8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 23, 2015

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11690 NW 105th Street Miami, Florida		33178
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (305) 500-3726

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

On July 23, 2015, we issued a press release reporting our financial results for the three and six months ended June 30, 2015 (the Press Release). We also hosted a conference call and webcast on July 23, 2015 during which we made a presentation on our financial results for the three and six months ended June 30, 2015 (the Presentation). The Press Release and the Presentation are available on our website at http://investors.ryder.com.

The Press Release and Presentation include information regarding the following non-GAAP financial measures as defined by SEC regulations:

Comparable earnings measures. We use comparable earnings from continuing operations, comparable earnings per share from continuing operations, comparable earnings before income tax and comparable tax rate, for both the second quarter and year to date 2015 and 2014, and comparable earnings per share from continuing operations forecast for both third quarter and full year 2015. These "comparable" measures exclude the following items from our GAAP earnings from continuing operations, earnings per share from continuing operations, earnings before income tax, tax rate and earnings per share from continuing operations forecast: (1) 2015 professional fees, (2) a 2015 benefit from tax law changes and (3) a 2014 benefit from a tax law change. We exclude these items because they are unrelated to our ongoing business operations. Additionally, we exclude non-operating pension costs from our GAAP earnings measures because these costs are primarily impacted by financial market performance and are outside of the operational performance of the business. We believe that these non-GAAP financial measures provide useful information to investors and allow for better year-over-year comparison of operating performance.

Operating revenue. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity. Commencing in 2015, in addition to excluding Fleet Management Solutions (FMS) fuel services revenue and subcontracted transportation from total revenue to arrive at our operating revenue calculation, we also exclude Dedicated Transportation Solutions (DTS) and Supply Chain Solutions (SCS) fuel costs. DTS and SCS fuel, similar to FMS fuel services revenue, is an ancillary service that we provide our customers and is impacted by fluctuations in market fuel prices. Therefore, these items are excluded from operating revenue as 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 trailing market fuel costs. We also exclude subcontracted transportation from the calculation of operating revenue as this service is also typically a pass-through to our customers and therefore fluctuations result in minimal changes to our profitability.

Operating revenue growth excluding foreign exchange. Ryder's period-over-period operating revenue growth excluding foreign exchange excludes the effects of changes in foreign currency exchange rates. Due to the variability of foreign exchange rates from period to period, we use operating revenue growth excluding foreign exchange to evaluate period-over-period operating performance. Operating revenue growth excluding foreign exchange is calculated by dividing the results for the current and prior year periods by the exchange rates in effect on June 30, 2014, which was the last day of the prior year period, rather than the actual exchange rates in effect as of June 30, 2015.

Additional information regarding non-GAAP financial measures can be found in the Press Release, the Presentation and our reports filed with the SEC.

The information in this Report, including Exhibits 99.1 and 99.2, is being furnished pursuant to Item 2.02 of Form 8-K and General Instruction B.2 thereunder and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as expressly set forth by specific reference to such filing.

Item 9.01(d) Exhibits

The following exhibits are furnished as part of this Report on Form 8-K:

Exhibit 99.1	Press Release, dated July 23, 2015, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2015.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on July 23, 2015, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2015.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 23, 2015	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Art A. Garcia
		Art A. Garcia, Executive Vice President
		and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

Contacts:Media:Investor Relations:

David Bruce                    Bob Brunn

(305) 500-4999(305) 500-4210

Ryder Reports Record Second Quarter 2015 Results

• Record Q2 Comparable EPS from Continuing Operations Up 15% to $1.65

• Record Q2 EPS from Continuing Operations of $1.61 Increase 13%

• Record Q2 Operating Revenue of $1.4 Billion Grows 6%

• Total Revenue Declines 1% to $1.7 Billion, from Lower Fuel Costs Passed Through to Customers

MIAMI, July 23, 2015 - Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today reported record second quarter comparable earnings reflecting continued strong performance in Fleet Management Solutions (FMS) and improved performance in Supply Chain Solutions (SCS). Earnings and earnings per diluted share (EPS) from continuing operations for the three months ended June 30 were as follows:

(in millions)	Earnings				Diluted EPS
	2015		2014	Change	2015	2014	Change
GAAP	$	86.2	75.7	14%	$ 1.61	1.42	13%
Non-operating pension costs	2.7		0.8		0.05	0.02
Other items	(0.7)		−		(0.01)	−
Comparable	$ 88.2		76.5	15%	$ 1.65	1.44	15%

The Company reported record second quarter operating revenue (revenue excluding all fuel and subcontracted transportation), reflecting higher full service lease revenue, growth in commercial rental revenue, as well as new business and increased volumes in SCS and Dedicated Transportation Solutions (DTS), partially offset by negative impacts from foreign exchange. Second quarter total revenue declined primarily due to lower fuel prices passed through to customers, partially offset by higher operating revenue. Operating and total revenue for the three months ended June 30 were as follows:

(in millions)	Operating Revenue				Total Revenue
	2015	2014	Change	Change excl. FX	2015	2014	Change
Total	$ 1,392.6	1,315.6	6%	8%	$ 1,662.9	1,684.6	(1%)
FMS	$ 959.1	907.9	6%	8%	$ 1,149.3	1,181.2	(3%)
DTS	$ 176.8	166.9	6%	6%	$ 223.5	234.0	(4%)
SCS	$ 320.1	301.1	6%	9%	$ 396.9	393.6	1%

Commenting on the Company’s second quarter performance, Ryder Chairman and CEO Robert Sanchez said, “We delivered a quarter of solid operating revenue growth across all segments of our business. We realized strong operating leverage with 15% comparable earnings growth on a 6% operating revenue increase, driven by both Fleet Management Solutions and Supply Chain Solutions. Our better-than-expected earnings performance in the quarter was primarily driven by Supply Chain Solutions. In Fleet Management Solutions, we saw continued strong growth in our lease fleet, which increased by 6,000 vehicles from a year ago, and grew 1,300 units from the first quarter. We realized our third consecutive quarter of record sales for our full service lease product, reflecting both customers new to outsourcing and further penetration within existing accounts. Rental performance was also strong, driven by both higher demand and pricing, particularly in the U.S., which saw revenue growth of 13%. Our SCS business has rebounded nicely with operating revenue growth from new business and higher volumes, helping to drive a significant increase in earnings. In Dedicated Transportation Solutions, we saw solid operating revenue growth during the quarter; however, earnings were impacted by higher self-insurance costs. We were also pleased that our return on capital spread has widened to a record 140 basis points, an increase of 50 basis points from last year.”

Second Quarter Business Segment Operating Results

Fleet Management Solutions

In the FMS business segment, operating revenue (revenue excluding fuel) in the second quarter of 2015 was $959.1 million, up 6% (or 8% excluding foreign exchange) compared with the year-earlier period. Total revenue in the second quarter of 2015 was $1.15 billion, down 3% compared with the year-earlier period, as the operating revenue increase was more than offset by the impact of lower fuel prices. Full service lease revenue increased 5% (or 7% excluding foreign exchange) due to fleet growth and higher prices on replacement vehicles. The number of full service lease vehicles (excluding U.K. trailers) increased by 6,000 from the year-earlier period and grew by 1,300 vehicles sequentially from the first quarter of 2015. Commercial rental revenue grew 8% (or 10% excluding foreign exchange) reflecting increased demand and higher pricing in North America. Fuel services revenue decreased 30%, primarily reflecting lower fuel prices passed through to customers.

FMS earnings before tax were $122.8 million in the second quarter of 2015, up 8% compared with $113.5 million in the same period of 2014. Increased earnings primarily reflect higher full service lease results and strong commercial rental performance, partially offset by higher spending on strategic investments largely in sales and marketing and technology in order to accelerate growth. Full service lease results

benefited from fleet growth and lower depreciation associated with increased residual values. Strong commercial rental performance was driven by increased demand and higher pricing in North America, on a 6% larger average global fleet. Global rental power fleet utilization was 78.1% for the second quarter, consistent with the year-earlier period, reflecting an 80 basis point increase in power fleet utilization in the U.S. Used vehicle sales results decreased due to lower volumes sold on a smaller average inventory, partially offset by stronger pricing. FMS earnings before tax as a percentage of operating revenue were 12.8% in the second quarter of 2015, up 30 basis points from 12.5% in the same quarter a year ago.

Dedicated Transportation Solutions

In the DTS business segment, second quarter 2015 operating revenue (revenue excluding fuel and subcontracted transportation), was $176.8 million, up 6% compared with the year-earlier period. DTS operating revenue grew as a result of new business, as well as higher volumes and pricing. Total revenue in the second quarter of 2015 was $223.5 million, down 4% compared with the year-earlier period, as increased operating revenue was more than offset by declining fuel prices.

DTS earnings before tax of $12.4 million decreased 4% in the second quarter of 2015 compared with $13.0 million in 2014, as new business was more than offset by increased self-insurance costs. DTS earnings before tax as a percentage of operating revenue were 7.0% in the second quarter of 2015, down from 7.8% in the year-earlier period.

