability to outperform prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; our ability to profitably grow business; our ability to support organic growth; growth and continued strong earnings performance in our contractual businesses; strategic investments and acquisitions, including acquisition synergies; the omnichannel retail network; our capital deployment capacity; our actions to increase returns and create long-term value; and our ability to return capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. 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 in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; 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; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; 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 the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future 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. All amounts subsequent to January 1, 2017, have been recast to reflect the impact of the lease accounting standard, ASU 2016 -02, Leases. Amounts throughout the presentation may not be additive due to rounding.
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@ 2025 Ryder System, Inc. All Rights Reserved 3 Segment Overview
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 4 $2.1 Trillion Addressable U.S. Market Provides Significant Growth Opportunities 1 Sources: Polk/HIS, Armstrong & Associates, Ryder estimates. ~$220B ~16% Outsourced1 ~$30B ~6% Outsourced1 ~$24B ~25% Outsourced1 $1.4T Addressable Market1 Supply Chain Solutions $100B Addressable Market1 Fleet Management Solutions $500B Addressable Market1 Dedicated Transportation Solutions Growth opportunity to penetrate large, non-outsourced market Non-outsourced Outsourced
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 5 SCS – Design and Execute Optimized Logistics Solutions Supply Chain Solutions Transportation & warehouse management systems - Network optimization tools - Inventory & shipment visibility tools Sample Clients: Supported by: IT Solutions (39% of 2024 RSI Operating Revenue) Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix – Non GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. • Warehouse/distribution center operations (103M sq. ft.) • Inbound materials management • Outbound product support • Kitting, packaging & refurbishment • Just-in-time replenishment • Reverse logistics • E-commerce network support • Contract packaging and contract manufacturing • Strategic consulting & decision support • Solutions engineering • Network modeling & • optimization • Total landed cost • Lean Six Sigma • Procure / execute $10B in freight moves as customer’s agent • Shipment planning and execution • Freight brokerage • Freight bill audit and payment • Origin/destination services Other Services (7% SCS revenue) Transportation Management (12% SCS revenue) Dedicated (30% SCS revenue) • Transportation component of integrated logistics solution • Includes drivers, vehicles, routing & scheduling and management & administrative support Distribution Management (34% SCS revenue) E-commerce & Ryder Last Mile (17% SCS revenue) • E-commerce fulfillment provider • Last mile delivery provider of big & bulky goods • National network able to reach 100% of US consumers within 2-days
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved Omnichannel retail 30% Consumer packaged goods 29% Automotive 27% Industrial & Other 14% Industry Vertical Focus % of FY24 Operating Revenue SCS – Industry and Execution Focus Drive Growth Current Customers • Comprehensive solutions for over 800(1) customers • Lease and operate 103 million square feet of warehouse space in North America • Manage ~27,000 border crossings per month between the US, Mexico and Canada • Approximately 13,000 vehicles from FMS are utilized to support SCS customers • Focus is on customers with sophisticated logistics requirements – many require an integrated solution that combines two or more service offerings • Opportunity to expand customer relationships to include fast growing offerings in e-commerce and last mile Market Size • Outsourced supply chain logistics market in the US is estimated to be approximately $220 billion and is growing faster than the overall economy Specialized capabilities and proactive solutions based on deep industry expertise Differentiated functional execution and deep industry expertise will result in higher growthCompanies continue to increase logistics outsourcing to reduce costs and focus on core competencies Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix – Non GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. 6 (1) Excludes brokerage customer accounts
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 7 DTS – Providing Dedicated Fleets and Drivers Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix – Non GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. Dedicated Transportation Solutions • Procure and execute freight moves as customer’s agent • Shipment planning and execution • Freight brokerage • Freight bill audit and payment • Origin/destination services Network optimization tools that efficiently allocate freight between a dedicated fleet and third -party common carriers Sample Clients: • Turnkey transportation service • Professional drivers • Vehicles • Routing & scheduling • Management & administrative support Supported by: IT and Engineering Solutions Dedicated Transportation (87% of DTS Revenue) Transportation Management (13% of DTS Revenue) (18% of 2024 RSI Operating Revenue)
