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): October 26, 2005

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida	1-4364	59-0739250
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
11690 NW 105th Street
Miami, Florida		33178
(Address of Principal Executive Offices)		(Zip Code)
	(305) 500-3726
	(Registrant’s telephone number, including area code)

     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):

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

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

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

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

TABLE OF CONTENTS

EX-99.1 PRESS RELEASE DATED OCTOBER 26, 2005

EX-99.2 PRESENTATION FOR CONFERENCE CALL AND WEBCAST OCTOBER 26, 2005

Item 2.02 Results of Operations and Financial Condition

On October 26, 2005, we issued a press release reporting our financial results for the three months and nine months ended September 30, 2005 (the “Press Release”). We also hosted a conference call and webcast on October 26, 2005 during which we made a presentation on our financial results for the three and nine months ended September 30, 2005 (the “Presentation”). The Press Release and the Presentation are available on our website at www.ryder.com.

The Press Release and the Presentation include information regarding our (i) 2005 year-to-date net earnings and earnings per share excluding a state income tax benefit and (ii) 2004 third quarter and year-to-date net earnings and earnings per share excluding the gain on the sale of our headquarters, each of which is a non-GAAP financial measure as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors as the measures exclude from our GAAP earnings gains and benefits unrelated to our ongoing business operations. Information regarding other non-GAAP financial measures we use is included in the Presentation.

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

Item 9.01(c)Exhibits

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

Exhibit 99.1	Press Release, dated October 26, 2005, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2005.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on October 26, 2005, relating to Ryder System, Inc.’s financial results for the three and nine months ended September 30, 2005.

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: October 26, 2005	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Tracy A. Leinbach
		Tracy A. Leinbach, Executive Vice
		President and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

Contacts:	Media:	Investor Relations:
	David Bruce	Bob Brunn
	(305) 500-4999	(305) 500-4053

RYDER REPORTS THIRD QUARTER 2005 RESULTS

- Third Quarter Earnings Per Share Were $0.98 -

- Comparable Earnings Per Share Up 20% on 14% Higher Revenue -

     MIAMI, October 26, 2005 – Ryder System, Inc. (NYSE:R), a global leader in transportation and supply chain management solutions, today reported earnings per diluted share (EPS) were $0.98 for the three-month period ended September 30, 2005, compared with $0.83 in the year-earlier period. EPS in the year-earlier period included $0.01 related primarily to the gain on sale of the final parcel of the Company’s former headquarters complex. Excluding the previous year’s gain, EPS for the third quarter were up 20%. Net earnings for the third quarter of 2005 were $63.3 million, compared with $54.3 million in the year-earlier period. All business segments reported improved results, led by the Fleet Management Solutions (FMS) business segment.

     Revenue for the third quarter of 2005 was $1.49 billion, up 14% from $1.31 billion in the same period last year, with all business segments reporting revenue growth. FMS business segment revenue was up 10%, reflecting higher fuel costs, and continued growth in the rental product line. Commercial rental revenue for the quarter increased 4% compared with the year-earlier period. Supply Chain Solutions (SCS) business segment revenue grew 28% compared with the year-earlier period. Dedicated Contract Carriage (DCC) business segment revenue increased 10% from the year-earlier period. SCS revenue growth was related primarily to increased management of subcontracted transportation. In addition, SCS and DCC revenue grew due to new and expanded business in all industry groups, and pricing increases associated with higher fuel costs.

     “We delivered strong earnings with comparable EPS that were 20% higher on a 14% revenue increase,” said Ryder Chairman and Chief Executive Officer Greg Swienton. “Our performance this quarter reflects continuing progress toward our profitable growth objectives.

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Special recognition also goes to our employees for their focused efforts before, during and after Hurricanes Katrina and Rita, which enabled Ryder to minimize many of the operational and fuel-related issues that reportedly affected other businesses.”

Year-to-Date Operating Results

     Revenue for the nine months ended September 30, 2005 was $4.20 billion, up 11% from $3.79 billion in the same period of 2004. EPS were $2.60 for the first nine months of 2005 compared with $2.33 for the same period of 2004. EPS included a $0.12 income tax benefit related to a change in Ohio income tax law in 2005 and a $0.23 gain from the sale of the Company’s former corporate headquarters facility in 2004. Excluding the income tax benefit and gain on the headquarters sale, year-to-date 2005 EPS were up 19% to $2.48. EPS for the first nine months also included a $0.01 benefit related to net restructuring and other recoveries in 2005 and a $0.03 charge related to restructuring and other recoveries in 2004.

