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): April 29, 2020

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		33178
Miami,	Florida	(Zip Code)
(Address of principal executive offices)

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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	R	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Item 2.02 Results of Operations and Financial Condition

On April 29, 2020, we issued a press release reporting our financial results for the three months ended March 31, 2020 (the “Press Release”). The Press Release is available on our website at http://investors.ryder.com.

Item 7.01 Regulation FD Disclosure

We are hosting a conference call and webcast on April 29, 2020 during which we will make a presentation on our financial results for the three months ended March 31, 2020 (the "Presentation"). The Presentation has been made available on our website at http://investors.ryder.com.

The information in this Report, including Exhibit 99.1 and Exhibit 99.2, are 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 April 29, 2020, relating to Ryder System, Inc.’s financial results for the three months ended March 31, 2020.
Exhibit 99.2	Presentation for the First Quarter 2020 Earnings Conference Call held on April 29, 2020.
Exhibit 104	Cover Page Interactive Data File - The Cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

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: April 29, 2020	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Scott T. Parker
		Scott T. Parker Executive Vice President, Chief Financial Officer

EX-99.1

FOR IMMEDIATE RELEASE

News Release

Ryder Reports First Quarter 2020 Results; Solid Liquidity Position Enhanced with Recent Financing Transactions and Improved Free Cash Flow

First Quarter 2020

•Q1 total revenue of $2.2 billion, down 1%; Q1 operating revenue (non-GAAP) of $1.8 billion, up 1%

•Q1 GAAP EPS from continuing operations loss of $(2.09) versus a profit of $0.87 in prior year, reflects the impacts of previously announced change in residual value estimates and COVID-19

•Q1 comparable EPS (non-GAAP) from continuing operations loss of $(1.38) versus a profit of $1.11 in prior year

•Overall operating results were well ahead of management's expectations through mid-March

•Estimated negative pre-tax earnings impact of COVID-19 in first quarter of approximately $70 million, primarily due to $48 million of additional depreciation resulting from an expected weaker used vehicle sales environment through year end 2020

Business Updates and Impacts of COVID-19

•Substantial liquidity of $1.7 billion as of April 28 available to support operations and fund $600 million in remaining 2020 debt maturities

•Dividend payment expected to continue

•Increased free cash flow expected due to reduced vehicle capital expenditures

•Significant negative impact to commercial rental demand in April

•Weaker market conditions in used vehicle sales expected through year end 2020, resulting in additional depreciation for vehicles expected to be sold through mid-2021

•Lower automotive supply chain volumes due to production shutdowns; start-up expected in May

•Effective tax rate was impacted by the reduction in earnings due to accelerated depreciation charges and the COVID-19 economic effects

MIAMI, April 29, 2020 – Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, supply chain and dedicated transportation solutions, reported results for the three months ended March 31 as follows: 

(In millions, except EPS)	Earnings (Loss) Before Taxes					Earnings (Loss)					Diluted Earnings (Loss) Per Share
	2020		2019		Change	2020		2019		Change	2020		2019		Change
Continuing operations (GAAP)	$	(113.6)	$	68.2	NM	$	(109.1)	$	45.9	NM	$	(2.09)	$	0.87	NM
Non-operating pension costs	1.2		6.5			0.1		4.6			—		0.09
Restructuring and other, net	11.3		2.6			8.9		1.8			0.17		0.04
ERP implementation costs	10.3		3.6			7.7		2.7			0.15		0.05
Tax adjustments	—		—			20.4		3.5			0.39		0.06
Comparable (non-GAAP)	$	(90.8)	$	80.8	NM	$	(72.1)	$	58.5	NM	$	(1.38)	$	1.11	NM

Note: Amounts may not be additive due to rounding.

NM - Not Meaningful

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

(in millions)	Total Revenue				Operating Revenue (non-GAAP)
	2020		2019	% Change	2020		2019	% Change
Total	$	2,161	2,180	(1)%	$	1,771	1,750	1%
FMS	$	1,340	1,352	(1)%	$	1,158	1,135	2%
SCS	$	628	636	(1)%	$	467	477	(2)%
DTS	$	335	350	(4)%	$	237	236	—%

COVID-19 Impacts to Date and Outlook

Ryder enhanced its solid liquidity position in April by executing a $400 million syndicated term loan, completing a $400 million public bond offering, and renewing its $300 million receivable-backed financing facility. The company's solid liquidity position as of April 28, 2020 includes approximately $1 billion in cash in the U.S., $565 million in available revolver borrowings, and $100 million in availability under its receivable-backed financing facility. The company is well positioned to support operations, fund $600 million of remaining 2020 debt maturities, and expects to continue paying its dividend.

Considered an essential business during the COVID-19 pandemic, Ryder continues to provide crucial supply chain and transportation services to its customers in the vast majority of its locations. The pandemic and measures taken to prevent its spread, however, negatively affected Ryder's first quarter pre-tax earnings by an estimated $70 million, primarily due to estimated impacts from additional accelerated depreciation of $27 million and valuation adjustments of $21 million resulting from lower expected used vehicle pricing. Additional COVID-19 impacts late in the quarter included decreased commercial rental demand and an increase in bad debt reserves, each of which impacted earnings by an estimated $8 million. Additionally, there was a negative impact of $6 million to earnings in supply chain due to the automotive industry shutdown.

The company now expects lower used vehicle pricing in the second half of 2020 due to lower demand versus the prior expectation of a modest increase. As a result, the company increased accelerated depreciation on vehicles expected to be sold through mid-2021. In addition, the value of used vehicles in inventory at quarter end was written down to reflect lower expected pricing.

Demand for commercial rental vehicles has decreased significantly due to a substantial reduction in business activity. Rental utilization percentage on power vehicles is estimated to be in the low-50s in April, compared to historical levels in the low-70s. Every percentage point change in utilization is estimated to impact monthly pre-tax earnings by approximately $1 million until the rental fleet size can be aligned with market demand.

SCS automotive volumes have declined significantly due to production shutdowns. Our automotive customers generally expect to resume production throughout May; however, the timing and pace of the ramp up are subject to change. Continued full production shutdowns in North America would impact SCS earnings by approximately $15 million to $20 million per month including fixed costs required to maintain production readiness.

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ChoiceLease revenue has not been substantially impacted through April. However, Ryder has established additional bad debt reserves of $8 million, primarily in FMS, due to slower COVID-19 related payment activity with certain customers.

Assuming ongoing impacts from the pandemic, the company expects lower lease sales in 2020 which will result in significantly lower capital expenditures. Actions including the cancellation and deferral of lease and rental vehicle orders and the redeployment of rental equipment to fulfill lease contracts will further reduce capital spending. Capital expenditures are now expected to be between $1.0 billion to $1.4 billion for the full year, resulting in 2020 free cash flow above management's prior expectations and above the prior record of $600 million.

Ryder took significant actions in early April to reduce discretionary spending and overhead costs by a total of $20 million in the second quarter, including employee furloughs.

Due to the uncertainty relating to the magnitude and duration of COVID-19 crisis, Ryder has suspended providing earnings guidance.

CEO Commentary

Commenting on the company's response to the challenges of COVID-19 and current outlook, Ryder Chairman and CEO Robert Sanchez said, "I couldn't be more proud of the courage and commitment of the nearly 40,000 Ryder employees. While much of the world sheltered in place, Ryder employees reported to the front lines to ensure the safe delivery of essential food, healthcare goods, and other critical supplies, while adhering to new hygiene and social distancing procedures. Ryder employees are the most critical component in our company's success and never more so than during this unprecedented time.

"Through mid-March, first quarter results were well ahead of our prior expectations; however, the COVID-19 pandemic negatively impacted performance for the quarter. Although we cannot predict the depth and duration of the economic impact from COVID-19, we are focused on actions to mitigate the negative effect on our operations while continuing to serve our customers and position the company to achieve our long-term goals.

"In early April, we solidified our liquidity position and now have $1.7 billion of available liquidity. In addition, given the slowdown expected from the pandemic and the counter-cyclical cash flow nature of our model, we now anticipate generating record levels of free cash flow this year. I am pleased that we are well positioned to support operations and fund $600 million of remaining 2020 debt maturities. We also expect to continue to pay our dividend.

"While these unparalleled challenges present a setback to earnings in the near term, we remain focused on our strategic initiatives to achieve our long-term target ROE of 15%. These initiatives include increasing lease prices, executing on our multi-year maintenance cost-savings initiative, and reducing capital investment in lower performing accounts and geographies. In addition, as we move past higher levels of depreciation from residual value estimates changes, we expect to recognize significantly improved returns.

"This pandemic has heightened awareness of the importance of a reliable and efficient supply chain. New trends and opportunities will emerge as a result, including an increase in near-shoring and growth in e-commerce and last-mile services. We expect increased demand for the sophisticated North American logistics operations provided by our supply chain and dedicated businesses, as well as elevated levels of

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visibility, transparency, and collaboration across the supply chain provided by our RyderShare visibility and collaboration tool.

"Make no mistake, the months ahead will remain challenging. In the transportation and logistics industry, we talk about new challenges and disruption all the time. At Ryder, it’s our job to overcome these obstacles. Time and again, I have witnessed the men and women of Ryder demonstrate a phenomenal capacity to come together and get the job done. I am confident in our ability to all come together now in support of our customers, our shareholders, our communities, and each other. We will get through this together and emerge a stronger company with many new opportunities to provide even greater levels of products and services in a post COVID-19 environment."

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First Quarter Business Segment Operating Results

Fleet Management Solutions

In the Fleet Management Solutions (FMS) business segment, total revenue was $1.3 billion, down 1% from the year-earlier period. FMS operating revenue (a non-GAAP measure excluding fuel and lease liability insurance revenue) was $1.2 billion, up 2% from the year-earlier period. Ryder ChoiceLease^TM (lease) revenue increased 7%, reflecting a larger average fleet size as well as higher prices on new vehicles. The lease fleet increased by 5,300 vehicles or 3% compared to the prior year. Commercial rental revenue decreased 13% from the year-earlier period due to lower demand, partially offset by higher pricing.

FMS loss before tax was $(115) million compared with earnings before tax of $61 million in 2019, including $80 million of higher depreciation expense resulting from the vehicle residual value estimate change effective July 1, 2019. Earnings were also negatively impacted by an estimated impact from COVID-19 of $60 million, as well as lower commercial rental performance. These impacts were partially offset by higher ChoiceLease results which benefited from fleet growth and higher pricing. Lower rental performance was driven by decreased demand, partially offset by increased pricing. Rental power fleet utilization was 64.4% in the first quarter, down from 74.9% in the year-earlier period, partially due to the impact of lower demand late in the quarter due to COVID-19. In second half of 2019, the company began reducing the size of the rental fleet in order to align with expected demand conditions, resulting in a 5% sequential decline in fleet size. The COVID-19 impacts of approximately $60 million included additional depreciation and valuation adjustments reflecting lower used vehicle pricing expected for vehicles to be sold through mid-2021, incrementally lower rental demand, and higher bad debt reserves reflecting slower customer payment activity. FMS loss before tax as a percentage of FMS total revenue and FMS operating revenue (a non-GAAP measure) were (8.5)% and (9.9)%, respectively.

