Ryder Reports Fourth Quarter 2025 Results and Provides 2026 Outlook

Transformed Business Model Continues to Outperform Prior Cycles;
Upsized Strategic Initiatives Expected to Drive 2026 Earnings Growth

Fourth Quarter 2025 Highlights

• GAAP EPS from continuing operations of $3.25, up 5% from prior year
• Comparable EPS (non-GAAP) from continuing operations of $3.59, up 4% from prior year, reflecting share repurchases
• Total revenue of $3.2 billion, consistent with prior year
• Operating revenue (non-GAAP) of $2.6 billion, consistent with prior year

Full-Year 2025 Highlights

• GAAP EPS from continuing operations of $11.99, up 8% from prior year
• Comparable EPS (non-GAAP) from continuing operations of $12.92, up 8% from prior year, reflecting higher contractual earnings across all business segments and share repurchases, partially offset by lower used vehicle sales and rental results
• Adjusted return on equity (ROE) (non-GAAP) of 17%, compared to 16% in prior year
• Total revenue of $12.7 billion, consistent with prior
• Operating revenue (non-GAAP) of $10.4 billion, up 1%, primarily reflecting contractual revenue growth in Supply Chain Solutions (SCS) and Fleet Management Solutions (FMS)
• Net cash provided by operating activities from continuing operations of $2.6 billion and free cash flow (non-GAAP) of $946 million

Full Year 2026 Outlook

• ROE (non-GAAP) of 17% - 18%
• Comparable EPS (non-GAAP) of $13.45 - $14.45
• Operating revenue (non-GAAP) increase of 3%, primarily driven by SCS
• Net cash provided by operating activities from continuing operations of $2.7 billion and free cash flow (non-GAAP) of $700 million - $800 million

MIAMI--(BUSINESS WIRE)--Ryder System, Inc. (NYSE: R) reported results for the three months ended December 31 as follows:

	Earnings Before Taxes			Earnings			Diluted Earnings Per Share
(In millions, except EPS)	2025		2024	2025		2024	2025		2024
Continuing operations (GAAP)	$	177	181	$	133	135	$	3.25	3.11
Comparable (non-GAAP)	$	195	199	$	147	150	$	3.59	3.45

Total and operating revenue for the three months ended December 31 were as follows:

	Total Revenue				Operating Revenue (non-GAAP)
(In millions)	2025		2024	Change	2025		2024	Change
Total	$	3,175	3,189	—%	$	2,628	2,617	—%
Fleet Management Solutions (FMS)	$	1,466	1,485	(1)%	$	1,297	1,308	(1)%
Supply Chain Solutions (SCS)	$	1,382	1,340	3%	$	1,037	1,007	3%
Dedicated Transportation Solutions (DTS)	$	565	615	(8)%	$	452	472	(4)%

CEO Comment

"Ryder delivered earnings growth and another year of solid returns in 2025, reflecting the strength and resiliency of our transformed business model as well as consistent execution on strategic initiatives," says Ryder Chairman and CEO Robert Sanchez. "We achieved an annual benefit of $100 million from our multi-year strategic initiatives, with incremental benefits expected in 2026.

"Fourth quarter results represented our fifth consecutive quarter of earnings-per-share growth and were in line with our expectations. SCS and DTS continued to generate pre-tax earnings as a percent of operating revenue at their high single-digit target. In FMS, momentum from our lease pricing and maintenance cost savings initiatives continued to deliver solid quality of earnings despite used vehicle sales and rental market conditions.

"Solid ROE of 17% reflects the structural changes embedded in our transformed model and is in line with expectations given where we are in the freight cycle. The earnings power of our contractual lease, dedicated, and supply chain businesses continues to generate higher operating cash flow and increased capital deployment capacity, enabling us to fund profitable growth while returning capital to shareholders. During 2025, we returned $664 million to shareholders through buybacks and dividends and generated free cash flow of $946 million. Our balance sheet remains strong with leverage at the low end of our target debt-to-equity range.

"Secular growth trends and the value our solutions bring to our customers remain strong. In SCS, we achieved record sales in 2025, positioning us well for growth in 2026. In FMS and DTS, we expect contractual sales trends to improve as freight market conditions normalize. We remain focused on executing on our strategic initiatives and driving further cost and operating efficiencies. We are confident that continued execution on our balanced growth strategy provides a solid foundation for ongoing contractual earnings growth while also positioning us to benefit from a cycle upturn."

