8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 24, 2012

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

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

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

Not Applicable

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

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

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

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

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

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

Item 2.02 Results of Operations and Financial Condition

On July 24, 2012, we issued a press release reporting our financial results for the three and six months ended June 30, 2012 (the “Press Release”). We also hosted a conference call and webcast on July 24, 2012 during which we made a presentation on our financial results for the three and six months ended June 30, 2012 (the “Presentation”). The Press Release and the Presentation are available on our website at www.ryder.com.

The Press Release and Presentation include information regarding comparable earnings from continuing operations and comparable earnings per share from continuing operations for both second quarter and year to date 2012, which are non-GAAP financial measures as defined by SEC regulations. We believe that these non-GAAP financial measures provide useful information to investors, and allow for better year-over-year comparison, as the measures exclude from our GAAP net earnings from continuing operations and earnings per share from continuing operations, as applicable, (i) second quarter and year to date 2012 restructuring charges, (ii) 2012 tax benefits, (iii) a second quarter 2011 charge from a tax law change, (iv) second quarter 2011 acquisition related transaction costs and (v) 2011 restructuring charges, which are not representative of our ongoing business operations.

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

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

Item 9.01(d) Exhibits

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

Exhibit 99.1	Press Release, dated July 24, 2012, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2012.
Exhibit 99.2	Presentation prepared for a conference call and webcast held on July 24, 2012, relating to Ryder System, Inc.’s financial results for the three and six months ended June 30, 2012.

SIGNATURE

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

Date: July 24, 2012	RYDER SYSTEM, INC. (Registrant)
	By:	/s/ Art A. Garcia
		Art A. Garcia, Executive Vice President
		and Chief Financial Officer

EX-99.1

Exhibit 99.1

News Release

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

RYDER REPORTS SECOND QUARTER 2012 RESULTS

• Q2 EPS from Continuing Operations Up 15% to $0.91

• Q2 Comparable EPS from Continuing Operations Up 9% to $1.00

• Q2 Total Revenue Up 3%; Operating Revenue Grows 6%

• Full-Year 2012 Comparable EPS Forecast Raised to $3.75 to $3.90, from $3.65 to $3.85

MIAMI, July 24, 2012 – Ryder System, Inc. (NYSE: R), a leader in transportation and supply chain management solutions, today reported earnings per diluted share from continuing operations of $0.91 for the three-month period ended June 30, 2012, up 15% from earnings per diluted share of $0.79 in the year-earlier period. Earnings from continuing operations were $46.8 million, up 14% from $40.9 million in the year-earlier period. Earnings per diluted share and earnings from continuing operations for the current year included a restructuring charge of $0.09 or $7.1 million. Earnings per diluted share and earnings from continuing operations for the year-earlier period in 2011 included a charge from a tax law change of $0.10 or $5.4 million and acquisition-related transaction costs of $0.03 or $1.6 million. Excluding these items, comparable earnings per diluted share from continuing operations for the second quarter of 2012 were $1.00, up 9% from $0.92 in the second quarter of 2011. Comparable earnings from continuing operations of $51.3 million for the second quarter of 2012 were up 7% from $47.8 million in the year-earlier period. The increase in comparable earnings primarily reflects the benefit of a Fleet Management Solutions (FMS) acquisition and organic growth in the Supply Chain Solutions (SCS) segment.

Total revenue for the second quarter of 2012 was $1.56 billion, up 3% from $1.51 billion in the same period last year. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation), was $1.27 billion, up 6% compared with $1.19 billion in the year-earlier period, reflecting organic growth and the benefit of acquisitions. FMS operating revenue

increased 7% due to stronger organic full service lease and commercial rental revenue, as well as the Hill Hire acquisition. FMS business segment total revenue increased 3% due primarily to higher operating revenue, partially offset by lower fuel revenue. SCS business segment total and operating revenue increased 6% largely reflecting improved customer volumes and new business.

Second quarter results exceeded the Company’s most recent forecast due to better than anticipated retail and wholesale pricing on used vehicle sales, lower maintenance costs resulting from ongoing operational initiatives, as well as lower discretionary overhead spending. While medical expenses were slightly lower than previously forecast, these costs still remained unusually elevated over year-earlier levels. Commercial rental demand was generally in line with expectations from the Company’s most recent forecast.

Net earnings per diluted share (including discontinued operations) for the three-month period ended June 30, 2012 were $0.91 versus $0.77 in the year-earlier period. Earnings per diluted share from discontinued operations (previously announced in 2009) totaled a loss of $0.02 in the year-earlier period. Net earnings for the second quarter of 2012 were $46.7 million versus $40.0 million in the year-earlier period.