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 8 DTS – Driving Customer Value with Flexible Solutions Safety Focus • Safety is one of Ryder’s core values • DriveCam® technology is installed on all DTS and SCS vehicles and is aimed at improving safety, while also providing a cost-benefit to Ryder and its customers 2% 3% 9% 10% 13% 17% 19% Other Energy Hi-tech/Healthcare Metals CPG Construction Retail Industrial (Based on 2024 DTS Customer Count) Diversified portfolio comprising ~230 customers Market Opportunity (U.S.) • ~$30B outsourced of $500B highly, addressable DIY market • Significant growth opportunity for DTS as most services in the large, highly addressable dedicated transportation services market are provided by customers themselves Growth Opportunities • Leverage secular outsourcing trends such as driver shortage, increased safety regulations and equipment cost/complexity • Address market demand for flexible capacity • Conversions from FMS and Private Fleets ‒ Upsell targeted FMS customers to a dedicated solution - increases revenue 4- 5x with increased margin, return on capital and customer retention – significant source of growth • Continued Penetration of Target Markets ‒ Ryder’s dedicated offering differentiates itself from truckload carriers by its ability to provide more specialized services for customers across industries Ryder’s Dedicated Offering • Focused on developing flexible solutions for customers • Customer service capabilities include ability to flex with freight volumes; closed-loop, multi-stop shipments; tight delivery windows; high-value, time sensitive freight Driver Recruiting • Ryder employs ~13,400 professional drivers and ~25 dedicated recruiters • A key source for drivers has been former military personnel Synergies with FMS & SCS • ~19,000 vehicles from FMS are utilized to support DTS customers • DTS and SCS share engineering and IT resources 26%
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 9 FMS – Maximizing Uptime for ~13,000 Contractual Customers • Comprehensive, preventive maintenance services • Vehicles are owned by our clients or under third-party finance lease contracts • Safety Services • Regulatory Reporting SelectCare Comprehensive SelectCare Preventive SelectCare OnDemand • Commercial vehicles for short-term customer needs • Used by both lease and non- lease customers • Complementary service offering for ChoiceLease customers Commercial Rental (19% FMS Operating Revenue) SelectCare & Other (14% FMS Operating Revenue) • Long-term contractual agreement • Includes vehicle procurement, flexible levels of maintenance services and used vehicle disposition • Comprehensive package of fleet support services available ChoiceLease Full Service ChoiceLease Preventive ChoiceLease On Demand Fleet Management Solutions ChoiceLease (67% FMS Operating Revenue) (43% of 2024 RSI Operating Revenue) Note: Revenue percents based on segment operating revenue (excludes fuel). Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix – Non GAAP Financial Measures for the reconciliation to the GAAP Financial Measure. Sample Clients:
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 10 FMS – Operating in Large, Diverse Markets Diversified customer base represents a broad range of industries 8% 3% 5% 6% 7% 9% 12% 22% 27%Transportation & Warehousing Food & Beverage Housing Business & Personal Services Retail Stores & Apparel Industrial Automotive Energy, Chemicals & Plastics Other (% of 2024 Lease, Rental & SelectCare Revenue) Customer Profile • Successfully services large and small private fleets • ~13K ChoiceLease/ SelectCare contractual customers • ~28K commercial rental customers Operating Locations • ~760 operating locations (operates in U.S. and Canada) • Opportunity to leverage maintenance infrastructure with fleet growth Market Opportunity (U.S.) Most vehicles in the large, highly addressable truck leasing, maintenance and rental market are owned and managed by customers themselves – represents a significant growth opportunity for FMS Sources of Growth Private Fleet & For-Hire Conversions • Largest opportunity for growth Customer / Economic Expansion • Fleet additions with existing customers by expanding geographies served and/or resulting from customer growth Share Gain • Ability to leverage maintenance infrastructure enhances competitive position in existing outsourced rental/lease market in U.S. and Canada Strategic Opportunities • Supplement to organic growth where mutual interest exists • Focused on accretive deals in core rental/leasing business to leverage existing facility infrastructure 10.5M vehicles 3.5M vehicles Highly Addressable DIY Market Outsourced ~800k vehicles Total Market
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 11 FMS – Strategy Shift to Moderate Lease Growth A key component of the Balanced Growth Strategy implemented by Ryder in late 2019 is the moderation of FMS growth and the acceleration of growth in SCS and DTS A strategy for moderate FMS growth targets higher returns and positive free cash flow over the cycle (1) Represents global lease fleet growth excluding UK trailers 2013-2017; 2016 excludes a higher number of vehicles being prepar ed for sale (approximately 1,200) Macro trends that favor outsourcing combined with sales and marketing initiatives targeting private fleet conversions drove seven consecutive years of organic lease fleet growth (2013- 2019) Lease fleet declined in 2020 and 2021 due to lower sales and renewal activity primarily reflecting COVID effects. 2021 fleet decline was also impacted by OEM delivery delays. In 2022, lease fleet in North America increased 1,300 units, however the global fleet declined as a result of exiting the UK business. OEM delivery delays continued to impact fleet growth. 2024 fleet growth reflects the acquisition of Cardinal Logistics Contractual lease growth contributed to a significant increase in comparable EBITDA over the period, but pressured free cash flow during years with high lease fleet growth Historical ChoiceLease Fleet Growth(1) 1,700 3,200 6,800 5,200 4,100 9,600 10,500 (10,200) (5,700) (8,500) 4,300 6,400 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
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@ 2025 Ryder System, Inc. All Rights Reserved 12 Innovation Disruptive Trends & Technologies New Product Development
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 13 : The ultimate digital platform for real-time supply chain visibility and collaboration Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE BEFORE 6 steps and hours of calling Request for update on DIB order Translate to Ryder Order and Request for update Request for load update Response ResponseResponseDIB Store Employee DIB Central Support Ryder Operator Driver AFTER 1 step in real-time – DIB store employee has load information at their fingertips Customer Benefits Efficiency gain for central support team Improved labor planning at stores Higher service levels for store managers Reduced turnaround times Reduced touches Trustworthy data DIB Central Support Ryder Operator DIB Store Employee Ryder Case Study: Visibility: Real-time visibility of customer freight across all modes of transportation on a single desktop or mobile device Performance: Real-time tracking that enables prioritization and communication while providing email and text notifications Collaboration: Allows all supply chain partners access to real time data at the same time, the ability to communicate within the platform, and assign tasks, tags, notes, and load level exceptions