Supply Chain Solutions

In the Supply Chain Solutions (SCS) business segment, total revenue was down 1% to $628 million and operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) was down 2% to $467 million compared with the year-earlier period. The decline in SCS total revenue and operating revenue primarily reflects previously announced lost business and COVID-19 related volume reductions in the automotive sector, partially offset by increased pricing and higher volumes with non-automotive customers.

SCS earnings before tax of $31 million decreased 4% in the first quarter of 2020 compared with $32 million in 2019. This decrease reflects COVID-19 related automotive industry production shutdowns and currency valuation charges which together total approximately $10 million, as well as additional impacts from prior-year insurance rebates and increased medical expenses. These impacts were mostly offset by higher pricing and increased volumes with non-automotive customers. SCS earnings before tax as a percentage of SCS total revenue and SCS operating revenue (a non-GAAP measure) were 4.9% and 6.6%, respectively, both down 20 basis points from the prior year.

Dedicated Transportation Solutions

In the Dedicated Transportation Solutions (DTS) business segment, total revenue was down 4% to $335 million and operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) slightly increased to $237 million compared with the year-earlier period. The decline in DTS total revenue reflects lower subcontracted transportation revenue and lower fuel costs passed through to customers. DTS operating revenue growth reflects higher volumes and pricing, partially offset by lost business.

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DTS earnings before tax of $12 million decreased 30% compared with $17 million in 2019 due to a $4 million change in residual value estimates on vehicles used in this segment (which is eliminated in consolidation), prior year insurance rebates, increased medical expenses, and bad debt reserves. These impacts were partially offset by higher pricing and volumes. DTS earnings before tax as a percentage of DTS total revenue and DTS operating revenue (a non-GAAP measure) were 3.6% and 5.1%, respectively, down 140 and 230 basis points from the year-earlier period.

Corporate Financial Information

Central Support Services

In the first quarter of 2020, unallocated CSS costs decreased to $9 million from $13 million in the prior year.

Income Taxes

Our effective income tax rate from continuing operations for the first quarter of 2020 was a benefit of 4.0% as compared to an expense of 32.7% in the prior year. The tax rate was impacted by the reduction in earnings due to the accelerated depreciation charges and the COVID-19 economic effects in addition to a $13 million valuation allowance recorded on the UK’s net deferred tax assets. The comparable effective income tax rate (a non-GAAP measure) from continuing operations for the first quarter of 2020 was a benefit of 20.6% as compared to an expense of 27.6% in the prior year.

Capital Expenditures

Year-to-date capital expenditures decreased to $392 million in 2020 compared with $1.1 billion in 2019. The decrease in capital expenditures reflects lower planned investments to grow and refresh the lease and rental fleets. The company now expects full year 2020 gross capital expenditures of $1.0 billion to $1.4 billion, below the $2.1 billion expected prior to the COVID-19 pandemic and below prior year of $3.6 billion. Lower capital spending is expected to result in higher free cash flow. Proceeds of $103 million were in line with prior year as higher volumes were offset by lower pricing. Net capital expenditures were $289 million in 2020 down from $1.0 billion in 2019.

Cash Flow and Leverage

Year-to-date operating cash flow was $439 million in 2020, down from $485 million in 2019. Total cash generated (a non-GAAP measure that includes proceeds from used vehicle sales) was $542 million compared with $589 million in 2019. Free cash flow (a non-GAAP measure) was positive $111 million, compared with negative $(438) million in 2019, reflecting decreased capital spending.

Total debt as of March 31, 2020 was $8.2 billion up from $7.9 billion in 2019. Debt-to-equity as of March 31, 2020 was 364% compared with 320% at year-end 2019, above the company's long-term target of 250-300%. The increase in debt-to-equity reflects the reduction in equity related to higher non-cash depreciation expense from the previously announced vehicle residual value estimate change. Debt-to-equity also reflects a higher than normal cash balance which increased debt-to-equity by an estimated 15 percentage points.

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Supplemental Company Information

First Quarter Net Earnings

(In millions, except EPS)	Earnings			Diluted EPS
	2020		2019	2020		2019
Earnings (loss) from continuing operations	$	(109.1)	45.9	$	(2.09)	0.87
Discontinued operations	(0.5)		(0.6)	(0.01)		(0.01)
Net earnings (loss)	$	(109.6)	45.3	$	(2.10)	0.86

Business Description

Ryder System, Inc. is a FORTUNE 500^® commercial fleet management, supply chain, and dedicated transportation 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:

•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 commercial 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.

•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 segmentcombines the best of Ryder’s leasing and maintenance capability 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.

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 forecast, outlook, expectations regarding market trends and economic environment; impact of the COVID-19 pandemic on earnings, depreciation, commercial rental demand, used vehicle pricing, timing for making adjustments to rental fleet size, automotive supply chain volumes, our effective tax rate, and sales for ChoiceLease and other products and services; the adequacy of steps we have taken to mitigate the negative impacts of COVID-19 on our operations; impact of continued automotive production shutdowns on earnings; expected benefits from our strategic initiatives; our ability to implement our asset management strategy to right size our fleet; our financial condition; performance in our product lines and segments; demand, sales and pricing in used vehicle sales; residual values and depreciation expense; free cash flow; liquidity; capital expenditures; and our ability to obtain our projected benefits from our RyderShare visibility and collaboration tool.

All of our 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, the duration and severity of the COVID-19 pandemic and governmental responses thereto; our ability to adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost-savings initiatives, lower than expected benefits from our sales,

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marketing and new product initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, used vehicle inventory levels, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected 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, higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and accounting policies, including our depreciation policy, the 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 (SEC). The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Note Regarding Non-GAAP Financial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules. Refer to Appendix - Non-GAAP Financial Measure Reconciliations at the end of the tables following this press release for reconciliations of the non-GAAP financial measures contained in this release to the nearest GAAP measure and why management believes that presentation of each measure provides useful information to investors. 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 our Form 8-K filed as of the date of this release with the SEC, which are available at http://investors.ryder.com.

CONFERENCE CALL AND WEBCAST INFORMATION

Ryder’s earnings conference call and webcast is scheduled for April 29, 2020 at 11:00 a.m. ET. To join, click here.

LIVE AUDIO VIA PHONE

Toll Free Number: 888-352-6803

USA Toll Number: 323-701-0225

Audio Passcode:  Ryder

Conference Leader: Bob Brunn

AUDIO REPLAY VIA PHONE

An audio replay of the call will be available one hour after call ends for 30 days. 

Toll Free Number: 888-203-1112

USA Toll Number: 719-457-0820

Replay Passcode:  1420126

AUDIO REPLAY VIA MP3 DOWNLOAD

A podcast will be available within 24 hours after the end of the call. Click here then select Financials/Quarterly Reports and the date.

AUDIO & SLIDE REPLAY VIA INTERNET

An audio replay including the slide presentation will be available on the Internet within two hours following the call. Click here then select Financials/Quarterly Reports and the date.

Contacts: Media:      Investor Relations:

         Amy Federman     Bob Brunn

 (305) 500-4989     (305) 500-4053

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended March 31, 2020 and 2019

(In millions, except per share amounts)

	Three Months
	2020		2019
Lease & related maintenance and rental revenues	$	927.8	899.6
Services revenue	1,112.2		1,132.0
Fuel services revenue	121.4		148.7
Total revenues	2,161.3		2,180.3
Cost of lease & related maintenance and rental	818.3		664.3
Cost of services	954.4		971.7
Cost of fuel services	120.4		143.3
Other operating expenses	33.6		33.6
Selling, general and administrative expenses	224.1		231.3
Non-operating pension costs	1.2		6.5
Used vehicle sales, net	20.7		8.2
Interest expense	62.6		55.3
Miscellaneous (income) loss, net	8.7		(8.2)
Restructuring and other items, net	30.9		6.2
	2,274.9		2,112.2
Earnings (loss) from continuing operations before income taxes	(113.6)		68.2
Provision for (benefit from) income taxes	(4.5)		22.3
Earnings (loss) from continuing operations	(109.1)		45.9
Income (loss) from discontinued operations, net of tax	(0.5)		(0.6)
Net earnings (loss)	$	(109.6)	45.3
Earnings (loss) per common share — Diluted
Continuing operations	$	(2.09)	0.87
Discontinued operations	(0.01)		(0.01)
Net earnings	$	(2.10)	0.86
Earnings (loss) per share information — Diluted
Earnings from continuing operations	$	(109.1)	45.9
Less: Distributed and undistributed earnings allocated to unvested stock	(0.1)		(0.2)
Earnings from continuing operations available to common stockholders	$	(109.2)	45.7
Weighted-average common shares outstanding — Diluted	52.3		52.6
EPS from continuing operations	$	(2.09)	0.87
Non-operating pension costs	—		0.09
Restructuring and other, net	0.17		0.04
ERP implementation costs	0.15		0.05
Tax adjustments, net	0.39		0.06
Comparable EPS from continuing operations *	$	(1.38)	1.11

*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.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED

(In millions)

	March 31, 2020		December 31, 2019
Assets:
Cash and cash equivalents	$	397.2	73.6
Other current assets	1,459.3		1,488.5
Revenue earning equipment, net	10,033.6		10,427.7
Operating property and equipment, net	906.7		917.8
Other assets	1,567.3		1,567.8
	$	14,364.2	14,475.3
Liabilities and shareholders' equity:
Current liabilities	$	1,342.9	1,470.8
Total debt	8,174.4		7,924.8
Other non-current liabilities (including deferred income taxes)	2,604.2		2,603.4
Shareholders' equity	2,242.7		2,476.3
	$	14,364.2	14,475.3

SELECTED KEY RATIOS AND METRICS

	March 31, 2020		December 31, 2019
Debt to equity	364	%	320	%
Effective interest rate (average cost of debt)	3.1	%	3.3	%

	Three months ended March 31,
	2020		2019
Comparable EBITDA*	$	518.5	532.3

	Three months ended March 31,
	2020		2019
Net cash provided by operating activities from continuing operations	$	438.6	485.3
Free cash flow *	110.6		(437.9)
Capital expenditures paid	431.0		1,026.7
Capital expenditures (accrual basis)	$	392.0	1,113.8
Less: Proceeds from sales (primarily revenue earning equipment)	(103.0)		(103.5)
Net capital expenditures	$	289.0	1,010.3

	Twelve months ended March 31,
	2020		2019
Adjusted return on equity *	(4.8)	%	12.2	%
Adjusted return on capital *	0.8	%	5.2	%
Weighted average cost of capital	4.6	%	4.8	%
Adjusted return on capital spread **	(3.8)	%	0.4	%

* 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.