Third Quarter Business Segment Operating Results

     Ryder’s primary measurement of business segment financial performance, Net Before Tax (NBT), allocates Central Support Services to each business segment.

Fleet Management Solutions

     Ryder’s Fleet Management Solutions (FMS) business segment combines several capabilities into a comprehensive package that provides one-stop outsourcing of the acquisition, maintenance, management and disposal of vehicles. Ryder’s commercial rental service offers customers a method to expand their fleets in order to address specific or short-term capacity needs.

     In the FMS business segment, revenue in the third quarter of 2005 was $1.01 billion, up 10% compared with $918.7 million in the year-earlier period. Operating revenue (revenue excluding fuel) in the third quarter of 2005 was $728.6 million, up 2% compared with $713.6 million in the year-earlier period. Fuel revenue for the third quarter of 2005 increased 38% compared with the same period in 2004 due primarily to higher fuel pricing as a result of market cost increases. Full service lease revenue for the third quarter of 2005 was $447.4 million, up 1% from the year-earlier period due to favorable foreign exchange rates. Ryder’s third quarter

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2005 commercial rental revenue grew 4% from the year-earlier period, reflecting higher pricing. Contract maintenance and contract-related maintenance revenue increased 6% in the third quarter of 2005 compared with the same period last year due primarily to the implementation of initiatives aimed at growing these types of services.

     The FMS business segment’s NBT increased to $102.6 million in the third quarter of 2005, up 20% compared with $85.8 million in the same period of 2004. This increase related primarily to improved commercial rental results, higher used vehicle sales gains resulting from stronger volume and pricing, fuel, and lower overhead costs. These improvements were partially offset by hurricane-related charges. Business segment NBT as a percentage of operating revenue was 14.1% in the third quarter of 2005, up 210 basis points compared with 12.0% in the same quarter a year ago.

Supply Chain Solutions

     Ryder’s Supply Chain Solutions (SCS) business segment enables customers to improve shareholder value and their customers’ satisfaction by enhancing supply chain performance and reducing costs. The solutions involve management of the logistics pipeline as a synchronized, integrated process – from raw material supply to finished goods distribution. By improving business processes and employing new technologies, the flow of goods and cash is made faster and consumes less capital.

     In the SCS business segment, third quarter 2005 revenue totaled $433.4 million, up 28% from $338.5 million in the comparable period in 2004. SCS revenue grew due to increased management of subcontracted transportation, new and expanded business in all industry groups, and pricing increases associated with higher fuel costs. Third quarter 2005 operating revenue (revenue excluding subcontracted transportation) was $254.3 million, up 9% compared with $233.6 million in the year-earlier period.

     The SCS business segment’s NBT was $10.6 million in the third quarter 2005, up 9% from $9.8 million in the same quarter of 2004. The earnings increase was related to new and expanded business and lower overhead spending, partially offset by lower volumes on certain automotive accounts and lower margins in the Company’s Brazil operations. Third quarter 2005 NBT for the business segment as a percentage of operating revenue was 4.2%, flat compared with the same quarter of 2004.

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Dedicated Contract Carriage

     Ryder’s Dedicated Contract Carriage (DCC) business segment provides customers with vehicles, drivers, management and administrative support, with the assets committed to a specific customer for a contractual term. DCC supports customers with both basic and sophisticated logistics and transportation needs including routing and scheduling, specialized driver services, and logistical engineering support.

     In the DCC business segment, third quarter 2005 revenue totaled $139.0 million, up 10% compared with $125.9 million in the third quarter of 2004. Operating revenue (revenue excluding subcontracted transportation) in the third quarter of 2005 was $134.6 million, up 10% from $122.7 million in the year-earlier period. Revenue grew due to new and expanded business and pricing increases associated with higher fuel costs.

     The DCC business segment’s NBT in the third quarter of 2005 was $9.2 million, up 22% compared with $7.5 million in the same period of 2004. Business segment NBT was positively impacted by new and expanded business, as well as lower safety and other operating costs. Business segment NBT as a percentage of operating revenue was 6.8% in the third quarter of 2005, up 70 basis points from 6.1% in the year-earlier period.

Corporate Financial Information

Central Support Services

     Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. CSS costs are predominantly allocated to the various business segments. In the third quarter of 2005, CSS costs were $51.1 million, compared with $54.8 million in the year-earlier period. The decrease was due primarily to lower operating costs related to the insourcing and renegotiation of several information technology infrastructure services.

