Slide 1: Fourth Quarter 2025 Earnings Conference Call
Fourth Quarter 2025 Earnings Conference Call February 11, 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" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forec
Slide 3: Contents
Contents 4Q25 Earnings Release Conference Call 2025 Highlights & Strategic Update Slides 4 - 6 4Q25 Results Slides 7 - 11 Capex, Cash Flow & Capital Allocation Slides 12 - 13 Outlook Slides 14 - 19 Appendix & Non-GAAP Financial Measures SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLU
Slide 4: Balanced Growth Strategy
Balanced Growth Strategy Note: See Appendix for reconciliations of non-GAAP financial measures, including ROE and Free Cash Flow. 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 (2025) 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: 2025 Performance Highlights
2025 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: Fourth Quarter Results Overview
Fourth Quarter Results Overview OPERATING REVENUE COMPARABLE EPS Fourth Quarter Fourth Quarter $2.6B $2.6B $3.45 +4% $3.59 In line with prior year Reflects share repurchases 4Q24 4Q25 4Q24 4Q25 ROE FREE CASH FLOW Trailing 12 Months Year-to-Date $946M Share repurchases and 17% Reduced capital 16% div
Slide 8: 4th Quarter Results Overview – FMS
4th Quarter Results Overview – FMS OPERATING REVENUE $1.3B -1% $1.3B 4Q25 HIGHLIGHTS • Operating revenue reflects lower rental demand 4Q24 4Q25 • Earnings reflect weaker market conditions in EARNINGS BEFORE TAX (EBT) rental and used vehicle sales -10% • Strategic initiatives continue to benefit $152
Slide 9: 4th Quarter Used Vehicle Sales Update – FMS
4th Quarter Used Vehicle Sales Update – FMS % CHANGE IN PROCEEDS PER UNIT 1% 6% 4% 4Q25 HIGHLIGHTS • Sequential pricing benefited from higher retail (9)% vs. 4Q24 vs. 3Q25 sales mix • 4Q25 retail mix of 69% vs 54% in 3Q25 and 64% in 4Q24 USED VEHICLES SOLD USED VEHICLE INVENTORY • Ending inventory s
Slide 10: 4th Quarter Results Overview – SCS
4th Quarter Results Overview – SCS OPERATING REVENUE $1.0B +3% $1.0B 4Q25 HIGHLIGHTS • Operating revenue reflects new business and volumes in omnichannel retail • Earnings reflect benefits from operating 4Q24 4Q25 revenue growth more than offset by lost EARNINGS BEFORE TAX (EBT) business and extende
Slide 11: 4th Quarter Results Overview – DTS
4th Quarter Results Overview – DTS OPERATING REVENUE $472M -4% $452M 4Q25 HIGHLIGHTS • Operating revenue reflects lower fleet count due to prolonged freight market downturn 4Q24 4Q25 • Earnings reflect lower bad debt and benefits EARNINGS BEFORE TAX (EBT) from acquisition synergies, partially offset
Slide 12: Capital Expenditures
Capital Expenditures LEASE RENTAL Full Year Full Year $2.0B $1.9B $1.5B $0.5B $0.3B $0.1B FY24 FY25 FY 26F FY24 FY25 FY 26F Higher replacement activity expected in 2026 Lower planned replacement activity in 2026 Capital FY24 FY25 FY26F Expenditures Lease Vehicles $ 2.0 $ 1.5 $ 1.9 (billions) Rental
Slide 13: Earnings Power Expected to Increase Capital Capacity
Earnings Power Expected to Increase Capital Capacity (3-Yr View) Executing against planned capital allocation priorities FY25 • Replacement capex of $1.8B • Returned $664M to shareholders through buybacks and dividends • Quarterly dividend increased 12%, 3rd consecutive year of double-digit increase
Slide 14: Introducing 2026 Outlook
Introducing 2026 Outlook 2025 RESULTS 2026 FORECAST MARKET ASSUMPTIONS Operating Revenue 1% 3% Growth Modest U.S. economic growth $12.92 $13.45 - $14.45 Comparable EPS Up 8% YoY Up 4% - 12% YoY No meaningful change in freight market conditions U.S. Class 8 production down 4% ROE 17% 17% - 18% Secula
Slide 15: 2026 Outlook Highlights
2026 Outlook Highlights Operating revenue growth below target reflecting freight market conditions FMS EBT% slightly below target, reflective of freight cycle timing partially offset by strategic initiatives Operating revenue growth accelerating throughout the year reflecting timing of new sales SCS
Slide 16: 2026 Causes of Comparable EPS Change
2026 Causes of Comparable EPS(1) Change ($ Earnings Per Share) (1) Represents Comparable EPS (Non-GAAP Metric) (2) Represents high end of $13.45 - $14.45 Comparable EPS forecast range 16 © 2026 Ryder System, Inc. Note: See Appendix for reconciliations of non-GAAP financial measures, including Compar
Slide 17: 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. 17 All Rights Reserved
Slide 18: EPS – Continuing Operations