** Non-GAAP financial measure. Adjusted 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.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED

Periods ended March 31, 2020 and 2019

(in millions)

	Three Months
	2020		2019	B(W)
Total Revenue:
Fleet Management Solutions:
ChoiceLease	$	792.2	740.1	7	%
SelectCare	136.1		135.8	—	%
Commercial rental	205.8		236.1	(13)	%
Other	23.4		23.2	1	%
Fuel services revenue	173.3		207.9	(17)	%
ChoiceLease liability insurance revenue	9.4		8.5	10	%
Total Fleet Management Solutions	1,340.2		1,351.6	(1)	%
Supply Chain Solutions	628.4		635.7	(1)	%
Dedicated Transportation Solutions	334.9		349.6	(4)	%
Eliminations	(142.3)		(156.6)	9	%
Total revenue	$	2,161.3	2,180.3	(1)	%
Operating Revenue: *
Fleet Management Solutions	$	1,157.5	1,135.2	2	%
Supply Chain Solutions	467.3		477.1	(2)	%
Dedicated Transportation Solutions	236.7		235.6	—	%
Eliminations	(90.3)		(97.4)	7	%
Operating revenue	$	1,771.2	1,750.5	1	%
Business Segment Earnings:
Earnings (loss) from continuing operations
before income taxes:
Fleet Management Solutions	$	(114.6)	60.9	NM
Supply Chain Solutions	31.0		32.3	(4)	%
Dedicated Transportation Solutions	12.2		17.4	(30)	%
Eliminations	(10.1)		(17.3)	42	%
	(81.4)		93.3	NM
Unallocated Central Support Services	(9.4)		(12.5)	25	%
Non-operating pension costs	(1.2)		(6.5)	81	%
Other items impacting comparability, net	(21.6)		(6.2)	NM
Earnings (loss) from continuing operations before income taxes	(113.6)		68.2	NM
Provision for (benefit from) income taxes	(4.5)		22.3	NM
Earnings (loss) from continuing operations	$	(109.1)	45.9	NM

* 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 - Not Meaningful

11

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended March 31, 2020 and 2019

(in millions)

	Three Months
	2020		2019	B(W)
Fleet Management Solutions
FMS total revenue	$	1,340.2	1,351.6	(1)	%
Fuel services revenue(a)	(173.3)		(207.9)	(17)	%
ChoiceLease liability insurance revenue	(9.4)		(8.5)	10	%
FMS operating revenue *	$	1,157.5	1,135.2	2	%
Segment earnings (loss) before income taxes	$	(114.6)	60.9	NM
FMS earnings (loss) before income taxes as % of FMS total revenue	(8.5)%		4.5%
FMS earnings (loss) before income taxes as % of FMS operating revenue *	(9.9)%		5.4%
Supply Chain Solutions
SCS total revenue	$	628.4	635.7	(1)	%
Subcontracted transportation	(135.7)		(128.0)	6	%
Fuel	(25.4)		(30.6)	(17)	%
SCS operating revenue *	$	467.3	477.1	(2)	%
Segment earnings before income taxes	$	31.0	32.3	(4)	%
SCS earnings before income taxes as % of SCS total revenue	4.9%		5.1%
SCS earnings before income taxes as % of SCS operating revenue *	6.6%		6.8%
Dedicated Transportation Solutions
DTS total revenue	$	334.9	349.6	(4)	%
Subcontracted transportation	(66.2)		(76.8)	(14)	%
Fuel	(32.0)		(37.2)	(14)	%
DTS operating revenue *	$	236.7	235.6	—	%
Segment earnings before income taxes	$	12.2	17.4	(30)	%
DTS earnings before income taxes as % of DTS total revenue	3.6%		5.0%
DTS earnings before income taxes as % of DTS operating revenue *	5.1%		7.4%

* 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.

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

12

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

	Three months ended March 31,						2020/2019
	2020			2019			Three Months
ChoiceLease
Average fleet count	159,600			151,400			5	%
End of period fleet count	158,800			153,500			3	%
Miles/unit per day change - % (a)	3.8		%	0.8		%
Average Active ChoiceLease vehicles (b)	148,200			141,100			5	%
Revenue per active ChoiceLease vehicle (c)	$	5,350		$	5,240		2	%
Commercial rental
Average fleet count	40,500			43,000			(6)	%
End of period fleet count	39,600			43,800			(10)	%
Rental utilization - power units	64.4		%	74.9		%	(1,050)	bps
Rental rate change - % (d)	3.4		%	2.9		%
Customer vehicles under
SelectCare contracts
Average fleet count	56,400			56,200			—	%
End of period fleet count	56,900			55,900			2	%
Customer vehicles under
SelectCare on-demand (e)
Fleet serviced during the period	8,100			9,000			(10)	%
SCS
Average fleet count (f)	9,600			9,700			(1)	%
End of period fleet count (f)	9,600			9,800			(2)	%
DTS
Average fleet count (f)	9,400			9,500			(1)	%
End of period fleet count (f)	9,400			9,700			(3)	%
Used vehicle sales (UVS)
Average UVS inventory	10,300			7,300			41	%
End of period fleet count	11,600			7,600			53	%
Used vehicles sold	5,500			4,900			12	%
UVS pricing change (g)
Tractors	(26)		%	17		%
Trucks	(6)		%	3		%

Notes:

(a)	Represents percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units.
(b)	Active ChoiceLease vehicles are calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.
(c)	Calculated based on the reported quarterly ChoiceLease revenue.
(d)	Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.
(e)	Comprised of the number of vehicles serviced under on-demand maintenance agreements. Vehicles included in the end of period count may have been serviced more than one time during the respective period.
(f)	These vehicle counts are also included within the average fleet counts for ChoiceLease, Commercial rental and SelectCare.
(g)	Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

13

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

This press release and accompanying tables include “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP.

Specifically, the following non-GAAP financial measures are included in this press release:

Non-GAAP Financial Measure	Comparable GAAP Measure	Reconciliation in Section Entitled
Operating Revenue Measures:
Operating Revenue	Total Revenue	Appendix - Non-GAAP Financial Measure Reconciliations
FMS Operating Revenue	FMS Total Revenue	Business Segment Information - Unaudited
SCS Operating Revenue	SCS Total Revenue
DTS Operating Revenue	DTS Total Revenue
FMS EBT as a % of FMS Operating Revenue	FMS EBT as a % of FMS Total Revenue	Business Segment Information - Unaudited
SCS EBT as a % of SCS Operating Revenue	SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue	DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings (Loss) Before Income Tax and Comparable Tax Rate	Earnings (Loss) Before Income Tax and Effective Tax Rate from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings (Loss)	Earnings (Loss) from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable EPS	EPS from Continuing Operations	Condensed Consolidated Statements of Earnings - Unaudited
Adjusted Return on Equity (ROE)	Not Applicable. However, the non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations.	Appendix - Non-GAAP Financial Measure Reconciliations
Adjusted Return on Capital (ROC) and Adjusted ROC Spread	Not Applicable. However, 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 total debt and average shareholders' equity to adjusted average total capital is provided.	Appendix - Non-GAAP Financial Measure Reconciliations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization	Earnings (Loss) from Continuing Operations	Appendix - Non-GAAP Financial Measure Reconciliations
Cash Flow Measures:
Total Cash Generated and Free Cash Flow	Cash Provided by Operating Activities	Appendix - Non-GAAP Financial Measure Reconciliations

14

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

Set forth in the table below is an overview of each non-GAAP financial measure and why management believes that presentation of each non-GAAP financial measure provides useful information to investors. See reconciliations for each of these measures following this table.

Operating Revenue Measures:

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

Operating revenue is defined as total revenue for Ryder System, Inc. or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation, as well as (3) revenue from our ChoiceLease liability insurance program which was discontinued in early 2020. We believe operating revenue provides useful information to investors as we use it to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers, which is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on trailing market fuel costs. Subcontracted transportation: We also exclude subcontracted transportation from the calculation of our operating revenue measures, as these services are also typically a pass-through to our customers and, therefore, fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS. ChoiceLease liability Insurance: We exclude ChoiceLease liability insurance as we announced our plan in the first quarter of 2020 to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We are excluding the revenues associated with this program for better comparability of our on-going operations.

15

Comparable Earnings Measures:
Comparable Earnings (Loss) Before Income Taxes (EBT) and Comparable Tax Rate Comparable Earnings Comparable Earnings per Diluted Common Share (EPS) Adjusted Return on Equity (ROE) Adjusted Return on Capital (ROC) and Adjusted ROC Spread	Comparable EBT, comparable earnings and comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs and (2) any other significant items that are not representative of our business operations. We believe these comparable earnings measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs: Our comparable earnings measures exclude non-operating pension costs, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as a settlement or curtailment of a plan if one has occurred. We exclude non-operating pension costs because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations as detailed in the reconciliation table below. These other significant items vary from period to period and, in some periods, there may be no such significant items. Calculation of comparable tax rate: The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate. Adjusted ROE: Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of net earnings and average shareholders' equity. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations. Adjusted ROC: Adjusted ROC is defined as adjusted net earnings divided by average total capital and represents the rate of return generated by the capital deployed in our business. Other items impacting comparability described above are excluded, as applicable, from the calculation of net earnings and average shareholders' equity (a component of average total capital).We use adjusted ROC as an internal measure of how effectively we use the capital invested (borrowed or owned) in our operations. Adjusted return on capital spread is calculated as the difference of the adjusted return on capital and the weighted average cost of capital.
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization	Comparable EBITDA is defined as earnings from continuing operations, net of tax, first adjusted to exclude the following items, all from continuing operations: (1) non-operating pension costs and (2) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods and are described under Comparable Earnings Measures above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) losses from used vehicle fair value adjustments and (5) amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. In addition, we believe that the inclusion of comparable EBITDA provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. Other companies may calculate comparable EBITDA differently; therefore, our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered as an alternative to earnings from continuing operations before income taxes or earnings from continuing operations determined in accordance with GAAP, as an indicator of the Company’s operating performance, as an alternative to cash flows from operating activities (determined in accordance with GAAP), as an indicator of cash flows, or as a measure of liquidity.

