Regulation FD Presentation, Business/Financial Results (Form 8-K)

News Release

Ryder Reports Second Quarter 2026 Results

Strategic initiatives drive earnings growth;

Transformed business model well positioned to benefit from cycle upturn

Second Quarter 2026 Highlights

•GAAP EPS from continuing operations of $3.40, up 8% from prior year

•Comparable EPS (non-GAAP) from continuing operations of $3.73, up 12% from prior year, reflects share repurchases and higher earnings in Fleet Management Solutions (FMS)

•Total revenue of $3.3 billion, up 5% from prior year, due to higher revenue in Supply Chain Solutions (SCS) and FMS

•Operating revenue (non-GAAP) of $2.7 billion, up 3% from prior year, primarily reflecting contractual revenue growth in SCS

Full Year 2026 Forecast

•ROE (non-GAAP) of 18%

•Comparable EPS (non-GAAP) range raised to $14.40 - $14.80

•Operating revenue (non-GAAP) growth remains at 3%, primarily driven by SCS

•Net cash provided by operating activities from continuing operations remains at $2.7 billion and free cash flow (non-GAAP) unchanged at $700 million - $800 million

MIAMI, July 23, 2026 - Ryder System, Inc. (NYSE: R) reported results for the three months ended June 30 as follows:

						Earnings Before Taxes												Earnings												Diluted Earnings Per Share
(In millions, except EPS)						2026						2025						2026						2025						2026						2025
Continuing operations (GAAP)						$	185					184						$	133					132						$	3.40					3.15
Comparable (non-GAAP)						$	202					193						$	146					139						$	3.73					3.32

Total and operating revenue for the three months ended June 30 were as follows:

						Total Revenue																		Operating Revenue (non-GAAP)
(In millions)						2026						2025						Change						2026						2025						Change
Total						$	3,347					3,189						5%						$	2,686					2,610						3%
Fleet Management Solutions (FMS)						$	1,560					1,467						6%						$	1,303					1,288						1%
Supply Chain Solutions (SCS)						$	1,472					1,366						8%						$	1,095					1,019						7%
Dedicated Transportation Solutions (DTS)						$	600					606						(1)%						$	455					470						(3)%

CEO Comment

"Consistent execution on our strategic initiatives as well as improving used vehicle market conditions drove our 7th consecutive quarter of comparable EPS growth," says Ryder Chief Executive Officer John Diez. "Results for the quarter were solid, and we remain on track to achieve $70 million in benefits from strategic initiatives during 2026.

"Year-over-year earnings growth in FMS was driven by strong performance in our contractual businesses as well as better used vehicle sales results. SCS and DTS delivered solid pre-tax earnings in their high-single-digit target ranges.

"During the quarter, we continued to see improving freight market trends. Contractual sales activity remained strong across all three business segments reflecting customer confidence. In used vehicle sales, results outperformed our expectations as market conditions continued to strengthen. Rental utilization returned to normalized levels driven by our planned asset management actions.

"Our transformed business model has demonstrated its strength and resiliency over the current cycle and provides us with a solid foundation to meaningfully benefit from the cycle upturn."

Second Quarter 2026 Segment Review

Fleet Management Solutions: Earnings Growth Driven by Contractual Business Performance and Used Vehicle Sales

(In millions)						2Q26						2Q25						Change
Total Revenue						$	1,560					1,467						6%
Operating Revenue (1)						$	1,303					1,288						1%
Earnings Before Tax (EBT)						$	150					126						20%
EBT as a % of total revenue						9.6%						8.6%						100 bps
EBT as a % of operating revenue (1)						11.5%						9.7%						180 bps
						9.7%						8.6%

(1) Non-GAAP financial measure excluding fuel services revenue.

