Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call October 23, 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 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 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLU
Slide 4: Key Updates
Key Updates • Resilient contractual businesses and execution on strategic initiatives are driving earnings growth Strategy Update • On track to achieve expected 2025 earnings growth and benefits from strategic initiatives • Secular trends, large addressable markets, and value proposition support lon
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 Third Quarter Third Quarter Higher contractual $2.6B +1% $2.6B $3.44 +4% $3.57 earnings and share Primarily reflects contractual repurchases partially revenue growth in SCS and offset by lower used FMS vehicle sales results and rental demand 3Q24 3Q2
Slide 7: 3rd Quarter Results Overview – FMS
3rd Quarter Results Overview – FMS OPERATING REVENUE $1.3B $1.3B Operating revenue in line with prior year 3Q24 3Q25 EARNINGS BEFORE TAX (EBT) 11% increase reflects: $132M $146M • Higher ChoiceLease performance driven primarily by pricing and maintenance cost savings initiatives • Partially offset b
Slide 8: 3rd Quarter Used Vehicle Sales Update – FMS
3rd Quarter Used Vehicle Sales Update – FMS % CHANGE IN PROCEEDS PER UNIT • Sequential pricing benefited from higher 7% retail mix —% • 3Q25 retail mix of 54% vs 50% in 2Q25 and (6)% 68% in prior year (15)% vs. 3Q24 vs. 2Q25 • Sequential retail pricing was down 4% for tractors and unchanged for truc
Slide 9: 3rd Quarter Results Overview – SCS
3rd Quarter Results Overview – SCS OPERATING REVENUE $996M $1.0B 4% increase primarily driven by new business in omnichannel retail 3Q24 3Q25 EARNINGS BEFORE TAX (EBT) $93M $86M 8% decrease reflects: • Benefits from operating revenue • More than offset by e-commerce network performance and medical c
Slide 10: 3rd Quarter Results Overview – DTS
3rd Quarter Results Overview – DTS OPERATING REVENUE $486M $458M 6% decrease primarily due to lower fleet count reflecting prolonged freight market downturn 3Q24 3Q25 EARNINGS BEFORE TAX (EBT) $36M $36M In line with prior year reflecting acquisition synergies offset by lower operating revenue 3Q24 3
Slide 11: Capital Expenditures
Capital Expenditures LEASE RENTAL Year-to-Date Year-to-Date $1.5B $1.2B $401M $271M 3Q24 3Q25 3Q24 3Q25 Prior year includes impact of OEM delivery delays Investments reflect weaker freight market conditions from 2023 orders Capital FY24 FY25F Expenditures Lease Vehicles $ 2.0 $ 1.8 (billions) Rental
Slide 12: Earnings Power Expected to Increase Capital Capacity
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 FOURTH QUARTER EPS (Earnings Per Share from Continuing Operations) 2024 2025 Forecast 2024 2025 Forecast GAAP $11.06 $12.10 - $12.30 $3.11 $3.30 - $3.50 Comparable $12.00 $12.85 - $13.05 $3.45 $3.50 - $3.70 • Updated full-year 2025 comparable EPS forecast range to $12.85 -
Slide 14: Transformed Model Well-Positioned for Earnings Growth
Transformed Model Well-Positioned for Earnings Growth Strategic initiatives-based earnings growth expected in 2025 SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. 14 All Rights Reserved
Slide 15: Delivering Shareholder Value
Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year in
Slide 16: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 16 © 2025 Ryder System, Inc. All Rights Reserved
Slide 17: Appendix
Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2025 Ryder System, Inc. 17 All Rights Reserved
Slide 18: Long Term Financial Model
Long Term Financial Model TARGET 2025 FORECAST ROE Long-term average over the cycle Low Twenties at targetReflective of cycle timing; within cycle range of Component drivers to achieve ROE target include: high-teens to mid-twenties Operating Operating Revenue Revenue Growth Growth Total Ryder High S
Slide 19: Historical Sales Price as % of Original Cost & Current Residual Value Estimates
Historical Sales Price as % of Original Cost & Current Residual Value Estimates Truck Residual Index1 Tractor Residual Index1 Range Residual Estimate for Accounting Residual Estimate for Accounting 2025 pricing includes increased wholesale volumes to manage inventory levels 1 Illustrative for Truck
Slide 20: Comparable Segment EBITDA
Comparable Segment EBITDA Third Quarter ($ Millions) 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 inc
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) Third Quarter 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 —% Earni
Slide 25: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) Third Quarter ($ Millions) 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
Slide 26: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) Third Quarter ($ Millions) 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
Slide 27: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) Third Quarter 2025 2024 Total Revenue $ 3,171 $ 3,168 Subcontracted Transportation (358) (367) Fuel (202) (208) Operating Revenue (1) $ 2,611 $ 2,593 Year-to-Date Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial
Slide 28: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions, Except Per Share Amounts) 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
Slide 29: Comparable EPS Reconciliation
Comparable EPS Reconciliation Fourth Quarter 2025 Full Year 2025 Forecast 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 $12
Slide 30: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation (1) Twelve months ended September 30, ($ Millions) 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 sharehold
Slide 31: Free Cash Flow Reconciliation
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
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)