16

Cash Flow Measures:

Total Cash Generated Free Cash Flow

We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated: Total cash generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment, and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow: We refer to the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment, and (4) other cash inflows from investing activities, less (5) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited.

17

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

OPERATING REVENUE RECONCILIATION
	Three months ended March 31,
	2020		2019
Total revenue	$	2,161.3	2,180.3
Subcontracted transportation	(202.0)		(204.8)
Fuel	(178.7)		(216.5)
ChoiceLease liability insurance revenue	(9.4)		(8.5)
Operating revenue *	$	1,771.2	1,750.5

TOTAL CASH GENERATED / FREE CASH FLOW RECONCILIATION
	Three months ended March 31,
	2020		2019
Net cash provided by operating activities from continuing operations	$	438.6	485.3
Proceeds from sales (primarily revenue earning equipment) (a)	101.1		101.5
Sales of operating property and equipment	1.9		1.9
Total cash generated *	541.6		588.8
Purchases of property and revenue earning equipment (a)	(431.0)		(1,026.7)
Free cash flow *	$	110.6	(437.9)
Memo:
Net cash used in investing activities	$	(333.0)	(923.2)
Net cash provided by financing activities	$	217.6	434.3

Notes:

(a) Included in cash flows from investing activities.

* Non-GAAP financial measure. See definition above.

18

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

ADJUSTED RETURN ON EQUITY RECONCILIATION
	Twelve months ended March 31,
	2020			2019
Net earnings (12-month rolling period)	$	(179.4)		293.1
+ Other items impacting comparability *	53.4			12.9
+ Income taxes (a)	(45.7)			109.6
Adjusted earnings before income taxes	(171.7)			415.6
- Adjusted income taxes (b)	53.2			(104.5)
= Adjusted net earnings for ROE (numerator) [A]	$	(118.5)		311.1
Average shareholders' equity	$	2,474.1		2,515.6
Adjustment to equity (c)	17.7			25.4
Adjusted average total equity (denominator) [B]	$	2,491.8		2,541.0
Adjusted ROE *** [A]/[B]	(4.8)		%	12.2	%

Notes:

(a)	Includes income taxes on discontinued operations.
(b)	Represents the tax provision on adjusted earnings before income taxes.
(c)	Represents the impact to equity of items to arrive at adjusted earnings.

* Other items impacting comparability includes the following:

	Twelve months ended March 31,
	2020		2019
Restructuring and other, net	$	44.0	8.6
ERP implementation costs	28.0		4.3
Gain on sale of property	(18.6)		—
Other items impacting comparability	$	53.4	12.9

** Non-GAAP financial measure. 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 total equity set forth in this table.

*** Non-GAAP financial measure. Adjusted 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.

19

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

ADJUSTED RETURN ON CAPITAL RECONCILIATION
	Twelve months ended March 31,
	2020			2019
Net earnings (12-month rolling period)	$	(179.4)		293.1
+ Other items impacting comparability *	53.4			12.9
+ Income taxes (a)	(45.7)			109.6
Adjusted earnings before income taxes	(171.7)			415.6
+ Interest expense	248.6			197.9
- Adjusted income taxes (b)	(0.5)			(154.9)
= Adjusted net earnings for ROC (numerator) [A]	$	76.4		458.6
Average total debt	$	7,732.2		6,365.9
Average shareholders' equity	2,474.1			2,515.6
Adjustment to equity (c)	17.7			25.4
Adjusted average total capital (denominator) [B]	$	10,224.1		8,906.9
Adjusted ROC ** [A]/[B]	0.8		%	5.2	%
Weighted average cost of capital	4.6		%	4.8	%
Adjusted return on capital spread**	(3.8)		%	0.4	%

Notes:

(a)	Includes income taxes on discontinued operations.
(b)	Represents the tax provision on adjusted earnings before income taxes and adjusted interest expense.
(c)	Represents the impact to equity of items to arrive at adjusted earnings.

* See our Adjusted Return on Equity Reconciliation on the previous page for further details regarding other items impacting comparability.

** Non-GAAP financial measure. 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 total debt and average shareholders' equity to adjusted average total capital set forth in this table.

Note: Amounts may not be additive due to rounding.

20

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(in millions)

COMPARABLE EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION

	Three months ended March 31,
	2020		2019
Earnings (loss) from continuing operations	$	(109.1)	45.9
+ Provision for (benefit from) income taxes	(4.5)		22.3
Earnings before income taxes from continuing operations	(113.6)		68.2
+ Non-operating pension costs	1.2		6.5
+ Restructuring and other, net	11.3		2.6
+ ERP implementation costs	10.3		3.6
Comparable earnings (loss) before income taxes from continuing operations	(90.8)		80.8
+ Interest expense	62.6		55.3
+ Depreciation	523.2		377.4
+ Losses from used vehicle fair value adjustments	21.5		16.7
+ Amortization	2.0		2.1
Comparable EBITDA *	$	518.5	532.3

* Non-GAAP financial measure. Non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is set forth in this table.

Note: Amounts may not be additive due to rounding.

21

RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions)

COMPARABLE EARNINGS BEFORE INCOME TAXES / EARNINGS / TAX RATE RECONCILIATION
		2020
	Condensed Consolidated Statements of Earnings Line Item	Three Months
Earnings (loss) from continuing operations before income taxes		$	(113.6)
Non-operating pension costs	Non-operating pension costs	1.2
Restructuring and other, net	Revenue and Restructuring and other items, net	11.3
ERP implementation costs	Restructuring and other items, net	10.3
Comparable earnings (loss) from continuing operations before income taxes*		$	(90.8)
Benefit from (provision for) income taxes		$	4.5
Tax adjustments		20.4
Income tax effects of non-GAAP adjustments**		(6.1)
Comparable benefit from (provision for) income taxes**		$	18.7
Earnings (loss) from continuing operations		$	(109.1)
Non-operating pension costs	Non-operating pension costs	0.1
Restructuring and other, net	Revenue and Restructuring and other items, net	8.9
ERP implementation costs	Restructuring and other items, net	7.7
Tax adjustments	Provision for (benefit from) income taxes	20.4
Comparable earnings (loss) from continuing operations*		$	(72.1)
Tax rate on continuing operations		4.0		%
Tax adjustments and income tax effects of non-GAAP adjustments**		16.6		%
Comparable tax rate on continuing operations**		20.6		%

* Non-GAAP financial measure. See definition above.

** The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate.

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

APPENDIX - NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions)

COMPARABLE EARNINGS BEFORE INCOME TAXES / EARNINGS / TAX RATE RECONCILIATION
		2019
	Condensed Consolidated Statements of Earnings Line Item	Three Months
Earnings from continuing operations before income taxes		$	68.2
Non-operating pension costs	Non-operating pension costs	6.5
Restructuring and other, net	Restructuring and other items, net	2.6
ERP implementation costs	Restructuring and other items, net	3.6
Comparable earnings from continuing operations before income taxes*		$	80.8
Benefit from (provision for) income taxes		$	(22.3)
Tax adjustments		3.5
Income tax effects of non-GAAP adjustments**		(3.6)
Comparable benefit from (provision for) income taxes**		$	(22.3)
Earnings (loss) from continuing operations		$	45.9
Non-operating pension costs	Non-operating pension costs	4.6
Restructuring and other, net	Restructuring and other items, net	1.8
ERP implementation costs	Restructuring and other items, net	2.7
Tax adjustments	Provision for income taxes	3.5
Comparable earnings (loss) from continuing operations*		$	58.5
Tax rate on continuing operations		32.7		%
Tax adjustments and income tax effects of non-GAAP adjustments**		(5.1)		%
Comparable tax rate on continuing operations**		27.6		%

* Non-GAAP financial measure. See definition above.

** The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the statutory tax rates of the jurisdictions to which the non-GAAP adjustments relate.

Note: Amounts may not be additive due to rounding.

23

EX-99.2

First Quarter 2020 Earnings Conference Call April 29, 2020 Proprietary and Confidential

Safe Harbor and Non-GAAP Financial Measures Note Regarding Forward-Looking Statements: Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including our forecast, outlook, expectations regarding market trends and economic environment; impact of the COVID-19 pandemic on earnings, depreciation, commercial rental demand, capital expenditures, sales for ChoiceLease and other products and services, automotive production, and comparable tax rates; the adequacy of steps we have taken to mitigate the negative impacts of COVID-19 on our operations; demand, sales and pricing in used vehicle sales; residual values and depreciation expense; adjusted return on equity, operating revenue growth, operating cash flow; free cash flow, capital expenditures; leverage; the impact and adequacy of steps we have taken to address our cost structure and improve returns; and our ability to successfully implement our maintenance cost-savings initiatives and asset management strategy to right size our fleet. All of our 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, the duration and severity of the COVID-19 pandemic and governmental responses thereto; our ability to adapt to changing market conditions, lower than expected contractual sales, decreases in commercial rental demand or utilization or poor acceptance of rental pricing, worsening of market demand for or excess supply of used vehicles impacting current and/or estimated pricing and our anticipated proportion of retail versus wholesale sales, lack of customer demand for our services, higher than expected maintenance costs, lower than expected benefits from our cost- savings initiatives, lower than expected benefits from our sales, marketing and new product initiatives, higher than expected costs related to our ERP implementation, setbacks or uncertainty in the economic market or in our ability to grow and retain profitable customer accounts, implementation or enforcement of regulations, decreases in freight demand or volumes, used vehicle inventory levels, poor operational execution including with respect to new accounts and product launches, our difficulty in obtaining adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, business interruptions or expenditures due to labor disputes, severe weather or natural occurrences, competition from other service providers and new entrants, lower than anticipated customer retention levels, loss of key customers, driver and technician shortages resulting in higher procurement costs and turnover rates, higher than expected 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, higher than expected reserves and accruals particularly with respect to pension, taxes, depreciation, insurance and revenue, impact of changes in our residual value estimates and accounting policies, including our depreciation policy, the 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 (SEC). The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Note Regarding Non-GAAP Financial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules, including: Comparable Earnings Measures, including comparable earnings from continuing operations; comparable earnings per share from continuing operations; comparable earnings before income tax; comparable earnings before interest, income tax, depreciation and amortization for Ryder and its business segments; and comparable tax rate. Additionally, our adjusted return on equity (ROE), adjusted return on capital (ROC) and adjusted return on capital spread (ROC spread) measures are calculated based on adjusted earnings items. Operating Revenue Measures, including operating revenue for Ryder and its business segments, and segment EBT as a percentage of operating revenue. Cash Flow Measures, including total cash generated and free cash flow. Debt Measures, including total obligations and total obligations to equity. Refer to Appendix - Non-GAAP Financial Measures for reconciliations of the non-GAAP financial measures contained in this presentation to the nearest 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 our Form 8-K filed with the SEC as of the date of this presentation, which are available at http://investors.ryder.com. All amounts subsequent to January 1, 2017 have been recast to reflect the impact of the lease accounting standard, ASU 2016-02, Leases. Amounts throughout the presentation may not be additive due to rounding. @ 2019 Ryder System, Inc. 2 All Rights Reserved

