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Third Quarter 2025 Earnings Conference Call October 23, 2025
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 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" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast and 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; executing on our transformed business model; outperforming prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; growing our business profitably; 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; returning 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; 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 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. 2
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© 2025 Ryder System, Inc. All Rights Reserved SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Contents 3Q25 Earnings Release Conference Call 2025 Highlights & Strategic Update Slides 4 - 5 3Q25 Results Slides 6 - 10 Capex, Cash Flow & Capital Allocation Slides 11 - 12 Outlook Slides 13 - 15 Appendix & Non-GAAP Financial Measures 3
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Balance Sheet / Cash Flow Returns Focused Strategy Update Note: See Appendix for reconciliations of non-GAAP financial measures, including ROE and Free Cash Flow. Key Updates • Increased capital deployment capacity supports profitable growth and returning capital to shareholders • New discretionary 2 million share repurchase program replaces prior program • Returned $457M YTD to shareholders through buybacks and dividends • FY25 free cash flow forecast unchanged at $900M - $1B • Resilient contractual businesses and execution on strategic initiatives are driving earnings growth • On track to achieve expected 2025 earnings growth and benefits from strategic initiatives • Secular trends, large addressable markets, and value proposition support long-term growth opportunities • Adjusted ROE (ROE) of 17% in line with expectations during freight cycle downturn • Contractual earnings growth reflects value proposition and pricing discipline • Cycle-tested business model expected to continue to outperform prior cycles 4 Strategy execution creates long-term shareholder value
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Higher Earnings and Return Profile Reflects Transformative Changes Expected post-transformation returns (2025F) well above pre-transformation peak returns (2018) Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS and ROE. 5
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved FREE CASH FLOW Results Overview $2.6B $2.6B 3Q24 3Q25 Primarily reflects contractual revenue growth in SCS and FMS $218M $496M 3Q24 3Q25 $3.44 $3.57 3Q24 3Q25 Higher contractual earnings and share repurchases partially offset by lower used vehicle sales results and rental demand 16% 17% 3Q24 3Q25 Share repurchases and higher contractual earnings partially offset by lower rental demand and used vehicle sales results 6 Third Quarter Year-to-Date +1% +4% 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 Reduced capital expenditures and lower income tax payments
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 3rd Quarter Results Overview – FMS 11% increase reflects: • Higher ChoiceLease performance driven primarily by pricing and maintenance cost savings initiatives • Partially offset by used vehicles sales and rental results reflecting weaker market conditions OPERATING REVENUE EARNINGS BEFORE TAX (EBT) $1.3B $1.3B 3Q24 3Q25 $132M $146M 3Q24 3Q25 10.3% 11.4% EBT as % of Operating Revenue Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue. Contractual earnings growth partially offset by market conditions in UVS and Rental 7 Operating revenue in line with prior year
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved USED VEHICLE INVENTORY 3rd Quarter Used Vehicle Sales Update – FMS (6)% (15)% —% 7% vs. 3Q24 • Sequential pricing benefited from higher retail mix • 3Q25 retail mix of 54% vs 50% in 2Q25 and 68% in prior year • Sequential retail pricing was down 4% for tractors and unchanged for trucks USED VEHICLES SOLD 9,100 9,600 8,500 3Q24 2Q25 3Q25 vs. 2Q25 Used vehicle prices remained above residual value estimates 8 4,700 6,200 4,900 3Q24 2Q25 3Q25 % CHANGE IN PROCEEDS PER UNIT In line with long- term target range of 7-9K
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 4% increase primarily driven by new business in omnichannel retail 3rd Quarter Results Overview – SCS $996M $1.0B 3Q24 3Q25 $93M $86M 3Q24 3Q25 9.3% 8.3%EBT as % of Operating Revenue 8.2% 8.9% Earnings from revenue growth more than offset by e-commerce network performance and medical costs 8% decrease reflects: • Benefits from operating revenue • More than offset by e-commerce network performance and medical costs 9 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.
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 3rd Quarter Results Overview – DTS $486M $458M 3Q24 3Q25 $36M $36M 3Q24 3Q25 7.5% 7.8% EBT as % of Operating Revenue Earnings benefits from acquisition synergies offset by lower fleet count reflecting freight market conditions In line with prior year reflecting acquisition synergies offset by lower operating revenue 10 6% decrease primarily due to lower fleet count reflecting prolonged freight market downturn 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.