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 14 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE : Fleet management anywhere, anytime, and on any device RYDERGYDE Empowers Customers Many Users Leverage One Powerful Ecosystem RYDERGYDE empowers customers to manage all aspects of their fleet
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 15 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE E-commerce & Ryder Last Mile • Services offer omnichannel delivery with two -day shipping across the entire U.S. and one -day delivery across the majority of the U.S. • Provided through a network of over 106 sites strategically located throughout the U.S. E-Commerce: Receive, pick, pack and ship smaller items to end consumer’s home via parcel carriers or to customer warehouses or retail sto res via carrier networks • Proven technology and operating platform enables digitally native and omnichannel retailers to easily scale • Added impressive roster of consumer brand names • Entered new e-commerce industry verticals in health, beauty and cosmetics Last Mile: Receive, assemble and prepare big and bulky items through a 3 rd party agent network for final delivery to the end consumer • Proprietary scheduling RyderView 2.0 TM software ̶ Provides maximum efficiency and optimizes routes ̶ Self-service scheduling and real -time tracking ̶ Intelligent routing and analytics to improve real -time decision making 2-hour delivery window Paperless documentation Intelligent routing
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 16 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE Ryder is transforming warehouse and distribution centers to deliver advanced automation, flexible and instantly scalable operations, real-time visibility, and a customer-centric experience Autonomous Mobile Robots Customer Value: • Great flexibility to scale and expand to future demands • Productivity increases of 2-3x • High scalability and flexibility Examples: COBOTS for picking, point-to-point AMRs Goods-To-Person Technologies Customer Value: • Greatly improves productivity through travel reduction • Increases throughput up to 3-4x • Reduces floorspace for product stored up to 2- 3x Examples: AutoStore, Rack-To-Person AMR systems Autonomous Guided Vehicles Customer Value: • Greatly reduces labor requirements; eliminating need for driver and only a few support personnel required • Increases safety • Increases inventory accuracy Examples: Autonomous forks, tuggers and floor sweepers Pick And Place Technologies Customer Value: • Reduces or eliminates need for manual picking • AI and vision advances continually improve technology Examples: Vision picking robotic arms, Sortation robotic arms
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 17 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE Baton’s mission is to pioneer a suite of groundbreaking customer -facing technologies • Revolutionize how customers interact with their transportation and supply chain networks • Recruit the brightest technology minds and provide them with a start - up environment where they have the space to create First Challenge – create a first-of-its-kind AI-powered digital platform and optimization engine • facilitate a new, integrated approach to managing transportation networks : A Silicon valley-based innovation lab established in 2023, following the acquisition of the logistics tech start-up Baton in 2022 Building a digital platform that eliminates waste in trucking
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 18 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE Ryder is well positioned to deliver value in four key areas in the AV landscape : First/Final mile capacity: Dedicated local fleets Control tower: RYDERSHARETM coordinates movements of all AV freight and capacity Transfer Hubs: Provide yard operations and captive maintenance services Autonomous Fleet: Operation of predictable capacity on behalf of shippers As leading provider of outsourced logistics and transportation solutions,Ryder is strategically positioned as a preferred partner and thought leader on these emerging technologies Vehicles: Partnering with traditional OEMs and startups to pilot pre-production vehicles Early Adoption: Likely cargo vans and last mile trucks Charging Infrastructure:Strategic partnerships with charging infrastructure providers Grants: Identification and application partnership to accelerate adoption Ryder is leveraging strategic partnerships and adapting products and services as the EV market evolves: Electric Vehicle (EV) Technology Autonomous Vehicle (AV) Technology Launched RYDERELECTRIC+TM to provide EV advisory, vehicle lease, charging, telematics and maintenance services
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 19 Visibility & Collaboration Connected Fleet e-Commerce & Ryder Last Mile Warehouse Automation Technology Lab Advanced Vehicle Technology RyderVentures RYDER - A TECH FORWARD COMPANY – BACKED BY OPERATIONAL EXPERTISE Corporate venture capital fund Direct investments in start-up companies that are developing technologies to address disruptive trends in logistics and transportation - primarily where we can partner to develop new products and services Recent investment areas include: Cross-border freight marketplace Computer vision for yard automation AI enabled returns management Autonomous middle mile transportation
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 20 Supplementing Organic Growth through Strategic M&A M&A strategyis focused primarily on tuck-in acquisitions • Since 2000, FMS has completed ~15 tuck-in acquisitions which have expanded their customer base and contributed to operating leverage FMS M&A strategy is focused on adding/expanding services, capabilities, and locations, as well asnon-automotive vertical expansion • 2023 acquisition of Impact Fulfillment Services (IFS) added co-packaging and co-manufacturing capabilities • 2021-22 acquisitions significantly expanded capabilities in e-commerce fulfillment (Whiplash) and multi-client warehousing (Midwest) • 2018 strategic acquisition of MXD Group launched Ryder Last Mile (RLM) offering • Exploring additional M&A opportunities SCS M&A strategy is focused on adding/expandingservices and capabilities, as well astuck-in acquisitions to build scale and density • 2024 acquisition of Cardinal Logistics increases scale and density in dedicated transportation network DTS Strong balance sheet provides flexibility for future strategic M&A activity
