Slides
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1 Investor Overview February 2026
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved Safe Harbor and Non-GAAP Financial Measures 2 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 forecast and outlook; market conditions, such as expectations regarding macroeconomic uncertainty, rental demand and utilization, and used vehicle sales volume and pricing; the freight cycle, including the impact of the prolonged downturn and cycle timing and recovery on our businesses; total and operating revenue, earnings per share, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, debt-to-equity, capital expenditures (including with respect to lease/rental replacement, lease/rental growth, and operating property and equipment), and the causes of change; executing on our transformed business model; outperforming prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; growing our business profitably; organic growth; growth and continued strong earnings performance in our contractual businesses; strategic investments and acquisitions, including acquisition synergies; the omnichannel retail network; our capital deployment capacity; our actions to increase returns and create long-term value; returning capital to shareholders, including through share repurchases and dividends. Our forward-looking statements also include our estimates of the impact of residual value estimates on earnings and depreciation expense that is based in part on our current assessment of the residual values and useful lives of revenue-earning equipment based on multi-year trends and our outlook for the expected near- and long-term used vehicle market. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements, including changes to taxes or tariffs; driver shortages; customer requirements and preferences; and changes in underlying assumption factors. All of our forward-looking statements should be evaluated by considering the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include: changes and uncertainty regarding financial, economic and market conditions in the U.S. and worldwide; supply chain and labor challenges and vehicle production constraints, including original equipment manufacturer (OEM) delays; the effect of geopolitical events; our ability to adapt to changing market conditions, including lower than expected contractual sales, decreases in rental demand or utilization, poor acceptance of rental pricing, declining market demand for or excess supply of used vehicles impacting current or estimated pricing, and our anticipated proportion of retail versus wholesale sales; declining customer demand for our services; higher than expected maintenance costs; lower than expected benefits from our cost-savings initiatives; our ability to effectively and efficiently integrate acquisitions into our business; lower than expected benefits from our sales, marketing and new product initiatives; setbacks in the economic market or in our ability to retain profitable customer accounts; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements, including the impact to our customers and partners; difficulty in obtaining adequate profit margins for our services; inability to maintain current pricing levels due to, for example, economic conditions, business interruptions, expenditures, labor disputes and extreme weather or other natural occurrences; competition from other service providers; changes in technology and new entrants; professional driver and technician shortages resulting in higher procurement costs and turnover rates; impact of supply chain disruptions; higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; adequacy of accounting estimates; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; impact of changes in our residual value estimates and accounting policies, including our depreciation policy; unanticipated changes in fuel and alternative energy prices; unanticipated currency exchange rate fluctuations; fluctuations in inflation or interest rates; our ability to manage our cost structure; inability of our information technology systems to provide timely and accurate access to data or of our information security program to safeguard our or our stakeholders' data; and the risks described in our filings with the Securities and Exchange Commission (SEC). The risks included here are not exhaustive. New risks emerge from time to time, and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Note Regarding Non-GAAP Financial Measures: This presentation includes certain non-GAAP financial measures as defined under SEC rules, including: Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; and comparable earnings before income tax. Additionally, our adjusted ROE (ROE) measure is calculated based on adjusted earnings items. Operating Revenue Measures, including operating revenue, operating revenue growth and EBT as a percentage of operating revenue, in each case for Ryder and its business segments. Cash Flow Measures, including total cash generated and free cash flow. Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures as required by Regulation G and Item 10(e) of Regulation S-K can be found in our most recent Form 10-K, Form 10-Q and Form 8-K filed with the SEC as of the date of this presentation, which are available at https://investors.ryder.com. All amounts subsequent to January 1, 2017, have been recast to reflect the impact of the lease accounting standard, ASU 2016 -02, Leases. Amounts throughout the presentation may not be additive due to rounding.