Contents • First Quarter 2020 Results Overview • Outlook & Action Plans • Q & A @ 2019 Ryder System, Inc. 3 All Rights Reserved

1st Quarter Results Overview • Total revenue decreased 1% and operating revenue increased 1% vs. prior year • Earnings (loss) per diluted share from continuing operations was $(2.09) vs. $0.87 in 1Q19 • Comparable earnings (loss) per share from continuing operations was $(1.38) vs. $1.11 in 1Q19 — Results included $1.13 of higher depreciation expense (non-cash) due to vehicle residual value estimate changes (effective July 1, 2019) and were negatively impacted by lower commercial rental performance — An estimated $70M pre-tax impact from COVID-19 also negatively impacted results @ 2019 Ryder System, Inc. 4 All Rights Reserved

Key Financial Statistics First Quarter ($Millions, Except Per Share Amounts) 2020 2019 %B/(W) Total Revenue $ 2,161 $ 2,180 (1)% Fuel and Subcontracted Transportation (381) (421) (10)% ChoiceLease Liability Insurance Revenue (1) (9) (9) 10 % Operating Revenue $ 1,771 $ 1,750 1 % Earnings (Loss) Per Share from Continuing Operations $ (2.09) $ 0.87 NM Comparable Earnings (Loss) Per Share from Continuing Operations $ (1.38) $ 1.11 NM Memo: Earnings (Loss) from Continuing Operations $ (109.1) $ 45.9 NM Comparable EBITDA $ 518.5 $ 532.3 (3)% Average Shares (Millions) - Diluted 52.3 52.6 Tax Rate / (Benefit) from Continuing Operations (4.0 )% 32.7 % Comparable Tax Rate / (Benefit) from Continuing Operations (20.6 )% 27.6 % Adjusted Return on Equity (Trailing 12 months) (4.8) % 12.2 % NM - Not Meaningful (1) In the first quarter of 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better comparability of our on- going operations. @ 2019 Ryder System, Inc. 5 All Rights Reserved

1st Quarter Results Overview – FMS • Fleet Management Solutions (FMS) total revenue down 1% and FMS operating revenue up 2% – Higher ChoiceLease revenue (up 7%) was partially offset by lower Commercial Rental revenue (down 13%) • FMS earnings declined to a loss of $(115)M from a profit of $61M in the prior year, reflecting higher depreciation expense related to previously announced residual value estimate change, impacts from COVID-19 and lower commercial rental performance – $80M in higher depreciation expense related to reduced residual value estimates – Earnings benefited from ChoiceLease fleet growth and higher pricing • Estimated FMS pre-tax earnings impact of approximately $60M from COVID-19 primarily reflecting: – $48M in additional depreciation due to lower expected used vehicle pricing – approximately $8M incrementally lower commercial rental demand trends late in 1Q20 – no substantial impact on ChoiceLease revenue – increased bad debt reserves by $6M due to slower customer payment activity – lower lease sales activity and increased use of redeployed vehicles to fulfill new lease contracts expected to result in reduced capital expenditures @ 2019 Ryder System, Inc. 6 All Rights Reserved

1st Quarter Used Vehicle Sales Update - FMS • Sold 5,500 used vehicles during the first quarter, up 12% from the prior year and down (8)% sequentially • Used vehicles inventory was 11,600 at quarter end, up from 7,600 in the prior year – Increased by 2,200 vehicles sequentially due to higher lease replacement activity • Proceeds per unit were down 26% for tractors and down 6% for trucks in the first quarter compared with prior year – Proceeds per unit were up 1% for tractors and down 2% for trucks, sequentially @ 2019 Ryder System, Inc. 7 All Rights Reserved

1st Quarter Results Overview – SCS • Supply Chain Solutions (SCS) total revenue down 1% and operating revenue down 2% – SCS total and operating revenue decreased reflecting previously announced lost business and lower automotive volumes due to COVID-19, partially offset by higher pricing and non-automotive volumes • SCS earnings before tax (EBT) decreased due to COVID-19 impacts, prior year insurance rebates and increased medical expenses – earnings benefited from higher pricing and increased volumes with non- automotive customers • Estimated SCS pre-tax earnings impact of $10M from COVID-19, primarily reflecting $6M from automotive industry production shutdowns @ 2019 Ryder System, Inc. 8 All Rights Reserved

1st Quarter Results Overview – DTS • Dedicated Transportation Solutions (DTS) total revenue down 4% and DTS operating revenue increased slightly – DTS total revenue reflects lower subcontracted revenue and lower fuel costs passed through to customers – DTS operating revenue reflects higher volumes and pricing, mostly offset by lost business • DTS earnings before tax (EBT) decreased due to $4M impact from change in residual value estimates for vehicles used by DTS, prior year insurance rebates, and increased bad debt reserves and medical expenses – impacts partially offset by higher pricing and volumes • No material impact from COVID-19 @ 2019 Ryder System, Inc. 9 All Rights Reserved

Capital Expenditures ($ Millions) First Quarter 2020 $ 2020 2019 O/(U) 2019 ChoiceLease $ 313 $ 817 $ (504) Commercial Rental 53 257 (204) Operating Property and Equipment 26 40 (14) Gross Capital Expenditures 392 1,114 (722) Less: Proceeds from Sales (Primarily Revenue Earning Equipment) (103) (103) — Net Capital Expenditures $ 289 $ 1,010 $ (721) Expected range for FY20 gross capital expenditures is $1.0 - 1.4B, lower than the forecast prior to COVID-19 of $2.1B and below prior year of $3.6B, resulting in record free cash flow in 2020 @ 2019 Ryder System, Inc. 10 All Rights Reserved

Cash Flow and Leverage Year-to-Date ($ Millions) 2020 2019 Earnings from Continuing Operations $ (109) $ 46 Depreciation 523 377 Used Vehicle Sales, Net 21 8 Amortization and Other Non-Cash Charges, Net 67 64 Pension Contributions (1) (8) Collections from Sales-type Leases 27 34 Changes in Working Capital and Deferred Taxes (88) (36) Cash Provided by Operating Activities 439 485 Proceeds from Sales (Primarily Revenue Earning Equipment) 103 103 Total Cash Generated 542 589 Capital Expenditures (1) (431) (1,027) Free Cash Flow $ 111 $ (438) Debt to Equity (2) 364 % 278 % (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) Target debt to equity range is 250 - 300%. @ 2019 Ryder System, Inc. 11 All Rights Reserved

Contents • First Quarter 2020 Results • Outlook & Action Plans • Q & A @ 2019 Ryder System, Inc. 12 All Rights Reserved

Outlook - Impacts from COVID-19 Crisis • Given the uncertainty relating to the magnitude and duration of COVID-19, the company is not providing financial guidance at this time ◦ Substantial liquidity available following recent financing transactions, including $1B in cash, $565M in available revolver borrowings and $100M available under receivables-backed facility (as of 4/28/20) ◦ Accelerating depreciation to reflect expected lower residual values for vehicles expected to be sold by mid-2021, particularly trucks ◦ Redeploying rental vehicles into contractual product lines ◦ Auto production expected to resume throughout May - SCS auto customer volumes expected to improve ◦ Increasing bad debt reserves, primarily in FMS, due to slower customer payment activity ◦ Lower comparable tax rate of ~20% expected for FY20 due to COVID-19 effects ◦ Reducing discretionary costs and overhead expenses - $20M estimated in 2Q @ 2019 Ryder System, Inc. 13 All Rights Reserved

Financial Model Our primary financial target relates to Return on Equity Adjusted Return on Equity Interim target 11% Long-term target over the cycle 15% Component drivers to achieve ROE target include: Operating Revenue Growth Fleet Management Mid Single Digit Supply Chain & Dedicated High Single Digit EBT as % of Operating Revenue All Segments High Single Digit Leverage (Debt-to-Equity) 250 - 300% @ 2019 Ryder System, Inc. 14 All Rights Reserved

Progress on Actions to Increase Returns • Continue to implement meaningful ChoiceLease price increase ◦ Revenue per unit on new lease business is up mid-single digits compared to new lease vehicles in the prior year due to 2019 price increases ◦ Additional mid-single digit price increase on new ChoiceLease capital in 1Q20 • On target for 2020 expected annual savings from multi-year maintenance initiative ◦ $30M savings in 2020; $50M+ savings program to date • Discontinued liability extension program on customer lease vehicles ◦ Full year 2020 expected savings of $37M; reduces future exposure • Leveraging inside sales, enhanced used vehicle sales website and additional sales locations to maximize volume through retail used vehicle sales network Opportunity to provide even greater levels of products and services as new supply chain and logistics trends emerge in a post-COVID-19 environment @ 2019 Ryder System, Inc. 15 All Rights Reserved

Contents • First Quarter 2020 Results • Outlook & Action Plans • Q & A @ 2019 Ryder System, Inc. 16 All Rights Reserved

Q&A @ 2019 Ryder System, Inc. 17 All Rights Reserved

Appendix Segment Comparable EBITDA ChoiceLease Fleet Count - Active Fleet Key Financial Statistics Business Segment Detail Central Support Services Balance Sheet Adjusted Return on Equity Adjusted Return on Capital Growth Capital Expenditures Financial Indicators Asset Management Non-GAAP Financial Measures & Reconciliations @ 2019 Ryder System, Inc. 18 All Rights Reserved

Comparable Segment EBITDA First Quarter ($ Millions) 1Q20 FMS SCS DTS CSS/ELIMS Net segment earnings $ (108) $ 26 $ 10 $ (37) Income taxes (7) 5 2 (6) Non-operating pension costs (1) — — — 1 Other items impacting comparability (1) — — — 23 EBT (115) 31 12 (19) Interest expense / (income) 63 — (1) — Depreciation 512 10 1 1 Losses from used vehicle fair value adjustments 22 — — — Amortization 1 1 — — Comparable Segment EBITDA $ 483 $ 42 $ 12 $ (18) 1Q19 FMS SCS DTS CSS/ELIMS Net segment earnings $ 42 $ 24 $ 15 $ (36) Income taxes 19 8 2 (5) Non-operating pension costs (1) — — — 6 Other items impacting comparability (1) — — — 6 EBT 61 32 17 (29) Interest expense / (income) 56 — (1) — Depreciation 361 10 — 6 Losses from used vehicle fair value adjustments 17 — — — Amortization 1 1 — — Comparable Segment EBITDA $ 496 $ 43 $ 16 $ (23) (1) We do not allocate non-operating pension costs and other items impacting comparability to our segments. See our Non-GAAP reconciliations in this earnings presentation for further discussion on these items. @ 2019 Ryder System, Inc. 19 All Rights Reserved