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@ 2025 Ryder System, Inc. All Rights Reserved 21 Financial Overview
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 22 Operating Revenue & CAGR Revenue growth is driven by secular trends, acquisitions and sales/marketing initiatives $973 $1,870 $- $500 $1,000 $1,500 $2,000Op. Rev. (in MM) DTS 2019 2024 5-Yr. CAGR: 12% $1,880 $3,965 $- $1,000 $2,000 $3,000 $4,000 $5,000 Op. Rev. (in MM) SCS 2019 2024 5-Yr. CAGR: 13% $7,189 $10,266 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000Op. Rev. (in MM) RSI 2019 2024 5-Yr. CAGR: 6% $4,720 $5,116 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000Op. Rev. (in MM) FMS 2019 2024 5-Yr. CAGR: 1% Target: low double digits Target: high single digits Target: mid single digits Target: high single digits *Note: See Appendix for reconciliations of non-GAAP financial measures including operating revenue
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 23 ROE and Comparable EPS * 2025F reflects forecast midpoint. See Appendix for reconciliations of non-GAAP financial measures including ROE and Comparable EPS Execution of balanced growth strategy has increased the return and earnings profile of the business vs prior cycles 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F* Comp EPS $6.10 $5.43 $4.23 $5.95 $1.01 $(0.27 $9.58 $16.37 $12.95 $12.00 $13.08 ROE 17% 13% 11% 13% 0% -1% 21% 29% 19% 16% 17.0% -5% 0% 5% 10% 15% 20% 25% 30% 35% $(1.00) $2.00 $5.00 $8.00 $11.00 $14.00 $17.00 $20.00EPS Balanced growth strategy and initiatives focused on achieving long- term ROE target of low 20s over the cycle Record FY21 & FY22 ROE reflect strong demand and pricing in used vehicle sales and rental as well as benefits from multi-year pricing and maintenance cost savings initiatives FY23 reflects normalizing conditions in used vehicle sales and rental FY24 & FY25F ROE in line with return expectations during freight cycle downturn for used vehicle sales and rental
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F* Comparable EBITDA $1,684 $1,790 $1,771 $2,018 $2,243 $2,258 $2,433 $2,722 $2,665 $2,776 Operating Cash Flow $1,442 $1,601 $1,628 $1,718 $2,141 $2,181 $2,175 $2,310 $2,353 $2,265 $2,800 Free Cash Flow $(728) $194 $197 $(936) $(1,077) $1,587 $1,057 $921 $(54) $133 $950 Memo: Gross CAPEX $2,701 $1,763 $1,941 $3,165 $3,620 $1,070 $2,012 $2,652 $3,279 $2,694 $2,300 $(2,000) $(1,000) $- $1,000 $2,000 $3,000 $’s in Millions 24 Free Cash Flow and Comparable EBITDA * 2025F reflects forecast midpoint for free cash flow. See Appendix for reconciliations of non-GAAP financial measures including Free Cash Flow and Comparable EBITDA Contractual growth supports higher EBITDA and operating cash flow Comparable EBITDA and operating cash flow exhibit continued growth and stability due to revenue growth and improved operating performance Capital expenditures pressure free cash flow (FCF) in the initial investment period Record FY20 FCF reflects lower capital spending due to COVID effects; FY22 FCF reflects lease and rental spending partially offset by elevated used vehicle sales proceeds FY23 FCF reflects higher lease replacements and growth capex FY25F FCF reflects capex levels during freight downturn and permanent reinstatement of tax bonus depreciation n/a
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved $1.1 B $1.5 B Dividends Share Repurchases 25 Shareholder Returns Cash Returned to Shareholders 2015 – 2024 $2.6B Dividend Share Repurchases Uninterrupted quarterly dividend payments for more than 49 years Dividend yield ~2.1% (as of 12/31/24) Discretionary: usage dependent upon factors including leverage, quality acquisition opportunities, stock price Anti-dilutive: offset dilution creep
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@ 2025 Ryder System, Inc. All Rights Reserved 26 Corporate Responsibility and Corporate Governance
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved Ryder is focused on optimizing supply chains by improving efficiencies, conserving resources, and minimizing waste. Ryder is committed to fostering a workplace that nurtures talent, focuses on safety, and encourages innovation. Doing business responsibly, efficiently and safely is a big part of the culture and translates to creating value for all Ryder stakeholders. 27 Corporate Responsibility The 2023 Ryder Corporate Sustainability Report references the Global Reporting Initiatives (GRI) Standards. It is aligned to the SASB Air Freight and Logistics Standard, and to the recommendations of TCFD. Our sustainability reporting, including our CDP Climate Change Response, can be found at investors.ryder.com/sustainability SELECT AWARDS and RECOGNITION Fortune America’s Most Innovative Companies 2025 Ryder was recognized by Fortune as one of America’s Most Innovative Companies in 2025 for its advancements in product and process innovation as well as its strong culture of innovation. EPA 2024 SmartWay® Excellence Award & SmartWay® High Performer In 2024 Ryder was recognized by the U.S. Environmental Protection Agency (EPA) as a SmartWay® Excellence Award winner and a SmartWay® High Performer for outstanding environmental performance and freight sustainability leadership. Women in Trucking 2024 Top Company for Women to Work in Transportation For the sixth consecutive year, Ryder was recognized as a Top Company for Women to Work in Transportation by Women in Trucking for its commitment to the employment and advancement of women in the transportation industry. Ryder was also listed among “The Elite 30” for the 2 nd year in a row. Fortune World’s Most Admired Companies 2025 For the 13th consecutive year, Ryder was recognized by Fortune as one of the World’s Most Admired Companies, further solidifying its reputation for excellence in the trucking, transportation and logistics category.
