Slide 1: Second Quarter 2025 Earnings Conference Call
Second Quarter 2025 Earnings Conference Call July 24, 2025
Slide 2: Safe Harbor and Non-GAAP Financial Measures
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 forec
Slide 3: Contents
Contents 2Q25 Earnings Release Conference Call 2025 Highlights & Strategic Update Slides 4 - 5 2Q25 Results Slides 6 - 10 Capex, Cash Flow & Capital Allocation Slides 11 - 12 Outlook Slides 13 - 15 Appendix & Non-GAAP Financial Measures SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLU
Slide 4: Key Updates
Key Updates • Structurally higher contractual earnings and execution on initiatives are driving earnings growth Strategy Update • On track to achieve expected 2025 benefits from strategic initiatives • Secular trends, large addressable markets, and value proposition support long-term growth opportun
Slide 5: Higher Earnings and Return Profile Reflects Transformative Changes
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. SUPPLY CHAIN | DEDICATED TRANSPOR
Slide 6: Results Overview
Results Overview OPERATING REVENUE COMPARABLE EPS Second Quarter Second Quarter +2% $2.6B +11% $2.6B Increase primarily reflects $3.00 $3.32 Reflects higher contractual contractual revenue growth earnings and share in SCS and FMS repurchases 2Q24 2Q25 2Q24 2Q25 ROE FREE CASH FLOW Trailing 12 Months
Slide 7: 2nd Quarter Results Overview – FMS
2nd Quarter Results Overview – FMS OPERATING REVENUE $1.3B $1.3B 1% increase driven by higher ChoiceLease revenue 2Q24 2Q25 EARNINGS BEFORE TAX (EBT) 6% decrease reflects: $133M $126M • Higher ChoiceLease performance driven by pricing and maintenance cost savings initiatives • Lower used vehicles sa
Slide 8: 2nd Quarter Used Vehicle Sales Update – FMS
2nd Quarter Used Vehicle Sales Update – FMS % CHANGE IN PROCEEDS PER UNIT • 2Q25 pricing includes increased wholesale 3% volumes to manage aged inventory levels • 2Q25 retail mix of 50% vs 65% in prior year (10)% (17)% (17)% • Sequential retail pricing was up 10% for vs. 2Q24 vs. 1Q25 tractors and u
Slide 9: 2nd Quarter Results Overview – SCS
2nd Quarter Results Overview – SCS OPERATING REVENUE $989M $1.0B 3% increase driven by new business as well as higher customer volumes and pricing 2Q24 2Q25 EARNINGS BEFORE TAX (EBT) 16% increase reflects: $85M $99M • Operating revenue growth • Improved performance from the optimization of omnichann
Slide 10: 2nd Quarter Results Overview – DTS
2nd Quarter Results Overview – DTS OPERATING REVENUE $485M $470M 3% decrease primarily due to lower fleet count reflecting prolonged freight market downturn 2Q24 2Q25 EARNINGS BEFORE TAX (EBT) $37M $37M 1% increase reflects: • Acquisition synergies and prior year integration costs • Partially offset
Slide 11: Capital Expenditures
Capital Expenditures LEASE RENTAL Year-to-Date Year-to-Date $933M $832M $294M $268M 2Q24 2Q25 2Q24 2Q25 Lower investments reflect prior year OEM delivery delays Investments slightly below prior year Capital FY24 FY25F Expenditures Lease Vehicles $ 2.0 $ 1.8 (billions) Rental Vehicles 0.5 0.3 Operati
Slide 12: Earnings Power Expected to Increase Capital Capacity (3-Yr Outlook)
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 SUPPLY CHAIN | DEDIC
Slide 13: 2025 Outlook
2025 Outlook FULL YEAR EPS THIRD QUARTER EPS (Earnings Per Share from Continuing Operations) 2024 2025 Forecast 2024 2025 Forecast GAAP $11.06 $12.15 - $12.60 $3.25 $3.30 - $3.50 Comparable $12.00 $12.85 - $13.30 $3.44 $3.45 - $3.65 • Updated full-year 2025 comparable EPS forecast range to $12.85 -
Slide 14: Transformed Model Well-Positioned for Earnings Growth
Transformed Model Well-Positioned for Earnings Growth Strategic initiatives-based earnings growth expected in 2025 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. 14 All Rights Reserved
Slide 15: Delivering Shareholder Value
Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year in
Slide 16: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 16 © 2025 Ryder System, Inc. All Rights Reserved
Slide 17: Appendix
Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. 17 All Rights Reserved
Slide 18: Long Term Financial Model