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© 2026 Ryder System, Inc. All Rights Reserved 3 Key Investor Themes
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 4 Summary of Key Investor Themes 1 2 3 4 Significantly higher earnings and return profile resulting from transformative changes to business model; outperforming prior cycles Leader in North American logistics and transportation outsourcing offering port-to- door solutions with significant growth opportunity from secular trends and large addressable markets Industry leader in customer-centric product innovation drives future growth potential Earnings power from large, contractual revenue base is driving increased capital deployment capacity to support profitable growth and return capital to shareholders
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 5 Transformed Foundation and Strategy Execution Support Profitable Growth Opportunities 1
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 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. 6 1 Higher Earnings and Return Profile Reflects Transformative Changes
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved Leadership position in three scaled businesses – each positioned for long-term profitable growth 7 Leading Provider of Outsourced Logistics and Transportation Solutions in North America (3) 12.7 Billion Total Revenue(1) 51,600 Employees(2) ~240,000 Vehicles(3) > 100 Million Sq. Ft. Warehouse Space ~800 Maintenance Locations TOTAL REVENUE BY SEGMENT (4) 38% 19% 43% Fleet Management Solutions (FMS) Supply Chain Solutions (SCS) Dedicated Transportation Solutions (DTS) RYDER 2025 PROFILE DIVERSIFIED CUSTOMER BASE (5) 23% 16% 12% 12% 12% 7% 6% 5% 7% Food and Beverage Retail and Consumer Goods Industrial Transportation and Logistics Automotive Housing Technology Business and Personal Services Other (1) This amount results from continuing operations, (2) Total employees as of 12/31/25, (3) 2025 Average Vehicle Count, (4) a s a % of total revenue as of 12/31/2025, and (5) as a % of operating revenue (a non -GAAP measure) as of 12/31/2025 2
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 8 2 Port-to-Door: Fully Integrated Supply Chain and Transportation Solutions Port-to-door solutions connect every step of the supply chain
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 9 2 Complementary Business Segments Provide Broad Range of Value-added Solutions BUSINESS SEGMENT SYNERGIES & RELATED BENEFITS FMS Vehicle leasing and rental, maintenance, and support services DTS Drivers, routing, scheduling, and administration SCS Distribution / transportation management, dedicated transportation, brokerage, e-commerce, and last mile Equipment & Maintenance ~30K DTS / SCS vehicles are leased and maintained by FMS Asset Management Redeployed ~8,600 vehicles in 2025 Revenue Synergies ~50% of new sales in DTS are from FMS upsell opportunities DTS / SCS Shared Resources Technology • driver recruiting logistics engineering • brokerage FMS shop footprint Cost and operating efficiencies Manage rental utilization, cost, and operating efficiencies FMS upsell increases revenue 4-5x and margin 2-3x on same vehicle investment Scale and cost efficiencies
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 10 2 Companies Performing Their Own Logistics and Transportation Services Face Increasing Challenges Ryder is well positioned to address the challenges facing the large, non-outsourced transportation and logistics market Labor ConstraintsDynamic Supply Chains Disruptive Technologies DYNAMIC SUPPLY CHAINS LABOR CONSTRAINTS INCREASING COSTS AND COMPLEXITY; GOVERNMENT INCENTIVES AND REGULATIONS DISRUPTIVE TECHNOLOGIES, OMNICHANNEL, AND ENERGY TRANSITION Focus on resilient and flexible supply chains Increased interest in nearshoring / onshoring Labor challenges pressure driver, technician, and warehouse worker workforce Higher vehicle maintenance and purchase costs Infrastructure investment incentives; changes to emissions standards and safety regulations Autonomous trucking, technology-enabled asset sharing and data analytics E-Commerce and final mile growth trends Low / zero emission powertrains, infrastructure support
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© 2026 Ryder System, Inc. All Rights Reserved 11 Technology Strategy – Customer-centric Investments Ryder is investing in customer-facing technology that enables a proactive supply chain – giving our customers a competitive advantage We identify customer pain points, gaps and expectations while staying ahead in new technologies and trends in logistics We create market offerings based on needs analysis and customer expectations with a true innovation focus We ensure customers can use the technology products via dedicated customer success & enablement teams – measuring all outcomes, performance and satisfaction DISCOVER DESIGN & DEVELOP DEPLOY & DELIVER • Customer Advisory Boards – CAB inputs • Individual Product Advisory Boards • RYDERVENTURES – investments in newest start up tech in logistics Customer-Facing Software & Services: • RYDERSHARE – Proactive Transportation Management • RYDERGYDE – Proactive Fleet Management • RYDERSHIP – Ecommerce WMS • RYDERVIEW – Ryder Last Mile Track & Trace • Warehouse Automation & Robotics • Piloting of new technologies – AV, Robotics, Agentic AI, etc Led by Baton & Product Technology Teams • Customer Success, Tech Deployment & Enablement teams for all software products • Direct feedback loop from deployments to product dev • Voice of the Customer – satisfaction measurement Our tech investments reduce the risk of experimentation for our customers, provide a clear path to winning technologies, and enable us to deliver improved operational efficiencies and better decision-making for a proactive supply chain How do we decide what technology to invest in and deploy? 3
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 12 4 Majority of Operating Revenue is Contractual and Provides Multi-Year Recurring Operating Cash Flow ~10% ~90% Contractual revenue FMS ChoiceLease & SelectCare SCS DTS supported by 3 to 7-year customer contracts with high retention experience Transactional revenue FMS: Commercial Rental • ChoiceLease locks in future revenue and cash flow over average 6-year contract life • DTS & SCS lock in future revenue and generate solid positive free cash flow throughout cycle % of Operating Revenue (1) Cash flow generated from sizable portfolio of contractual businesses supports long term value creation (1) % of Operating Revenue based on 5-year average (2021-2025) Includes Non-GAAP Financial Measures, such as Operating Revenue. Please see Appendix – Non-GAAP Financial Measures for the reconciliation to the GAAP Financial Measure.