Supply Chain Solutions

In the SCS business segment, second quarter 2015 operating revenue (revenue excluding fuel and subcontracted transportation) was $320.1 million, up 6% (or 9% excluding foreign exchange) compared with the year-earlier period. SCS operating revenue grew as a result of increased volumes and new business, particularly in the consumer packaged goods and technology sectors, as well as higher pricing. Total revenue was up 1% to $396.9 million, compared with the same quarter a year ago, as increased operating revenue was partially offset by declining fuel prices passed through to customers and foreign exchange.

SCS earnings before tax of $27.7 million increased 56% in the second quarter of 2015 compared with $17.7 million in 2014 due to increased pricing, start-up costs that returned to a normalized level, and higher volumes. These improvements were partially offset by higher compensation-related expenses and foreign exchange. SCS earnings before tax as a percentage of operating revenue were 8.7% in the second quarter of 2015, up 280 basis points from 5.9% in the year-earlier period.

Corporate Financial Information

Central Support Services

Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Most CSS costs are allocated to the business segments. In the second quarter of 2015, CSS costs were $62.6 million, up from $58.4 million in the year-earlier period, primarily driven by planned investments in marketing and information technology.

Income Taxes

The Company’s effective income tax rate from continuing operations for the second quarter of 2015 was 35.6% of pre-tax earnings, compared with 36.9% in the year-earlier period. The effective tax rate in the second quarter of 2015 benefited from state tax law changes, which decreased the provision for income taxes by $1.9 million (1.4% of pre-tax earnings). Excluding the impacts of tax law changes and other items, the comparable effective income tax rate for the second quarter of 2015 was 37.2% of earnings before tax, consistent with the year-earlier period.

Additional Items Excluded from Comparable Earnings

Non-operating components of pension costs are excluded from both comparable earnings and segment earnings before tax in order to more accurately reflect the operating performance of the business. Non-operating pension costs totaled $4.7 million ($2.7 million after tax) or $0.05 per diluted share in the second quarter of 2015, up from $1.5 million ($0.8 million after tax) or $0.02 per diluted share in the year-earlier period. This increase was due to lower expected asset returns and new mortality assumptions adopted at year end 2014.

In the second quarter of 2015, the Company recognized a pre-tax charge of $1.9 million ($1.2 million after tax) or $0.02 per diluted share from professional fees associated with cost saving initiatives.

Capital Expenditures

Capital expenditures from continuing operations increased to $1.33 billion for the second quarter of 2015, compared with $1.26 billion in the same period of 2014. The increase in capital expenditures primarily reflects planned investments in the full service lease and commercial rental fleets. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $1.09 billion in 2015, up from $980 million in the same period of 2014.

Cash Flow

Operating cash flow from continuing operations through June 30, 2015 was $646 million, up from $537 million in the same period of 2014 reflecting higher earnings and lower working capital needs. Total cash generated from continuing operations (including proceeds from used vehicle sales) through June 30, 2015 was $1.05 billion, compared with $845 million in the same period of 2014. The increase in total cash generated includes a $156 million sale-leaseback transaction from April 2015. Free cash flow from continuing operations through June 30, 2015 was negative $281 million, compared with negative $410 million for the same period of 2014.

Leverage

Balance sheet debt as of June 30, 2015 increased by $342 million compared with year-end 2014, due primarily to investments in vehicles to fund growth, partially offset by a sale-leaseback transaction. Balance sheet debt to equity as of June 30, 2015 was 254% compared with 248% at year-end 2014. Total obligations to equity as of June 30, 2015 were 270% compared with 259% at year-end 2014. Total obligations to equity increased due to investments to fund growth and foreign exchange impacts. Due to the increase in leverage, the Company elected to temporarily pause the anti-dilutive share repurchase program early in the year. The Company will evaluate resumption of the program later this year. Total obligations to equity remain within Ryder’s long-term target range of 225% to 275%.

2015 Earnings Forecast

Commenting on the Company’s outlook, Mr. Sanchez said, “We expect accelerating operating revenue growth rates in both the Fleet Management Solutions and Dedicated Transportation Solutions business segments for the second half of the year. Full service lease fleet growth is expected to exceed our prior forecast and be in the range of 5,000 to 6,000 vehicles. The pilot phase of our new on-demand maintenance product has been completed. With new technologies and billing processes in place and more resources dedicated to selling, we are expanding the marketing of this offering, beginning with a targeted group of large for-hire carriers at Ryder’s annual carrier conference next month. Supply Chain Solutions operating revenue and earnings growth rates will slow in the second half of the year, due to expected network design changes and, to a lesser extent, lost business. In Dedicated Transportation Solutions, we expect high single-digit operating revenue growth in the second half of the year, with improved earnings comparisons driven by new business and lower self-insurance costs. For Ryder overall, we expect to deliver accelerating operating revenue growth, continued double-digit earnings growth, and realize a return-on-capital spread of at least 150 basis points in the second half of 2015.

“Based on these factors, we are raising the low end of our comparable full-year 2015 earnings forecast range. The new range is $6.45 to $6.55 per share, compared with a previous range of $6.40 to $6.55 per share. We have also established a third quarter comparable earnings forecast of $1.82 to $1.87 per share.”

Discussion of Potential Change in Sale-Leaseback Accounting

The Company periodically enters into sale and leaseback transactions to lower the total cost of funding and to diversify funding providers. These transactions have been treated as off-balance sheet operating leases and have been included in the Company’s reported total obligations leverage ratios.

The Company is reviewing the structure of current and prior year sale-leaseback transactions in order to determine whether the transactions, as structured, qualify for off-balance treatment. If the Company determines that the transactions do not qualify for off-balance sheet treatment, the Company would expect to report, on balance sheet, approximately $365 million of additional revenue earning equipment and debt, as of June 30, 2015 and approximately $220 million as of December 31, 2014.

If adopted, the change in accounting treatment of these transactions would not be material to the Company’s reported consolidated earnings, financial position, or operating cash flows in any individual period. Such change would impact consolidated investing and financing cash flows and free cash flow for the period in which the transactions were consummated. If the Company determines that the 2015 sale-leaseback transactions do not qualify for off-balance sheet treatment, the Company’s forecast of full-year free cash flow would be negative $630 million, as compared with a prior forecast of negative $380 million. The Company’s reported free cash flow for the six months ended June 30, 2015 would decrease from negative $281 million to approximately negative $430 million. This change would not materially impact the Company’s metrics for total obligations or total obligations to equity. The Company would not expect any adverse debt rating actions as a result of this change. Regardless of accounting treatment, these transactions remain equally beneficial to the Company’s funding costs.

Any required adjustments or related disclosures will be reflected in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2015 which will be filed prior to the required filing deadline.

Supplemental Company Information

Second Quarter Net Earnings

(in millions)	Earnings			Diluted EPS
	2015		2014	2015	2014
Earnings from continuing operations	$86.2		75.7	$1.61	$1.42
Discontinued operations(1)	(0.8)		(0.3)	(0.01)	(0.01)
Net earnings	$	85.4	75.4	$ 1.60	1.41

(1) Previously announced in 2009

Year-to-Date Operating Results

(in millions)	Six months ended June 30
	2015	2014	Change
Total revenue	$3,230.1	3,295.3	(2)%
Operating revenue (1)	$2,692.9	2,558.4	5%
Earnings from continuing operations	$139.6	124.8	12%
Comparable earnings from continuing operations	$145.6	125.7	16%
Net earnings	$138.3	123.6	12%
Earnings per common share (EPS) - Diluted
Continuing operations	$2.62	2.34	12%
Comparable	$2.73	2.36	16%
Net earnings	$2.59	2.32	12%

(1) Excluding all fuel and subcontracted transportation

Business Description

Ryder System, Inc. is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. The Company’s financial performance is reported in the following three, inter-related business segments:

• Fleet Management Solutions - Ryder’s FMS business segment provides one-stop outsourcing of a range of solutions for commercial truck fleet operators, including vehicle maintenance, leasing and rental, used vehicle sales, as well as services such as roadside assistance, fueling, safety, and financing options.

• Dedicated Transportation Solutions - Ryder’s DTS business segment provides customers with vehicles, drivers, management, and administrative support, with the assets committed to a

specific customer for a contractual term. DTS supports customers with specialized equipment or product handling needs, complex routes, rigorous service level agreements or high driver turnover.

• Supply Chain Solutions - Ryder’s SCS business segment offers a broad range of innovative solutions designed to optimize day-to-day logistics operations and synchronize the supply of parts and finished goods with customer demand. Solutions are strategically engineered to address customer requirements and include lead logistics management, dedicated services, warehousing, transportation management, packaging, and other value-added services.

Notations

Earnings Before Tax (EBT): Ryder’s primary measurement of business segment financial performance, earnings before tax (EBT), allocates Central Support Services to each business segment and excludes restructuring and other items, as well as non-operating pension costs.