Long Term Financial Model TARGET 2025 FORECAST ROE Long-term average over the cycle Low Twenties at targetReflective of cycle timing; within cycle range of Component drivers to achieve ROE target include: high-teens to mid-twenties Operating Operating Revenue Revenue Growth Growth Total Ryder High S
Slide 19: Historical Sales Price as % of Original Cost & Current Residual Value Estimates
Historical Sales Price as % of Original Cost & Current Residual Value Estimates Truck Residual Index1 Tractor Residual Index1 Range Residual Estimate for Accounting Residual Estimate for Accounting 2Q25 pricing includes increased wholesale volumes to manage aged inventory levels 1 Illustrative for T
Slide 20: Comparable Segment EBITDA
Comparable Segment EBITDA Second Quarter ($ Millions) 2025 YTD FMS SCS DTS Earnings before income tax $ 220 $ 186 $ 64 Interest expense 189 9 4 (1) Depreciation 785 56 3 (1) Used vehicle sales, net (7) — — Comparable Segment EBITDA (2) $ 1,187 $ 251 $ 71 2024 YTD FMS SCS DTS Earnings before income t
Slide 21: Cash Flow
Cash Flow OPERATING CASH FLOW AND FREE CASH FLOW HISTORY FREE CASH FLOW SUMMARY (billions) Operating Cash Flow Free Cash Flow (billions) 2024 2025F(1) Cash Flow from Operations $ 2.3 $ 2.8 $2.8B Proceeds from Sales (Primarily Revenue Earning $2.2B $2.3B $2.4B $2.3B 0.6 0.5 Equipment) $1.1B $0.9B $1.
Slide 22: © 2025 Ryder System, Inc. All Rights Reserved
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. 22 All Rights Reserved
Slide 23: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to,
Slide 24: Fleet Management Solutions (FMS)
Fleet Management Solutions (FMS) ($ Millions) Second Quarter Revenue 2025 2024 % B/(W) ChoiceLease $ 871 $ 856 2% Commercial rental 239 244 (2)% SelectCare and other 178 176 2% FMS operating revenue (1) 1,288 1,276 1% Fuel services revenue (2) 179 202 (12)% FMS total revenue $ 1,467 $ 1,478 (1)% Ear
Slide 25: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) Second Quarter ($ Millions) Revenue 2025 2024 % B/(W) Omnichannel retail $ 300 $ 287 5% Automotive 280 280 —% Consumer packaged goods 302 286 5% Industrial and other 137 136 —% SCS operating revenue (1) 1,019 989 3% Subcontracted transportation and fuel 347 352 (1)% SCS
Slide 26: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) Second Quarter ($ Millions) Revenue 2025 2024 % B/(W) (1) DTS Operating Revenue $ 470 $ 485 (3)% Subcontracted transportation and fuel 136 150 (9)% DTS Total Revenue $ 606 $ 635 (5)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 37 $ 37 1% DTS EBT as a
Slide 27: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) Second Quarter 2025 2024 Total Revenue $ 3,189 $ 3,182 Subcontracted Transportation and Fuel (579) (621) (1) Operating Revenue $ 2,610 $ 2,561 Year-to-Date Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure
Slide 28: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions, Except Per Share Amounts) 2Q25 2Q25 2Q24 2Q24 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 132 $ 3.15 $ 126 $ 2.83 Non-operating pension costs, net 8 0.18 7 0.17 Acquisition costs — — 1 0.01 Other, net (1) (0.01) — (
Slide 29: Comparable EPS Reconciliation
Comparable EPS Reconciliation Third Quarter 2025 Full Year 2025 Forecast Forecast EPS from continuing operations forecast (GAAP) $3.30 - $3.50 $12.15 - $12.60 Non-operating pension costs, net 0.15 0.70 Comparable EPS from continuing operations forecast (non-GAAP) $3.45 - $3.65 $12.85 - $13.30 Third
Slide 30: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation (1) Twelve months ended June 30, ($ Millions) 2018 2024 2025 2025 Forecast Net earnings $ 285 $ 495 $ 506 $ 520 Other items impacting comparability, net 22 10 8 — Tax impact (1) 1 (6) — — Adjusted net earnings [A] $ 308 $ 499 $ 514 $ 520 Average shareholders'
Slide 31: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ Millions) Six months ended June 30, 2024 2025 Cash Provided by Operating Activities from Continuing Operations $ 1,078 $ 1,403 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 317 260 Other, net (1) — 1 Total Cash Generated (2) 1,395 1,664 Purchases of Pr
Slide 32: Cash Flow Reconciliation
Cash Flow Reconciliation ($ Millions) 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)