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 28 Corporate Governance • Skilled and independent board comprised of accomplished leaders in their fields who understand shareholders' interests and reflect robust mix of experiences, perspectives and backgrounds: 10 of 11 Directors are independent; all Committee members are independent Strong Lead Independent Director with oversight of Board’s annual evaluation process, CEO succession planning and search process for new directors • Corporate Governance best practices: Robust board oversight of risk management and strategic planning, amongst other topics Annual director elections with majority voting standards; eliminated all supermajority voting requirements Regular evaluations of Board and committees Meaningful shareholder participation rights, including special meeting, written consent and proxy access rights • Executive compensation practices that support the needs of the business, drive performance and align with shareholder interests: Majority of executive compensation performance-based; incentive awards include double trigger provisions Robust stock ownership guidelines (6x base salary for CEO and 3x for other officers) Maintain SEC-compliant recoupment policy, as well as additional officer-level recoupment policy
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 29 Key Takeaways • Large addressable markets and secular trends that favor outsourcing o Increased market awareness of supply chain reliability, trends in e-commerce fulfillment and last mile delivery, high cost/complexity of vehicle technology, and driver/technician shortages support growth opportunities • Balanced growth strategy focused on increasing returns and generating positive free cash flow over the cycle: o Accelerated growth in asset-light SCS & DTS segments and moderate growth with increased returns in capital intensive FMS segment o Pricing discipline across all segments has enhanced quality of contractual portfolio o Reduced reliance on used vehicle sales proceeds to achieve targeted returns o Enhanced asset management playbook has generated higher earnings over the cycle • Earnings power of contractual portfolio driving increased capital deployment capacity to support profitable growth and return capital to shareholders • Disciplined capital allocation supports achieving ROE target of low 20s over the cycle o Achieved 16% ROE in 2024 and expect high-teens ROE in 2025 – in line with return expectations during freight cycle downturn • Strategic investments focused on innovative customer solutions, driving efficiencies and generating long-term sources of revenue and earnings growth Note: See Appendix for reconciliations of non -GAAP financial measures including ROE Well positioned as a leading provider of outsourced solutions to leverage logistics and transportation trends in order to create long term value for customers and shareholders
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@ 2025 Ryder System, Inc. All Rights Reserved 30 Appendix
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 31 Appendix: FMS – Summary of Prior Accounting Residual Value Estimates Changes (2019 - 2021) • Ryder is one of the largest retailers of used vehicles in the country • Used vehicle sales market is cyclical • 3Q19 re-evaluation of residual value estimates was triggered by used tractor market conditions that began to soften in June 2019, continued to worsen in 3Q19 and were expected to decline further • During 1H20, further reductions to residual value estimateswere triggered by anticipated impacts from COVID-19 on used vehicle market conditions 20k+ vehicles sold annually as lease contracts expire and rental fleet is refreshed ‒ Tractors were impacted to a greater extent than trucks by the 3Q19 changes ‒ Trucks were impacted to a greater extent than tractors by the 2020 changes • In 2Q21, we incorporated a potential downturn into our used vehicle pricing outlook, which modestly reduced our accounting residual value estimates for certain tractors Average U.S. tractor and truck pricing is above residual values used for depreciation purposes Depreciation headwinds expected to decline each year Residual value estimate changes expected to reduce the likelihood and magnitude of negative earnings impact from used vehicle sales
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 32 Appendix: Dividend History (1) Dividend unchanged at $0.15 per quarter from 1989 through 2004 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $0.56 $0.16 $0.18 $0.23 $0.25 $0.27 $0.29 $0.34$0.31 $0.37 QUARTERLY DIVIDEND $0.41 $0.44 $0.56 (1) $0.54 $0.46 $0.21 $0.58 $0.62 $0.71 $0.81 $0.91
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved Rating Summary Short-term Long-term Long-term outlook Standard & Poor’s Ratings Services A2 BBB+ Stable Moody’s Investors Service P2 Baa2 Positive Fitch Ratings F2 BBB+ Positive 33 Appendix: Debt Ratings & Availability Debt Ratings Summary as of 6/30/25 As of 6/30/25, the following amounts were available to fund operations under the following facilities: (in millions) Revolving credit facility $ 947 Trade receivables program $ 201 Credit Facility Availability
