Slide 1: First Quarter 2026 Earnings Conference Call
First Quarter 2026 Earnings Conference Call April 23, 2026
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" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding: our for
Slide 3: Contents
Contents 1Q26 Earnings Release Conference Call 2026 Highlights & Strategic Update Slides 4 - 6 1Q26 Results Slides 7 - 12 Capex, Cash Flow & Capital Allocation Slides 13 - 14 Outlook Slides 15 - 17 Appendix & Non-GAAP Financial Measures SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLU
Slide 4: Balanced Growth Strategy Supports Continued Value Creation
Balanced Growth Strategy Supports Continued Value Creation SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 4 All Rights Reserved
Slide 5: Scaled Supply Chain & Transportation Solutions
– Scaled Supply Chain & Transportation Solutions Ryder’s capabilities and value-added services address our customers’ toughest challenges SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 5 All Rights Reserved
Slide 6: Higher Earnings and Return Profile Reflects Transformative Changes
Higher Earnings and Return Profile Reflects Transformative Changes Post-transformation returns (2026) well above pre-transformation peak returns (2018) Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS and ROE. SUPPLY CHAIN | DEDICATED TRANSPORTATION | F
Slide 7: 1Q26 Performance Highlights
1Q26 Performance Highlights Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS, ROE and Free Cash Flow SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 7 All Rights Reserved
Slide 8: First Quarter Results Overview
First Quarter Results Overview OPERATING REVENUE COMPARABLE EPS First Quarter First Quarter +1% +3% $2.6B $2.6B $2.46 $2.54 In line with prior year Reflects share repurchases, partially offset by lower earnings 1Q25 1Q26 1Q25 1Q26 ROE FREE CASH FLOW Trailing 12 Months Year-to-Date 17% 17% In line wi
Slide 9: 1st Quarter Results Overview – FMS
1st Quarter Results Overview – FMS OPERATING REVENUE $1.3B —% $1.3B 1Q26 HIGHLIGHTS • Operating revenue consistent with prior year 1Q25 1Q26 • Strategic initiatives continued to benefit ChoiceLease performance EARNINGS BEFORE TAX (EBT) • Used vehicle sales results reflected improving 6% market condi
Slide 10: 1st Quarter Used Vehicle Sales Update – FMS
1st Quarter Used Vehicle Sales Update – FMS % CHANGE IN PROCEEDS PER UNIT 6% 1Q26 HIGHLIGHTS • Sequential pricing reflects lower retail sales (5)% (3)% (4)% mix vs. 1Q25 vs. 4Q25 • 1Q26 retail mix of 61% vs 69% in 4Q25 and 56% in 1Q25 • Retail pricing remained stable sequentially USED VEHICLES SOLD
Slide 11: 1st Quarter Results Overview – SCS
1st Quarter Results Overview – SCS OPERATING REVENUE $1.0B +3% $1.0B 1Q26 HIGHLIGHTS • Operating revenue reflects new business in omnichannel retail, partially offset by lost business and lower volumes in automotive 1Q25 1Q26 • Earnings impacted by lower automotive results EARNINGS BEFORE TAX (EBT)
Slide 12: 1st Quarter Results Overview – DTS
1st Quarter Results Overview – DTS OPERATING REVENUE $460M -5% $438M 1Q26 HIGHLIGHTS • Operating revenue reflects lower fleet count due to prolonged freight market downturn 1Q25 1Q26 • Earnings reflect lower operating revenue, partially EARNINGS BEFORE TAX (EBT) offset by benefits from strategic ini
Slide 13: Capital Expenditures
Capital Expenditures LEASE RENTAL Year-to-Date Year-to-Date $413M $314M $78M $37M 1Q25 1Q26 1Q25 1Q26 Reflects timing of replacement activity; Lower planned replacement activity FY26 capex expected to be higher than prior year Capital FY25 FY26F Expenditures Lease Vehicles $ 1.5 $ 1.9 (billions) Ren
Slide 14: Earnings Power Expected to Increase Capital Capacity (3-Yr View)
Earnings Power Expected to Increase Capital Capacity (3-Yr View) Executing against planned capital allocation priorities 1Q26 • YTD replacement capex of $0.4B; FY26 forecast of $2.0B • Returned $272M to shareholders through buybacks and dividends • Executing under discretionary 2 million share repur
Slide 15: 2026 Outlook
2026 Outlook FULL YEAR EPS SECOND QUARTER EPS (Earnings Per Share from Continuing Operations) 2025 2026 Forecast 2025 2026 Forecast GAAP $11.99 $13.15 - $13.90 $3.15 $3.20 - $3.45 Comparable $12.92 $14.05 - $14.80 $3.32 $3.50 - $3.75 • Raised full-year 2026 comparable EPS forecast range to $14.05 -
Slide 16: Transformed Model Well-Positioned for Earnings Growth
Transformed Model Well-Positioned for Earnings Growth SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 16 All Rights Reserved
Slide 17: Delivering Shareholder Value
Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year in
