Third Quarter 2026 3Q 2026 Earnings Presentation

e

Ever be$er.

October 22, 2026

SUPPLY CHAIN I DEDICATED TRANSPORTATION

Contents

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

3

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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Higher Earnings and Return Profile Reflects Transformative Changes

2018: Pre-transformation

Freight CyrJe Peak

2026F: Post-transformation

Ryder Today

CHANGE (A)

Revenue Mix

Comparable EPS

ROE

Operating Cash Flow

$5.95

I3R»

$1.7B

• SMS

• SCS/ DTS

$14.85 - $15.05

18Po - 19Po

$2.6B

+16 pts (SCS / DTS)

>2.5X

+500 - 600 bps

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.

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8'h consecutive quarter of comparable EPS growth

Comparable EPS up year-over-year

+21K $4.33

$3.57

On track to acnfeve benefits from strategic initiatives

Expect 2026 benefits of $70M+

$170M+

Strengthening freight market conditions

Contractual sales activity

• Strong across all segments, with accelerating activity in Lease and Dedicated

• Benefitting from demand for quality capacity

  Used Vehicle Sales

• Better-than-expected pricing and retail volumes

  3Q25 3€t26

  2024

  2025

  2026F

  • Benefitting from lower market inventories

    ROE of 18% - in line with expectations during early stages of freight market recovery

    Results reflect strength of contractual portfolio and resiliency of transformed business model

    Expected to be key driver of 2026 comparable earnings growth

    and elevated spot rates

    Lease miles per unit

  • Up YOY and sequentially

    Commercial Rental

  • Strong power utilization; up 700bps YOY and up sequentially

Note: See Appendix for reconciliations of non-GAAP financial measures, including Comparable EPS, ROE, and Free Cash Flow

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OPERATING REVENUE

Third Quarter

COMPARABLE EPS

Third Quarter

$2.6B

+6%

$2.8B

Reflects contractual revenue growth in SCS and FMS

$3.57

+21%

$4.33

Reflects higher earnings in FMS and share repurchases

3Q25 3Q26

3Q25 3Q26

ROE FREE CASH FLOW

Trailing 12 Months

17% 18%

Reflects share repurchases and earnings

$496M

Year-to-Date

$992M

Primarily reflects reduced capital expenditures

3Q25 3Q26 3Q25 3Q26

Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue, Comparable EPS, ROE, and Free Cash Flow.

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OPERATING REVENUE

$1.3B

+5%

$1.3B

3Q25 3Q26

EARNINGS BEFORE TAX (EBT)

$146M

+21%

$177M

EBT as % of Operating Revenue

3Q25 3Q26

11.4% 13.2%

Strong earnings growth driven by contractual business performance, UVS and Rental

Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue.

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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19%

% CHANGE IN PROCEEDS PER UNIT

15%

5% 6%

vs. 3Q25 vs. 2Q26

USED VEHICLES SOLD

3Q25 2Q26 3Q26 3Q25 2Q26 3Q26

Used vehicle prices continued to improve, reflecting early stages of freight market recovery

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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OPERATING REVENUE

+9%

$1.1B

$1.0B

3Q25 3Q26

EARNINGS BEFORE TAX (EBT)

$86M

+7%

$91M

EBT as % of Operating Revenue

3Q25 3Q26

8.3% 8.1%

Earnings growth reflects benefits from strategic initiatives

Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue.

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OPERATING REVENUE

$458M $455M

-1%

3Q25 3Q26

EARNINGS BEFORE TAX (EBT)

$36M

-5%

$34M

EBT as % of Operating Revenue

3Q25 3Q26

7.8% 7.5%

Earnings reflect lower fleet count partially offset by execution of strategic initiatives

Note: See Appendix for reconciliations of non-GAAP financial measures, including Operating Revenue and EBT as % of Operating Revenue.

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Year-to-Date

$1.2B $1.0B

3Q25 3Q26

Year-to-Date

$271M $265M

3Q25 3Q26

Capital Expenditures (billions)

FY25 FY26F

Lease Vehicles $ 1.5 $ 1.7

Rental Vehicles 0.3 0.5

Operating Property & Equipment 0.2 0.2

Gross Capital Expenditures $ 2.1 $ 2.4

Less: Proceeds from Sales (0.5) (0.5)

Net Capital Expenditures $ 1.6 $ 1.9

Note: Amounts may not be additive due to rounding.