Comparable Segment EBITDA History ($ Millions) FY 19 FMS SCS DTS CSS/ELIMS Net segment earnings $ (34) $ 109 $ 66 $ (165) Income taxes (36) 36 15 (33) Non-operating pension costs (1) — — — 60 Other items impacting comparability (1) — — — 38 EBT (70) 145 81 (100) Interest expense / (income) 243 1 (3) — Depreciation 1,826 42 4 8 Losses from used vehicle fair value adjustments 83 — — — Amortization 3 5 — — Comparable Segment EBITDA $ 2,085 $ 193 $ 82 $ (92) FY 18 FMS SCS DTS CSS/ELIMS Net segment earnings $ 258 $ 102 $ 54 $ (127) Income taxes 82 28 7 (15) Non-operating pension costs (1) — — — 8 Other items impacting comparability (1) — — — 22 EBT 340 130 61 (112) Interest expense / (income) 181 1 (2) — Depreciation 1,346 35 5 3 Losses from used vehicle fair value adjustments 54 — — — Amortization 3 4 — — Comparable Segment EBITDA $ 1,924 $ 170 $ 64 $ (109) (1) We do not allocate non-operating pension costs and other items impacting comparability to our segments. See our Non-GAAP reconciliations in this earnings presentation for further discussion on these items. @ 2019 Ryder System, Inc. 20 All Rights Reserved

Comparable Segment EBITDA History ($ Millions) FY 17 FMS SCS DTS CSS/ELIMS Net segment earnings $ 709 $ 71 $ 51 $ (110) Income taxes (413) 28 4 (44) Non-operating pension costs (1) — — — 28 Other items impacting comparability (1) — — — 24 EBT 296 99 55 (102) Interest expense / (income) 145 (2) (2) 1 Depreciation 1,219 32 4 3 Losses from used vehicle fair value adjustments 58 — — — Amortization 3 2 1 — Comparable Segment EBITDA $ 1,721 $ 131 $ 58 $ (98) (1) We do not allocate non-operating pension costs and other items impacting comparability to our segments. See our Non-GAAP reconciliations in this earnings presentation for further discussion on these items. @ 2019 Ryder System, Inc. 21 All Rights Reserved

ChoiceLease Fleet Count - Active Fleet Change March 31, March 31, ChoiceLease 2020 2019 2020 / 2019 Average Active Vehicles (1) 148,200 141,100 5 % Revenue per Average Active Vehicle (2) $ 5,350 $ 5,240 2 % End of Period Active Vehicles 148,400 142,800 4 % (1) Active ChoiceLease vehicles are those units that earned revenue during the period, and are not classified as not yet earning or no longer earning units. (2) Calculated based on the quarterly ChoiceLease revenue. @ 2019 Ryder System, Inc. 22 All Rights Reserved

Business Segments First Quarter ($ Millions) Memo: Operating Revenue 2020 2019 % B/(W) 2020 2019 % B/(W) Total Revenue: Fleet Management Solutions $ 1,340.2 $ 1,351.6 (1)% $ 1,157.5 $ 1,135.2 2 % Supply Chain Solutions 628.4 635.7 (1)% 467.3 477.1 (2)% Dedicated Transportation Solutions 334.9 349.6 (4)% 236.7 235.6 — % Eliminations (142.3) (156.6) 9 % (90.3) (97.4) 7 % Total $ 2,161.3 $ 2,180.3 (1)% $ 1,771.2 $ 1,750.5 1 % Segment Earnings (Loss) Before Tax: (1) Fleet Management Solutions $ (114.6) $ 60.9 NM Supply Chain Solutions 31.0 32.3 (4)% Dedicated Transportation Solutions 12.2 17.4 (30)% Eliminations (10.1) (17.3) 42 % (81.4) 93.3 NM Central Support Services (Unallocated Share) (9.4) (12.5) 25 % Non-operating Pension Costs (1.2) (6.5) 81 % Other Items Impacting Comparability (21.6) (6.2) NM Earnings (Loss) Before Income Taxes (113.6) 68.2 NM Provision for (Benefit From) Income Taxes (4.5) 22.3 NM Earnings (Loss) from Continuing Operations $ (109.1) $ 45.9 NM Comparable Earnings (Loss) from Continuing Operations $ (72.1) $ 58.5 NM NM - Not meaningful Note: Amounts may not be additive due to rounding. (1) Our primary measure of segment financial performance excludes unallocated CSS, non-operating pension costs and restructuring and other items, net. @ 2019 Ryder System, Inc. 23 All Rights Reserved

Fleet Management Solutions (FMS) ($ Millions) First Quarter Revenue 2020 2019 % B/(W) ChoiceLease $ 792.2 $ 740.1 7 % SelectCare 136.1 135.8 — % Commercial Rental 205.8 236.1 (13)% Other 23.4 23.2 1 % FMS Operating Revenue 1,157.5 1,135.2 2 % Fuel Services Revenue 173.3 207.9 (17)% Lease Liability Insurance Revenue (1) 9.4 8.5 10 % FMS Total Revenue $ 1,340.2 $ 1,351.6 (1)% FMS Earnings (Loss) Before Tax FMS Earnings (Loss) Before Tax (EBT) $ (114.6) $ 60.9 NM FMS EBT as a % of FMS Total Revenue (8.5)% 4.5 % FMS EBT as a % of FMS Operating Revenue (9.9)% 5.4 % NM - Not meaningful Note: Amounts may not be additive due to rounding. (1) In the first quarter of 2020, we announced our plan to exit the extension of our liability insurance coverage for ChoiceLease customers. The exit of this program is estimated to be completed in the second quarter of 2021. We have revised our definition of operating revenues to exclude the revenues associated with this program for better comparability of our on-going operations. @ 2019 Ryder System, Inc. 24 All Rights Reserved

Supply Chain Solutions (SCS) ($ Millions) First Quarter Revenue 2020 2019 % B/(W) Automotive $ 171.7 $ 176.5 (3)% Technology & Healthcare 57.7 78.8 (27)% CPG & Retail 188.0 178.5 5 % Industrial & Other 49.9 43.3 15 % SCS Operating Revenue 467.3 477.1 (2)% Subcontracted Transportation 135.7 128.0 6 % Fuel 25.4 30.6 (17)% SCS Total Revenue $ 628.4 $ 635.7 (1)% Earnings Before Tax SCS Earnings Before Tax (EBT) $ 31.0 $ 32.3 (4)% SCS EBT as a % of SCS Total Revenue 4.9 % 5.1 % SCS EBT as a % of SCS Operating Revenue 6.6 % 6.8 % Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 25 All Rights Reserved

Dedicated Transportation Solutions (DTS) ($ Millions) First Quarter Revenue 2020 2019 % B/(W) DTS Operating Revenue $ 236.7 $ 235.6 — % Subcontracted Transportation 66.2 76.8 (14)% Fuel 32.0 37.2 (14)% DTS Total Revenue $ 334.9 $ 349.6 (4)% Earnings Before Tax DTS Earnings Before Tax (EBT) $ 12.2 $ 17.4 (30)% DTS EBT as a % of DTS Total Revenue 3.6 % 5.0 % DTS EBT as a % of DTS Operating Revenue 5.1 % 7.4 % @ 2019 Ryder System, Inc. 26 All Rights Reserved

Central Support Services (CSS) ($ Millions) First Quarter 2020 2019 % B/(W) Allocated CSS Costs $ 59.3 $ 55.2 (7)% Unallocated CSS Costs 9.4 12.5 25 % Total CSS Costs $ 68.7 $ 67.8 (1)% Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 27 All Rights Reserved

Balance Sheet ($ Millions) March 31, 2020 December 31, 2019 Current Assets $ 1,857 $ 1,562 Revenue Earning Equipment, Net 10,034 10,428 Operating Property and Equipment, Net 907 918 Other Assets 1,567 1,568 Total Assets $ 14,364 $ 14,475 Current Liabilities $ 1,343 $ 1,471 Total Debt 8,174 7,925 Other Non-Current Liabilities (including Deferred Income Taxes) 2,604 2,603 Shareholders' Equity 2,243 2,476 Total Liabilities and Shareholders' Equity $ 14,364 $ 14,475 Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 28 All Rights Reserved

Adjusted Return on Equity (1,2) 20% 20 16.5% 14.4% 14.8% 14.9% 12.4% 13.2% 12.7% 11.1% 10%10 0.3% 0% 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 Adj ROE (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity is provided later in the slides. (2) Periods prior to 2017 do not reflect the impact from the lease accounting standard. @ 2019 Ryder System, Inc. 29 All Rights Reserved

(1) Adjusted Return on Capital 5.7% 5.7% 5.8% 5.8% 5.8% 5.2% 4.8% 5.5% 4.2% 4.8% 4.8% 4.7% 4.8% 4.8% 4.4% 4.3% 4.1% 1.9% 2011 2012 2013 2014 2015 2016 2017 (2) 2018 (2) 2019 Cost of Capital (COC) Adjusted Return on Capital (ROC) Adj ROC O/(U) COC 0.2 % 0.9 % 1.0 % 1.1 % 1.4 % 0.5 % 0.1 % 0.4 % (2.9)% Adjusted Total Capital ($B) (3) $4.6 $5.2 $5.6 $6.6 $7.1 $7.6 $7.2 $8.4 $10.0 (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided later in these slides. (2) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting standard. (3) Adjusted Total Capital represents Adjusted Average Total Capital in billions. @ 2019 Ryder System, Inc. 30 All Rights Reserved

(1) Financial Indicators $3,621 Gross Capital Expenditures ($ Millions) $3,165 $2,701 $2,161 $2,184 $2,298 $1,760 $1,763 $1,941 2011 2012 2013 2014 2015 2016 2017 2018 2019 Lease Commercial Rental PP&E/Other Free Cash (4) (4) Flow (257) (488) (340) (315) (728) 194 197 (936) (1,077) (2) Debt to Equity / Total Obligations to Equity 320% 261% 272% 260% 277% 263% 262% 275% 227% 222% 2011 2012 2013 2014 2015 2016 2017 2018 2019 Target (5) Pension Impact (3) Mid-Point Debt to (4) (4) Equity 257% 272% 227% 260% 277% 263% 222% 262% 320% 275% (1) Free Cash Flow exclude acquisitions. (2) The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt. (3) Illustrates impact of accumulated net pension related equity charge on leverage. (4) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting standard. @ 2019(5) RyderRepresents System, debt Inc. to equity target of 250% to 300% while maintaining solid investment grade credit rating. 31 All Rights Reserved