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved LEASE Year-to-Date $401M $271M 3Q24 3Q25 Capital Expenditures $1.5B $1.2B 3Q24 3Q25 RENTAL Year-to-Date Prior year includes impact of OEM delivery delays from 2023 orders Capital Expenditures (billions) Investments reflect weaker freight market conditions 11 Note: Amounts may not be additive due to rounding. FY24 FY25F Lease Vehicles $ 2.0 $ 1.8 Rental Vehicles 0.5 0.3 Operating Property & Equipment 0.1 0.2 Gross Capital Expenditures $ 2.7 $ 2.3 Less: Proceeds from Sales (0.6) (0.5) Net Capital Expenditures $ 2.1 $ 1.8
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 12 Earnings Power Expected to Increase Capital Capacity (3-Yr Outlook) 1 Debt capacity based on 2.75x leverage (midpoint of target range) Earnings power of business expected to provide ~$5B of flexible capital deployment capacity to support growth and return capital to shareholders
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved (Earnings Per Share from Continuing Operations) FULL YEAR EPS 2024 2025 Forecast GAAP $11.06 $12.10 - $12.30 Comparable $12.00 $12.85 - $13.05 FOURTH QUARTER EPS 2024 2025 Forecast $3.11 $3.30 - $3.50 $3.45 $3.50 - $3.70 2025 Outlook Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS, ROE and Free Cash Flow. 13 • Updated full-year 2025 comparable EPS forecast range to $12.85 - $13.05 from $12.85 - $13.30 – Continued strong contractual earnings performance – Muted environment for used vehicle sales and rental – Near-term sales headwinds in ChoiceLease and DTS from ongoing macroeconomic uncertainty • 2025 ROE forecast of 17% • 2025 free cash flow forecast of $900 million - $1 billion
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Transformed Model Well-Positioned for Earnings Growth 14 Strategic initiatives-based earnings growth expected in 2025
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 15 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
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© 2025 Ryder System, Inc. All Rights Reserved SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS Q&A 16
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations 17
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 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. 18 ROE T A R G E T 2 0 2 5 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 headwinds 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
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved 19 Historical Sales Price as % of Original Cost & Current Residual Value Estimates 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, 2025. 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 Estimate for Accounting Range Truck Residual Index1 Tractor Residual Index1 Residual Estimate for Accounting 2025 pricing includes increased wholesale volumes to manage inventory levels
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Third Quarter Comparable Segment EBITDA 2025 YTD FMS SCS DTS Earnings before income tax $ 366 $ 271 $ 100 Interest expense 284 14 6 Depreciation (1) 1,180 88 5 Used vehicle sales, net (1) (10) — — Comparable Segment EBITDA (2) $ 1,820 $ 373 $ 111 2024 YTD FMS SCS DTS Earnings before income tax $ 365 $ 242 $ 91 Interest expense / (income) 268 12 6 Depreciation (1) 1,193 78 4 Used vehicle sales, net (1) (54) — — Comparable Segment EBITDA (2) $ 1,772 $ 332 $ 101 ($ 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. 20
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 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 $2.2B $2.3B $2.4B $2.3B $2.8B $1.1B $0.9B $(0.1)B $0.1B $1.0B Operating Cash FlowFree Cash Flow FY21 FY22 FY 23 FY 24 FY25F 21 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) Lower capex reflecting COVID effects & OEM delays Includes $0.4B UK asset sales (billions) 2024 2025F(1) Cash Flow from Operations $ 2.3 $ 2.8 Proceeds from Sales (Primarily Revenue Earning Equipment) 0.6 0.5 Total Cash Generated $ 2.8 $ 3.3 Less: Fleet Replacement Capex 2.6 2.1 Operating Property & Equipment Capex 0.1 0.2 FCF Prior to Fleet Growth Capex $ 0.1 $ 1.0 Less: Fleet Growth Capex — — Free Cash Flow $ 0.1 $ 1.0 FY21 FY22 FY23 FY25F(1)FY24 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 $900M - $1B Free Cash Flow forecast range Structurally higher contractual earnings generate increased cash flow
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved (a)(b) white 22
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 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. 23
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Fleet Management Solutions (FMS) Third Quarter ($ Millions) Revenue 2025 2024 % B/(W) ChoiceLease $ 875 $ 857 2% Commercial rental 242 251 (4)% SelectCare and other 165 173 (5)% FMS operating revenue (1) 1,282 1,281 —% Fuel services revenue (2) 183 189 (3)% FMS total revenue $ 1,465 $ 1,470 —% Earnings Before Tax FMS Earnings Before Tax (EBT) $ 146 $ 132 11% FMS EBT as a % of FMS total revenue 10.0 % 9.0 % FMS EBT as a % of FMS operating revenue (1) 11.4 % 10.3 % 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. 24