Capital Expenditures

     Capital expenditures are used primarily to purchase revenue-earning equipment (trucks, tractors and trailers) to support two product lines within Ryder’s Fleet Management Solutions business segment. The full service lease product line utilizes capital for the purchase of new and

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replacement vehicles to support the needs of customers under long-term contracts that typically run from four-to-six years. The commercial rental product line utilizes capital for the purchase of vehicles to replenish and expand the Company’s fleet available for shorter-term use by contractual or occasional customers.

     Capital expenditures were $1.15 billion for the first nine months of 2005, compared with $843.4 million in the same period of 2004. Net capital expenditures (including proceeds from the sale of assets) were $893.8 million through the third quarter of 2005, up from $580.2 million in the same period of 2004. The increase in capital expenditures reflects planned higher spending for replacement of full service lease vehicles.

Free Cash Flow and Leverage

     Free cash flow for the first nine months of 2005 was a negative $348.4 million compared with a positive $161.8 million for the year-earlier period, primarily due to the funding requirements associated with higher capital spending and income tax payments, which included a $176.0 million payment related to the previously disclosed resolution of the 1998 to 2000 federal tax audit. Balance sheet debt as of September 30, 2005 increased by $435.1 million compared with year-end 2004. The leverage ratio for balance sheet debt as of September 30, 2005 was 137%, compared with 118% at year-end 2004. Total obligations to equity as of September 30, 2005 were 146%, up from 129% at year-end 2004. The Company’s long-term target range for total obligations to equity is 250% to 300%, which largely reflects the liquidity of the Company’s vehicle portfolio and the substantial revenue component that is supported by long-term customer contracts related to those assets.

     Commenting on the Company’s corporate financial performance, Ryder Executive Vice President and Chief Financial Officer Tracy Leinbach stated, “This performance, along with our recently announced share repurchase program, reflects our commitment to deliver value to shareholders through sales growth, margin improvement and a more efficient capital structure. The Company remains well positioned to grow the business and take advantage of strategic opportunities.”

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Outlook

     Commenting on Ryder’s outlook, Mr. Swienton said, “Ryder responded to challenging factors in the third quarter and continued to make strong progress toward our goal of profitable growth for all business segments. Looking ahead, we expect new business and expansion activity to continue, and we have significant remaining opportunities to improve our cost structure. Our fourth quarter forecast includes some restructuring costs that are expected to produce benefits in future periods.”

     He continued, “We are establishing a fourth quarter 2005 EPS forecast of $0.89 to $0.94, resulting in a new full-year 2005 earnings forecast of $3.49 to $3.54 per share, up from our previous forecast of $3.42 to $3.52 per share.” This forecast excludes the impact of implementing a new accounting standard, FIN 47, which is required to be adopted by all companies on December 31, 2005. FIN 47 addresses the accounting for conditional asset retirement obligations related primarily to underground storage tanks. The cumulative effect of adopting FIN 47 in the fourth quarter is estimated to be a charge of $0.04 to $0.06 per share.

About Ryder

     Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder’s product offerings range from full service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers’ entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.

     The National Safety Council selected Ryder to receive the 2002 Green Cross for Safety Medal – its highest honor – for exemplary commitment to workplace safety and corporate citizenship. For the ninth consecutive year, Ryder was featured in the 2005 Fortune Most Admired Companies survey of corporate reputations. InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the eighth consecutive year, Ryder has been named a top five third-party logistics provider by Inbound Logistics.

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     Ryder’s stock is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. With 2004 revenue of more than $5 billion, Ryder ranks 381^st on the Fortune 500.

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

# # #

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. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward-looking statements. Important factors that could cause such differences include, among others, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to customer acceptance or competition, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of certain customers in our SCS business segment, the possibility that changes in customers’ business environments will limit their ability to commit to long-term vehicle leases, changes in market conditions affecting the commercial rental market or the sale of used vehicles, increased competition from vehicle manufacturers and large service providers, higher borrowing costs and possible decreases in available funding sources caused by adverse changes in debt ratings, changes in accounting assumptions, adequacy of accounting accruals, changes in general economic conditions, unexpected reserves or losses due to the effects of Hurricanes Katrina and Rita on our operations and the economy, increases in fuel prices, availability of qualified drivers, our ability to manage our cost structure and changes in government regulations, including regulations regarding vehicle emissions. 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 and the attached financial schedules include certain non-GAAP financial measures as defined under SEC rules. We have denoted each non-GAAP financial measure in the attached financial schedules and have provided a reconciliation of each such measure to the most comparable GAAP measure. Additional information regarding non-GAAP financial measures can be found in our investor presentation for the quarter and in our reports filed with the SEC, which are available in the investors area of our website at www.ryder.com.