Asset Management (US Only) (a)(b)(c) @ 2019 Ryder System, Inc. 32 All Rights Reserved

Non-GAAP Financial Measures This presentation includes “non-GAAP financial measures” as defined by SEC rules. As required by SEC rules, we provide a reconciliation of each non-GAAP financial measure to the most comparable GAAP measure. Non-GAAP financial measures should be considered in addition to, 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: Reconciliation & Additional Information Presented on Slide Non-GAAP Financial Measure Comparable GAAP Measure Titled Operating Revenue Measures: Operating Revenue Total Revenue Key Financial Statistics FMS Operating Revenue, SCS Operating Revenue FMS Total Revenue, SCS Total Revenue and DTS Total Revenue Fleet Management Solutions (FMS), Supply Chain Solutions and DTS Operating Revenue (SCS) and Dedicated Transportation Solutions (DTS) FMS EBT as a % of FMS Operating Revenue, SCS EBT as a % of FMS EBT as a % of FMS Total Revenue, SCS EBT as a % of SCS Fleet Management Solutions (FMS), Supply Chain Solutions SCS Operating Revenue, and DTS EBT as a % of DTS Operating Total Revenue, and DTS EBT as a % of DTS Total Revenue (SCS) and Dedicated Transportation Solutions (DTS) Revenue Comparable Earnings Measures: Comparable Earnings (Loss) and Comparable EPS Earnings (Loss) and EPS from Continuing Operations Earnings (Loss) and EPS from Continuing Operations Reconciliation Comparable Earnings (Loss) Before Income Tax and Comparable Earnings (Loss) Before Income Tax and Tax Rate Earnings (Loss) Before Income Tax and Tax Rate from Continuing Tax Rate Operations Reconciliation Adjusted Return on Equity Not Applicable. However, the non-GAAP elements of the calculation Adjusted Return on Equity Reconciliation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations. Adjusted Return on Capital (ROC) and Adjusted ROC Spread Not Applicable. However, non-GAAP elements of the calculation Adjusted Return on Capital Reconciliation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided. Comparable Earnings (Loss) Before Interest, Taxes, Depreciation Earnings (Loss) from Continuing Operations Comparable EBITDA Reconciliation and Amortization - (EBITDA) FMS Comparable EBITDA, SCS Comparable EBITDA, and DTS FMS Net Segment Earnings, SCS Net Segment Earnings, and DTS Comparable Segment EBITDA Comparable EBITDA ** Net Segment Earnings Cash Flow Measures: Total Cash Generated and Free Cash Flow Cash Provided by Operating Activities Cash Flow Reconciliation Debt Measures: Total Obligations and Total Obligations to Equity Balance Sheet Debt and Debt to Equity Debt to Equity Reconciliation **We believe comparable segment EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance by segment. @ 2019 Ryder System, Inc. 33 All Rights Reserved

(1) Earnings (Loss) and EPS from Continuing Operations Reconciliation ($ Millions, except Per Share Data) 1Q20 1Q20 1Q19 1Q19 Earnings EPS Earnings EPS GAAP $ (109.1) $ (2.09) $ 45.9 $ 0.87 Non-operating pension costs 0.1 — 4.6 0.09 ERP implementation costs 7.7 0.15 2.7 0.05 Restructuring and other, net 8.9 0.17 1.8 0.04 Tax adjustments 20.4 0.39 3.5 0.06 Comparable $ (72.1) $ (1.38) $ 58.5 $ 1.11 Note: Amounts may not be additive due to rounding. (1) The reconciliation of the EBT and Tax Rate for these items are included on next slide. @ 2019 Ryder System, Inc. 34 All Rights Reserved

Earnings (Loss) Before Income Tax and Tax Rate from Continuing Operations Reconciliation ($ Millions) 1Q20 1Q20 1Q20 EBT Tax Tax Rate (1) GAAP $ (113.6) ($4.5) (4.0 )% Non-operating pension costs 1.2 1.1 ERP implementation costs 10.3 2.7 Restructuring and other, net 11.3 2.4 Tax adjustments — (20.4) Comparable (2) $ (90.8) $ (18.7) (20.6 )% 1Q19 1Q19 1Q19 EBT Tax Tax Rate GAAP $ 68.2 $ 22.3 32.7 % Non-operating pension costs 6.5 1.9 ERP implementation costs 3.6 0.9 Restructuring and other, net 2.6 0.7 Tax adjustments — (3.5) Comparable (2) $ 80.8 $ 22.3 27.6 % Note: Amounts may not be additive due to rounding. (1) Q1 2020 tax rates reflect a benefit for the period. (2) The comparable provision for income taxes is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the statutory tax rates of the jurisdiction to which the non-GAAP adjustments relate. @ 2019 Ryder System, Inc. 35 All Rights Reserved

Adjusted Return on Equity Reconciliation (1) ($ Millions) 2011 2012 2013 2014 2015 2016 Net earnings (2) $ 170 $ 210 $ 238 $ 218 $ 305 $ 263 Other items impacting comparability (7) 6 17 — 115 18 13 Income taxes (3) 108 91 126 118 164 142 Adjusted earnings before income taxes 284 317 363 451 486 418 Adjusted income taxes (4) (106) (115) (127) (162) (171) (147) Adjusted net earnings [A] $ 178 $ 202 $ 236 $ 289 $ 315 $ 271 Average total shareholders' equity (5) $ 1,428 $ 1,406 $ 1,594 $ 1,926 $ 1,895 $ 2,053 (6) Average adjustments to shareholders' equity 4 (3) (2) 8 11 2 Adjusted average total equity [B] $ 1,432 $ 1,403 $ 1,592 $ 1,934 $ 1,906 $ 2,055 Adjusted Return on Equity [A]/[B] 12.4 % 14.4 % 14.8 % 14.9 % 16.5 % 13.2 % (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Includes income taxes on discontinued operations. (4) Adjusted income taxes represents the tax provision on adjusted earnings before income taxes. (5) The average is calculated based on the GAAP balances. (6) Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. (7) Other items impacting comparability are comprised of the following: 2011 2012 2013 2014 2015 2016 Restructuring and other, net $ 3.7 $ 8.1 $ (0.5) $ 3.4 $ 18.1 $ 5.1 Pension-related adjustments — — 2.8 12.6 (0.5) 7.7 Pension lump sum settlement expense — — — 97.2 — — Acquisition-related tax adjustment — — — 1.8 — — Superstorm Sandy vehicle-related (recoveries) losses — 8.2 (0.6) — — — Foreign currency translation benefit — — (1.9) — — — Acquisition transaction costs 2.1 0.4 — — — — Other items impacting comparability $ 5.8 $ 16.7 $ (0.2) $ 115.0 $ 17.6 $ 12.8 @ 2019 Ryder System, Inc. 36 All Rights Reserved

Adjusted Return on Equity Reconciliation (1) ($ Millions) 2017 2018 2019 1Q19 1Q20 Net earnings (2) $ 720 $ 285 $ (24) $ 293 $ (179) Other items impacting comparability (7) 24 22 38 13 53 Income taxes (3) (423) 103 (19) 110 (46) Adjusted earnings before income taxes 321 409 (5) 416 (172) Adjusted income taxes (4) (112) (101) 13 (105) 53 Adjusted net earnings [A] $ 209 $ 308 $ 8 $ 311 $ (119) Average total shareholders' equity (5) $ 1,984 $ 2,493 $ 2,533 $ 2,516 $ 2,474 (6) Average adjustments to shareholders' equity (99) (78) 15 25 18 Adjusted average total equity [B] $ 1,885 $ 2,415 $ 2,548 $ 2,541 $ 2,492 Adjusted Return on Equity [A]/[B] 11.1 % 12.7 % 0.3 % 12.2 % (4.8)% (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average total equity is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Includes income taxes on discontinued operations. (4) Adjusted income taxes represents the tax provision on adjusted earnings before income taxes. (5) The average is calculated based on the GAAP balances. (6) Represents the impact of other items impacting comparability, net of tax, to equity for the respective period. (7) Other items impacting comparability are comprised of the following: 2017 2018 2019 1Q19 1Q20 Restructuring and other, net $ 17.3 $ 5.6 $ 35.3 $ 8.6 $ 44.0 Pension-related adjustments 5.5 — — — — Operating tax adjustment 2.2 — — — — Tax reform-related and other tax adjustments, net 23.3 — — — — Gain on sale of property (24.1) — (18.6) — (18.6) Goodwill impairment — 15.5 — — — ERP implementation costs — 0.7 21.3 4.3 28.0 Other items impacting comparability $ 24.2 $ 21.8 $ 38.0 $ 12.9 $ 53.4 @ 2019 Ryder System, Inc. 37 All Rights Reserved

Adjusted Return on Capital Reconciliation(1) ($ Millions) 2011 2012 2013 2014 2015 2016 Net earnings (2) $ 170 $ 210 $ 238 $ 218 $ 305 $ 263 Other items impacting comparability (9) 6 17 — 115 18 13 Income taxes (3) 108 91 126 118 164 142 Adjusted earnings before income taxes 284 317 363 451 486 418 Adjusted interest expense (4) 135 144 141 145 151 148 Adjusted income taxes (5) (157) (167) (177) (214) (224) (199) Adjusted net earnings [A] $ 262 $ 294 $ 327 $ 383 $ 413 $ 367 Average total debt(6) $ 3,079 $ 3,778 $ 4,015 $ 4,653 $ 5,177 $ 5,549 Average off-balance sheet debt 78 2 1 2 1 1 Average total shareholders' equity(6) 1,428 1,406 1,594 1,926 1,895 2,053 Average adjustments to shareholders' equity (7) 4 (3) (2) 8 11 2 Adjusted average total capital [B] $ 4,588 $ 5,182 $ 5,608 $ 6,589 $ 7,084 $ 7,606 Adjusted return on capital [A]/[B] 5.7 % 5.7 % 5.8 % 5.8 % 5.8 % 4.8 % Weighted average cost of capital 5.5 % 4.8 % 4.8 % 4.7 % 4.4 % 4.3 % Adjusted return on capital spread (8) 0.2 % 0.9 % 1.0 % 1.1 % 1.4 % 0.5 % (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Includes income taxes on discontinued operations. (4) Interest expense includes interest on off-balance sheet vehicle obligations. (5) Adjusted income taxes represents the tax provision on adjusted earnings before income taxes and adjusted interest expense. (6) The average is calculated based on the average GAAP balances. (7) Represents comparable earnings items for those periods. (8) Represents the adjusted return on capital vs. cost of capital (trailing 12 months). (9) Other items impacting comparability are discussed in our Adjusted Return on Equity Reconciliation. @ 2019 Ryder System, Inc. 38 All Rights Reserved