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Earnings Power Expected to Increase Capital Capacity (3-Yr View)

ESTIMATED SOURCES

DEPLOYMENT OPPORTUNITIES

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 million share repurchase program authorized in 2Q

  -514B

  Available for Capital Deployment

  Replacement Capex

  9.OB

  Dividends

  -$0.5B

  Gmv4h AcquisCans & Capex Share Buybacks ,

  1 Debt capacity based on 2.75x leverage (midpoint of target range)

  2 As of 9/30/26

  ~$4.5B of flexible capital deployment capacity over 3-year period represents ~50% of market cap2

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  2026 Outlook

  (Earnings Per Share from Continuing Operations)

  GAAP

  Comparable

  FULL YEAR EPS

  FOURTH QUARTER EPS

  2025 $3.25		2026 Forecast $(0.15) - $0.05
  $3.59		$4.25 - $4.45

  2025 $11.99		2026 Forecast $9.75 - $9.95
  $12.92		$14.85 - $15.05

  • Full-year 2026 comparable EPS forecast range raised to $14.85 - $15.05 from $14.40 - $14.80

    • Reflects stronger than expected 3Q performance

    • Reflects incremental benefit from improving market conditions in used vehicle sales and rental

  • 2026 ROE forecast raised to 18% - 19%

  • 2026 free cash flow forecast unchanged at $700 million - $800 million

  • 4Q26 and full-year 2026 GAAP EPS forecasts include estimated non-cash pension settlement charges of $4.30 related to the transfer of our U.K. and Canadian defined benefit pension plan obligations to insurance companies. The pension settlement will have no impact to shareholders' equity

EPS, ROE, and Free Cash Flow.

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FMS

ChoiceLease pricing

Multi-year maintenance cost-savings

FMS

Improved freight market Rental demand & UV5 gains

Strong 2026 sales activity

DTS

SCS

Acquisition synergies Flex operating structure

Optimization of omnichannel retail

DTS Tightening driver market

Recovery of omnichannel retail

in lease, dedicated, and supply chain

is creating momentum in our contractual

businesses

network

$170M+

pre-tax earnings Expected Annual Benefit

On track to deliver S70M+ in 2026

SCS

volumes

$25OM+

pre-tax earnings Expected Annual BeneM BY PEAE

Potential benefit as freight market conditions improve

Profitable growth of our scaled, high-quality contractual businesses expected to deliver strong returns and earnings durability over the cycle

$40M S 10M+

2024

2025 2026F

2026F Post- 2026

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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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 initiatives provide significant opportunity for long-term profitable growth

Investing in customer-centric innovation to create value for our customers and shareholders

Our transformed model provides a solid foundation to meaningfully benefit from the cycle upturn

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17

Financial Targets Residuals Chart

Comparable Segment EBITDA Cash Flow

Asset Management

Non-GAAP Financial Measures & Reconciliations

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T A R G E T 2 0 2 6 F O R E C A S T

Long-term average over the cycle Low Twenties

Component drivers to achieve ROE target include:

Operating Revenue Growth

Total Ryder High Single Digit

Fleet Management Mid Single Digit

Supply Chain Low Double Digit

Dedicated High Single Digit

EBT as % of Operating Revenue

Fleet Management Low Teens

Supply Chain High Single Digit

Dedicated High Single Digit

Leverage (Debt-to-Equity) 2.5x - 3.0x

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.

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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Reflective of cycle timing; within cycle range of

high-teens to mid-twenties

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

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Note: See Appendix for reconciliations of non-GAAP financial measures, including ROE, Operating Revenue, and EBT as % of Operating Revenue.

Historical Used Vehicle Sales Price as % of Original Cost

Truck Residual Index1

Tractor Residual Index1

Residual Estimates for Accounting

Used vehicle prices remained above residual value estimates

1 Illustrative for Truck and Tractor (U.S. only) fleets. Depicts Ryder's sales prices as a percent of original cost indexed to the value in 1999 to show the percent change in value each year through the period ending September 30, 2026. Excludes vehicles operated in excessively high mileage applications and sales prices adjusted to a consistent age at sale. Used vehicle sales prices reflect retail/wholesale mix at the respective periods.

SUPPLY CHAIN | DEDICATED TRANSPORTATION | FLEET MANAGEMENT SOLUTIONS

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Third Quarter

2025 YTD FMS SCS DTS

Note: Amounts may not be additive due to rounding. Segment EBITDA excludes eliminations, unallocated CSS, intangible amortization expense, non-operating pension costs, net and certain other items.

(1) Excludes the impact of depreciation and gains on vehicles sold allocated to SCS and DTS.