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved CAPITAL ALLOCATION PRIORITIES – Invest in organic growth in line with balanced growth strategy – Pursue strategic acquisitions – Repurchase shares and pay dividends 13 Note: See Appendix for reconciliation of non-GAAP financial measures, including Free Cash Flow. OPERATING CASH FLOW AND FREE CASH FLOW HISTORY FREE CASH FLOW SUMMARY (billions) Includes $0.4B UK asset sales (billions) 2025 2026F(1) Cash Flow from Operations $ 2.6 $ 2.7 Proceeds from Sales (Primarily Revenue Earning Equipment) 0.5 0.5 Total Cash Generated $ 3.1 $ 3.2 Less: Fleet Replacement Capex 1.9 2.0 Operating Property & Equipment Capex 0.2 0.4 FCF Prior to Fleet Growth Capex $ 0.9 $ 0.8 Less: Fleet Growth Capex — — Free Cash Flow $ 0.9 $ 0.8 FY22 FY23 FY24 FY26F(1)FY25 Higher lease replacement Lower capex due to freight downturn Lower capex and tax reform benefits Note: Amounts may not be additive due to rounding. (1) Represents high end of $700M - $800M Free Cash Flow forecast range Structurally higher contractual earnings generate increased cash flow Increased Cash Flow Generation from Contractual Businesses and Improved Free Cash Flow Profile 4
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 14 Disciplined capital allocation generates positive free cash flow over the cycle and higher returns creating long-term value Capital Allocation Priorities to Create Shareholder Value 4 • Annual dividend growth ◦ 8% dividend growth in past 10 years1 ◦ Annualized quarterly dividend currently $3.64/ share • Share repurchases ~1.9% Dividend Yield1 Invest in Organic Growth • Base fleet reinvestment ◦ Replacement capital, partially offset by used vehicle proceeds ◦ Higher pricing / returns • Moderate fleet growth ◦ 2-4K lease vehicles • Accelerated growth in supply chain and dedicated • Innovative technology ◦ RyderShare, RyderView, etc. Pursue Targeted Acquisitions / Investments • New / expanded services and capabilities ◦ Co-packaging and co-manufacturing ◦ E-commerce fulfillment ◦ Multi-client warehousing ◦ Last mile delivery of big & bulky ◦ New / expanded SCS verticals • Increasing DTS scale and network density • Accretive tuck-in acquisitions • Disruptive trends ◦ RyderVentures Return Capital to Shareholders 1 as of 12/31/25
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 15 1 Debt capacity based on 2.75x leverage (midpoint of target range) Higher returns and strong balance sheet provide flexibility and ample investment capacity 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 increases • Authorized new discretionary 2 million share repurchase program in 4Q Earnings Power Expected to Increase Capital Capacity (3-Year View) 4
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved Long-term average over the cycle Low Twenties at target Component drivers to achieve ROE target include: Operating Revenue Growth Total Ryder High Single Digit at target Fleet Management Mid Single Digit below target Supply Chain Low Double Digit below target Dedicated High Single Digit EBT as % of Operating Revenue Fleet Management Low Teens at target Supply Chain High Single Digit at target Dedicated High Single Digit Leverage (Debt-to-Equity) 2.5x - 3.0x below target In order to achieve a long-term ROE target over the cycle, we are pursuing segment revenue and profitability targets as set forth above over the long-term. Our long-term leverage goal is also set forth above. These targets are based on management’s current estimates and expectations over the long-term and are subject to change. 16 ROE T A R G E T 2 0 2 6 F O R E C A S T Operating Revenue Growth EBT as % of Operating Revenue Leverage (Debt-to-Equity) Below long-term targets reflecting freight cycle conditions Expected to be In line with long-term targets; FMS is reflective of cycle timing Leverage at bottom-end of target Note: See Appendix for reconciliations of non-GAAP financial measures, including ROE, Operating Revenue, and EBT as % of Operating Revenue. Reflective of cycle timing; within cycle range of high-teens to mid-twenties Long Term Financial Model