•FMS total revenue and operating revenue increased 6% and 1%, respectively

◦Total revenue reflected higher fuel prices passed through to customers and higher operating revenue

◦Operating revenue reflects contractual revenue growth, partially offset by lower commercial rental demand

•FMS EBT of $150 million

◦Strategic initiatives continue to benefit ChoiceLease performance

◦Higher used vehicle sales results reflect improving market conditions and elevated wholesale activity in the prior year

◦Used truck and tractor pricing increased 6% and 3%, respectively, from prior year

◦Sequentially, pricing was stable as used truck and tractor retail pricing increased 7% and 3%, respectively, on a lower retail sales mix

◦Rental power-fleet utilization was 75% compared to 70% in the prior year, on a 15% smaller average fleet

Supply Chain Solutions: Earnings Reflect Lower Automotive Results Partially Offset by Benefits from Strategic Initiatives

(In millions)						2Q26						2Q25						Change
Total Revenue						$	1,472					1,366						8%
Operating Revenue (1)						$	1,095					1,019						7%
Earnings Before Tax (EBT)						$	92					99						(7)%
EBT as a % of total revenue						6.3%						7.2%						(90) bps
EBT as a % of operating revenue (1)						8.4%						9.7%						(130) bps

(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.

•SCS total revenue increased 8% and operating revenue increased 7%

◦Total revenue primarily reflects increased operating revenue

◦Operating revenue reflects new business, partially offset by lost business in automotive

•SCS EBT of $92 million

◦Earnings impacted by lower automotive results and, to a lesser extent, productivity of new business ramping up, partially offset by the optimization of omnichannel retail network

◦Year-over-year comparison reflects record quarter in prior year

Dedicated Transportation Solutions: Earnings Reflect Lower Fleet Count Partially Offset by Execution on Strategic Initiatives

(In millions)						2Q26						2Q25						Change
Total Revenue						$	600					606						(1)%
Operating Revenue (1)						$	455					470						(3)%
Earnings Before Tax (EBT)						$	36					37						(4)%
EBT as a % of total revenue						6.0%						6.2%						(20) bps
EBT as a % of operating revenue (1)						7.9%						7.9%						- bps

(1) Non-GAAP financial measure excluding fuel and subcontracted transportation.

•DTS total revenue and operating revenue decreased 1% and 3%, respectively

◦Total revenue reflects lower operating revenue and subcontracted transportation costs passed through to customers, partially offset by higher fuel revenue

◦Operating revenue reflects lower fleet count, partially offset by higher pricing

•DTS EBT of $36 million

◦Primarily reflects lower operating revenue and adverse development of prior-year insurance claims, partially offset by benefits from strategic initiatives

Corporate Financial Information

Central Support Services and Other

During the second quarter ended June 30, 2026, we recorded a $10 million non-cash impairment charge of a finite-lived intangible asset due to the reduction in projected cash flows from an acquired customer relationship.

Capital Expenditures, Cash Flow, and Leverage

Capital expenditures decreased to $832 million in 2026 compared to $1.2 billion in 2025, primarily reflecting the timing of ChoiceLease fleet replacement and reduced investments in the rental fleet.

Net cash provided by operating activities from continuing operations was $1.3 billion, compared to $1.4 billion in 2025, primarily reflecting higher working capital needs from revenue growth and the timing of vendor payments. Free cash flow (non-GAAP) of $684 million, compared to $461 million in 2025, primarily reflecting reduced cash capital expenditures.

Debt-to-equity as of June 30, 2026 was 259%, up from 250% as of December 31, 2025, and is in the company's long-term target of 250% to 300%.

Outlook

"Execution on our strategic initiatives remains the key driver of expected earnings growth in 2026," says Ryder Chief Financial Officer Cristina Gallo-Aquino. "Our high-quality contractual portfolio continues to generate strong returns and higher operating cash flow, enabling us to support profitable growth while also returning capital to shareholders. Since 2021, we have repurchased 26% of shares outstanding and increased our quarterly dividend by 74%. The recent increase in our quarterly dividend marked the fourth consecutive year with a double-digit raise, reflecting our commitment to shareholders as well as our confidence in Ryder's long-term outlook."