(2) Non-GAAP financial measure. A reconciliation of GAAP earnings before income tax to comparable EBITDA for each business segment (FMS, SCS and DTS) is set forth in this table.

($ Millions)

21

(billions)

Operating Cash Flow Free Cash Flow

$(0.1)B $0.1B

FY22 FY23 FY24

FY25

FY26F(1)

Equipment)

Includes $0.4B UK asset sales

Higher lease replacement

Lower capex due to freight downturn

Lower capex and tax reform benefits

(1) Represents high end of $700M - $800M Free Cash Flow forecast range

CAPITAL ALLOCATION PRIORITIES

• Invest in organic growth in line with balanced growth strategy

• Pursue strategic acquisitions

• Repurchase shares and pay dividends

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Note: Amounts may not be additive due to rounding. 22

Note: See Appendix for reconciliation of non-GAAP financial measures, including Free Cash Flow.

Asset Management Update (US Only YTD)

0 3QZ0 YTD B 3Q21 YTD B 3QZ2 YTD B 3Q23 YTD M 3Q24 YTD B 4QZS YTD B 3QZ6 YTD

lReode

ts- Vet ides coming off-lease or in Rental with

8.OA

7.0%

6.5K

6-2&

5.2B

useful life remaining are redeployed in the Ryder fleet (SCS, DTC. or vith anoMer Lease customer). Redeployments exclude units transferred into the Rental product line.

Extensions - Ryder re-prices lease contrad and extends maturity date.

tIern- Customer defaults or elects to terminate lease prior to maturity. Depending on the remaining useful life, Me vehicle may be redeployed in the Ryder fleet (Commercial Rental, SCS, DTS, other Lease customer} or sold by Ryder.

° 4.0%

t.2g

2.*&

3.0% ¿

Extensions Early Terminations

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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 presentation:

Non-GAAP Financial Measure Comparable GAAP Measure Reconciliation & Additional Information Presented on Slide Titled Operating Revenue Measures:

Operating Revenue Total Revenue Total Revenue to Operating Revenue Reconciliation

FMS Operating Revenue, SCS Operating Revenue and DTS Operating Revenue

FMS Total Revenue, SCS Total Revenue and DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated

Transportation Solutions (DTS)

FMS EBT as a % of FMS Operating Revenue, SCS EBT as a % of SCS Operating Revenue, and DTS EBT as a % of DTS Operating Revenue

FMS EBT as a % of FMS Total Revenue, SCS EBT as a % of SCS Total Revenue, and DTS EBT as a % of DTS Total Revenue

Fleet Management Solutions (FMS), Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS)

Comparable Earnings Measures:

Comparable Earnings and Comparable EPS Earnings and EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation

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.

Adjusted Return on Equity Reconciliation

FMS Comparable EBITDA, SCS Comparable EBITDA, and DTS Comparable EBITDA **

FMS EBT, SCS EBT, and DTS EBT Comparable Segment EBITDA

Cash Flow Measures:

Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation

** We believe comparable segment EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance by segment.

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Third Quarter ($ Millions)

NM - Not meaningful

Note: Amounts may not be additive due to rounding.

(1) Non-GAAP financial measure.

(2) Includes intercompany fuel sales from FMS to SCS and DTS.

25

Third Quarter

($ Millions)

Note: Amounts may not be additive due to rounding.

(1) Omnichannel retail includes retail, technology, last mile, and e-commerce.

(2) Non-GAAP financial measure.

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Third Quarter

($ Millions)

Note: Amounts may not be additive due to rounding.

(1) Non-GAAP financial measure.

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Third Quarter

($ Millions)

2026 2025

Total Revenue $ 3,433 $ 3,171

Subcontracted Transportation (379) (358)

Fuel (295) (202)

Operating Revenue (1) $ 2,759 $ 2,611

Note: Amounts may not be additive due to rounding.

(1) Non-GAAP financial measure.

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($ Millions, Except Per Share Amounts)

3Q26 3Q26 3Q25 3Q25

Earnings EPS Earnings EPS

Comparable (non-GAAP) $ 5.95

Note: Amounts may not be additive due to rounding.

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30

Twelve months ended September 30,

FY 2018 2025 2026 2026 Forecast

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.

($ Millions)

31

($ Millions)

Nine months ended September 30,

Note: Amounts may not be additive due to rounding.

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 revenue earning equipment and operating property and equipment, and other cash inflows from investing activities, less purchases of property and revenue earning equipment.

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($ Millions)

Note: Amounts may not be additive due to rounding.

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 revenue earning 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.

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