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 34 Appendix: FMS –Timing of ChoiceLease Revenue and Cash Flow Lease Signed Term Begins ~90–120 Days Illustrative cash flows for a ChoiceLease unit: Vehicle placed into service Lease Term (Avg. Term: 5–7 years) • Lease contract pricing based on DCF approach • Pricing targeted at 100-150 bps above product line cost of capital (on a fully-costed basis) • Sales compensation driven by deal profitability • Higher vehicle investment and maintenance costs recovered in lease rate Lease Expires Customer contract signed Used vehicle sold Financial Impact Cash Flow Capital Expenditure (avg. $115K) Negative Sales Proceeds (historically represents ~20–30% of original cost) PositivePositive Fixed Revenue: ~85% based on fixed rate per month Variable Revenue: Remainder (~15%) based on rate per mile driven Costs incurred: Maintenance, Depreciation and Interest Fuel costs passed through to customer Note: Revenue escalates during contract life based on CPI index Time 0 Years 1–6 YE 6 Vehicle ordered from OEM
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 35 Appendix: Key Leverage Statistics Book Value of Revenue Earning Equipment = 1.2x Debt Balance June 30, 2025 December 31, 2024 June 30, 2024 Total Debt $ 7,727 $ 7,779 $ 7,536 Equity $ 3,074 $ 3,117 $ 3,081 Debt to Equity 251% 250% 245% ($ Millions)
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 36 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 Non-GAAP Financial Measure: Operating Revenue FMS Operating Revenue, SCS Operating Revenue and DTS Operating Revenue FMS Total Revenue, SCS Total Revenue and DTS Total Revenue Non-GAAP Financial Measure: Operating Revenue Comparable Earnings Measures: Comparable EPS EPS from Continuing Operations Non-GAAP Financial Measure: Comparable EPS Reconciliation Adjusted Return on Equity 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. Non-GAAP Financial Measure: Adjusted Return on Equity Comparable Earnings (Loss) Before Income Tax and Comparable Earnings (Loss) Before Interest, Taxes, Depreciation and Amortization - (EBITDA) Net Earnings (Loss) from Continuing Operations Non-GAAP Financial Measure: Comparable EBITDA Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Non-GAAP Financial Measure: Free Cash Flow **We believe comparable segment EBITDA provides investors with useful information, as it is a standard measure commonly repor ted and widely used by analysts, investors and other interested parties to measure financial performance by segment.
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 37 Non-GAAP Financial Measure: Operating Revenue (1) In the first quarter of 2021, we completed the previously announced exit of the extension of our liability insurance coverage for ChoiceLease customers. ($ Millions) Ryder System, Inc. 2018 2024 Total revenue $8,414 $12,636 Subcontracted Transportation & Fuel (1,716) (2,370) ChoiceLease Liability Insurance Revenue (1) (28) - Operating Revenue $6,670 $10,266 SCS 2018 2024 Total revenue $2,398 $5,300 Subcontracted Transportation & Fuel (633) (1,335) Operating Revenue $1,765 $3, 965 FMS 2018 2024 Total revenue $5,259 $5,888 Fuel services revenue (848) (772) ChoiceLease Liability Insurance Revenue (1) (28) - Operating Revenue $4,383 $5,116 DTS 2018 2024 Total revenue $1,333 $2,446 Subcontracted Transportation & Fuel (463) (576) Operating Revenue $871 $1,870
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 38 Non-GAAP Financial Measure: Comparable EPS Reconciliation ($ Earnings Per Share)2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F GAAP EPS $ 5.73 $ 4.95 $ 13.54 $ 5.43 $ (0.45) (2.15) $9.70 $16.96 $8.73 $11.06 $12.15-12.60 Non-operating pension costs 0.19 0.33 0.31 0.09 0.85 0.10 (0.06) 0.14 0.68 0.69 0.70 FMS UK Exit - - - - - - - (1.61) (0.68) - - CTA release from FMS UK Exit - - - - - - - - 3.93 - - Goodwill impairment - - - 0.29 - - - - - - - Restructuring and other charges, net 0.23 0.06 0.15 0.08 0.51 0.84 0.34 (0.12) (0.03) 0.12 - Acquisition costs - - - - - - - 0.10 0.04 0.13 ERP Implementation Costs - - - 0.01 0.30 0.49 0.18 - - - Tax reform-related and other tax adjustments, net - - (9.62) 0.19 0.06 - - 0.90 0.28 - Uncertain tax provision - - - (0.08) - - - - - - Pension-related adjustments (0.01) 0.09 0.06 - - - - - Operating tax adjustment - - 0.03 - - 0.42 - - Gain on sale of property - - (0.27) - (0.26) (0.10) (0.59) - - - Tax law changes (0.04) - 0.03 (0.06) - - - - - - Early redemption of medium-term notes - - - - - 0.13 - - - - Comparable EPS $ 6.10 $ 5.43 $ 4.23 $ 5.95 $ 1.01 $(0.27) $9.58 $16.37 $12.95 $12.00 $12.85-13.30 Note: Amounts may not recalculate due to rounding.
