Ryder System, Inc. · NYSE:R
Ryder System — Q3 2026 Earnings Presentation
33 slides from Ryder System's earnings presentation, Oct 22, 2026
Slide 1: Third Quarter 2026 Earnings Conference Call
Third Quarter 2026 Earnings Conference Call October 22, 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 3Q26 Earnings Release Conference Call 2026 Highlights & Strategic Update Slides 4 - 5 3Q26 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: 3Q26 Performance Highlights
3Q26 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: 3rd Quarter Results Overview
3rd Quarter Results Overview OPERATING REVENUE COMPARABLE EPS Third Quarter Third Quarter $2.6B +6% $2.8B +21% $4.33 Reflects contractual revenue $3.57 Reflects higher earnings in growth in SCS and FMS FMS and share repurchases 3Q25 3Q26 3Q25 3Q26 ROE FREE CASH FLOW Trailing 12 Months Year-to-Date $
Slide 8: 3rd Quarter Results Overview – FMS
3rd Quarter Results Overview – FMS OPERATING REVENUE $1.3B +5% $1.3B 3Q26 HIGHLIGHTS • Operating revenue reflects contractual growth 3Q25 3Q26 • Strategic initiatives continue to benefit ChoiceLease performance EARNINGS BEFORE TAX (EBT) • Used vehicle sales results reflect improving market condition
Slide 9: 3rd Quarter Used Vehicle Sales Update – FMS
3rd Quarter Used Vehicle Sales Update – FMS 19% % CHANGE IN PROCEEDS PER UNIT 15% 3Q26 HIGHLIGHTS 5% 6% • Pricing up YOY and sequentially • 3Q26 retail mix of 61% vs 54% in 3Q25 and vs. 3Q25 vs. 2Q26 56% in 2Q26 • Inventory declined YOY and sequentially USED VEHICLES SOLD USED VEHICLE INVENTORY • En
Slide 10: 3rd Quarter Results Overview – SCS
3rd Quarter Results Overview – SCS OPERATING REVENUE +9% $1.1B 3Q26 HIGHLIGHTS $1.0B • Operating revenue reflects new business and higher volumes and pricing, partially offset by lost business in automotive 3Q25 3Q26 • Earnings reflect: EARNINGS BEFORE TAX (EBT) ◦ Optimization of omnichannel retail
Slide 11: 3rd Quarter Results Overview – DTS
3rd Quarter Results Overview – DTS OPERATING REVENUE $458M $455M -1% 3Q26 HIGHLIGHTS • Operating revenue reflects lower fleet count, partially offset by higher pricing 3Q25 3Q26 • Earnings reflects: EARNINGS BEFORE TAX (EBT) ◦ Lower operating revenue and a prior year $36M -5% $34M workers’ compensat
Slide 12: Capital Expenditures
Capital Expenditures LEASE RENTAL Year-to-Date Year-to-Date $1.2B $1.0B $271M $265M 3Q25 3Q26 3Q25 3Q26 Reflects timing of sales activity; Replacement activity in line with prior year FY26 capex expected to be higher than prior year Capital FY25 FY26F Full-year capital expenditures forecast Expendit
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 $1.3B; FY26 forecast of $2.0B replacement and $0.1B of growth • Returned $0.5B to shareholders through buybacks and dividends • New discretionary 2
Slide 14: 2026 Outlook
2026 Outlook FULL YEAR EPS FOURTH QUARTER EPS (Earnings Per Share from Continuing Operations) 2025 2026 Forecast 2025 2026 Forecast GAAP $11.99 $9.75 - $9.95 $3.25 $(0.15) - $0.05 Comparable $12.92 $14.85 - $15.05 $3.59 $4.25 - $4.45 • Full-year 2026 comparable EPS forecast range raised to $14.85 -
Slide 15: Transformed Model Well-Positioned for Earnings Growth
Transformed Model Well-Positioned for Earnings Growth SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 15 All Rights Reserved
Slide 16: Delivering Shareholder Value
Delivering Shareholder Value Transformative changes to our business model and execution of our balanced growth strategy are enabling us to achieve long-term targets, increase business model resiliency, and outperform prior cycles Secular trends, operational expertise, and momentum from multi-year in
Slide 17: Q&A
Q&A SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS 17 © 2026 Ryder System, Inc. All Rights Reserved
Slide 18: Appendix
Appendix Financial Targets Residuals Chart Comparable Segment EBITDA Cash Flow Asset Management Non-GAAP Financial Measures & Reconciliations SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS © 2026 Ryder System, Inc. 18 All Rights Reserved