Slide 18: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 18 © 2026 Ryder System, Inc. All Rights Reserved
Slide 19: Appendix
Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 19 All Rights Reserved
Slide 20: Long Term Financial Model
Long Term Financial Model TARGET 2026 FORECAST ROE Long-term average over the cycle Low Twenties at targetReflective of cycle timing; within cycle range of Component drivers to achieve ROE target include: high-teens to mid-twenties Operating Operating Revenue Revenue Growth Growth Total Ryder High S
Slide 21: Historical Used Vehicle Sales Price as % of Original Cost
Historical Used Vehicle Sales Price as % of Original Cost Truck Residual Index1 Tractor Residual Index1 Residual Estimates for Accounting Trucks: estimated long-term residual values Tractors: top-end of range represents estimated long-term residual values; bottom-end of range represents residual val
Slide 22: Comparable Segment EBITDA
Comparable Segment EBITDA First Quarter ($ Millions) 2026 YTD FMS SCS DTS Earnings before income tax $ 99 $ 72 $ 23 Interest expense 91 5 2 Depreciation (1) 398 32 1 Used vehicle sales, net (1) (12) — — Comparable Segment EBITDA (2) $ 576 $ 109 $ 26 2025 YTD FMS SCS DTS Earnings before income tax $
Slide 23: Cash Flow
Cash Flow OPERATING CASH FLOW AND FREE CASH FLOW HISTORY FREE CASH FLOW SUMMARY (billions) Operating Cash Flow Free Cash Flow (billions) 2025 2026F(1) Cash Flow from Operations $ 2.6 $ 2.7 $2.6B $2.7B Proceeds from Sales (Primarily Revenue Earning $2.3B $2.4B $2.3B 0.5 0.5 Equipment) $0.9B $0.9B $0.
Slide 24: © 2026 Ryder System, Inc. All Rights Reserved
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 24 All Rights Reserved
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to,
Slide 26: Fleet Management Solutions (FMS)
Fleet Management Solutions (FMS) ($ Millions) First Quarter Revenue 2026 2025 % B/(W) ChoiceLease $ 878 $ 867 1% Commercial rental 211 219 (4)% SelectCare and other 176 174 1% FMS operating revenue (1) 1,265 1,260 —% Fuel services revenue (2) 196 187 4% FMS total revenue $ 1,461 $ 1,447 1% Earnings
Slide 27: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) First Quarter ($ Millions) Revenue 2026 2025 % B/(W) Omnichannel retail (1) $ 351 $ 305 15% Automotive 249 271 (8)% Consumer packaged goods 290 294 (1)% Industrial and other 139 130 6% SCS operating revenue (2) 1,029 1,000 3% Subcontracted transportation and fuel 331 331
Slide 28: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) First Quarter ($ Millions) Revenue 2026 2025 % B/(W) DTS Operating Revenue (1) $ 438 $ 460 (5)% Subcontracted transportation and fuel 115 142 (19)% DTS Total Revenue $ 553 $ 602 (8)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 23 $ 27 (15)% DTS EBT as
Slide 29: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) First Quarter 2026 2025 Total Revenue $ 3,126 $ 3,131 Subcontracted Transportation (338) (368) Fuel (215) (206) Operating Revenue (1) $ 2,573 $ 2,557 Year-to-Date Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial
Slide 30: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions, Except Per Share Amounts) 1Q26 1Q26 1Q25 1Q25 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 93 $ 2.34 $ 98 $ 2.29 Non-operating pension costs, net 7 0.17 7 0.17 Other, net 1 0.03 1 — Comparable (non-GAAP) $ 101 $ 2.54
Slide 31: Comparable EPS Reconciliation
Comparable EPS Reconciliation Second Quarter 2026 Full Year 2026 Forecast Forecast EPS from continuing operations forecast (GAAP) $3.20 - $3.45 $13.15 - $13.90 Non-operating pension costs, net 0.30 0.85 Other, net — 0.05 Comparable EPS from continuing operations forecast (non-GAAP) $3.50 - $3.75 $14
Slide 32: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation Twelve months ended March 31, ($ Millions) 2018 2025 2026 2026 Forecast Net earnings $ 285 $ 502 $ 495 $ 535 Other items impacting comparability, net 22 8 10 — Tax impact (1) 1 (1) (1) — Adjusted net earnings [A] $ 308 $ 509 $ 504 $ 535 Average shareholders'
Slide 33: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ Millions) Three months ended March 31, 2025 2026 Cash Provided by Operating Activities from Continuing Operations $ 651 $ 583 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 122 117 Total Cash Generated (2) 773 700 Purchases of Property and Revenue Earni
Slide 34: Cash Flow Reconciliation
Cash Flow Reconciliation ($ Millions) 2022 2023 2024 2025 2026 Forecast (4) Net Cash Provided by Operating Activities from Continuing Operations $ 2,310 $ 2,353 $ 2,265 $ 2,594 $ 2,700 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 1,235 827 551 486 500 Other, net (1) 7 — — 1 — Total