Conference Call and Webcast Information:
Ryder’s earnings webcast is scheduled for Wednesday, October 26, 2005, from 11:00 a.m. to 12:00 noon Eastern Time. Speakers will be Chairman and Chief Executive Officer Greg Swienton and Executive Vice President and Chief Financial Officer Tracy Leinbach.

Þ To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: RYDER and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG2789498 and Passcode: RYDER.

Þ To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-888-567-0396 (outside U.S. dial 1-402-998-1770) and use the Passcode: 1025, then view the presentation by visiting the Investors area of Ryder’s website at www.ryder.com.

64-05

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS — UNAUDITED
Periods ended September 30, 2005 and 2004
(In millions, except per share amounts)

	Three Months						Nine Months
	2005			2004			2005			2004
Revenue	$	1,490.6			1,305.9		$	4,196.1			3,787.1
Operating expense		657.2			589.9			1,902.6			1,690.1
Salaries and employee-related costs		314.6			300.3			928.6			917.5
Subcontracted transportation		183.5			108.0			425.1			300.5
Depreciation expense		188.1			178.1			556.3			528.8
Gains on vehicle sales, net		(12.3	)		(8.4	)		(38.1	)		(25.8	)
Equipment rental		25.2			27.5			77.3			80.1
Interest expense		31.3			24.8			89.1			75.4
Miscellaneous income, net		(2.1	)		(0.4	)		(7.4	)		(4.3	)
Restructuring and other recoveries, net		(0.4	)		(1.3	)		(0.6	)		(20.5	)
		1,385.1			1,218.5			3,932.9			3,541.8
Earnings before income taxes		105.5			87.4			263.2			245.3
Provision for income taxes		42.2			33.1			95.1			92.3
Net earnings	$	63.3			54.3		$	168.1			153.0
Earnings per common share — Diluted:
Net earnings	$	0.98			0.83		$	2.60			2.33
Weighted-average shares outstanding — Diluted		64.5			65.5			64.8			65.7
Memo: EPS Impact of restructuring and other recoveries, net	$	—			0.01		$	0.01			0.20

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS
(Dollars in millions)

	(unaudited)
	September 30,		December 31,
	2005		2004
Assets:
Cash and cash equivalents	$	140.5		101.0
Other current assets		1,201.6		1,126.7
Revenue earning equipment, net		3,633.3		3,331.7
Operating property and equipment, net		485.5		479.6
Other assets		583.1		598.9
	$	6,044.0		5,637.9
Liabilities and shareholders’ equity:
Current liabilities (including current portion of long-term debt)	$	1,278.3		1,454.8
Long-term debt		1,888.6		1,393.7
Other non-current liabilities (including deferred income taxes)		1,260.2		1,279.2
Shareholders’ equity		1,616.9		1,510.2
	$	6,044.0		5,637.9

SELECTED KEY RATIOS

	September 30,			December 31,
	2005			2004
Debt to equity		137	%		118	%
Total obligations to equity (a) *		146	%		129	%

	Twelve months ended September 30,
	2005			2004
Return on average shareholders’ equity		15.1	%		14.1	%
Return on average assets		4.0	%		3.6	%
Average asset turnover		96.6	%		92.9	%
Return on capital*		7.8	%		7.5	%

(a)	Total obligations represent debt plus off-balance sheet equipment obligations.
*	Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this release.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT REVENUE AND EARNINGS — UNAUDITED
Periods ended September 30, 2005 and 2004
(Dollars in millions)