			Full Year 2026 Outlook
Total Revenue Growth			3%
Operating Revenue Growth (non-GAAP)			3%
FY26 GAAP EPS			$13.50 - $13.90
FY26 Comparable EPS (non-GAAP)			$14.40 - $14.80
ROE (non-GAAP)			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			245%
			Third Quarter 2026
3Q26 GAAP EPS			$3.80 - $4.00
3Q26 Comparable EPS (non-GAAP)			$4.00 - $4.20

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" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements regarding: our forecasts, guidance and outlook; market conditions, including macroeconomic uncertainty and geopolitical events; rental demand, utilization and pricing; used vehicle sales volumes, pricing and inventory levels; the freight cycle, including cycle timing and the pace and strength of any recovery; expected financial performance, including total revenue, operating revenue, EPS, comparable EPS, adjusted ROE, earnings before income tax, net cash provided by operating activities from continuing operations, free cash flow, capital expenditures and debt-to-equity; expectations regarding execution of our business model, including our ability to achieve long-term targets and outperform prior cycles; expected benefits of our strategic initiatives; omnichannel network optimization; customer demand, contractual sales activity, customer retention and new business opportunities; performance of our contractual businesses and contractual portfolio; fleet size and asset utilization; used vehicle inventory levels; capital deployment capacity and capital allocation priorities; the valuation and expected performance of acquired intangible assets; long-term growth opportunities and secular growth trends; our ability 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 estimates regarding the impact of residual value assumptions on earnings and depreciation expense. These estimates are based, in part, on our current assessment of the residual values and useful lives of revenue-earning equipment informed by multi-year trends and our outlook for near- and long-term used vehicle market conditions. 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 expressed or implied in the forward-looking statements. Important factors that could cause such differences include: changes in and uncertainty regarding financial, economic and market conditions; geopolitical events; supply chain disruptions, labor challenges and vehicle production constraints; our ability to adapt to changing market conditions, including lower than expected contractual sales activity, customer retention, new business conversion, rental demand, utilization or pricing, demand for used vehicles, or our anticipated mix of retail versus wholesale used vehicle sales; failure to realize anticipated benefits of our strategic initiatives, pricing actions, sales and marketing efforts, new product offerings or acquisitions; our ability to retain profitable customer accounts and attract new business; higher than expected maintenance costs; impact of changing laws and regulations, such as taxes, tariffs, trade restrictions or trade agreements; 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; workforce availability and labor costs;

higher than expected bad debt reserves or write-offs; decrease in credit ratings; increased debt costs; the adequacy of, and impact of changes in, accounting estimates, residual value estimates, assumptions and policies, including our depreciation policy; higher than expected reserves and accruals particularly with respect to pension, taxes, insurance and revenue; adverse insurance claim developments; changes in fuel and alternative energy prices, currency exchange rates, 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 their impact 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 July 23, 2026 at 11:00 a.m. ET. To join, click here.

LIVE AUDIO VIA PHONE

Toll Free Number: 800-715-9871

USA Toll Number: +1 646-307-1963

Audio Passcode: 1538607 or 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.

Contacts:

Media:

Investor Relations:

Amy Federman

Calene Candela

[email protected]

[email protected]

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED

						Three months ended June 30,												Six months ended June 30,
(In millions, except per share amounts)						2026						2025						2026						2025
Services revenue						$	2,231					2,123						$	4,295					4,202
Lease & related maintenance and rental revenue						971						966						1,922						1,911
Fuel services revenue						145						100						256						206
Total revenue						3,347						3,189						6,473						6,319
Cost of services						1,896						1,792						3,660						3,564
Cost of lease & related maintenance and rental						651						641						1,316						1,290
Cost of fuel services						140						94						244						198
Selling, general and administrative expenses						390						378						769						744
Non-operating pension costs, net						17						9						25						18
Used vehicle sales, net						(7)						2						(19)						(7)
Interest expense						97						102						194						202
Miscellaneous income, net						(22)						(13)						(21)						(8)
Restructuring and other items, net						-						-						1						-
						3,162						3,005						6,169						6,001
Earnings from continuing operations before income taxes						185						184						304						318
Provision for income taxes						52						52						78						88
Earnings from continuing operations						133						132						226						230
Loss from discontinued operations, net of tax						-						(1)						-						(2)
Net earnings						$	133					131						$	226					228
Earnings per common share - Diluted
Continuing operations						$	3.40					3.15						$	5.73					5.42
Discontinued operations						(0.01)						(0.02)						(0.02)						(0.03)
Net earnings						$	3.39					3.13						$	5.71					5.39
Weighted average common shares outstanding - Diluted						38.9						41.8						39.3						42.4
Diluted EPS from continuing operations						$	3.40					3.15						$	5.73					5.42
Non-operating pension costs, net						0.33						0.18						0.51						0.35
Other, net						-						(0.01)						0.01						-
Comparable EPS from continuing operations (1)						$	3.73					3.32						$	6.25					5.77