Capital Expenditures: In Ryder’s business, capital expenditures are generally used to purchase revenue earning equipment (trucks, tractors, and trailers) primarily to support the full service lease product line and secondarily to support the commercial rental product line within Ryder’s FMS business segment. The level of capital required to support the full service lease product line varies directly with customer contract signings for replacement vehicles and growth. These contracts are long-term agreements that result in ongoing revenues and cash flows to Ryder, typically over a three- to ten-year term. The commercial rental product line utilizes capital for the purchase of vehicles to replenish and expand the Company’s fleet available for shorter-term use by contractual or occasional customers.

For more information on Ryder System, Inc., visit http://investors.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 earnings performance, operating revenue growth in our business segments, lease fleet growth, performance in our product lines, expansion of on-demand maintenance, return on capital spread and anticipated resumption of our share repurchase program. Accordingly, these forward-looking statements should be evaluated with consideration given to 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, among others, lower than expected lease sales, decreases in commercial rental demand or poor acceptance of higher pricing, fluctuations in market demand for used vehicles impacting current pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for on-demand maintenance, higher than expected maintenance costs from new engine technology or due to lower than expected benefits from maintenance initiatives and a newer fleet, setbacks in the economic recovery, decreases in freight demand or volumes, poor operational execution particularly with start-ups and new product launches, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, slower than expected economic recovery in the U.K., business interruptions or expenditures due to severe weather or natural occurrences, competition from other service

providers and new entrants, customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, unexpected bad debt reserves or write-offs, changes in customers’ business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. 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, including operating revenue, operating revenue excluding foreign exchange, comparable earnings and earnings per share, comparable earnings per share forecast, comparable earnings before income tax, comparable tax rate, adjusted return on capital (and return on capital spread), total cash generated, free cash flow, total obligations, and the ratios based on these financial measures. Refer to Appendix - Non-GAAP Financial Measures for more information about the non-GAAP financial measures contained in this presentation. Additional information as required by Regulation G regarding non-GAAP financial measures can be found in our most recent Form 10-K, Form 10-Q and our Form 8-K filed as of the date of this presentation with the SEC, which are available at http://investors.ryder.com.

Beginning in 2015, in addition to excluding FMS fuel services revenue and subcontracted transportation from the calculation of operating revenue, we will also be excluding SCS and DTS fuel costs billed to customers. 

Conference Call and Webcast Information:

Ryder’s earnings conference call and webcast is scheduled for Thursday, July 23, 2015, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief Executive Officer Robert Sanchez, and Executive Vice President and Chief Financial Officer Art Garcia.

• To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: Ryder and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: PH4172159 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-879-5513 (outside U.S. dial 1-402-220-4734), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com.

59-15

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended June 30, 2015 and 2014

(In millions, except per share amounts)

	Three Months					Six Months
	2015			2014		2015			2014
Lease and rental revenues	$	779.0		733.8		$	1,508.1		1,423.4
Services revenue	737.2			741.4		1,430.9			1,451.1
Fuel services revenue	146.7			209.4		291.1			420.7
Total revenues	1,662.9			1,684.6		3,230.1			3,295.3
Cost of lease and rental	532.3			508.1		1,051.5			1,001.1
Cost of services	603.5			625.3		1,185.8			1,231.5
Cost of fuel services	142.2			203.6		278.5			410.8
Other operating expenses	32.8			31.0		67.6			67.7
Selling, general and administrative expenses	214.9			200.4		421.5			392.1
Gains on vehicle sales, net	(33.2		)	(34.4	)	(62.8		)	(63.2	)
Interest expense	37.7			35.3		73.5			70.4
Miscellaneous income, net	(1.0		)	(4.8	)	(3.7		)	(10.2	)
	1,529.1			1,564.5		3,011.9			3,100.3
Earnings from continuing operations before income taxes	133.8			120.0		218.2			195.0
Provision for income taxes	47.7			44.4		78.6			70.3
Earnings from continuing operations	86.2			75.7		139.6			124.8
Loss from discontinued operations, net of tax	(0.8		)	(0.3	)	(1.3		)	(1.2	)
Net earnings	$	85.4		75.4		$	138.3		123.6
Earnings (loss) per common share - Diluted
Continuing operations	$	1.61		1.42		$	2.62		2.34
Discontinued operations	(0.01		)	(0.01	)	(0.03		)	(0.02	)
Net earnings	$	1.60		1.41		$	2.59		2.32
Earnings per share information - Diluted
Earnings from continuing operations	$	86.2		75.7		$	139.6		124.8
Less: Distributed and undistributed earnings allocated to nonvested stock	(0.2		)	(0.3	)	(0.4		)	(0.6	)
Earnings from continuing operations available to common stockholders	$	85.9		75.4		$	139.2		124.2
Weighted-average shares outstanding - Diluted	53.3			53.0		53.2			53.1
Comparable earnings per share from continuing operations: *
EPS from continuing operations	$	1.61		1.42		$	2.62		2.34
Non-operating pension costs	0.05			0.02		0.10			0.05
Professional fees	0.02			—		0.04			—
Benefit from tax law change	(0.03		)	—		(0.03		)	(0.03	)
Comparable EPS from continuing operations *	$	1.65		1.44		$	2.73		2.36

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(Dollars in millions)

	June 30, 2015		December 31, 2014
Assets:
Cash and cash equivalents	$	73.4	50.1
Other current assets	1,062.6		1,026.1
Revenue earning equipment, net	7,507.9		6,994.4
Operating property and equipment, net	707.9		699.6
Other assets	940.4		905.7
	$	10,292.1	9,676.0
Liabilities and shareholders' equity:
Current liabilities	1,180.8		1,081.4
Total debt	4,854.9		4,512.5
Other non-current liabilities (including deferred income taxes)	2,342.2		2,262.6
Shareholders' equity	1,914.2		1,819.5
	$	10,292.1	9,676.0

SELECTED KEY RATIOS AND METRICS

	June 30, 2015		December 31, 2014
Debt to equity	254	%	248	%
Total obligations to equity *	270	%	259	%
Effective interest rate (average cost of debt)	3.2	%	3.2	%

	Six months ended June 30,
	2015			2014
Cash provided by operating activities from continuing operations	$	646.2		536.5
Free cash flow *	(280.9		)	(410.4	)
Capital expenditures paid	1,329.2			1,255.2
Capital expenditures (accrual basis)	$	1,454.0		1,256.7
Less: Proceeds from sales (primarily revenue earning equipment)	(368.2		)	(277.2	)
Net capital expenditures	$	1,085.8		979.6

	Twelve months ended June 30,
	2015		2014
Return on average shareholders' equity	12.2	%	14.4	%
Return on average assets	2.4	%	2.9	%
Adjusted return on capital *	6.0	%	5.7	%
Weighted average cost of capital	4.6	%	4.8	%
Return on capital spread **	1.4	%	0.9	%

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

** Non-GAAP financial measure. Return on capital spread is calculated as the difference of the adjusted return on capital and the weighted average cost of capital.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED

Periods ended June 30, 2015 and 2014

(Dollars in millions)

	Three Months							Six Months
	2015			2014		B(W)		2015			2014		B(W)
Total Revenue:
Fleet Management Solutions:
Full service lease	$	595.7		566.1		5	%	$	1,172.8		1,118.3		5	%
Contract maintenance	49.0			46.3		6	%	94.9			89.9		6	%
Contractual revenue	644.7			612.4		5	%	1,267.7			1,208.3		5	%
Commercial rental	239.1			221.7		8	%	444.1			411.9		8	%
Contract-related maintenance	56.5			56.5		—	%	109.7			112.6		(3	)%
Other	18.8			17.3		8	%	36.7			35.1		5	%
Fuel services revenue	190.3			273.3		(30	)%	378.3			548.5		(31	)%
Total Fleet Management Solutions	1,149.3			1,181.2		(3	)%	2,236.5			2,316.3		(3	)%
Dedicated Transportation Solutions	223.5			234.0		(4	)%	436.2			450.0		(3	)%
Supply Chain Solutions	396.9			393.6		1	%	768.0			774.9		(1	)%
Eliminations	(106.9		)	(124.2	)	14	%	(210.6		)	(245.9	)	14	%
Total revenue	$	1,662.9		1,684.6		(1	)%	$	3,230.1		3,295.3		(2	)%
Operating Revenue: *
Fleet Management Solutions	$	959.1		907.9		6	%	$	1,858.2		1,767.8		5	%
Dedicated Transportation Solutions	176.8			166.9		6	%	342.6			323.2		6	%
Supply Chain Solutions	320.1			301.1		6	%	615.5			585.6		5	%
Eliminations	(63.3		)	(60.3	)	(5	)%	(123.5		)	(118.2	)	(4	)%
Operating revenue	$	1,392.6		1,315.6		6	%	$	2,692.9		2,558.4		5	%
Business segment earnings:
Earnings from continuing operations
before income taxes:
Fleet Management Solutions	$	122.8		113.5		8	%	$	212.7		190.5		12	%
Dedicated Transportation Solutions	12.4			13.0		(4	)%	21.4			21.7		(1	)%
Supply Chain Solutions	27.7			17.7		56	%	43.4			30.8		41	%
Eliminations	(11.6		)	(10.5	)	(10	)%	(23.1		)	(20.2	)	(15	)%
	151.4			133.7		13	%	254.4			222.9		14	%
Unallocated Central Support Services	(10.9		)	(12.1	)	10	%	(22.9		)	(23.0	)	—	%
Non-operating pension costs	(4.7		)	(1.5	)	(204	)%	(9.6		)	(4.9	)	(97	)%
Restructuring and other charges, net	(1.9		)	—		NM		(3.8		)	—		NM
Earnings from continuing operations before income taxes	133.8			120.0		11	%	218.2			195.0		12	%
Provision for income taxes	47.7			44.4		(7	)%	78.6			70.3		(12	)%
Earnings from continuing operations	$	86.2		75.7		14	%	$	139.6		124.8		12	%

* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended June 30, 2015 and 2014

(Dollars in millions)

	Three Months							Six Months
	2015			2014		B(W)		2015			2014		B(W)
Fleet Management Solutions
Total revenue	$	1,149.3		1,181.2		(3	)%	$	2,236.5		2,316.3		(3	)%
Fuel services revenue(a)	(190.3		)	(273.3	)	(30	)%	(378.3		)	(548.5	)	(31	)%
Operating revenue *	$	959.1		907.9		6	%	$	1,858.2		1,767.8		5	%
Segment earnings before income taxes	$	122.8		113.5		8	%	$	212.7		190.5		12	%
Earnings before income taxes as % of total revenue	10.7		%	9.6	%			9.5		%	8.2	%
Earnings before income taxes as % of operating revenue *	12.8		%	12.5	%			11.4		%	10.8	%
Dedicated Transportation Solutions
Total revenue	$	223.5		234.0		(4	)%	$	436.2		450.0		(3	)%
Subcontracted transportation	(14.5		)	(23.2	)	(37	)%	(29.2		)	(39.4	)	(26	)%
Fuel costs(a)	(32.2		)	(43.9	)	(27	)%	(64.4		)	(87.4	)	(26	)%
Operating revenue *	$	176.8		166.9		6	%	$	342.6		323.2		6	%
Segment earnings before income taxes	$	12.4		13.0		(4	)%	$	21.4		21.7		(1	)%
Earnings before income taxes as % of total revenue	5.6		%	5.6	%			4.9		%	4.8	%
Earnings before income taxes as % of operating revenue *	7.0		%	7.8	%			6.2		%	6.7	%
Supply Chain Solutions
Total revenue	$	396.9		393.6		1	%	$	768.0		774.9		(1	)%
Subcontracted transportation	(59.8		)	(66.6	)	(10	)%	(118.0		)	(136.6	)	(14	)%
Fuel costs(a)	(17.0		)	(25.9	)	(34	)%	(34.5		)	(52.8	)	(35	)%
Operating revenue *	$	320.1		301.1		6	%	$	615.5		585.6		5	%
Segment earnings before income taxes	$	27.7		17.7		56	%	$	43.4		30.8		41	%
Earnings before income taxes as % of total revenue	7.0		%	4.5	%			5.6		%	4.0	%
Earnings before income taxes as % of operating revenue *	8.7		%	5.9	%			7.0		%	5.3	%

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

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

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

	Three months ended June 30,				Six months ended June 30,				Change 2015/2014
	2015		2014		2015		2014		Three Months	Six Months
Full service lease
Average fleet count	127,700		123,100		127,100		123,100		4%	3%
End of period fleet count	128,700		123,000		128,700		123,000		5%	5%
Miles/unit per day change - % (a)	0.2	%	1.3	%	0.2	%	0.8	%
Commercial rental
Average fleet count	42,300		39,900		41,300		39,100		6%	6%
End of period fleet count	43,700		40,700		43,700		40,700		7%	7%
Rental utilization - power units	78.1	%	78.3	%	75.8	%	76.0	%	(20) bps	(20) bps
Rental rate change - % (b)	3.7	%	5.4	%	4.2	%	5.0	%
Customer vehicles under
contract maintenance
Average fleet count	43,500		39,400		43,100		38,400		10%	12%
End of period fleet count	42,000		39,700		42,000		39,700		6%	6%
Customer vehicles under
on-demand maintenance (c)
Fleet serviced during the period	8,300		6,500		12,600		10,900		28%	16%
DTS
Average fleet count (d)	7,400		7,000		7,300		6,900		6%	6%
End of period fleet count(d)	7,400		7,000		7,400		7,000		6%	6%
SCS
Average fleet count (d)	5,700		5,600		5,700		5,600		2%	2%
End of period fleet count(d)	5,900		5,500		5,900		5,500		7%	7%
Used vehicle sales (UVS)
Average UVS inventory	6,100		6,800		5,800		7,200		(10)%	(19)%
End of period fleet count	5,900		6,300		5,900		6,300		(6)%	(6)%
Used vehicles sold	4,700		5,500		9,000		11,100		(15)%	(19)%
UVS pricing change - % (e)
Tractors	10	%	15	%	12	%	8	%
Trucks	11	%	16	%	11	%	14	%

Notes:

(a)	Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.
(b)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(c)	Comprised of the number of vehicles serviced under transactional on-demand maintenance agreements. Vehicles included in the end of period count may have been serviced more than one time during the respective period.
(d)	These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.
(e)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION	Three months ended June 30,					Six months ended June 30,
	2015			2014		2015			2014
Total revenue	$	1,662.9		1,684.6		$	3,230.1		3,295.3
Fuel	(195.9		)	(279.1	)	(390.0		)	(560.9	)
Subcontracted transportation	(74.4		)	(89.8	)	(147.2		)	(176.0	)
Operating revenue *	$	1,392.6		1,315.6		$	2,692.9		2,558.4

REVENUE GROWTH EXCLUDING FOREIGN EXCHANGE RECONCILIATION
	Second Quarter						Year-to-Date
	2015 vs 2014 Growth		Fx Impact (a)		Growth excl Fx		2015 vs 2014 Growth		Fx Impact (a)		Growth excl Fx
RSI Operating Revenue	6	%	(2	)%	8	%	5	%	(2	)%	7	%
FMS Operating Revenue	6	%	(2	)%	8	%	5	%	(2	)%	7	%
SCS Operating Revenue	6	%	(3	)%	9	%	5	%	(3	)%	8	%
Full Service Lease Revenue	5	%	(2	)%	7	%	5	%	(2	)%	7	%
Commercial Rental Revenue	8	%	(2	)%	10	%	8	%	(2	)%	10	%

DEBT TO EQUITY RECONCILIATION	June 30, 2015		% to Equity	December 31, 2014		% to Equity
On-balance sheet debt	$	4,854.9	254%	$	4,512.5	248%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles(b)	318.6			193.4
Total obligations *	$	5,173.5	270%	$	4,705.8	259%

CASH FLOW RECONCILIATION	Six months ended June 30,
	2015			2014
Net cash provided by operating activities from continuing operations	$	646.2		536.5
Proceeds from sales (primarily revenue earning equipment)	211.8			277.2
Proceeds from sale and leaseback of revenue earning equipment	156.4			—
Collections on direct finance leases	33.9			32.4
Other	—			(1.3	)
Total cash generated *	1,048.3			844.8
Capital expenditures	(1,329.2		)	(1,255.2	)
Free cash flow *	$	(280.9	)	(410.4	)

Note:

(a) FX impact was calculated by dividing the results for the current and prior year periods by the exchange rates in effect on

June 30, 2014, which was the last day of the prior year period, rather than the actual exchange rates in effect as of

June 30, 2015.

(b) Discounted at the incremental borrowing rate at lease inception.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

RETURN ON CAPITAL RECONCILIATION	Twelve months ended June 30,
	2015			2014
Net earnings (12-month rolling period)	$	233.4		259.3
+ Restructuring and other items	118.7			1.8
+ Income taxes	126.6			139.3
Adjusted earnings before income taxes	478.7			400.3
+ Adjusted interest expense (a)	149.2			141.4
- Adjusted income taxes	(225.3		)	(192.4	)
= Adjusted net earnings for ROC (numerator)	$	402.7		349.4
Average total debt	$	4,627.5		4,247.2
Average off-balance sheet debt	195.5			105.7
Average shareholders' equity	1,888.3			1,801.7
Adjustment to equity (b)	17.8			(1.6	)
Adjusted average total capital (denominator)	$	6,729.1		6,153.0
Adjusted ROC *	6.0		%	5.7	%

Notes:

(a) Interest expense includes implied interest on off-balance sheet vehicle obligations.