	Three Months									Nine Months
	2005			2004			B(W)			2005			2004			B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	447.4		$	444.0			0.8	%	$	1,334.6		$	1,319.1			1.2	%
Contract maintenance		34.0			34.5			(1.5	%)		101.9			102.6			(0.7	%)
Contract-related maintenance		48.3			43.1			12.2	%		146.2			131.5			11.2	%
Commercial rental		183.4			176.7			3.8	%		511.0			475.0			7.6	%
Other		15.5			15.3			0.9	%		47.6			53.1			(10.3	%)
Fuel		282.2			205.1			37.6	%		763.7			571.0			33.8	%
Total Fleet Management Solutions		1,010.8			918.7			10.0	%		2,905.0			2,652.3			9.5	%
Supply Chain Solutions		433.4			338.5			28.0	%		1,155.1			986.6			17.1	%
Dedicated Contract Carriage		139.0			125.9			10.4	%		400.8			377.7			6.1	%
Eliminations		(92.6	)		(77.2	)		(20.0	%)		(264.8	)		(229.5	)		(15.4	%)
Total revenue	$	1,490.6			1,305.9			14.1	%	$	4,196.1			3,787.1			10.8	%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions	$	102.6			85.8			19.6	%	$	262.4			223.2			17.6	%
Supply Chain Solutions		10.6			9.8			8.7	%		25.4			25.7			(0.9	%)
Dedicated Contract Carriage		9.2			7.5			22.4	%		24.8			22.6			9.5	%
Eliminations		(8.2	)		(8.0	)		(3.8	%)		(23.3	)		(23.4	)		0.5	%
		114.2			95.1			20.1	%		289.3			248.1			16.6	%
Unallocated Central Support Services		(9.1	)		(9.0	)		(1.6	%)		(26.7	)		(23.3	)		(14.7	%)
Earnings before restructuring and other recoveries, net and income taxes		105.1			86.1			22.0	%		262.6			224.8			16.8	%
Restructuring and other recoveries, net		0.4			1.3			(65.7	%)		0.6			20.5			(96.9	%)
Earnings before income taxes		105.5			87.4			20.7	%		263.2			245.3			7.3	%
Provision for income taxes		42.2			33.1			(27.3	%)		95.1			92.3			(3.0	%)
Net earnings	$	63.3			54.3			16.7	%	$	168.1			153.0			9.9	%

Note: Certain prior period amounts have been reclassified to conform to current year presentation.

Amounts may not recalculate due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION — UNAUDITED
Periods ended September 30, 2005 and 2004
(Dollars in millions)

	Three Months									Nine Months
	2005			2004			B(W)			2005			2004			B(W)
Fleet Management Solutions
Total revenue	$	1,010.8			918.7			10.0	%	$	2,905.0			2,652.3			9.5	%
Fuel revenue		(282.2	)		(205.1	)		37.6	%		(763.7	)		(571.0	)		33.8	%
Operating revenue *	$	728.6			713.6			2.1	%	$	2,141.3			2,081.3			2.9	%
Segment net before tax earnings	$	102.6			85.8			19.6	%	$	262.4			223.2			17.6	%
Earnings before income taxes as % of total revenue		10.1	%		9.3	%					9.0	%		8.4	%
Earnings before income taxes as % of operating revenue *		14.1	%		12.0	%					12.3	%		10.7	%
Supply Chain Solutions
Total revenue	$	433.4			338.5			28.0	%	$	1,155.1			986.6			17.1	%
Subcontracted transportation		(179.1	)		(104.9	)		70.7	%		(413.5	)		(293.8	)		40.7	%
Operating revenue *	$	254.3			233.6			8.9	%	$	741.6			692.8			7.0	%
Segment net before tax earnings	$	10.6			9.8			8.7	%	$	25.4			25.7			(0.9	%)
Earnings before income taxes as % of total revenue		2.4	%		2.9	%					2.2	%		2.6	%
Earnings before income taxes as % of operating revenue *		4.2	%		4.2	%					3.4	%		3.7	%
Memo: Fuel costs	$	23.8			15.9			(49.7	%)	$	66.5			46.5			(43.0	%)
Dedicated Contract Carriage
Total revenue	$	139.0			125.9			10.4	%	$	400.8			377.7			6.1	%
Subcontracted transportation		(4.4	)		(3.2	)		39.8	%		(11.6	)		(6.7	)		74.1	%
Operating revenue *	$	134.6			122.7			9.7	%	$	389.2			371.0			4.9	%
Segment net before tax earnings	$	9.2			7.5			22.4	%	$	24.8			22.6			9.5	%
Earnings before income taxes as % of total revenue		6.6	%		6.0	%					6.2	%		6.0	%
Earnings before income taxes as % of operating revenue *		6.8	%		6.1	%					6.4	%		6.1	%
Memo: Fuel costs	$	24.9			18.2			(36.8	%)	$	67.7			52.3			(29.4	%)

*	Non-GAAP financial measure
	Note: Certain prior period amounts have been reclassified to conform to current year presentation.
	Amounts may not recalculate due to rounding.