------------

(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)						June 30, 2026						December 31, 2025
Assets:
Cash and cash equivalents						$	219					198
Other current assets						2,326						2,275
Revenue earning equipment, net						8,517						8,898
Operating property and equipment, net						1,289						1,268
Other assets						3,738						3,748
						$	16,089					16,387
Liabilities and shareholders' equity:
Current liabilities						$	1,977					1,959
Total debt (including current portion)						7,457						7,645
Other non-current liabilities (including deferred income taxes)						3,776						3,731
Shareholders' equity						2,879						3,052
						$	16,089					16,387

SELECTED KEY RATIOS AND METRICS

						June 30, 2026						December 31, 2025
Debt to equity						259%						250%

						Three months ended June 30,												Six months ended June 30,
(In millions)						2026						2025						2026						2025
Comparable EBITDA (1)						$	741					729						$	1,399					1,400
Effective interest rate						5.1		%				5.3		%				5.1		%				5.2		%

						Six months ended June 30,
(In millions)						2026						2025
Net cash provided by operating activities from continuing operations						$	1,260					1,403
Free cash flow (1)						684						461
Capital expenditures paid						832						1,203
Gross capital expenditures						812						1,192

						Twelve months ended June 30,
						2026						2025
Adjusted ROE (2)						17%						17%

------------

(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 June 30,																		Six months ended June 30,
(In millions)						2026						2025						Change						2026						2025						Change
Total Revenue:
Fleet Management Solutions:
ChoiceLease						$	885					871						2%						$	1,763					1,738						1%
Commercial rental						229						239						(4)%						440						458						(4)%
SelectCare and other						189						178						5%						365						352						3%
Fuel services revenue						257						179						44%						453						366						24%
Fleet Management Solutions						1,560						1,467						6%						3,021						2,914						4%
Supply Chain Solutions						1,472						1,366						8%						2,832						2,697						5%
Dedicated Transportation Solutions						600						606						(1)%						1,153						1,208						(5)%
Eliminations						(285)						(250)						14%						(533)						(500)						6%
Total revenue						$	3,347					3,189						5%						$	6,473					6,319						2%
Operating Revenue: (1)
Fleet Management Solutions						$	1,303					1,288						1%						$	2,568					2,548						1%
Supply Chain Solutions						1,095						1,019						7%						2,124						2,019						5%
Dedicated Transportation Solutions						455						470						(3)%						893						930						(4)%
Eliminations						(167)						(167)						-%						(325)						(330)						(2)%
Operating revenue						$	2,686					2,610						3%						$	5,260					5,167						2%
Business Segment Earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions						$	150					126						20%						$	249					220						14%
Supply Chain Solutions						92						99						(7)%						164						186						(12)%
Dedicated Transportation Solutions						36						37						(4)%						59						64						(8)%
Eliminations						(34)						(36)						(2)%						(65)						(68)						(2)%
						244						226						8%						407						402						1%
Unallocated Central Support Services						(19)						(21)						(10)%						(41)						(42)						2%
Intangible amortization expense						(23)						(12)						87%						(36)						(25)						43%
Non-operating pension costs, net						(17)						(9)						NM						(25)						(18)						NM
Other items impacting comparability, net						-						-						NM						(1)						1						NM
Earnings from continuing operations before income taxes						185						184						1%						304						318						(4)%
Provision for income taxes						52						52						-%						78						88						(12)%
Earnings from continuing operations						$	133					132						1%						$	226					230						(1)%