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved Twelve months ended December 31, 2015 2016 Net earnings $ 305 $ 263 Other items impacting comparability, net (4) 18 13 Tax Impact (2) (7) (5) Adjusted net earnings [A] $ 315 $ 271 Average shareholders' equity $ 1,895 $ 2,053 Average adjustments to shareholders' equity(3) 11 2 Adjusted average shareholders' equity [B] $ 1,906 $ 2,055 Adjusted return on equity (1) [A]/[B] 17 % 13 % 39 Non-GAAP Financial Measure: Adjusted Return on Equity Adjusted Return on Equity Reconciliation ($ Millions) 1. 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. 2. Includes income taxes on other items impacting comparability. 3. Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 4. Other items impacting comparability are comprised of the following: 2015 2016 Restructuring and other, net $ 18 $ 5 Pension-related adjustments (1) 8 Pension lump sum settlement expense - - Acquisition-related tax adjustment - - Other items impacting comparability $ 18 $ 13 (1)
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved Twelve months ended December 31, 2017 2018 2019 2020 Net earnings $ 720 $ 285 $ (24) $ (122) Other items impacting comparability, net (4) 24 22 38 90 Tax Impact (2) (535) 2 (6) 3 Adjusted net earnings [A] $ 209 $ 308 $ 8 $ (29) Average shareholders' equity $ 1,984 $ 2,493 $ 2,533 $ 2,257 Average adjustments to shareholders' equity(3) (99) (78) 15 60 Adjusted average shareholders' equity [B] $ 1,885 $ 2,415 $ 2,548 $ 2,317 Adjusted return on equity (1) [A]/[B] 11 % 13 % 0 % (1) % 40 Non-GAAP Financial Measure: Adjusted Return on Equity (1) Adjusted Return on Equity Reconciliation ($ Millions) 1. 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. 2. Includes income taxes on other items impacting comparability. 3. Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 4. Other items impacting comparability are comprised of the following:
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 41 Non-GAAP Financial Measure: Adjusted Return on Equity Adjusted Return on Equity Reconciliation (1) 2021 2022 Restructuring and other, net $ 19 $ 2 ERP implementation costs 13 - Gain on sale of U.K. revenue earning equipment - (49) Gains on sale of U.K. properties (5) (42) (36) Other items impacting comparability $ (10) $ (83) ($ Millions)Twelve months ended December 31, 2021 2022 Net earnings $ 519 $ 867 Other items impacting comparability, net (4) (10) (83) Tax Impact (2) 7 46 Adjusted net earnings [A] $ 516 $ 830 Average shareholders' equity $ 2,453 $ 2,845 Average adjustments to shareholders' equity(3) 14 (12) Adjusted average shareholders' equity [B] $ 2,467 $ 2,833 Adjusted return on equity (1) [A]/[B] 21 % 29 % 1. 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. 2. Includes income taxes on other items impacting comparability. 3. Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 4. Other items impacting comparability are comprised of the following: 5. Primarily includes gains on properties as part of the planned exit of the U.K. business in 2022 and certain FMS properties in the U.K. that were restructured as part of the cost reduction activities in prior periods
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved Adjusted Return on Equity Reconciliation 42 ($ Millions)Twelve months ended December 31, 2023 2024 2025 Forecast Net earnings $ 406 $ 489 $ 520 Other items impacting comparability, net 157 13 — Tax impact (1) 8 (2) — Adjusted net earnings [A] $ 571 $ 500 $ 520 Average shareholders' equity $ 3,041 $ 3,078 $ 3,110 Average adjustments to shareholders' equity(2) (19) 2 — Adjusted average shareholders' equity [B] $ 3,022 $ 3,080 $ 3,110 Adjusted return on equity (3) [A]/[B] 19 % 16 % 17% 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)
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 43 Non-GAAP Financial Measure: Comparable EBITDA (1) Note: Amounts may not be additive due to rounding. (1) Comparable EBITDA has been recast to exclude gains/losses from the sale of used vehicles. Periods prior to 2017 do not re flect the impact from the lease accounting standard adopted in 2019. Non -GAAP elements of this calculation have been reconciled to the corresponding GAAP measure. A numerical reconciliation of earnings before income taxes from continuing operations to comparab le earnings before income taxes from continuing operations is provided on this slide. Comparable EBITDA Reconciliation ($ Millions)