Ryder Chairman and CEO Greg Swienton said, “In the second quarter, Ryder continued to deliver solid year-over-year increases including 9% higher earnings and 6% growth in revenue, despite an uneven and challenging demand environment. Second quarter results were somewhat better than expected in our most recent forecast, reflecting stronger used vehicle pricing, lower maintenance costs, as well as lower discretionary spending. In addition, we are pleased that our contractual full service lease and supply chain offerings continued to perform well and in line with expectations. We have taken actions and made a number of timely adjustments that not only contributed to our results in the second quarter, but will better position our business going forward.”

Second Quarter Business Segment Operating Results

Fleet Management Solutions

In the FMS business segment, total revenue in the second quarter of 2012 was $1.10 billion, up 3% compared with the year-earlier period due to higher operating revenue. Fuel

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services revenue in the second quarter of 2012 decreased 5% compared with the same period in 2011 due to lower fuel prices passed through to customers and fewer gallons sold. Operating revenue (revenue excluding fuel) in the second quarter of 2012 was $830.9 million, up 7% compared with the year-earlier period. Full service lease revenue increased 5% in the second quarter of 2012 due primarily to higher prices on replacement vehicles and organic fleet growth. Full service lease revenue also benefited from the Hill Hire acquisition, which closed in early June 2011. Commercial rental revenue increased 10% reflecting acquisitions and higher pricing; however, results were partially offset by lower commercial rental demand in North America.

The FMS business segment’s earnings before taxes (EBT) were $76.7 million in the second quarter of 2012, up 7% compared with $71.5 million in the same period of 2011. Increased earnings reflect lower management incentive compensation, the benefit of the Hill Hire acquisition and organic growth of the lease fleet. These items were partially offset by lower rental performance, due primarily to lower utilization on a 17% larger average fleet (5% excluding acquisitions). Rental power fleet utilization was 75% for the second quarter of 2012, a decline of 370 basis points from the year-earlier period. Business segment earnings before tax as a percentage of operating revenue were 9.2% in the second quarter of 2012, unchanged from the year-earlier period.

Supply Chain Solutions

In the SCS business segment, which includes all activity related to the Company’s dedicated contract carriage services, second quarter 2012 total revenue was $570.3 million, up 6% from the comparable period in 2011. Second quarter 2012 operating revenue (revenue excluding subcontracted transportation) was $485.7 million, up 6% compared with the same period a year ago. SCS total revenue and operating revenue comparisons benefited from increased automotive volumes and new business. SCS revenue in the current period also benefited from increased dedicated contract carriage activity. Additionally, SCS revenue benefited from comparisons with the year-earlier period, which included automotive production cuts related to the natural disasters in Japan.

The SCS business segment’s earnings before tax of $30.4 million rose 9% compared with $27.8 million in the same quarter of 2011. SCS earnings performance in the second quarter of 2012 reflects higher operating revenue. The improved SCS earnings also reflect the 2011

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automotive production cuts related to the natural disasters in Japan, which lowered earnings in the year-earlier period by approximately $2.7 million. The improved 2012 performance was partially offset by unusually high second quarter 2012 medical benefit costs of $2.8 million. Second quarter 2012 earnings before tax for the business segment as a percentage of operating revenue were 6.3%, up 20 basis points compared with 6.1% in the same quarter of 2011.

Corporate Financial Information

Central Support Services

Central Support Services (CSS) are overhead costs incurred to support all business segments and product lines. Most CSS costs are allocated to the various business segments. In the second quarter of 2012, the unallocated portion of CSS costs was $11.2 million, unchanged from the year-earlier period.

Non-Service Pension Costs

Beginning in 2012, the non-service components of pension costs have been excluded from segment earnings before tax in order to more accurately reflect the operating performance of the business segments. Non-service pension costs totaled $7.7 million in the second quarter of 2012, up from $4.8 million in the year-earlier period. This reflected primarily lower than expected pension asset returns in 2011, and lower assumed returns for 2012.

Restructuring and Other Items

Pre-tax restructuring charges totaled $7.1 million ($4.5 million after tax), or $0.09 per diluted share, and were associated with workforce reductions of approximately 350 employees, which was one of the Company’s cost reduction initiatives implemented at the end of the second quarter. In addition, the Company eliminated approximately 100 open and temporary positions. In the year-earlier quarter, pre-tax restructuring and other items from continuing operations totaled $1.7 million ($1.6 million after tax), or $0.03 per diluted share related to Hill Hire transaction costs.

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Income Taxes

The Company’s effective income tax rate from continuing operations for the second quarter of 2012 was 36.6% of earnings before tax compared with 45.5% in the year-earlier period. The year-earlier period income tax rate was adversely impacted by a tax law change in Michigan, which increased income taxes by $5.4 million (7.1% of pre-tax earnings) and reduced earnings per share by $0.10 in the year-earlier period. The current period income tax rate was positively impacted by a higher proportionate amount of earnings in lower tax rate jurisdictions.