Fourth Quarter 2025 Segment Review

Fleet Management Solutions: Solid Earnings Despite Rental and Used Vehicle Sales Market Conditions

(In millions)	4Q25		4Q24	Change
Total Revenue	$	1,466	1,485	(1)%
Operating Revenue ^(1)	$	1,297	1,308	(1)%
Earnings Before Tax (EBT)	$	136	152	(10)%
EBT as a % of total revenue	9.3%		10.2%	(90) bps
EBT as a % of operating revenue ^(1)	10.5%		11.6%	(110) bps
^(1) Non-GAAP financial measure excluding fuel services revenue.

• FMS total revenue and operating revenue decreased 1%
  • Total revenue reflects lower operating and fuel revenue
  • Operating revenue reflects impact of weaker rental demand
• FMS EBT of $136 million
  • Strategic initiatives continue to benefit ChoiceLease performance
  • Rental and used vehicle sales results reflect weaker freight market conditions
  • Used tractor pricing increased 1% and truck pricing decreased 9% from prior year; sequentially from third quarter of 2025, used tractor and truck pricing increased 6% and 4%, respectively, reflecting a higher retail sales mix
  • Rental power-fleet utilization was 72% compared to 73% in the prior year, on a 8% smaller average fleet

Supply Chain Solutions: Earnings from Revenue Growth More Than Offset by Automotive Results

(In millions)	4Q25		4Q24	Change
Total Revenue	$	1,382	1,340	3%
Operating Revenue ^(1)	$	1,037	1,007	3%
Earnings Before Tax (EBT)	$	83	90	(8)%
EBT as a % of total revenue	6.0%		6.7%	(70) bps
EBT as a % of operating revenue ^(1)	8.0%		8.9%	(90) bps
^(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.

• SCS total revenue and operating revenue increased 3%
  • Total revenue reflects increased operating revenue and subcontracted transportation costs passed through to customers
  • Increase in operating revenue primarily driven by new business and volumes in omnichannel retail
• SCS EBT of $83 million
  • Benefits from operating revenue growth more than offset by lost business and extended customer production shutdowns in automotive

Dedicated Transportation Solutions: Earnings Reflect Lower Bad Debt and Benefits from Acquisition Synergies, Partially Offset by Lower Fleet Count

(In millions)	4Q25		4Q24	Change
Total Revenue	$	565	615	(8)%
Operating Revenue ^(1)	$	452	472	(4)%
Earnings Before Tax (EBT)	$	40	34	19%
EBT as a % of total revenue	7.1%		5.5%	160 bps
EBT as a % of operating revenue ^(1)	8.9%		7.1%	180 bps
^(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.

• DTS total revenue and operating revenue decreased 8% and 4%, respectively
  • Total revenue reflects lower subcontracted transportation costs and operating revenue
  • Operating revenue decreased due to lower fleet count reflecting prolonged freight market downturn
• DTS EBT of $40 million
  • Lower bad debt and benefits from acquisition synergies were partially offset by lower operating revenue

Corporate Financial Information

Capital Expenditures, Cash Flow, and Leverage

Capital expenditures decreased to $2.1 billion in 2025 compared to $2.7 billion in 2024, primarily reflecting reduced investments in ChoiceLease and rental fleets.

Net cash provided by operating activities from continuing operations was $2.6 billion compared to $2.3 billion in 2024, primarily reflecting lower income tax payments and working capital needs. Free cash flow (non-GAAP) of $946 million compared to $133 million in 2024, reflects reduced cash capital expenditures and higher cash provided by operating activities.

Debt-to-equity as of December 31, 2025 was 250%, unchanged from year-end 2024, and is at the low end of the company's long-term target of 250% to 300%.

Outlook

"We expect another year of earnings growth in 2026, driven by $70M in incremental benefits from upsized strategic initiatives," says Ryder Chief Financial Officer Cristina Gallo-Aquino. "The high-end of our EPS forecast range assumes no meaningful improvement in freight market conditions. Historically, the first quarter has been our lowest earnings quarter and we expect it will represent the most difficult year-over-year comparisons, primarily due to used vehicle sales and rental market conditions. Free cash flow is expected to remain strong in 2026, and we expect our capital deployment capacity to continue to enable us to support profitable growth while returning capital to shareholders through buybacks and dividends."