(b) Represents comparable earnings items for those periods.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

	Three Months								Six Months
	2015								2015
	Reported					Comparable			Reported					Comparable
	Earnings			Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,662.9		—		$	1,662.9		$	3,230.1		—		$	3,230.1
Cost of lease and rental	532.3			—		532.3			1,051.5			—		1,051.5
Cost of services	603.5			—		603.5			1,185.8			—		1,185.8
Cost of fuel services	142.2			—		142.2			278.5			—		278.5
Other operating expenses	32.8			—		32.8			67.6			—		67.6
Selling, general and administrative expenses (a)(b)	214.9			(6.6	)	208.2			421.5			(13.4	)	408.1
Gains on vehicle sales, net	(33.2		)	—		(33.2		)	(62.8		)	—		(62.8		)
Interest expense	37.7			—		37.7			73.5			—		73.5
Miscellaneous income, net	(1.0		)	—		(1.0		)	(3.7		)	—		(3.7		)
	1,529.1			(6.6	)	1,522.5			3,011.9			(13.4	)	2,998.5
Earnings from continuing operations before income taxes	133.8			6.6		140.4			218.2			13.4		231.5
Provision for income taxes (c)	(47.7		)	(4.6	)	(52.3		)	(78.6		)	(7.4	)	(85.9		)
Earnings from continuing operations	86.2			2.0		88.2			139.6			6.0		145.6
Tax rate on continuing operations	35.6		%			37.2		%	36.0		%			37.1		%
Earnings per common share - Diluted:
Continuing operations	$	1.61		0.04		$	1.65		$	2.62		0.11		$	2.73

	Three Months								Six Months
	2014								2014
	Reported					Comparable			Reported					Comparable
	Earnings			Adjustment		Earnings *			Earnings			Adjustment		Earnings *
Revenue	$	1,684.6				$	1,684.6		$	3,295.3				$	3,295.3
Cost of lease and rental	508.1			—		508.1			1,001.1			—		1,001.1
Cost of services	625.3			—		625.3			1,231.5			—		1,231.5
Cost of fuel services	203.6			—		203.6			410.8			—		410.8
Other operating expenses	31.0			—		31.0			67.7			—		67.7
Selling, general and administrative expenses (a)	200.4			(1.5	)	198.9			392.1			(4.9	)	387.3
Gains on vehicle sales, net	(34.4		)	—		(34.4		)	(63.2		)	—		(63.2		)
Interest expense	35.3			—		35.3			70.4			—		70.4
Miscellaneous income, net	(4.8		)	—		(4.8		)	(10.2		)	—		(10.2		)
	1,564.5			(1.5	)	1,563.0			3,100.3			(4.9	)	3,095.4
Earnings from continuing operations before income taxes	120.0			1.5		121.6			195.0			4.9		199.9
Provision for income taxes (c)	(44.4		)	(0.7	)	(45.1		)	(70.3		)	(3.9	)	(74.2		)
Earnings from continuing operations	75.7			0.8		76.5			124.8			0.9		125.7
Tax rate on continuing operations	36.9		%			37.1		%	36.0		%			37.1		%
Earnings per common share - Diluted:
Continuing operations	$	1.42		0.02		$	1.44		$	2.34		0.02		$	2.36

Notes regarding adjustments:

(a)	Non-operating pension costs, which include amortization of actuarial loss, interest cost, expected return on plan assets and pension settlement charges. Second quarter and full year 2015 include non-operating pension costs of ($4.7) and ($9.6), respectively. Second quarter and full year 2014 include non-operating pension costs of ($1.5) and ($4.9), respectively.
(b)	Second quarter and full year 2015 include professional fees of ($1.9) and ($3.8), respectively.
(c)	Tax impact of comparable earnings items; 2014 also included benefit of tax law change in the state of New York.

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

EARNINGS PER SHARE FORECAST AND OTHER INFORMATION - UNAUDITED

Comparable earnings per share from continuing operations forecast:*	Third Quarter 2015	Full Year 2015
EPS from continuing operations	$1.77 - 1.82	$6.22 - 6.32
Non-operating pension costs	0.05	0.21
Benefit from tax law change	—	(0.03	)
Restructuring and other charges, net	—	0.05
Comparable EPS from continuing operations forecast*	1.82 - 1.87	6.45 - 6.55

	Three Months					Six Months
	2015			2014		2015			2014
Depreciation expense	$	269.1		257.2		$	531.5		506.0
Subcontracted transportation	$	(74.4	)	(89.8	)	$	(147.2	)	(176.0	)

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

EX-99.2

Second Quarter 2015 Earnings Conference Call July 23, 2015 Exhibit 99.2

© 2015 Ryder System, Inc. All Rights Reserved. Safe Harbor and Non-GAAP Financial Measures 2 Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995, including our expectations regarding earnings performance, operating revenue growth in our business segments, lease fleet growth, performance in our product lines, expansion of on-demand maintenance, return on capital spread and anticipated resumption of our share repurchase program. Accordingly, these forward-looking statements should be evaluated with consideration given to 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, among others, lower than expected lease sales, decreases in commercial rental demand or poor acceptance of higher pricing, fluctuations in market demand for used vehicles impacting current pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for on-demand maintenance, higher than expected maintenance costs from new engine technology or due to lower than expected benefits from maintenance initiatives and a newer fleet, setbacks in the economic recovery, decreases in freight demand or volumes, poor operational execution particularly with start-ups and new product launches, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, slower than expected economic recovery in the U.K., business interruptions or expenditures due to severe weather or natural occurrences, competition from other service providers and new entrants, customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, unexpected bad debt reserves or write-offs, changes in customers’ business environments that will limit their ability to commit to long-term vehicle leases, a decrease in credit ratings, increased debt costs, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, sudden or unusual changes in fuel prices, unanticipated currency exchange rate fluctuations, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. 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. This presentation includes certain non-GAAP financial measures as defined under SEC rules, including operating revenue, operating revenue growth excluding foreign exchange, comparable earnings and earnings per share, comparable earnings per share forecast, comparable earnings before income tax, comparable tax rate, adjusted return on capital (and return on capital spread), total cash generated, free cash flow, total obligations, and the ratios based on these financial measures. Refer to Appendix – Non-GAAP Financial Measures for more information about the non-GAAP financial measures contained in this presentation. Additional information as required by Regulation G regarding non-GAAP financial measures can be found in our most recent Form 10-K, Form 10-Q and our Form 8-K filed as of the date of this presentation with the SEC, which are available at http://investors.ryder.com. Beginning in 2015, in addition to excluding Fleet Management Solutions (FMS) fuel services revenue and subcontracted transportation from the calculation of operating revenue, we will also be excluding Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) fuel costs billed to our customers.

© 2015 Ryder System, Inc. All Rights Reserved. Contents 3 ►Second Quarter 2015 Results Overview ►Asset Management Update ►Earnings Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. 2nd Quarter Results Overview 4 ► Comparable earnings per share from continuing operations were $1.65 vs. $1.44 in 2Q14 ► Earnings per diluted share from continuing operations were $1.61 in 2Q15 vs. $1.42 in 2Q14 – 2Q15 included non-operating pension costs of $0.05 and professional fees of $0.02, which were partially offset by tax law change benefits of $0.03 – 2Q14 included non-operating pension costs of $0.02 ► Operating revenue increased 6% (up 8% excluding foreign exchange) and total revenue decreased 1% vs. prior year – Total revenue declined due to lower fuel costs passed through to customers, as well as foreign exchange

© 2015 Ryder System, Inc. All Rights Reserved. Key Financial Statistics 5 Second Quarter ($ Millions, Except Per Share Amounts) 2015 2014 % B/(W) Operating Revenue 1,392.6$ 1,315.6$ 6% Fuel and Subcontracted Transportation 270.3 368.9 (27)% Total Revenue 1,662.9$ 1,684.6$ (1)% Comparable Earnings Per Share from Continuing Operations 1.65$ 1.44$ 15% Earnings Per Share from Continuing Operations 1.61$ 1.42$ 13% Memo: Average Shares (Millions ) - Diluted 53.3 53.0 Comparable Tax Rate from Continuing Operations 37.2% 37.1% Tax Rate from Continuing Operations 35.6% 36.9% Note: Amounts throughout presentation may not be additive due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. Key Financial Statistics 6 Year-To-Date ($ Millions, Except Per Share Amounts) 2015 2014 % B/(W) Operating Revenue 2,692.9$ 2,558.4$ 5% Fuel and Subcontracted Transportation 537.2 736.9 (27)% Total Revenue 3,230.1$ 3,295.3$ (2)% Comparable Earnings Per Share from Continuing Operations 2.73$ 2.36$ 16% Earnings Per Share from Continuing Operations 2.62$ 2.34$ 12% Memo: Average Shares (Millions ) - Diluted 53.2 53.1 Comparable Tax Rate from Continuing Operations 37.1% 37.1% Tax Rate from Continuing Operations 36.0% 36.0% Adjusted Return on Capital vs. Cost of Capital (Trailing 12 months) 1.4% 0.9% Note: Amounts throughout presentation may not be additive due to rounding.