Slide 19: Long-Term Financial Model
Long-Term Financial Model TARGET 2026 FORECAST ROE Long-term average over the cycle Low Twenties at targetReflective of cycle timing; within cycle range of Component drivers to achieve ROE target include: high-teens to mid-twenties Operating Operating Revenue Revenue Growth Growth Total Ryder High S
Slide 20: Historical Used Vehicle Sales Price as % of Original Cost
Historical Used Vehicle Sales Price as % of Original Cost Truck Residual Index1 Tractor Residual Index1 Residual Estimates for Accounting Trucks: estimated long-term residual values Tractors: top-end of range represents estimated long-term residual values; bottom-end of range represents residual val
Slide 21: Comparable Segment EBITDA
Comparable Segment EBITDA Third Quarter ($ Millions) 2026 YTD FMS SCS DTS Earnings before income tax $ 426 $ 255 $ 93 Interest expense 271 16 4 Depreciation (1) 1,174 101 3 Used vehicle sales, net (1) (36) — — Comparable Segment EBITDA (2) $ 1,835 $ 372 $ 100 2025 YTD FMS SCS DTS Earnings before inc
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 $ 2.6 $2.3B $2.4B $2.6B $2.6B Proceeds from Sales (Primarily Revenue Earning $2.3B Equipment) 0.5 0.5 $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) Third Quarter Revenue 2026 2025 % B/(W) ChoiceLease $ 913 $ 875 4% Commercial rental 244 242 1% SelectCare and other 187 165 14% FMS operating revenue (1) 1,344 1,282 5% Fuel services revenue (2) 272 183 48% FMS total revenue $ 1,616 $ 1,465 10% Earnings
Slide 26: Supply Chain Solutions (SCS)
Supply Chain Solutions (SCS) Third Quarter ($ Millions) Revenue 2026 2025 % B/(W) Omnichannel retail (1) $ 404 $ 321 26% Automotive 257 270 (5)% Consumer packaged goods 302 304 (1)% Industrial and other 163 139 17% SCS operating revenue (2) 1,126 1,034 9% Subcontracted transportation and fuel 378 34
Slide 27: Dedicated Transportation Solutions (DTS)
Dedicated Transportation Solutions (DTS) Third Quarter ($ Millions) Revenue 2026 2025 % B/(W) DTS Operating Revenue (1) $ 455 $ 458 (1)% Subcontracted transportation and fuel 151 112 35% DTS Total Revenue $ 606 $ 570 6% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 34 $ 36 (5)% DTS EBT as a %
Slide 28: Total Revenue to Operating Revenue Reconciliation
Total Revenue to Operating Revenue Reconciliation ($ Millions) Third Quarter 2026 2025 Total Revenue $ 3,433 $ 3,171 Subcontracted Transportation (379) (358) Fuel (295) (202) Operating Revenue (1) $ 2,759 $ 2,611 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) 3Q26 3Q26 3Q25 3Q25 Earnings EPS Earnings EPS Continuing operations (GAAP) $ 162 $ 4.16 $ 139 $ 3.33 Non-operating pension costs, net 7 0.17 7 0.17 Other, net — — 3 0.07 Comparable (non-GAAP) $ 169 $ 4.
Slide 30: Comparable EPS Reconciliation
Comparable EPS Reconciliation Fourth Quarter 2026 Full Year 2026 Forecast Forecast EPS from continuing operations forecast (GAAP) $(0.15) - $0.05 $9.75 - $9.95 Non-operating pension costs, net 0.10 0.80 Pension settlements expense 4.30 4.30 Other, net — — Comparable EPS from continuing operations fo
Slide 31: Adjusted Return on Equity Reconciliation
Adjusted Return on Equity Reconciliation Twelve months ended September 30, ($ Millions) FY 2018 2025 2026 2026 Forecast Net earnings $ 285 $ 502 $ 520 $ 550 Other items impacting comparability, net 22 7 9 — Tax impact (1) 1 (1) (2) — Adjusted net earnings [A] $ 308 $ 508 $ 527 $ 550 Average sharehol
Slide 32: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation ($ Millions) Nine months ended September 30, 2025 2026 Cash Provided by Operating Activities from Continuing Operations $ 1,845 $ 1,985 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 380 382 Other, net (1) 1 — Total Cash Generated (2) 2,226 2,367 Purchases
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 $ 2,600 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 1,235 827 551 486 500 Other, net (1) 7 — — 1 — Total