	Full Year 2026 Outlook
Total Revenue Growth	1%
Operating Revenue Growth (non-GAAP)	3%
FY26 GAAP EPS	$12.80 - $13.80
FY26 Comparable EPS (non-GAAP)	$13.45 - $14.45
ROE (non-GAAP)	17% - 18%
Net Cash from Operating Activities from Continuing Operations	$2.7B
Free Cash Flow (non-GAAP)	$700M - $800M
Capital Expenditures	$2.4B
Debt-to-Equity	230%
	First Quarter 2026
1Q26 GAAP EPS	$1.95 - $2.20
1Q26 Comparable EPS (non-GAAP)	$2.10 - $2.35

Supplemental Company Information

Business Description

Ryder System, Inc. is a leading supply chain, dedicated transportation, and fleet management solutions company. Ryder's stock (NYSE: R) is a component of the Dow Jones Transportation Average and the S&P MidCap 400^® index. The company's financial performance is reported in the following three, inter-related business segments:

• Supply Chain Solutions – Ryder's SCS business segment optimizes logistics networks to make them more responsive and able to be leveraged as a competitive advantage. Globally-recognized brands in the automotive, consumer goods, food and beverage, healthcare, industrial, oil and gas, technology, and retail industries rely on Ryder's leading-edge technologies and world-class logistics engineers to help them deliver the goods that consumers use every day.
• Dedicated Transportation Solutions – Ryder's DTS business segment combines the best of Ryder's leasing and maintenance capabilities with the safest and most professional drivers in the industry. With a dedicated transportation solution, Ryder helps customers increase their competitive position, reduce risk, and integrate their transportation needs with their overall supply chain.
• Fleet Management Solutions – Ryder's FMS business segment provides a broad range of services to help businesses of all sizes, across virtually every industry, deliver for their customers. From leasing, maintenance, and fueling, to rental and used vehicle sales, customers rely on Ryder's expertise to help them lower their costs, redirect capital to other parts of their business, and focus on what they do best – so they can grow.

For more information on Ryder System, Inc., visit investors.ryder.com and ryder.com.

Note: Regarding Forward-Looking Statements

Certain statements and information included in this news release are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding: our forecast; our 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, EPS, 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, and the causes of change; our ability to continue executing on our transformed business model; our ability to outperform prior cycles; pricing and maintenance cost savings initiatives; long-term growth opportunities and secular growth trends; used vehicle inventory and fleet size; our ability to profitably grow business; our ability to support 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; and our ability to return 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; the 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 news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations 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 release, which are available at investors.ryder.com.

CONFERENCE CALL AND WEBCAST INFORMATION

Ryder’s earnings conference call and webcast is scheduled for February 11, 2026 at 11:00 a.m. ET. To join, click here.

LIVE AUDIO VIA PHONE

Toll Free Number:	800-330-6710
USA Toll Number:	[phone]
Audio Passcode:	Ryder
Conference Leader:	Calene Candela

WEBCAST REPLAY

An audio replay including the slide presentation will be available within four hours following the call. Click here, then select Financials/Quarterly Results and the date.