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS — UNAUDITED
Periods ended September 30, 2005 and 2004
(In millions, except per share amounts)

FREE CASH FLOW RECONCILIATION

	Nine Months
	2005			2004
Net cash provided by operating activities	$	469.1			656.5
Net cash used in investing activities		(817.5	)		(494.7	)
Free cash flow *	$	(348.4	)		161.8

DEBT TO EQUITY RECONCILIATION

	September 30,					December 31,
	2005		% to Equity			2004		% to Equity
On-balance sheet debt	$	2,218.3		137	%	$	1,783.2		118	%
PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		145.4					161.1
Total obligations *	$	2,363.7		146	%	$	1,944.3		129	%

EPS RECONCILIATION

	Three Months				Nine Months
	2005		2004		2005		2004
Earnings per share	$	0.98		0.83	$	2.60		2.33
Less: Tax change		—		—		0.12		—
Gain on sale of headquarters, after tax		—		0.01		—		0.23
Earnings per share excluding tax change and headquarters complex sale*	$	0.98	$	0.82	$	2.48	$	2.09

RETURN ON CAPITAL RECONCILIATION

	Twelve months ended September 30,
	2005			2004
Net earnings — as reported [1]	$	230.8			192.4
Restructuring charges (recoveries), net		2.2			(17.0	)
Income taxes		118.3			114.7
Earnings before net restructuring charges (recoveries) and income taxes		351.3			290.1
Interest expense		113.8			101.1
Implied interest expense from off-balance sheet debt		7.0			9.2
Adjusted earnings before income taxes		472.1			400.4
Adjusted income taxes		(182.7	)		(149.2	)
Adjusted net earnings* [2]	$	289.4		$	251.2
Average total debt	$	2,035.3			1,822.6
Average shareholders’ equity		1,530.6			1,365.3
Total capital — as reported [3]		3,565.9			3,187.9
Average off-balance sheet debt		160.4			149.3
Adjusted total capital * [4]	$	3,726.3		$	3,337.2
Return on capital — as reported [1] / [3]		6.5	%		6.0	%
Return on capital * [2] / [4]		7.8	%		7.5	%

(a)	Discounted at the incremental borrowing rate at lease inception.
*	Non-GAAP financial measure
	Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding.

EX-99.2

Exhibit 99.2

Third Quarter 2005 Earnings Conference Call October 26, 2005

Safe Harbor Certain statements and information included in this presentation are "forward-looking statements" under the Federal Private Securities Litigation Reform Act of 1995. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties inherent in our business that could cause actual results and events to differ materially from those in the forward- looking statements. Important factors that could cause such differences include, among others, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to customer acceptance or competition, customer retention levels, unexpected volume declines, loss of key customers in the Supply Chain Solutions (SCS) business segment, unexpected reserves or write-offs due to the deterioration of the credit worthiness or bankruptcy of certain customers in our SCS business segment, the possibility that changes in customers' business environments will limit their ability to commit to long-term vehicle leases, changes in market conditions affecting the commercial rental market or the sale of used vehicles, increased competition from vehicle manufacturers and large service providers, higher borrowing costs and possible decreases in available funding sources caused by adverse changes in debt ratings, changes in accounting assumptions, adequacy of accounting accruals, changes in general economic conditions, unexpected reserves or losses due to the effects of Hurricanes Katrina and Rita on our operations and the economy, increases in fuel prices, availability of qualified drivers, our ability to manage our cost structure and changes in government regulations including regulations regarding vehicle emissions. 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 risks 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.

Contents Third Quarter Results Overview Asset Management Update Earnings Outlook Q & A

3rd Quarter Results Overview Earnings per diluted share were $0.98, up 20% from a comparable $0.82 in 3Q04 3Q04 included $0.01 gain on sale of a portion of former headquarters complex Fleet Management Solutions (FMS) total revenue up 10% and operating revenue up 2% vs. prior year Full service lease revenue increased 1% due to foreign exchange impact Maintenance revenue up 6% due to growth initiatives Commercial rental revenue grew 4% due to higher pricing FMS net before tax earnings (NBT) up 20% FMS NBT percent of operating revenue up 210 basis points to 14.1% FMS earnings positively impacted by improved rental results, strong used vehicle sales performance, improved fuel margins and lower overheads, partially offset by hurricane-related charges

3rd Quarter Results Overview (cont'd) Supply Chain Solutions (SCS) total revenue up 28% (and operating revenue up 9%) vs. prior year, reflecting increased subcontracted transportation, new and expanded business, and higher fuel costs passed through to customers SCS earnings increased vs. prior year reflecting new and expanded business as well as lower overhead spending, partially offset by lower volumes in certain automotive accounts and impact of Brazil operations Dedicated Contract Carriage (DCC) total revenue up 10% (and operating revenue up 10%) vs. prior year; increase due to new and expanded business as well as higher fuel costs passed through to customers DCC earnings up vs. prior year due to revenue growth from new and expanded business as well as lower safety and other operating costs

Earnings Per Share Third Quarter (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (2) Calculated based on a 12-month rolling period

Earnings Per Share Year-to-Date (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (2) Calculated based on a 12-month rolling period Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding