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 44 Non-GAAP Financial Measure: Comparable EBITDA (1) Note: Amounts may not be additive due to rounding. (1) Comparable EBITDA has been recast to exclude gains/losses from the sale of used vehicles. Periods prior to 2017 do not re flect the impact from the lease accounting standard adopted in 2019. Non -GAAP elements of this calculation have been reconciled to the corresponding GAAP measure. A numerical reconciliation of earnings before income taxes from continuing operations to comparab le earnings before income taxes from continuing operations is provided on this slide. Comparable EBITDA Reconciliation ($ Millions) 2019 2020 2021 2022 2023 2024 Net earnings (loss) $ (24) $ (122) $ 519 $ 867 $ 406 $ 489 Loss (gain) from discontinued operations, net of tax 1 10 3 (4) - - Provision for (benefit from) income taxes (19) (18) 171 353 212 172 EBT (42) (130) 693 1,216 618 661 Non-operating pension costs, net 60 11 (1) 11 40 41 Other items impacting comparability, net 38 90 (10) (83) 157 13 Comparable EBT 56 (29) 682 1,144 815 715 Interest expense 241 252 214 228 296 386 Depreciation 1,879 2,027 1,786 1,713 1,712 1,694 Used vehicle sales, net 59 (0) (257) (400) (193) (72) Amortization 8 8 8 37 35 53 Comparable EBITDA $ 2,243 $ 2,258 $ 2,433 $ 2,722 $ 2,665 $ 2,776
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 45 Non-GAAP Financial Measure: Free Cash Flow ($ Millions) 1. Included in cash flows from investing activities. 2. Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. 3. Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (exc luding changes in restricted cash and acquisitions) from continuing operations as “free cash flow”. We calculate free cash fl ow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activ ities, less purchases of revenue earning equipment and property. 4. Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. 2013 2015 Cash Provided by Operating Activities from Continuing Operations $ 1,252 $ 1,442 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 452 427 Collections of Direct Finance Leases (1) 71 71 Other, net (1) 8 — Total Cash Generated 1,783 1,940 Capital Expenditures (1), (2) (2,123) (2,668) Free Cash Flow (3) $ (340) $ (728) Memo: Depreciation Expense (4) $ 967 $ 1,122 Net Cash Used in Investing Activities (1,604) (2,161) Net Cash Provided by (Used in) Financing Activities 347 731 Cash Flow Reconciliation
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Proprietary and Confidential@ 2025 Ryder System, Inc. All Rights Reserved 46 Non-GAAP Financial Measure: Free Cash Flow 2016 2017 (5) 2018 (5) 2019 Cash Provided by Operating Activities from Continuing Operations $ 1,601 $ 1,628 $ 1,718 $ 2,141 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 421 429 396 518 Collections of Direct Finance Leases (1) 77 N/A N/A N/A Total Cash Generated 2,099 2,057 2,114 2,659 Capital Expenditures (1), (2) (1,905) (1,860) (3,050) (3,735) Free Cash Flow (3) $ 194 $ 197 $ (936) $ (1,077) Memo: Depreciation Expense (4) $ 1,187 $ 1,258 $ 1,389 $ 1,879 Net Cash Used in Investing Activities (1,406) (1,439) (2,821) (3,217) Net Cash Provided by (Used in) Financing Activities (186) (162) 1,086 1,084 1. Included in cash flows from investing activities. 2. Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. 3. Non-GAAP financial measure. We refer to free cash flow as the sum of net cash provided by operating activities from continuing o perations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equ ipment and property. 4. Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. 5. These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior full year periods do not reflect the impact from the lease accounting standard. ($ Millions)Cash Flow Reconciliation
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Proprietary and Confidential @ 2025 Ryder System, Inc. All Rights Reserved 47 ($ Millions)Cash Flow Reconciliation Non-GAAP Financial Measure: Free Cash Flow Note: Amounts may not be additive due to rounding. 2019 2020 2021 2022 2023 2024 2025 Forecast(4) Net Cash Provided by Operating Activities from Continuing Operations $ 2,141 $ 2,181 $ 2,175 $ 2,310 $ 2,353 $ 2,265 $2,800 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 518 552 822 1,235 827 551 500 Other, net (1) — — 1 7 — — — Total Cash Generated (2) 2,659 2,734 2,998 3,552 3,180 2,816 3,300 Purchases of Property and Revenue Earning Equipment (1) (3) (3,735) (1,147) (1,941) (2,631) (3,234) (2,683) (2,300) Free Cash Flow (2) (4) $ (1,077) $ 1,587 $ 1,057 $ 921 $ (54) $ 133 $ 1,000 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 revenueearning 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 $900 million - $1 billion Free Cash Flow forecast range
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@ 2025 Ryder System, Inc. All Rights Reserved 48 Contact Information Calene Candela VP – Investor Relations 305-500-4764 ccandela@ryder .com Nicole Dominguez Group Director – Investor Relations 305-500-5166 nicole_dominguez@ryder .com Investor Website: http://investors.ryder .com