EPS – Continuing Operations FULL YEAR EPS FIRST QUARTER EPS (Earnings Per Share) 2025 2026 Forecast 2025 2026 Forecast GAAP $11.99 $12.80 - $13.80 $2.29 $1.95 - $2.20 Comparable $12.92 $13.45 - $14.45 $2.46 $2.10 - $2.35 Note: See Appendix for reconciliations of non-GAAP financial measures, includin
Slide 19: Delivering Shareholder Value
Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year in
Slide 20: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 20 © 2026 Ryder System, Inc. All Rights Reserved
Slide 21: Appendix
Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 21 All Rights Reserved
Slide 22: Long Term Financial Model
Long Term Financial Model TARGET 2026 FORECAST ROE Long-term average over the cycle Low Twenties at targetReflective of cycle timing; within cycle range of Component drivers to achieve ROE target include: high-teens to mid-twenties Operating Operating Revenue Revenue Growth Growth Total Ryder High S
Slide 23: Historical Sales Price as % of Original Cost & Current Residual Value Estimates
Historical Sales Price as % of Original Cost & Current Residual Value Estimates Truck Residual Index1 Tractor Residual Index1 Residual Estimates for Accounting Trucks: estimated long-term residual values Tractors: top-end of range represents estimated long-term residual values; bottom-end of range r
Slide 24: Comparable Segment EBITDA
Comparable Segment EBITDA Fourth Quarter ($ Millions) 2025 YTD FMS SCS DTS Earnings before income tax $ 501 $ 355 $ 140 Interest expense 377 19 8 Depreciation (1) 1,576 119 6 Used vehicle sales, net (1) (22) — — Comparable Segment EBITDA (2) $ 2,432 $ 493 $ 154 2024 YTD FMS SCS DTS Earnings before i
Slide 25: 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 $0.
Slide 26: Select Segment Balance Sheet Items
Select Segment Balance Sheet Items December 31, 2025 ($ Millions) FMS (1) SCS DTS Total Assets excluding Goodwill & Intangibles $ 11,675 $ 2,744 $ 404 $ 14,823 Goodwill and Intangibles 270 1,003 291 1,564 Total assets 11,945 3,747 695 16,387 Debt (2) 6,752 703 190 7,645 Equity (3) $ 1,468 $ 1,389 $
Slide 27: © 2026 Ryder System, Inc. All Rights Reserved
SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 27 All Rights Reserved
Slide 28: 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 29: Fleet Management Solutions (FMS)
Fleet Management Solutions (FMS) ($ Millions) Fourth Quarter Revenue 2025 2024 % B/(W) ChoiceLease $ 897 $ 890 1% Commercial rental 237 249 (5)% SelectCare and other 163 169 (3)% FMS operating revenue (1) 1,297 1,308 (1)% Fuel services revenue (2) 169 177 (5)% FMS total revenue $ 1,466 $ 1,485 (1)%
Slide 30: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) Fourth Quarter ($ Millions) Revenue 2025 2024 % B/(W) Omnichannel retail (1) $ 374 $ 324 15% Automotive 240 262 (8)% Consumer packaged goods 287 289 —% Industrial and other 136 132 2% SCS operating revenue (2) 1,037 1,007 3% Subcontracted transportation and fuel 345 333
Slide 31: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) Fourth Quarter ($ Millions) Revenue 2025 2024 % B/(W) DTS Operating Revenue (1) $ 452 $ 472 (4)% Subcontracted transportation and fuel 113 143 (21)% DTS Total Revenue $ 565 $ 615 (8)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 40 $ 34 19% DTS EBT as
Slide 32: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) Fourth Quarter 2025 2024 Total Revenue $ 3,175 $ 3,189 Subcontracted Transportation (364) (378) Fuel (183) (194) Operating Revenue (1) $ 2,628 $ 2,617 Full Year Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial me
Slide 33: Earnings and EPS from Continuing Operations Reconciliation
Earnings and EPS from Continuing Operations Reconciliation ($ Millions, Except Per Share Amounts) 4Q25 4Q25 4Q24 4Q24 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 133 $ 3.25 $ 135 $ 3.11 Non-operating pension costs, net 7 0.18 8 0.18 Acquisition costs — — 1 0.01 Other, net 7 0.16 6 0.15
Slide 34: Comparable EPS Reconciliation
Comparable EPS Reconciliation First Quarter 2026 Full Year 2026 Forecast Forecast EPS from continuing operations forecast (GAAP) $1.95 - $2.20 $12.80 - $13.80 Non-operating pension costs, net 0.15 0.65 Comparable EPS from continuing operations forecast (non-GAAP) $2.10 - $2.35 $13.45 - $14.45 First
Slide 35: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation (1) Twelve months ended December 31, ($ Millions) 2018 2024 2025 Net earnings $ 285 $ 489 $ 499 Other items impacting comparability, net 22 13 9 Tax impact (1) 1 (2) 1 Adjusted net earnings [A] $ 308 $ 500 $ 509 Average shareholders' equity $ 2,493 $ 3,078 $
Slide 36: 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