Slide 1: Second Quarter 2026 Earnings Conference Call
Second Quarter 2026 Earnings Conference Call July 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 2Q26 Earnings Release Conference Call 2026 Highlights & Strategic Update Slides 4 - 5 2Q26 Results Slides 6 - 11 Capex, Cash Flow & Capital Allocation Slides 12 - 13 Outlook Slides 14 - 16 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: 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 6: 2Q26 Performance Highlights
2Q26 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. 6 All Rights Reserved
Slide 7: Second Quarter Results Overview
Second Quarter Results Overview OPERATING REVENUE COMPARABLE EPS Second Quarter Second Quarter +3% $2.7B $3.73 $2.6B $3.32 +12% Primarily reflects contractual Reflects share repurchases revenue growth in SCS and higher earnings in FMS 2Q25 2Q26 2Q25 2Q26 ROE FREE CASH FLOW Trailing 12 Months Year-to
Slide 8: 2nd Quarter Results Overview – FMS
2nd Quarter Results Overview – FMS OPERATING REVENUE $1.3B +1% $1.3B 2Q26 HIGHLIGHTS • Operating revenue reflects contractual growth partially offset by lower rental demand 2Q25 2Q26 • Strategic initiatives continue to benefit EARNINGS BEFORE TAX (EBT) ChoiceLease performance +20% • Higher used vehi
Slide 9: 2nd Quarter Used Vehicle Sales Update – FMS
2nd Quarter Used Vehicle Sales Update – FMS % CHANGE IN PROCEEDS PER UNIT 6% 2Q26 HIGHLIGHTS 3% 1% • YoY pricing reflects higher retail sales mix vs. 2Q25 vs. 1Q26 (1)% • 2Q26 retail mix of 56% vs 50% in 2Q25 and 61% in 1Q26 • Sequentially, retail pricing improved with trucks up 7% and tractors up 3
Slide 10: 2nd Quarter Results Overview – SCS
2nd Quarter Results Overview – SCS OPERATING REVENUE +7% $1.1B 2Q26 HIGHLIGHTS $1.0B • Operating revenue reflects new business, partially offset by lost business in automotive • Earnings impacted by lower automotive results and 2Q25 2Q26 productivity of new business, partially offset by optimization
Slide 11: 2nd Quarter Results Overview – DTS
2nd Quarter Results Overview – DTS OPERATING REVENUE $470M -3% $455M 2Q26 HIGHLIGHTS • Operating revenue reflects lower fleet count, partially offset by higher pricing 2Q25 2Q26 • Earnings primarily reflect lower operating revenue EARNINGS BEFORE TAX (EBT) and higher insurance costs, partially offse
Slide 12: Capital Expenditures
Capital Expenditures LEASE RENTAL Year-to-Date Year-to-Date $832M $605M $268M $94M 2Q25 2Q26 2Q25 2Q26 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) Re
Slide 13: 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 YTD 2026 • Replacement capex of $0.7B; FY26 forecast of $2.1B • Returned $406M to shareholders through buybacks and dividends • New discretionary 2 million share repurchase progra
Slide 14: 2026 Outlook
2026 Outlook FULL YEAR EPS THIRD QUARTER EPS (Earnings Per Share from Continuing Operations) 2025 2026 Forecast 2025 2026 Forecast GAAP $11.99 $13.50 - $13.90 $3.33 $3.80 - $4.00 Comparable $12.92 $14.40 - $14.80 $3.57 $4.00 - $4.20 • Full-year 2026 comparable EPS forecast range raised to $14.40 - $
Slide 15: 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. 15 All Rights Reserved
Slide 16: 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 17: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 17 © 2026 Ryder System, Inc. All Rights Reserved
Slide 18: 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. 18 All Rights Reserved
Slide 19: 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 20: 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 21: Comparable Segment EBITDA
Comparable Segment EBITDA Second Quarter ($ Millions) 2026 YTD FMS SCS DTS Earnings before income tax $ 249 $ 164 $ 59 Interest expense 181 10 3 Depreciation (1) 788 67 2 Used vehicle sales, net (1) (19) — — Comparable Segment EBITDA (2) $ 1,199 $ 241 $ 64 2025 YTD FMS SCS DTS Earnings before income
Slide 22: 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 $0.
Slide 23: © 2026 Ryder System, Inc. All Rights Reserved
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 23 All Rights Reserved
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to,
Slide 25: Fleet Management Solutions (FMS)
Fleet Management Solutions (FMS) ($ Millions) Second Quarter Revenue 2026 2025 % B/(W) ChoiceLease $ 885 $ 871 2% Commercial rental 229 239 (4)% SelectCare and other 189 178 5% FMS operating revenue (1) 1,303 1,288 1% Fuel services revenue (2) 257 179 44% FMS total revenue $ 1,560 $ 1,467 6% Earning
Slide 26: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) Second Quarter ($ Millions) Revenue 2026 2025 % B/(W) Omnichannel retail (1) $ 373 $ 300 24% Automotive 259 280 (7)% Consumer packaged goods 303 302 —% Industrial and other 160 137 17% SCS operating revenue (2) 1,095 1,019 7% Subcontracted transportation and fuel 377 347
Slide 27: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) Second Quarter ($ Millions) Revenue 2026 2025 % B/(W) DTS Operating Revenue (1) $ 455 $ 470 (3)% Subcontracted transportation and fuel 145 136 7% DTS Total Revenue $ 600 $ 606 (1)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 36 $ 37 (4)% DTS EBT as a
Slide 28: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) Second Quarter 2026 2025 Total Revenue $ 3,347 $ 3,189 Subcontracted Transportation (379) (384) Fuel (282) (195) Operating Revenue (1) $ 2,686 $ 2,610 Year-to-Date Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial
Slide 29: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions, Except Per Share Amounts) 2Q26 2Q26 2Q25 2Q25 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 133 $ 3.40 $ 132 $ 3.15 Non-operating pension costs, net (1) 13 0.33 8 0.18 Other, net — — (1) (0.01) Comparable (non-GAAP) $
Slide 30: Comparable EPS Reconciliation
Comparable EPS Reconciliation Third Quarter 2026 Full Year 2026 Forecast Forecast EPS from continuing operations forecast (GAAP) $3.80 - $4.00 $13.50 - $13.90 Non-operating pension costs, net 0.20 0.89 Other, net — 0.01 Comparable EPS from continuing operations forecast (non-GAAP) $4.00 - $4.20 $14.
Slide 31: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation Twelve months ended June 30, ($ Millions) 2018 2025 2026 2026 Forecast Net earnings $ 285 $ 506 $ 496 $ 540 Other items impacting comparability, net 22 8 10 — Tax impact (1) 1 — — — Adjusted net earnings [A] $ 308 $ 514 $ 506 $ 540 Average shareholders' equit
Slide 32: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ Millions) Six months ended June 30, 2025 2026 Cash Provided by Operating Activities from Continuing Operations $ 1,403 $ 1,260 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 260 255 Other, net (1) 1 1 Total Cash Generated (2) 1,664 1,516 Purchases of Pr
Slide 33: 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