RYDER SYSTEM, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED
	Three months ended December 31,					For the year ended December 31,
(In millions, except per share amounts)		2025		2024			2025		2024
Services revenue	$	2,087		2,098		$	8,378		8,345
Lease & related maintenance and rental revenue		994		990			3,881		3,835
Fuel services revenue		94		101			406		456
Total revenue		3,175		3,189			12,665		12,636
Cost of services		1,785		1,788			7,129		7,099
Cost of lease & related maintenance and rental		673		663			2,589		2,623
Cost of fuel services		92		97			391		441
Selling, general and administrative expenses		346		365			1,470		1,478
Non-operating pension costs, net		9		10			36		41
Used vehicle sales, net		(12	)	(18	)		(22	)	(72	)
Interest expense		101		100			404		386
Miscellaneous income, net		(5	)	(5	)		(26	)	(34	)
Restructuring and other items, net		9		8			9		13
		2,998		3,008			11,980		11,975
Earnings from continuing operations before income taxes		177		181			685		661
Provision for income taxes		44		46			184		172
Earnings from continuing operations		133		135			501		489
Loss from discontinued operations, net of tax		—		—			(2	)	—
Net earnings	$	133		135		$	499		489
Earnings per common share — Diluted
Continuing operations	$	3.25		3.11		$	11.99		11.06
Discontinued operations		—		0.01			(0.04	)	—
Net earnings	$	3.25		3.12		$	11.94		11.06
Weighted average common shares outstanding — Diluted		40.8		43.4			41.8		44.2
Diluted EPS from continuing operations	$	3.25		3.11		$	11.99		11.06
Non-operating pension costs, net		0.18		0.18			0.71		0.69
Acquisition costs		—		0.01			—		0.13
Other, net		0.16		0.15			0.22		0.12
Comparable EPS from continuing operations ^(1)	$	3.59		3.45		$	12.92		12.00
————————————
^(1) Non-GAAP financial measure. A reconciliation of GAAP EPS from continuing operations to comparable EPS from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In millions)	December 31, 2025		December 31, 2024
Assets:
Cash and cash equivalents	$	198	154
Other current assets		2,275	2,309
Revenue earning equipment, net		8,898	9,206
Operating property and equipment, net		1,268	1,184
Other assets		3,748	3,819
	$	16,387	16,672
Liabilities and shareholders' equity:
Current liabilities	$	1,959	2,151
Total debt (including current portion)		7,645	7,779
Other non-current liabilities (including deferred income taxes)		3,731	3,625
Shareholders' equity		3,052	3,117
	$	16,387	16,672

SELECTED KEY RATIOS AND METRICS
	December 31, 2025	December 31, 2024
Debt to equity	250%	250%

	Three months ended December 31,					For the year ended December 31,
(In millions)	2025			2024		2025			2024
Comparable EBITDA ^(1)	$	726		720		$	2,867		2,776
Effective interest rate		5.2	%	5.2	%		5.2	%	5.1	%

	For the year ended December 31,
(In millions)	2025		2024
Net cash provided by operating activities from continuing operations	$	2,594	2,265
Free cash flow ^(1)		946	133
Capital expenditures paid		2,135	2,683
Gross capital expenditures		2,055	2,694