Business Segment Third Quarter ($ Millions) (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (2) Allocation of Restructuring and Other Recoveries, Net across business segments was as follows: FMS - $0.4 in 2005 and CSS - $1.3 in 2004

Business Segment ($ Millions) (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures (2) Allocation of Restructuring and Other Recoveries, Net across business segments was as follows: FMS - $0.5 and SCS - $0.1 in 2005 and FMS - $(2.7), SCS - $(0.9), DCC - $(0.3) and CSS - $24.4 in 2004 Year-to-Date

Capital Expenditures ($ Millions) Year-to-Date

Debt to Equity Ratio Strong balance sheet to support profitable growth ($ Millions) Note: Includes impact of accumulated net pension related equity charge of $189 million as of 9/30/05 and 12/31/04, and $187 million as of 9/30/04. (1) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. (2) Represents long term total obligations to equity target while maintaining a strong investment grade rating. (1) (2)

Free Cash Flow (1) Includes non-cash restructuring and other recoveries, net (2) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment (3) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures ($ Millions) Year-to-Date

Contents Third Quarter Results Overview Asset Management Update Earnings Outlook Q & A

Asset Management Update Note: U.S. only The overall number of vehicles sold in the third quarter was 5,156; up 20% compared with prior year Used tractor retail sales proceeds up 7% per unit vs. prior year period Used truck retail sales proceeds down 2% per unit vs. prior year period Vehicles not yet earning revenue are 2,301; up 603 from prior year due to increased sales activity vs. prior year Vehicles no longer earning (NLE) revenue are 7,229; up 1,760 or 32% over prior year driven primarily by a larger used vehicle inventory NLE vehicles down 246 units or 3% vs. the prior quarter 4,844 of these units are held for sale at the used truck centers

Contents Third Quarter Results Overview Asset Management Update Earnings Outlook Q & A

Earnings Outlook No anticipated repatriation of foreign earnings under the American Jobs Creation Act of 2004 2005 earnings forecast excludes any impact of: Recently announced $175M share repurchase program Expensing of stock options and employee stock purchases (FAS123R) Anticipate adoption on 1/1/06 Estimated full year expense of $0.12 in 2005 and $0.08 - $0.10 in 2006 (excluding restricted stock) Total stock-based compensation including restricted stock is estimated to be $0.15 in 2005 and $0.12 - $0.14 in 2006 Cumulative charge for conditional asset retirement obligations related primarily to underground fuel storage tanks (FIN47) Estimated charge of $0.04 - $0.06 upon adoption in fourth quarter 2005

Earnings Outlook Raising our full year 2005 earnings forecast range to $3.49-$3.54 per share Forecast includes the previously reported second quarter $0.12 state tax benefit Current forecast for EPS is as follows: (Earnings Per Share)

Q & A

Appendix Business Segment Detail Central Support Services Balance Sheet Financial Indicators Forecast FMS Revenue History Asset Management Non-GAAP Financial Measures & Reconciliations

Fleet Management Solutions (FMS) ($ Millions) Third Quarter (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by sudden increases or decreases in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs. (b) Refer to Appendix - FMS Revenue History for additional historical detail.

Fleet Management Solutions (FMS) ($ Millions) Year-to-Date (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the FMS business segment and as a measure of sales activity. Fuel services revenue, which is directly impacted by fluctuations in market fuel prices, is excluded from the operating revenue computation as fuel is largely a pass through to customers for which the Company realizes minimal changes in profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by sudden increases or decreases in market fuel prices during a short period of time as customer pricing for fuel services is established based on market fuel costs. (b) Refer to Appendix - FMS Revenue History for additional historical detail.

Supply Chain Solutions (SCS) ($ Millions) Third Quarter (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted Transportation is deducted from total revenue to arrive at operating revenue as Subcontracted Transportation is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in Subcontracted Transportation.

Supply Chain Solutions (SCS) ($ Millions) (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the SCS business segment and as a measure of sales activity. Subcontracted Transportation is deducted from total revenue to arrive at operating revenue as Subcontracted Transportation is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in Subcontracted Transportation. Year-to-Date

Dedicated Contract Carriage (DCC) ($ Millions) Third Quarter (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted Transportation is deducted from total revenue to arrive at operating revenue as Subcontracted Transportation is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in Subcontracted Transportation.