------------

(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 June 30,																		Six months ended June 30,
(In millions)						2026						2025						Change						2026						2025						Change
Fleet Management Solutions
FMS total revenue						$	1,560					1,467						6%						$	3,021					2,914						4%
Fuel services revenue						(257)						(179)						44%						(453)						(366)						24%
FMS operating revenue (1)						$	1,303					1,288						1%						$	2,568					2,548						1%
Segment earnings before income taxes						$	150					126						20%						$	249					220						14%
FMS earnings before income taxes as % of FMS total revenue						9.6%						8.6%												8.3%						7.5%
FMS earnings before income taxes as % of FMS operating revenue (1)						11.5%						9.7%												9.7%						8.6%
						Three months ended June 30,																		Six months ended June 30,
(In millions)						2026						2025						Change						2026						2025						Change
Supply Chain Solutions
SCS total revenue						$	1,472					1,366						8%						$	2,832					2,697						5%
Subcontracted transportation						(321)						(309)						4%						(612)						(601)						2%
Fuel						(56)						(38)						47%						(96)						(77)						25%
SCS operating revenue (1)						$	1,095					1,019						7%						$	2,124					2,019						5%
Segment earnings before income taxes						$	92					99						(7)%						$	164					186						(12)%
SCS earnings before income taxes as % of SCS total revenue						6.3%						7.2%												5.8%						6.9%
SCS earnings before income taxes as % of SCS operating revenue (1)						8.4%						9.7%												7.7%						9.2%
						Three months ended June 30,																		Six months ended June 30,
(In millions)						2026						2025						Change						2026						2025						Change
Dedicated Transportation Solutions
DTS total revenue						$	600					606						(1)%						$	1,153					1,208						(5)%
Subcontracted transportation						(63)						(78)						(19)%						(114)						(159)						(28)%
Fuel						(82)						(58)						41%						(146)						(119)						23%
DTS operating revenue (1)						$	455					470						(3)%						$	893					930						(4)%
Segment earnings before income taxes						$	36					37						(4)%						$	59					64						(8)%
DTS earnings before income taxes as % of DTS total revenue						6.0%						6.2%												5.1%						5.3%
DTS earnings before income taxes as % of DTS operating revenue (1)						7.9%						7.9%												6.6%						6.9%

------------

(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 June 30,												Six months ended June 30,												2026/2025
						2026						2025						2026						2025						Three Months						Six Months
ChoiceLease
Average fleet count						141,200						143,200						141,400						144,000						(1)%						(2)%
End of period fleet count						140,600						142,600						140,600						142,600						(1)%						(1)%
Average active fleet count (1)						131,100						134,500						131,200						134,800						(3)%						(3)%
End of period active fleet count (1)						131,000						134,100						131,000						134,100						(2)%						(2)%
Commercial rental
Average fleet count						29,200						34,300						29,800						34,600						(15)%						(14)%
End of period fleet count						29,100						34,000						29,100						34,000						(14)%						(14)%
Rental utilization - power units (2)						75		%				70		%				72		%				68		%				500bps						400 bps
Rental rate change - % (3)						1		%				4		%				2		%				3		%
Customer vehicles under SelectCare contracts
Average fleet count						44,300						43,000						44,100						42,800						3%						3%
End of period fleet count						44,600						43,400						44,600						43,400						3%						3%
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)						4,200						3,800						4,200						3,800						11%						11%
Customer vehicles under DTS contracts
End of period fleet count (4)						17,200						18,400						17,200						18,400						(7)%						(7)%
End of period power vehicles (4)						6,800						7,200						6,800						7,200						(6)%						(6)%
Used vehicle sales (UVS)
End of period fleet count						8,500						9,600						8,500						9,600						(11)%						(11)%
Used vehicles sold						5,100						6,200						9,700						11,300						(18)%						(14)%
UVS pricing change (5)
Tractors						3		%				(17)		%				5		%				(16)		%
Trucks						6		%				(17)		%				2		%				(18)		%

------------

(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