	Twelve months ended December 31,
	2025		2024
Adjusted ROE ^(2)	17	%	16	%
————————————
^(1) Non-GAAP financial measure. See reconciliation of the non-GAAP elements of this calculation reconciled to the corresponding GAAP measures included in the Appendix - Non-GAAP Financial Measures section at the end of this release.
^(2) 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 Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
	Three months ended December 31,						For the year ended December 31,
(In millions)		2025		2024		Change		2025		2024		Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease	$	897		890		1%	$	3,510		3,446		2%
Commercial rental		237		249		(5)%		937		976		(4)%
SelectCare and other		163		169		(3)%		680		694		(2)%
Fuel services revenue		169		177		(5)%		718		772		(7)%
Fleet Management Solutions		1,466		1,485		(1)%		5,845		5,888		(1)%
Supply Chain Solutions		1,382		1,340		3%		5,459		5,300		3%
Dedicated Transportation Solutions		565		615		(8)%		2,343		2,446		(4)%
Eliminations		(238	)	(251	)	(5)%		(982	)	(998	)	(2)%
Total revenue	$	3,175		3,189		—%	$	12,665		12,636		—%
Operating Revenue: ^(1)
Fleet Management Solutions	$	1,297		1,308		(1)%	$	5,127		5,116		—%
Supply Chain Solutions		1,037		1,007		3%		4,091		3,965		3%
Dedicated Transportation Solutions		452		472		(4)%		1,841		1,870		(2)%
Eliminations		(158	)	(170	)	(7)%		(653	)	(685	)	(5)%
Operating revenue	$	2,628		2,617		—%	$	10,406		10,266		1%
Business Segment Earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	136		152		(10)%	$	501		516		(3)%
Supply Chain Solutions		83		90		(8)%		355		332		7%
Dedicated Transportation Solutions		40		34		19%		140		125		12%
Eliminations		(31	)	(37	)	(17)%		(131	)	(134	)	(3)%
		228		239		(5)%		865		839		3%
Unallocated Central Support Services		(20	)	(19	)	7%		(83	)	(71	)	(16)%
Intangible amortization expense		(13	)	(21	)	(35)%		(52	)	(53	)	(2)%
Non-operating pension costs, net		(9	)	(10	)	NM		(36	)	(41	)	NM
Other items impacting comparability, net		(9	)	(8	)	NM		(9	)	(13	)	NM
Earnings from continuing operations before income taxes		177		181		(2)%		685		661		4%
Provision for income taxes		44		46		(3)%		184		172		7%
Earnings from continuing operations	$	133		135		(2)%	$	501		489		2%
————————————
^(1) Non-GAAP financial measure. See reconciliation of GAAP total revenue to operating revenue in the Appendix - Non-GAAP Financial Measures section at the end of this release.
Note: Amounts may not be additive due to rounding.
NM - Denotes Not Meaningful.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
	Three months ended December 31,						For the year ended December 31,
(In millions)		2025		2024		Change		2025		2024		Change
Fleet Management Solutions
FMS total revenue	$	1,466		1,485		(1)%	$	5,845		5,888		(1)%
Fuel services revenue		(169	)	(177	)	(5)%		(718	)	(772	)	(7)%
FMS operating revenue ^(1)	$	1,297		1,308		(1)%	$	5,127		5,116		—%
Segment earnings before income taxes	$	136		152		(10)%	$	501		516		(3)%
FMS earnings before income taxes as % of FMS total revenue		9.3	%	10.2	%			8.6	%	8.8	%
FMS earnings before income taxes as % of FMS operating revenue ^(1)		10.5	%	11.6	%			9.8	%	10.1	%
	Three months ended December 31,						For the year ended December 31,
(In millions)		2025		2024		Change		2025		2024		Change
Supply Chain Solutions
SCS total revenue	$	1,382		1,340		3%	$	5,459		5,300		3%
Subcontracted transportation		(310	)	(298	)	4%		(1,218	)	(1,181	)	3%
Fuel		(35	)	(35	)	—%		(150	)	(154	)	(3)%
SCS operating revenue ^(1)	$	1,037		1,007		3%	$	4,091		3,965		3%
Segment earnings before income taxes	$	83		90		(8)%	$	355		332		7%
SCS earnings before income taxes as % of SCS total revenue		6.0	%	6.7	%			6.5	%	6.3	%
SCS earnings before income taxes as % of SCS operating revenue ^(1)		8.0	%	8.9	%			8.7	%	8.4	%
	Three months ended December 31,						For the year ended December 31,
(In millions)		2025		2024		Change		2025		2024		Change
Dedicated Transportation Solutions
DTS total revenue	$	565		615		(8)%	$	2,343		2,446		(4)%
Subcontracted transportation		(58	)	(85	)	(32)%		(270	)	(327	)	(17)%
Fuel		(55	)	(58	)	(5)%		(232	)	(249	)	(7)%
DTS operating revenue ^(1)	$	452		472		(4)%	$	1,841		1,870		(2)%
Segment earnings before income taxes	$	40		34		19%	$	140		125		12%
DTS earnings before income taxes as % of DTS total revenue		7.1	%	5.5	%			6.0	%	5.1	%
DTS earnings before income taxes as % of DTS operating revenue ^(1)		8.9	%	7.1	%			7.6	%	6.7	%
————————————
^(1) Non-GAAP financial measure. A reconciliation of (1) GAAP total revenue to operating revenue for each business segment (FMS, SCS and DTS) and (2) segment earnings before taxes (EBT) as % of segment total revenue to segment EBT as % of segment operating revenue for each business segment is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES BUSINESS SEGMENT INFORMATION - UNAUDITED KEY PERFORMANCE INDICATORS
Our fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance and used vehicles sold, is summarized as follows (number of units rounded to the nearest hundred):
	Three months ended December 31,				For the year ended December 31,				2025/2024
	2025		2024		2025		2024		Three Months	Twelve Months
ChoiceLease
Average fleet count	141,700		145,300		143,000		145,000		(2)%	(1)%