© 2015 Ryder System, Inc. All Rights Reserved. 2nd Quarter Results Overview – FMS 7 ► Fleet Management Solutions (FMS) operating revenue up 6% (up 8% excluding foreign exchange) and total revenue down 3% vs. prior year – Full service lease revenue up 5% (up 7% excluding foreign exchange) – Contract maintenance revenue up 6% – Commercial rental revenue up 8% (up 10% excluding foreign exchange) – Contract-related maintenance revenue unchanged – Total revenue declined due to lower fuel costs passed through to customers ► FMS earnings increased due to higher full service lease results and strong commercial rental performance – Favorable lease results benefited from fleet growth and vehicle residual value benefits ► FMS earnings before tax (EBT) up 8% – FMS EBT percent of operating revenue up 30 basis points to 12.8%

© 2015 Ryder System, Inc. All Rights Reserved. 2nd Quarter Results Overview – DTS 8 ► Dedicated Transportation Solutions (DTS) operating revenue up 6% and total revenue down 4% vs. prior year – Operating revenue increased due to new business as well as higher volumes and pricing – Total revenue down due to lower fuel costs passed through to customers ► DTS earnings decreased primarily due to higher self-insurance costs, partially offset by new business ► DTS earnings before tax (EBT) down 4% – DTS EBT percent of operating revenue down 80 basis points to 7.0%

© 2015 Ryder System, Inc. All Rights Reserved. 2nd Quarter Results Overview – SCS 9 ► Supply Chain Solutions (SCS) operating revenue up 6% (up 9% excluding foreign exchange) and total revenue up 1% vs. prior year – Operating revenue increased due to higher volumes and new business, primarily in the consumer packaged goods and technology sectors, and higher pricing – Total revenue increased due to higher operating revenue, partially offset by lower fuel costs passed through to customers and foreign exchange ► SCS earnings increased primarily due to higher pricing, lower start-up costs and higher volumes – Benefits were partially offset by higher compensation costs and foreign exchange ► SCS earnings before tax (EBT) up 56% – SCS EBT percent of operating revenue up 280 basis points to 8.7%

© 2015 Ryder System, Inc. All Rights Reserved. Business Segments 10 2015 2014 % B/(W) 2015 2014 % B/(W) Operating Revenue: Fleet Management Solutions 959.1$ 907.9$ 6% 1,149.3$ 1,181.2$ (3)% Dedicated Transportation Solutions 176.8 166.9 6% 223.5 234.0 (4)% Supply Chain Solutions 320.1 301.1 6% 396.9 393.6 1% Eliminations (63.3) (60.3) (5)% (106.9) (124.2) 14% Total 1,392.6$ 1,315.6$ 6% 1,662.9$ 1,684.6$ (1)% Segment Earnings Before Tax: (1) Fleet Management Solutions 122.8$ 113.5$ 8% Dedicated Transportation Solutions 12.4 13.0 (4)% Supply Chain Solutions 27.7 17.7 56% Eliminations (11.6) (10.5) (10)% 151.4 133.7 13% Central Support Services (Unallocated Share) (10.9) (12.1) 10% Non-operating Pension Costs (4.7) (1.5) (204)% Restructuring and Other Charges, Net and Other Items (1.9) - NM Earnings Before Income Taxes 133.8 120.0 11% Provision for Income Taxes (47.7) (44.4) (7)% Earnings from Continuing Operations 86.2$ 75.7$ 14% Comparable Earnings from Continuing Operations 88.2$ 76.5$ 15% Memo: Total Revenue (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items. ($ Millions) Second Quarter

© 2015 Ryder System, Inc. All Rights Reserved. Business Segments 11 2015 2014 % B/(W) 2015 2014 % B/(W) Operating Revenue: Fleet Management Solutions 1,858.2$ 1,767.8$ 5% 2,236.5$ 2,316.3$ (3)% Dedicated Transportation Solutions 342.6 323.2 6% 436.2 450.0 (3)% Supply Chain Solutions 615.5 585.6 5% 768.0 774.9 (1)% Eliminations (123.5) (118.2) (4)% (210.6) (245.9) 14% Total 2,692.9$ 2,558.4$ 5% 3,230.1$ 3,295.3$ (2)% Segment Earnings Before Tax: (1) Fleet Management Solutions 212.7$ 190.5$ 12% Dedicated Transportation Solutions 21.4 21.7 (1)% Supply Chain Solutions 43.4 30.8 41% Eliminations (23.1) (20.2) (15)% 254.4 222.9 14% Central Support Services (Unallocated Share) (22.9) (23.0) 0% Non-operating Pension Costs (9.6) (4.9) (97)% Restructuring and Other Charges, Net and Other Items (3.8) - NM Earnings Before Income Taxes 218.2 195.0 12% Provision for Income Taxes (78.6) (70.3) (12)% Earnings from Continuing Operations 139.6$ 124.8$ 12% Comparable Earnings from Continuing Operations 145.6$ 125.7$ 16% Memo: Total Revenue (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs, restructuring and other charges, net and other items. ($ Millions) Year-To-Date

© 2015 Ryder System, Inc. All Rights Reserved. Capital Expenditures 12 2015 $ 2015 2014 O/(U) 2014 Full Service Lease 947$ 818$ 129$ Commercial Rental 453 344 109 Operating Property and Equipment 54 95 (41) Gross Capital Expenditures 1,454 1,257 197 Less: Proceeds from Sales (Primarily Revenue Earning Equipment) 212 277 (65) Less: Sale and Leaseback of Assets 156 - 156 Net Capital Expenditures 1,086$ 980$ 106$ Year-To-Date ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Cash Flow from Continuing Operations 13 Year-To-Date ($ Millions) (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Free Cash Flow excludes acquisitions and changes in restricted cash. 2015 2014 Earnings from Continuing Operations 140$ 125$ Depreciation 531 506 Gains on Vehicle Sales, Net (63) (63) Amortization and Other Non-Cash Charges, Net 39 36 Pension Contributions (8) (65) Changes in Working Capital and Deferred Taxes 6 (2) Cash Provided by Operating Activities 646 537 Proceeds from Sales (Primarily Revenue Earning Equipment) 212 277 Proceeds from Sale and Leaseback of Revenue Earning Equipment 156 - Collections of Direct Finance Leases & Other 34 32 Other, Net - (1) Total Cash Generated 1,048 845 Capital Expenditures (1) (1,329) (1,255) Free Cash Flow (2) (281)$ (410)$

© 2015 Ryder System, Inc. All Rights Reserved. 261% 270% 226% 259% 270% 250% 0% 50% 100% 150% 200% 250% 300% 12/31/11 12/31/12 12/31/13 12/31/14 6/30/15 Long Term Target  Midpoint Pension  Impact Total  Obligations  to Equity Debt to Equity Ratio 14 6/30/2015 12/31/2014 6/30/2014 Balance Sheet Debt 4,855$ 4,512$ 4,717$ Percent To Equity 254% 248% 240% Total Obligations 5,174$ 4,706$ 4,805$ Percent To Equity 270% 259% 245% Total Equity (3) 1,914$ 1,819$ 1,965$ Balance 257% 260% 221% 248% 254% Sheet Debt to Equity (1) (2) (1) Illustrates impact of accumulated net pension related equity charge on leverage. (2) Represents long term total obligations to equity target of 225 - 275% while maintaining a solid investment grade rating. (3) Total Equity includes impact of accumulated net pension related equity charge of $580 million as of 6/30/2015, $585 million as of 12/31/2014 and $470 million as of 6/30/2014. ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Contents 15 ►Second Quarter 2015 Results Overview ►Asset Management Update ►Earnings Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. ► Units held for sale were 5,900 at quarter end, down from 6,300 units held for sale in the prior year ─ Sequentially from the first quarter, units held for sale increased by 100 units ► The number of used vehicles sold in the second quarter was 4,700, down 14% from the prior year ─ Sequentially from the first quarter, units sold were up 10% ► Proceeds per unit were up 10% for tractors and up 11% for trucks in the second quarter compared with prior year (excluding the impact of exchange rates) ─ Proceeds per unit were up 5% for tractors and up 4% for trucks vs. the first quarter ► Average second quarter total commercial rental fleet was up 6% from the prior year ─ Average commercial rental fleet was up 6% from the first quarter Global Asset Management Update 16

© 2015 Ryder System, Inc. All Rights Reserved. Contents 17 ►Second Quarter 2015 Results Overview ►Asset Management Update ►Earnings Forecast ►Q & A

© 2015 Ryder System, Inc. All Rights Reserved. EPS Forecast – Continuing Operations 18 2015 Comparable EPS Forecast(1) $ 1.82 - 1.87 $ 6.45 - 6.55 2014 Comparable EPS(2) $ 1.63 $ 5.58 Third Quarter Full Year ($ Earnings Per Share) (1) 3Q15 Comparable EPS Forecast, a non-GAAP financial measure, excludes $0.05 of non-operating pension costs, net. 2015 Comparable EPS Forecast, a non-GAAP financial measure, excludes $0.21 of non-operating pension costs, $0.05 of restructuring and other charges, and a tax law change benefit of $0.03, net, for the full year period. (2) 2014 Comparable EPS for the third quarter excluded $0.03 of non-operating pension costs. 2014 Comparable EPS for the full year excludes $1.16 of pension lump sum settlement charges, $0.14 of pension settlement charges, $0.10 of non-operating pension costs, $0.03 of acquisition-related tax adjustment, $0.01 of acquisition transaction costs, $0.03 of restructuring and other charges, net, partially offset by a tax law change benefit of $0.03. ► Full year Comparable EPS forecast is $6.45 - $6.55 from $6.40 - $6.55 ► Current forecast is as follows:

© 2015 Ryder System, Inc. All Rights Reserved. Q&A 19

© 2015 Ryder System, Inc. All Rights Reserved. Appendix 20 Full Service Lease Vehicle Count Business Segment Detail Central Support Services Balance Sheet Adjusted Return on Capital History Asset Management Non-GAAP Financial Measures & Reconciliations

© 2015 Ryder System, Inc. All Rights Reserved. End of Period 2Q14 3Q14 4Q14 1Q15 2Q15 FSL Fleet (as reported) 123,000 123,200 125,500 127,500 128,700 5,700 UK FSL Trailers 4,600 4,300 4,400 4,400 4,300 (300) FSL Fleet - excluding UK 118,400 118,900 121,100 123,100 124,400 6,000 Sequential Change 3Q14 O/(U) 2Q14 4Q14 O/(U) 3Q14 1Q15 O/(U) 4Q14 2Q15 O/(U) 1Q15 FSL Fleet (as reported) 200 2,300 2,000 1,200 UK FSL Trailers (300) 100 - (100) FSL Fleet - excluding UK 500 2,200 2,000 1,300 2Q15 O/(U) 2Q14 Full Service Lease (FSL) Fleet Count 21 Note: Represents end of period vehicle count.

© 2015 Ryder System, Inc. All Rights Reserved. Fleet Management Solutions (FMS) 22 Revenue 2015 2014 % B/(W) Full Service Lease 595.7$ 566.1$ 5% Contract Maintenance 49.0 46.3 6% Contractual Revenue 644.7 612.4 5% Commercial Rental 239.1 221.7 8% Contract-related Maintenance 56.5 56.5 - Other 18.8 17.3 8% Operating Revenue 959.1 907.9 6% Fuel Services Revenue 190.3 273.3 (30)% Total Revenue 1,149.3$ 1,181.2$ (3)% Earnings Before Tax Segment Earnings Before Tax (EBT) 122.8$ 113.5$ 8% Segment EBT as % of Total Revenue 10.7% 9.6% Segment EBT as % of Operating Revenue 12.8% 12.5% Second Quarter ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Fleet Management Solutions (FMS) 23 Revenue 2015 2014 % B/(W) Full Service Lease 1,172.8$ 1,118.3$ 5% Contract Maintenance 94.9 89.9 6% Contractual Revenue 1,267.7 1,208.3 5% Commercial Rental 444.1 411.9 8% Contract-related Maintenance 109.7 112.6 (3)% Other 36.7 35.1 5% Operating Revenue 1,858.2 1,767.8 5% Fuel Services Revenue 378.3 548.5 (31)% Total Revenue 2,236.5$ 2,316.3$ (3)% Earnings Before Tax Segment Earnings Before Tax (EBT) 212.7$ 190.5$ 12% Segment EBT as % of Total Revenue 9.5% 8.2% Segment EBT as % of Operating Revenue 11.4% 10.8% Year-To-Date ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Dedicated Transportation Solutions (DTS) 24 ($ Millions) Revenue 2015 2014 % B/(W) Operating Revenue 176.8$ 166.9$ 6% Subcontracted Transportation 14.5 23.2 (37)% Fuel Costs 32.2 43.9 (27)% Total Revenue 223.5$ 234.0$ (4)% Earnings Before Tax Segment Earnings Before Tax (EBT) 12.4$ 13.0$ (4)% Segment EBT as % of Total Revenue 5.6% 5.6% Segment EBT as % of Operating Revenue 7.0% 7.8% Second Quarter

© 2015 Ryder System, Inc. All Rights Reserved. Dedicated Transportation Solutions (DTS) 25 ($ Millions) Revenue 2015 2014 % B/(W) Operating Revenue 342.6$ 323.2$ 6% Subcontracted Transportation 29.2 39.4 (26)% Fuel Costs 64.4 87.4 (26)% Total Revenue 436.2$ 450.0$ (3)% Earnings Before Tax Segment Earnings Before Tax (EBT) 21.4$ 21.7$ (1)% Segment EBT as % of Total Revenue 4.9% 4.8% Segment EBT as % of Operating Revenue 6.2% 6.7% Year-To-Date

© 2015 Ryder System, Inc. All Rights Reserved. Supply Chain Solutions (SCS) 26 ($ Millions) Revenue 2015 2014 % B/(W) Automotive 119.3$ 117.8$ 1% Technology & Healthcare 64.0 56.4 13% CPG & Retail 110.7 99.9 11% Industrial & Other 26.0 27.0 (4)% Operating Revenue 320.1 301.1 6% Subcontracted Transportation 59.8 66.6 (10)% Fuel Costs 17.0 25.9 (34)% Total Revenue 396.9$ 393.6$ 1% Earnings Before Tax Segment Earnings Before Tax (EBT) 27.7$ 17.7$ 56% Segment EBT as % of Total Revenue 7.0% 4.5% Segment EBT as % of Operating Revenue 8.7% 5.9% Second Quarter

© 2015 Ryder System, Inc. All Rights Reserved. Supply Chain Solutions (SCS) 27 ($ Millions) Revenue 2015 2014 % B/(W) Automotive 228.5$ 232.1$ (2)% Technology & Healthcare 123.3 107.4 15% CPG & Retail 213.4 193.5 10% Industrial & Other 50.3 52.6 (4)% Operating Revenue 615.5 585.6 5% Subcontracted Transportation 118.0 136.6 (14)% Fuel Costs 34.5 52.8 (35)% Total Revenue 768.0$ 774.9$ (1)% Earnings Before Tax Segment Earnings Before Tax (EBT) 43.4$ 30.8$ 41% Segment EBT as % of Total Revenue 5.6% 4.0% Segment EBT as % of Operating Revenue 7.0% 5.3% Year-To-Date

© 2015 Ryder System, Inc. All Rights Reserved. Central Support Services (CSS) 28 2015 2014 % B/(W) Allocated CSS Costs 51.7$ 46.3$ (12)% Unallocated CSS Costs 10.9 12.1 10% Total CSS Costs 62.6$ 58.4$ (7)% Second Quarter ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Central Support Services (CSS) 29 2015 2014 % B/(W) Allocated CSS Costs 100.5$ 94.5$ (6)% Unallocated CSS Costs 22.9 23.0 0% Total CSS Costs 123.3$ 117.5$ (5)% Year-To-Date ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Balance Sheet 30 June 30, December 31, 2015 2014 Current Assets 1,136$ 1,076$ Revenue Earning Equipment, Net 7,508 6,994 Operating Property and Equipment, Net 708 700 Other Assets 940 906 Total Assets 10,292$ 9,676$ Current Liabilities 1,181 1,081 Total Debt 4,855 4,512 Other Non-Current Liabilities (including Deferred Income Taxes) 2,342 2,263 Shareholders' Equity 1,914 1,819 Total Liabilities and Shareholders' Equity 10,292$ 9,676$ ($ Millions)

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital History Adjusted Return on Capital (ROC) 6.8% 6.7% 6.6% 6.5% 6.3% 6.1% 5.5% 4.8% 4.7% 4.7% 4.6% 7.8% 7.9% 7.4% 7.3% 4.1% 4.8% 5.7% 5.6% 5.7% 5.8% 6.1% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Forecast Cost of Capital (COC) Return on Equity 14.6% 15.5% 14.2% 11.2% 4.4% 8.4% 11.9% 14.9% 14.9% 11.3% 17.0% Adjusted Total Capital (2) $3.8 $4.2 $4.8 $4.8 $4.2 $4.0 $4.6 $5.2 $5.7 $6.6 $7.1 (1) Includes pension settlement charges of $69M, primarily buyouts, which impacted Return on Equity by 360 basis points. (2) Adjusted Total Capital represents Adjusted Average Total Capital in billions. 2015 Forecast ROC O/(U) COC 1.0% 1.2% 0.8% 0.8% (2.2)% (1.3)% 0.2% 0.8% 1.0% 1.1% 1.5% 150 bp Spread Targeted 31 (1)

© 2015 Ryder System, Inc. All Rights Reserved. 32 (a) Current year statistics may exclude some units due to a lag in reporting (b) Excludes early terminations where customer purchases vehicle 2,022  3,319  3,494  2,948  4,381  2,291 2,317  3,689  1,687  2,242  3,880  1,219  2,098  3,096  1,584  1,869  3,295  1,411 1,383  2,530  1,533  0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 Redeployments Extensions Early Terminations N   u   m   b   e   r       o   f       U   n   i   t   s 2Q09 YTD 2Q10 YTD 2Q11 YTD 2Q12 YTD 2Q13 YTD 2Q14 YTD 2Q15 YTD Asset Management Update (US Only) Redeployments – Vehicles coming off-lease or in Rental with useful life remaining are redeployed in the Ryder fleet (SCS, or with another Lease customer). Redeployments exclude units transferred into the Rental product line. Extensions – Ryder re-prices lease contract and extends maturity date. Early terminations – Customer elects to terminate lease prior to maturity. Depending on the remaining useful life, the vehicle may be redeployed in the Ryder fleet (Commercial Rental, SCS, other Lease customer) or sold by Ryder. (a)(b)