Adjusted Return on Capital Reconciliation (1) ($ Millions) (9) (9) 2017 2018 2019 1Q19 1Q20 Net earnings (2) $ 720 $ 285 $ (24) $ 293 $ (179) Other items impacting comparability (10) 24 22 38 13 53 Income taxes (3) (423) 103 (19) 110 (46) Adjusted earnings before income taxes 321 409 (5) 416 (172) Adjusted interest expense (4) 142 181 241 198 249 Adjusted income taxes (5) (162) (146) (43) (155) — Adjusted net earnings [A] $ 301 $ 443 $ 193 $ 459 $ 76 Average total debt (6) $ 5,395 $ 6,025 $ 7,427 $6,366 $7,732 Average off-balance sheet debt — — — — — Average total shareholders' equity (6) 1,984 2,493 2,533 2,516 2,474 Average adjustments to shareholders' equity (7) (99) (78) 15 25 18 Adjusted average total capital [B] $ 7,280 $ 8,440 $ 9,975 $8,907 $10,224 Adjusted return on capital [A]/[B] 4.2 % 5.2 % 1.9 % 5.2 % 0.8 % Weighted average cost of capital 4.1 % 4.8 % 4.8 % 4.8 % 4.6 % Adjusted return on capital spread (8) 0.1 % 0.4 % (2.9)% 0.4 % (3.8)% (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average total debt and average shareholders' equity to adjusted average total capital is provided on this slide. (2) Earnings calculated based on a 12-month rolling period. (3) Includes income taxes on discontinued operations. (4) Interest expense includes interest on off-balance sheet vehicle obligations. (5) Adjusted income taxes represents the tax provision on adjusted earnings before income taxes and adjusted interest expense. (6) The average is calculated based on the average GAAP balances. Upon adoption of the new leasing accounting standard retrospectively in 2019, there is no longer any off-balance sheet debt. (7) Represents comparable earnings items for those periods. (8) Represents the adjusted return on capital vs. cost of capital (trailing 12 months). (9) These amounts have been recasted to reflect the impact of the lease accounting standard. Periods prior to 2017 do not reflect the impact from the lease accounting standard. (10) Other items impacting comparability are discussed in our Adjusted Return on Equity Reconciliation. @ 2019 Ryder System, Inc. 39 All Rights Reserved

Comparable EBITDA Reconciliation(1) ($ Millions) 2011 2012 2013 Earnings from continuing operations $ 171.4 $ 200.7 $ 243.3 Provision for income taxes 108.0 102.1 125.7 Earnings before income taxes from continuing operations 279.4 302.8 369.0 Non-operating pension costs 18.7 31.4 22.2 Restructuring and other, net 3.7 8.1 (0.5) Pension-related adjustments — — 2.8 Superstorm Sandy vehicle-related (recoveries) losses — 8.2 (0.6) Foreign currency translation benefit — — (1.9) Acquisition transaction costs 2.1 0.4 — Comparable earnings before income taxes 303.8 350.9 391.1 Interest expense 133.2 140.6 140.5 Depreciation 872.3 939.7 967.2 Losses from used vehicle fair value adjustments — — 16.4 Amortization 8.8 8.4 7.9 Comparable EBITDA $ 1,318.0 $ 1,439.5 $ 1,523.1 (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is provided on this slide. Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 40 All Rights Reserved

Comparable EBITDA Reconciliation(1) ($ Millions) 2014 2015 2016 2017 (2) Earnings from continuing operations $ 220.2 $ 306.0 $ 265.2 $ 720.1 Provision for income taxes 118.1 163.2 142.0 (423.7) Earnings before income taxes from continuing operations 338.3 469.2 407.3 296.4 Non-operating pension costs 5.5 17.8 29.9 27.7 Restructuring and other, net 3.4 18.1 5.1 17.3 Pension-related adjustments 12.6 (0.5) 7.7 5.5 Pension lump sum settlement expense 97.2 — — — Operating tax adjustment — — — 2.2 Tax reform-related and other tax adjustments, net — — — 23.3 Gain on sale of property — — — (24.1) Acquisition-related tax adjustment 1.8 — — — Comparable earnings before income taxes 458.7 504.6 449.9 348.3 Interest expense 144.7 150.4 147.8 141.9 Depreciation 1,047.0 1,122.0 1,187.1 1,257.7 Losses from used vehicle fair value adjustments 10.8 18.0 67.4 58.1 Amortization 6.9 6.8 5.8 5.8 Comparable EBITDA $ 1,668.2 $ 1,801.7 $ 1,858.2 $ 1,812.0 (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is provided on this slide. (2) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting standard. Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 41 All Rights Reserved

Comparable EBITDA Reconciliation(1) ($ Millions) Twelve month ended December Three months ended March 31, 31, 2020 2019 2019 2018 (2) Earnings (loss) from continuing operations $ (109.1) $ 45.9 $ (23.3) $ 286.9 Provision for income taxes (4.5) 22.3 (19.0) 102.5 Earnings (loss) before income taxes from continuing operations (113.6) 68.2 (42.3) 389.5 Non-operating pension costs 1.2 6.5 60.4 7.5 ERP implementation costs 10.3 3.6 21.3 0.7 Restructuring and other, net 11.3 2.6 35.3 5.6 Gain on sale of property — — (18.6) — Goodwill impairment — — — 15.5 Comparable earnings (loss) before income taxes (90.8) 80.8 56.1 418.9 Interest expense 62.6 55.3 241.4 180.5 Depreciation 523.2 377.4 1,878.9 1,388.6 Losses from used vehicle fair value adjustments 21.5 16.7 83.1 53.7 Amortization 2.0 2.1 8.3 7.6 Comparable EBITDA $ 518.5 $ 532.3 $ 2,267.8 $ 2,049.4 (1) Non-GAAP elements of this calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of earnings before income taxes from continuing operations to comparable earnings before income taxes from continuing operations is provided on this slide. (2) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Periods prior to 2017 do not reflect the impact from the lease accounting standard. Note: Amounts may not be additive due to rounding. @ 2019 Ryder System, Inc. 42 All Rights Reserved

Cash Flow Reconciliation ($ Millions) 2011 2012 2013 2014 2015 Cash Provided by Operating Activities from Continuing Operations $ 1,042 $ 1,160 $ 1,252 $ 1,383 $ 1,442 Proceeds from Sales (Primarily Revenue Earning Equipment) (1) 337 413 452 497 427 Collections of Direct Finance Leases (1) 62 72 71 66 71 Other, net (1) — — 8 (1) — Total Cash Generated 1,442 1,645 1,783 1,944 1,940 Capital Expenditures (1), (2) (1,699) (2,133) (2,123) (2,259) (2,668) Free Cash Flow (3) $ (257) $ (488) $ (340) $ (315) $ (728) Memo: Depreciation Expense (4) $ 863 $ 944 $ 967 $ 1,047 $ 1,122 Net Cash Used in Investing Activities (1,657) (1,635) (1,604) (1,705) (2,161) Net Cash Provided by (Used in) Financing Activities 504 438 347 312 731 Note: Amounts may not be additive due to rounding. (1) Included in cash flows from investing activities. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Non-GAAP financial measure. We refer to the net amount of cash generated from operating activities and investing activities (excluding changes in acquisitions) from continuing operations as “free cash flow”. We calculate free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equipment and property. (4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. @ 2019 Ryder System, Inc. 43 All Rights Reserved

Cash Flow Reconciliation ($ Millions) Three months ended March 31, 2016 2017 (5) 2018 (5) 2019 2019 2020 Cash Provided by Operating Activities from Continuing Operations $1,601 $1,628 $1,718 $2,141 $485 $439 Proceeds from Sales (Primarily Revenue Earning Equipment)(1) 421 429 396 518 103 103 Collections of Direct Finance Leases (1) 77 N/A N/A N/A N/A N/A (5) Total Cash Generated 2,099 2,057 2,114 2,659 589 542 Capital Expenditures (1), (2) (1,905) (1,860) (3,050) (3,735) (1,027) (431) Free Cash Flow (3) $194 $197 $(936) $(1,077) $(438) $111 Memo: Depreciation Expense (4) $1,187 $1,258 $1,389 $1,879 $377 $523 Net Cash Used in Investing Activities (1,406) (1,439) (2,821) (3,217) (923) (333) Net Cash Provided by (Used in) Financing Activities (186) (162) 1,086 1,084 434 218 Note: Amounts may not be additive due to rounding. (1) Included in cash flows from investing activities. (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3) Non-GAAP financial measure. We refer to free cash flow as the sum of net cash provided by operating activities from continuing operations and net cash provided by the sale of revenue earning equipment and operating property and equipment, collections on direct finance leases and other cash inflows from investing activities, less purchases of revenue earning equipment and property. (4) Includes adjustment to reclassify losses from fair value adjustments on our used vehicles to “Used Vehicles Sales, Net”. (5) These amounts have been recast to reflect the impact of the lease accounting standard adopted in 2019. Prior full year periods do not reflect the impact from the lease accounting standard. @ 2019 Ryder System, Inc. 44 All Rights Reserved

Debt to Equity Reconciliation(1) ($ Millions) % to 2011 Equity Debt $ 3,382 257 % PV of minimum lease payments and guaranteed residual values under operating leases for vehicles 64 Total Obligations (2) $ 3,446 261 % (1) The debt to equity metric was not revised in years prior to 2012 to reflect the change in accounting treatment of certain sale-leaseback transactions as debt. (2) For years beginning in 2012, sale-leaseback transactions that were previously accounted for as off-balance sheet are now included in GAAP balance sheet debt. The Company does not reconcile total obligations to equity for these years as this metric is the same as the debt to equity metric. Note: Amounts may not recalculate due to rounding. @ 2019 Ryder System, Inc. 45 All Rights Reserved

@ 2019 Ryder System, Inc. 46 All Rights Reserved

XML

Cover Page	Apr. 29, 2020
Cover [Abstract]
Entity Registrant Name	RYDER SYSTEM, INC.
Entity Central Index Key	0000085961
Amendment Flag	false
Document Type	8-K
Document Period End Date	Apr. 29, 2020
Entity Incorporation, State or Country Code	FL
Entity File Number	1-4364
Entity Tax Identification Number	59-0739250
Entity Address, Address Line One	11690 NW 105th Street
Entity Address, City or Town	Miami,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
City Area Code	305
Local Phone Number	500-3726
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	R
Security Exchange Name	NYSE
Entity Emerging Growth Company	false