End of period fleet count	141,700		145,300		141,700		145,300		(2)%	(2)%
Average active fleet count ^(1)	132,700		135,300		133,900		135,900		(2)%	(1)%
End of period active fleet count ^(1)	132,000		135,000		132,000		135,000		(2)%	(2)%
Commercial rental
Average fleet count	32,200		35,000		33,700		35,300		(8)%	(5)%
End of period fleet count	31,600		35,500		31,600		35,500		(11)%	(11)%
Rental utilization - power units ^(2)	72	%	73	%	70	%	70	%	(100)bps	—bps
Rental rate change - % ^(3)	5	%	(3	)%	4	%	(1	)%
Customer vehicles under SelectCare contracts
Average fleet count	43,900		44,900		43,200		48,900		(2)%	(12)%
End of period fleet count	44,100		41,800		44,100		41,800		6%	6%
Customer vehicles under SCS contracts
End of period fleet count ^(4)	13,100		13,000		13,100		13,000		1%	1%
End of period power vehicles ^(4)	3,800		3,900		3,800		3,900		(3)%	(3)%
Customer vehicles under DTS contracts
End of period fleet count ^(4)	18,000		19,100		18,000		19,100		(6)%	(6)%
End of period power vehicles ^(4)	6,900		7,500		6,900		7,500		(8)%	(8)%
Used vehicle sales (UVS)
End of period fleet count	9,500		9,000		9,500		9,000		6%	6%
Used vehicles sold	3,600		4,700		19,800		22,000		(23)%	(10)%
UVS pricing change ^(5)
Tractors	1	%	(13	)%	(11	)%	(21	)%
Trucks	(9	)%	(12	)%	(15	)%	(23	)%
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^(1)Active fleet count is calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.
^(2)Rental utilization is calculated using the number of days units are rented divided by the number of days units available to rent based on the days in a calendar year (excluding trailers).
^(3)Represents percentage change compared to prior year period in average rental rate per day on power units using constant currency.
^(4) These vehicle counts are also included within the fleet counts for ChoiceLease, Commercial rental and SelectCare.
^(5) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
This press release and accompanying tables include “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 press release:
Non-GAAP Financial Measure	Comparable GAAP Measure	Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue	Total Revenue	Appendix - Non-GAAP Financial Measure Reconciliations
FMS Operating Revenue	FMS Total Revenue	Business Segment Information - Unaudited
SCS Operating Revenue	SCS Total Revenue
DTS Operating Revenue	DTS Total Revenue
Operating Revenue Growth	Total Revenue Growth	Appendix - Non-GAAP Financial Measure Reconciliations
FMS EBT as a % of FMS Operating Revenue	FMS EBT as a % of FMS Total Revenue	Business Segment Information - Unaudited
SCS EBT as a % of SCS Operating Revenue	SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue	DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax and Comparable Tax Rate	Earnings Before Income Tax and Effective Tax Rate from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings	Earnings from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable EPS	EPS from Continuing Operations	Condensed Consolidated Statements of Earnings - Unaudited   Appendix - Non-GAAP Financial Measure Reconciliations
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.	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization	Net Earnings	Appendix - Non-GAAP Financial Measure Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow	Cash Provided by Operating Activities from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.
Operating Revenue Measures:
Operating Revenue   FMS Operating Revenue   SCS Operating Revenue   DTS Operating Revenue   Operating Revenue Growth   FMS EBT as a % of FMS Operating Revenue   SCS EBT as a % of SCS Operating Revenue   DTS EBT as a % of DTS Operating Revenue	Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures.   Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs.   Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, carrier rate fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before Income Taxes (EBT)   Comparable Earnings   Comparable Earnings per Diluted Common Share (EPS)   Comparable Tax Rate   Adjusted Return on Equity (ROE)	Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance.   Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business.   Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period.   Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.   Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations.
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)	Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization.   We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies.   Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP.
Cash Flow Measures:
Total Cash Generated   Free Cash Flow	We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment.   Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities.   Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE RECONCILIATION
	Three months ended December 31,					For the year ended December 31,
(In millions)		2025		2024			2025		2024
Total revenue	$	3,175		3,189		$	12,665		12,636
Subcontracted transportation revenue		(364	)	(378	)		(1,473	)	(1,499	)
Fuel		(183	)	(194	)		(786	)	(871	)
Operating revenue ^(1)	$	2,628		2,617		$	10,406		10,266

TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
	For the year ended December 31,
(In millions)		2025		2024
Net cash provided by operating activities from continuing operations	$	2,594		2,265
Proceeds from sales (primarily revenue earning equipment) ^(2)		486		551
Other ^(2)		1		—
Total cash generated ^(1)		3,081		2,816
Purchases of property and revenue earning equipment ^(2)		(2,135	)	(2,683	)
Free cash flow ^(1)	$	946		133

COMPARABLE EARNINGS RECONCILIATION
	Three months ended December 31,					For the year ended December 31,
(In millions)		2025		2024			2025		2024
Earnings from continuing operations	$	133		135		$	501		489
Non-operating pension costs, net		7		8			29		31
Acquisition costs		—		1			—		6
Other, net ^(3)		7		6			10		5
Comparable earnings from continuing operations ^(1) (4)	$	147		150		$	540		531
Tax rate on continuing operations		25.1	%	25.4	%		26.8	%	26.0	%
Tax adjustments and income tax effects of non-GAAP adjustments ^(1) (4)		(0.4	)%	(0.6	)%		(0.8	)%	(0.3	)%
Comparable tax rate on continuing operations ^(1) (4)		24.7	%	24.8	%		26.0	%	25.7	%
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^(1) Non-GAAP financial measure.
^(2) Included in cash flows from investing activities.
^(3) Other, net includes the income tax effects of other items impacting comparability and non-recurring income tax adjustments.
^(4) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
ADJUSTED RETURN ON EQUITY RECONCILIATION
	Twelve months ended December 31,
(Dollars in millions)		2025	2024
Net earnings	$	499	489
Other items impacting comparability, net		9	13
Tax impact ^(1)		1	(2	)
Adjusted net earnings	$	509	500
Average shareholders' equity	$	3,070	3,078
Average adjustments to shareholders' equity ^(2)		5	2
Adjusted average shareholders' equity	$	3,075	3,080
Adjusted return on equity ^(3)	17%		16%
————————————
^(1)Represents income taxes on other items impacting comparability.
^(2) Represents the impact of other items impacting comparability, net of tax, to equity for the respective periods.
^(3)Adjusted return on equity is calculated by dividing Adjusted net earnings into Adjusted average shareholders' equity.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
COMPARABLE EARNINGS BEFORE INCOME TAXES / COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION RECONCILIATION
	Three months ended December 31,					For the year ended December 31,
(In millions)		2025		2024			2025		2024
Net earnings	$	133		135		$	499		489
Loss from discontinued operations, net of tax		—		—			2		—
Provision for income taxes		44		46			184		172
EBT		177		181			685		661
Non-operating pension costs, net		9		10			36		41
Acquisition costs		—		1			—		7
Other, net		9		7			9		6
Comparable EBT ^(1)		195		199			730		715
Interest expense		101		100			404		386
Depreciation		429		419			1,703		1,694
Used vehicle sales, net		(12	)	(18	)		(22	)	(72	)
Intangible amortization		13		20			52		53
Comparable EBITDA	$	726		720		$	2,867		2,776
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^(1) Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table.
Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED
OPERATING REVENUE GROWTH FORECAST RECONCILIATION
	Twelve months ended December 31,
(In millions)		2026		2025		Change
Total revenue	$	12,800		12,665		1	%
Subcontracted transportation		(1,400	)	(1,473	)	(5	)%
Fuel		(700	)	(786	)	(11	)%
Operating revenue ^(1)	$	10,700		10,406		3	%

COMPARABLE EARNINGS PER SHARE FORECAST RECONCILIATION
(In millions, except per share amounts)	First Quarter 2026	Full Year 2026
EPS from continuing operations	$1.95 - $2.20	$12.80 - $13.80
Non-operating pension costs	0.15	0.65
Comparable EPS from continuing operations forecast ^(1)	$2.10 - $2.35	$13.45 - $14.45

TOTAL CASH GENERATED / FREE CASH FLOW FORECAST RECONCILIATION
(In millions)	2026 Forecast
Net cash provided by operating activities from continuing operations	$	2,700
Proceeds from sales (primarily revenue earning equipment) ^(2)		500
Total cash generated ^(1)		3,200
Purchases of property and revenue earning equipment ^(2)		(2,400	)
Free cash flow ^(1)	$	800
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^(1) Non-GAAP financial measure.
^(2) Included in cash flows from investing activities.

ryder-financial