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 17 Summary of Key Themes Transformative changes have increased earnings and return profile Leader in logistics and transportation outsourcing Large addressable markets / secular trends that favor outsourcing Earnings power from large, contractual revenue base is driving increased capital deployment capacity Investments in customer - centric innovation enable proactive supply chain Positive free cash flow in most years and over the cycle Strong balance sheet Returning cash to shareholders
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© 2026 Ryder System, Inc. All Rights Reserved 18 Appendix: Non-GAAP Financial Measures
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 19 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, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. Specifically, the following non -GAAP financial measures are included in this pres entation: Non-GAAP Financial Measure Comparable GAAP Measure Reconciliation & Additional Information Presented on Slide Titled Operating Revenue Measures: Operating Revenue Total Revenue Non-GAAP Financial Measure: Operating Revenue Comparable Earnings Measures: Comparable EPS EPS from Continuing Operations Non-GAAP Financial Measure: Comparable EPS Adjusted Return on Equity (ROE) Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. Non-GAAP Financial Measure: Adjusted Return on Equity Cash Flow Measures : Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Non-GAAP Financial Measure: Free Cash Flow
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 20 Note: Amounts may not be additive due to rounding. (1) Non-GAAP financial measure. Non-GAAP Financial Measure: Operating Revenue 2021 2022 2023 2024 2025 Total Revenue $ 9,663 $ 12,011 $ 11,783 $ 12,636 $ 12,665 Subcontracted Transportation (1,082) (1,580) (1,380) (1,499) (1,473) Fuel (753) (1,151) (906) (871) (786) Operating Revenue (1) $ 7,828 $ 9,280 $ 9,497 $ 10,266 $ 10,406 ($ Millions)
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 21 Note: Amounts may not be additive due to rounding. Full Year 2018 EPS from continuing operations (GAAP) $ 5.43 Non-operating pension costs, net 0.09 Restrcuturing and other, net 0.08 ERP implementation costs 0.01 Goodwill Impairment 0.29 Tax adjustments, net 0.05 Comparable EPS from continuing operations (non-GAAP) $ 5.95 Non-GAAP Financial Measure: Comparable EPS Full Year 2025 Diluted EPS from continuing operations (GAAP) $ 11.99 Non-operating pension costs, net 0.71 Other, net 0.22 Comparable EPS from continuing operations (non-GAAP) $ 12.92
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 22 Note: Amounts may not be additive due to rounding. 1. Includes income taxes on other items impacting comparability. 2. Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. 3. Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity is provided on this slide. Non-GAAP Financial Measure: Adjusted Return on Equity ($ Millions) Twelve months ended December 31, 2018 2025 Net earnings $ 285 $ 499 Other items impacting comparability, net 22 9 Tax impact (1) 1 1 Adjusted net earnings [A] $ 308 $ 509 Average shareholders' equity $ 2,493 $ 3,070 Average adjustments to shareholders' equity(2) (78) 5 Adjusted average shareholders' equity [B] $ 2,415 $ 3,075 Adjusted return on equity (3) [A]/[B] 13 % 17 %
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© 2026 Ryder System, Inc. All Rights Reserved © 2026 Ryder System, Inc. All Rights Reserved 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 Cash Generated (2) 3,552 3,180 2,816 3,081 3,200 Purchases of Property and Revenue Earning Equipment (1) (2,631) (3,234) (2,683) (2,135) (2,400) Free Cash Flow (2) (3) $ 921 $ (54) $ 133 $ 946 $ 800 1. Included in cash flows from investing activities. 2. Non-GAAP financial measure 3. We calculate free cash flow as the sum of net cash provided by operating activities, net cash provided by the sale of revenueearning equipment and operating property and equipment, and other cash inflows from investing activities, less purchases of property and revenue earning equipment. 4. Represents high end of $700 million - $800 million Free Cash Flow forecast range. Note: Amounts may not be additive due to rounding. 23 ($ Millions) Non-GAAP Financial Measure: Free Cash Flow
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© 2026 Ryder System, Inc. All Rights Reserved 24 Contact Information Calene Candela VP – Investor Relations ccandela@ryder .com Nicole Dominguez Group Director – Investor Relations nicole_dominguez@ryder .com Investor Website: http://investors.ryder .com