Dedicated Contract Carriage (DCC) ($ Millions) (a) The Company uses operating revenue, a non-GAAP financial measure, to evaluate the operating performance of the DCC business segment and as a measure of sales activity. Subcontracted Transportation is deducted from total revenue to arrive at operating revenue as Subcontracted Transportation is largely a pass through to customers. The Company realizes minimal changes in profitability as a result of fluctuations in Subcontracted Transportation. Year-to-Date

Central Support Services (CSS) ($ Millions) Third Quarter

Central Support Services (CSS) ($ Millions) Year-to-Date

Balance Sheet ($ Millions)

Financial Indicators Forecast (1) (1) Free Cash Flow and Debt to Equity include acquisitions. Capital Expenditures exclude acquisitions. Debt to Equity excludes impact of share repurchases. (2) Non-GAAP financial measure; refer to Appendix - Non-GAAP Financial Measures. Free Cash Flow -270 126 366 269 156 -345 Actual 2000 Actual 2001 Actual 2002 Actual 2003 Actual 2004 Forecast 2005 Actual 2000 Actual 2001 Actual 2002 Actual 2003 Actual 2004 Forecast 2005 Lease 974 399 452 459 863 1063 Rental 190 131 19 220 242 258 Other 23 51 85 0 0 12 PPE 102 76 44 46 60 101 $1,289 $600 $725 $1,165 $657 $1,435 2000 2001 2002 2003 2004 2005 Plan Balance Sheet Debt to Equity 1.61 1.39 1.4 1.35 1.18 1.35 Total Obligations to Equity 1.14 0.95 0.61 0.11 0.11 0.08 275% 234% 201% 146% 129% 143% Debt to Equity Ratio Free Cash Flow (2) ($ Millions) Capital Expenditures ($ Millions) (2)

FMS Revenue History ($ Millions) Note: FMS revenue presentation revised to: (1) report both Contract Maintenance and Non-contractual Maintenance individually, and (2) to report trailer pool revenue previously included in the Other product line in Full Service Lease and Commercial Rental.

Asset Management Update (a) (a) U.S. only (b) Excludes early terminations where customer purchases vehicle. Redeployments Extensions Early Terminations Early Replacements YTD-00 3478 1671 5370 3349 YTD-01 3875 2026 5409 1172 YTD-02 4412 3950 4914 837 YTD-03 3810 3184 3800 723 YTD-04 3890 2180 3623 1071 YTD-05 3071 2863 2697 1075 (b)

Non-Revenue Earning Equipment (a) Units Not Yet Earning Revenue - "NYE" Units No Longer Earning Revenue - "NLE" Total 11,072 Dec 2001 Total 10,361 Mar 2002 Total 8,838 Mar 2003 Total 8,691 June 2002 Total 8,433 Sept 2002 Total 8,131 Dec 2002 Total 7,985 Jun 2003 (a) U.S. only (b) Excludes units for which customer deposits have been received. Total 7,200 Sept 2003 Total 8,079 Dec 2003 5,215 Units held for sale (b) 3,485 Total 8,648 Mar 2004 4,187 Total 7,770 Jun 2004 Total 7,167 Sept 2004 4,274 Total 8,305 Dec 2004 Total 9,530 Sept 2005 4,844 Total 10,231 Mar 2005 Total 9,141 June 2005

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 and an explanation why management believes that presentation of the non-GAAP financial measure provides useful information to investors. 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:

Net Earnings and EPS Reconciliation ($ Millions or $ Earnings Per Share) Note: Earnings per share amounts are calculated independently for each component and may not be additive due to rounding

Tax Rate Reconciliation

Return on Capital Reconciliation ($ Millions) (1) Adjusted earnings calculated based on a 12-month rolling period. (2) Average shareholders' equity and average debt are calculated quarterly using a weighted average. (3) Shareholders' equity reflects impact of accumulated net pension related equity charge of $189 million as of 9/30/05 and $187 million as of 9/30/04. (4) The Company adopted return on capital, a non-GAAP financial measure, to determine how effectively capital is utilized across the business. Note: Totals may not foot due to rounding differences.

Free Cash Flow Reconciliation (1) Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2) The Company uses free cash flow, a non-GAAP financial measure, because management considers it to be an important measure of comparative operating performance. Management believes free cash flow provides investors with an important perspective on the cash available for debt service and shareholders after making capital investments required to support ongoing business operations. The calculation of free cash flow may be different from the calculation used by other companies and therefore comparability may be limited. ($ Millions)

Debt to Equity Reconciliation Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. (1) The Company uses total obligations and total obligations to equity, non-GAAP financial measures, which include certain off-balance sheet financial obligations relating to revenue earning equipment. Management believes these non-GAAP financial measures are useful to investors as they are more complete measures of the Company's existing financial obligations and help investors better assess the Company's overall leverage position. ($ Millions)