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Supply Chain Solutions (SCS) ($ Millions)Third Quarter Revenue 2025 2024 % B/(W) Omnichannel retail (1) $ 321 $ 295 9% Automotive 270 270 —% Consumer packaged goods 304 294 3% Industrial and other 139 137 1% SCS operating revenue (2) 1,034 996 4% Subcontracted transportation and fuel 346 321 8% SCS total revenue $ 1,380 $ 1,317 5% Earnings Before Tax SCS Earnings Before Tax (EBT) $ 86 $ 93 (8)% SCS EBT as a % of SCS total revenue 6.2 % 7.0 % SCS EBT as a % of SCS operating revenue (2) 8.3 % 9.3 % 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. 25
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Dedicated Transportation Solutions (DTS) Third Quarter Revenue 2025 2024 % B/(W) DTS Operating Revenue (1) $ 458 $ 486 (6)% Subcontracted transportation and fuel 112 147 (24)% DTS Total Revenue $ 570 $ 633 (10)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 36 $ 36 (2)% DTS EBT as a % of DTS Total Revenue 6.3 % 5.8 % DTS EBT as a % of DTS Operating Revenue (1) 7.8 % 7.5 % Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. 26 ($ Millions)
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Total Revenue to Operating Revenue Reconciliation 2025 2024 Total Revenue $ 3,171 $ 3,168 Subcontracted Transportation (358) (367) Fuel (202) (208) Operating Revenue (1) $ 2,611 $ 2,593 ($ Millions) Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. Third Quarter 27 Year-to-Date
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Earnings and EPS from Continuing Operations Reconciliation 3Q25 3Q25 3Q24 3Q24 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 139 $ 3.33 $ 143 $ 3.25 Non-operating pension costs, net 7 0.17 7 0.17 Acquisition costs — — 1 0.01 Other, net 3 0.07 — 0.01 Comparable (non-GAAP) $ 149 $ 3.57 $ 151 $ 3.44 Note: Amounts may not be additive due to rounding. 28 ($ 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
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Comparable EPS Reconciliation Fourth Quarter 2025 Forecast Full Year 2025 Forecast EPS from continuing operations forecast (GAAP) $3.30 - $3.50 $12.10 - $12.30 Non-operating pension costs, net 0.20 0.70 Other, net — 0.05 Comparable EPS from continuing operations forecast (non-GAAP) $3.50 - $3.70 $12.85 - $13.05 Note: Amounts may not be additive due to rounding. Fourth Quarter 2024 Full Year 2024 Diluted EPS from continuing operations (GAAP) $ 3.11 $ 11.06 Non-operating pension costs, net 0.18 0.69 Acquisition costs 0.01 0.13 Other, net 0.15 0.12 Comparable EPS from continuing operations (non-GAAP) $ 3.45 $ 12.00 29
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Adjusted Return on Equity Reconciliation (1) Note: Amounts may not be additive due to rounding. 30 ($ Millions)Twelve months ended September 30, 2018 2024 2025 2025 Forecast Net earnings $ 285 $ 477 $ 502 $ 510 Other items impacting comparability, net 22 7 7 — Tax impact (1) 1 — (1) — Adjusted net earnings [A] $ 308 $ 484 $ 508 $ 510 Average shareholders' equity $ 2,493 $ 3,074 $ 3,070 $ 3,075 Average adjustments to shareholders' equity (2) (78) (3) 3 — Adjusted average shareholders' equity [B] $ 2,415 $ 3,071 $ 3,073 $ 3,075 Adjusted return on equity (3) [A]/[B] 13 % 16 % 17 % 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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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Free Cash Flow Reconciliation ($ Millions) Nine months ended September 30, 2024 2025 Cash Provided by Operating Activities from Continuing Operations $ 1,707 $ 1,845 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 433 380 Other, net (1) — 1 Total Cash Generated (2) 2,140 2,226 Purchases of Property and Revenue Earning Equipment (1,922) (1,730) Free Cash Flow (2) (3) $ 218 $ 496 (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. 31
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SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. All Rights Reserved Cash Flow Reconciliation 2020 2021 2022 2023 2024 2025 Forecast (4) Net Cash Provided by Operating Activities from Continuing Operations $ 2,181 $ 2,175 $ 2,310 $ 2,353 $ 2,265 $ 2,800 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 552 822 1,235 827 551 500 Other, net (1) — 1 7 — — — Total Cash Generated (2) 2,734 2,998 3,552 3,180 2,816 3,300 Purchases of Property and Revenue Earning Equipment (1) (1,147) (1,941) (2,631) (3,234) (2,683) (2,300) Free Cash Flow (2) (3) $ 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 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 $900 million - $1 billion Free Cash Flow forecast range. Note: Amounts may not be additive due to rounding. 32 ($ Millions)