© 2015 Ryder System, Inc. All Rights Reserved. Non-GAAP Financial Measures 33 ► 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 Page Operating Revenue Growth ex-Foreign Exchange Operating Revenue Total Revenue Total Revenue Foreign Exchange Impact on Operating Revenue Growth Key Financial Statistics 34 5-6 Comparable Earnings / Comparable EPS Earnings / EPS from Continuing Operations Earnings and EPS from Continuing Operations Reconciliation 35 Comparable Earnings Before Income Tax / Comparable Tax Rate Earnings Before Income Tax / Tax Rate Earnings and Tax Rate from Continuing Operations Reconciliation 36 Comparable EPS Forecast EPS Forecast EPS Forecast – Continuing Operations 18 Adjusted Return on Capital Net Earnings / Total Capital Adjusted Return on Capital Reconciliation 37-38 Total Obligations / Total Obligations to Equity Balance Sheet Debt / Debt to Equity Debt to Equity Reconciliation 39 FMS Operating Revenue / DTS Operating Revenue / SCS Operating Revenue FMS Total Revenue / DTS Total Revenue / SCS Total Revenue Fleet Management Solutions (FMS) / Dedicated Transportation Solutions (DTS) / Supply Chain Solutions (SCS) 22-27

© 2015 Ryder System, Inc. All Rights Reserved. 34 Foreign Exchange Impact on Operating Revenue Growth Second Quarter Year-To-Date YOY Growth Fx Impact (1) YOY Growth excl Fx YOY Growth Fx Impact (1) YOY Growth excl Fx Operating Revenue 6% (2)% 8% 5% (2)% 7% FMS Operating Revenue 6% (2)% 8% 5% (2)% 7% Full Service Lease Revenue 5% (2)% 7% 5% (2)% 7% Commercial Rental Revenue 8% (2)% 10% 8% (2)% 10% SCS Operating Revenue 6% (3)% 9% 5% (3)% 8% (1) Foreign exchange impact was calculated by dividing the results for the current and prior year periods by the exchange rates in effect on June 30, 2014, which was the last day of the prior year period, rather than the actual exchange rates in effect as of June 30, 2015.

© 2015 Ryder System, Inc. All Rights Reserved. Earnings and EPS from Continuing Operations Reconciliation 35 2Q15 2Q15 2Q14 2Q14 Earnings EPS Earnings EPS Reported 86.2$ 1.61$ 75.7$ 1.42$ Non-operating pension costs 2.7 0.05 0.8 0.02 Professional fees 1.2 0.02 - - Tax law change (1.9) (0.03) - - Comparable (1) 88.2$ 1.65$ 76.5$ 1.44$ YTD15 YTD15 YTD14 YTD14 Earnings EPS Earnings EPS Reported 139.6$ 2.62$ 124.8$ 2.34$ Non-operating pension costs 5.5 0.10 2.7 0.05 Professional fees 2.4 0.04 - - Tax law change (1.9) (0.03) (1.8) (0.03) Comparable (1) 145.6$ 2.73$ 125.7$ 2.36$ ($ Millions or $ Earnings Per Share) (1) The company uses Comparable Earnings and Comparable Earnings per Share (EPS) from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors and allow for better year over year comparison of operating performance because they exclude from Earnings and EPS from Continuing Operations non-operating pension costs, which we consider to be costs outside of the operational performance of the business and can significantly change from year to year. Comparable Earnings and Comparable EPS also exclude other significant items that are not representative of our ongoing business operations and allow for better year over year comparison.

© 2015 Ryder System, Inc. All Rights Reserved. 2Q15 2Q15 2Q15 YTD15 YTD15 YTD15 EBT Tax Tax Rate EBT Tax Tax Rate Reported 133.8$ 47.7$ 35.6% 218.2$ 78.6$ 36.0% Non-operating pension costs 4.7 2.0 9.6 4.1 Professional fees 1.9 0.7 3.8 1.4 Tax law change - 1.9 - 1.9 Comparable (1) 140.4$ 52.3$ 37.2% 231.5$ 86.0$ 37.1% 2Q14 2Q14 2Q14 YTD14 YTD14 YTD14 EBT Tax Tax Rate EBT Tax Tax Rate Reported 120.0$ 44.4$ 36.9% 195.0$ 70.3$ 36.0% Non-operating pension costs 1.5 0.7 4.9 2.2 Tax law change - - - 1.8 Comparable (1) 121.6$ 45.1$ 37.1% 199.9$ 74.2$ 37.1% EBT and Tax Rate from Continuing Operations Reconciliation 36 ($ Millions or $ Earnings Per Share) (1) The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors and allow for better year over year comparison of operating performance because they exclude from EBT and Tax Rate from Continuing Operations non-operating pension costs, which we consider to be costs outside of the operational performance of the business and can significantly change from year to year. Comparable EBT and Comparable Tax Rate also exclude other significant items that are not representative of our ongoing business operations and allow for better year over year comparison.

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital Reconciliation 37 2004 2005 2006 2007 2008 2009 Net earnings (1) 216$ 227$ 249$ 254$ 200$ 62$ Cumulative effect of change in accounting principle - 2 - - - - Restructuring and other charges, net and other items (24) (2) - 1 70 30 Income taxes 115 129 144 152 150 54 Adjusted earnings before income taxes 307 357 393 407 420 146 Adjusted interest expense (2) 106 127 149 169 165 150 Adjusted income taxes (3) (156) (186) (207) (220) (230) (122) Adjusted net earnings 257$ 298$ 332$ 356$ 355$ 174$ Average total debt(4) 1,811$ 2,148$ 2,480$ 2,848$ 2,882$ 2,692$ Average off-balance sheet debt(4) 152 148 99 150 171 142 Average total shareholders' equity(4) 1,412 1,555 1,610 1,791 1,778 1,396 Average adjustments to shareholders' equity (5) (16) (5) (5) 1 10 16 Adjusted average total capital 3,359$ 3,846$ 4,184$ 4,789$ 4,841$ 4,245$ Adjusted return on capital 7.7% 7.8% 7.9% 7.4% 7.3% 4.1% ($ Millions) (1) Earnings calculated based on a 12-month rolling period. (2) Interest expense includes interest for on and off-balance sheet vehicle obligations. (3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4) The average is calculated based on the average GAAP balances. (5) Represents comparable earnings items for those periods.

© 2015 Ryder System, Inc. All Rights Reserved. Adjusted Return on Capital Reconciliation 38 2010 2011 2012 2013 2014 2Q14 2Q15 Net Earnings (1) 118$ 170$ 210$ 238$ 219$ 259$ 233$ Restructuring and Other Charges, Net and Other Items 6 6 17 - 115 2 119 Income Taxes 61 108 91 126 118 139 127 Adjusted Earnings Before Income Taxes 185 284 318 363 452 400 479 Adjusted Interest Expense (2) 133 135 143 140 145 141 149 Adjusted Income Taxes (3) (124) (157) (167) (177) (214) (192) (225) Adjusted Net Earnings 194$ 262$ 294$ 326$ 383$ 349$ 403$ Average Total Debt(4) 2,512$ 3,079$ 3,707$ 3,951$ 4,505$ 4,247$ 4,628$ Average Off-Balance Sheet Debt(4) 114 78 126 131 131 106 196 Average Total Shareholders' Equity(4) 1,402 1,428 1,407 1,594 1,926 1,802 1,888 Average Adjustments to Shareholders' Equity (5) 2 4 (3) (2) 8 (2) 18 Adjusted Average Total Capital 4,030$ 4,588$ 5,237$ 5,674$ 6,570$ 6,153$ 6,729$ Adjusted Return on Capital 4.8% 5.7% 5.6% 5.7% 5.8% 5.7% 6.0% ($ Millions) (1) Earnings calculated based on a 12-month rolling period. (2) Interest expense includes interest for on and off-balance sheet vehicle obligations. (3) Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4) The average is calculated based on the average GAAP balances. (5) Represents comparable earnings items for those periods.

© 2015 Ryder System, Inc. All Rights Reserved. Debt to Equity Reconciliation 39 ($ Millions) Note: Amounts may not recalculate due to rounding. % to % to % to % to % to % to 12/31/2011 Equity 12/31/2012 Equity 12/31/2013 Equity 12/31/2014 Equity 6/30/2015 Equity 6/30/2014 Equity Balance Sheet Debt $3,382 257% $3,821 260% $4,189 221% $4,512 248% $4,855 254% $4,717 240% Receivables Sold - - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 64 148 95 193 319 88 Total Obligations $3,446 261% $3,969 270% $4,284 226% $4,706 259% $5,174 270% $4,805 245%

© 2015 Ryder System, Inc. All Rights Reserved.