Capital Expenditures

Capital expenditures from continuing operations were $1.32 billion for the second quarter of 2012, compared with $880 million in the same period of 2011. Net capital expenditures (including proceeds from the sale of assets) from continuing operations were $988 million, up from $737 million in the same period of 2011. The increase in capital expenditures primarily reflects planned investments primarily to fulfill contractual full service lease sales to customers that are renewing and growing their fleets with Ryder.

Cash Flow

Operating cash flow from continuing operations through June 30, 2012 was $472 million, essentially flat compared with the same period of 2011. Total cash generated (including proceeds from used vehicle sales) from continuing operations through June 30, 2012 was $834 million, compared with $646 million in the same period of 2011. The increase in total cash generated during the quarter reflected a $130 million sale-leaseback of revenue earning equipment, as well as higher used vehicle sales proceeds. As expected, free cash flow from continuing operations through June 30, 2012 was negative $370 million, compared with negative $172 million for the same period of 2011, due primarily to the refreshment and growth of the full service lease fleet. Due to the sale-leaseback transaction, Ryder’s full-year 2012 free cash flow is now forecast to be negative $270 million to $330 million.

Leverage

Balance sheet debt as of June 30, 2012 increased by $364 million compared with year-end 2011, due primarily to increased investments in vehicles. The leverage ratio for balance

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sheet debt as of June 30, 2012 was 271%, compared with 257% at year-end 2011. Total obligations to equity as of June 30, 2012 were 284%, compared with 261% at year-end 2011. Total obligations to equity remain within Ryder’s long-term target range of 250% to 300%.

Year-to-Date Operating Results

Revenue for the six months ended June 30, 2012 was $3.10 billion, up 5% from $2.94 billion in the same period of 2011. Operating revenue (revenue excluding FMS fuel and all subcontracted transportation) for the first six months of 2012 was $2.50 billion, up 8% from $2.32 billion in the first six months of 2011. Ryder’s 2012 year-to-date earnings from continuing operations were $81.6 million, up 22% compared with $66.8 million in the year-earlier period. Earnings per diluted share from continuing operations were $1.59 for the first six months of 2012 compared with $1.29 for the same period of 2011. Comparable year-to-date earnings from continuing operations were up 10% to $81.8 million, and comparable earnings per diluted share from continuing operations were up 12% to $1.59. Year-to-date net earnings, including discontinued operations, were $81.0 million, compared with $65.2 million in the year-earlier period. Net earnings per diluted share were $1.58 for the first six months of 2012 compared with $1.26 for the same period of 2011.

2012 Outlook

Commenting on Ryder’s outlook, Mr. Swienton said, “Our timely responses, including many cost management actions throughout the Company, as well as adjustments to our fleet, position us to perform effectively in an uneven economic environment. The actions we have already taken are forecast to benefit earnings by approximately $0.18 per share in the second half of this year. The commercial rental product line is now aligned with current market demand, in terms of fleet size, mix, and age. In used vehicle sales, we will continue to balance our focus on maximizing proceeds, while managing our vehicle inventory to appropriate levels. In both Supply Chain Solutions and Fleet Management Solutions, we anticipate continued solid contractual growth. The near-term economic conditions are likely to remain uneven and challenging, particularly for our transactional offerings. However, the long-term trends driving increased use of Ryder’s industry leading transportation and logistics services remain solidly in place and offer very attractive growth opportunities.”

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“Taking all of these factors into consideration, we are raising our full-year 2012 comparable earnings forecast to $3.75 to $3.90 per share, up from the previous range of $3.65 to $3.85. Additionally, we are forecasting third quarter 2012 earnings to be in the range of $1.15 to $1.22 per share, up 6% to 12% from comparable earnings of $1.09 per share in the third quarter of 2011.”

About Ryder

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

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

• Supply Chain Solutions – The SCS business segment offers a broad range of innovative logistics management services that are designed to optimize a customer’s supply chain and address key customer business requirements. The segment now includes all activity related to the Company’s dedicated solution (dedicated contract carriage). These solutions involve strategically designed processes that direct the movement of materials and related information from the acquisition of raw materials to the delivery of finished products to the end user.

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

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

For more information on Ryder System, Inc., visit 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, including our expectations for future earnings, cash flows and about the economic trends that may affect our future operations. 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

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the forward-looking statements. Important factors that could cause such differences include, among others, increases or decreases in market demand in the commercial rental market, fluctuations in market demand on the sale of used vehicles impacting our pricing and our anticipated proportion of retail versus wholesale sales, lower than expected maintenance costs associated with a younger fleet and the execution of our maintenance initiatives, unexpected savings resulting from our company-wide cost savings initiatives, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, competition from other service providers, 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 customers, 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 resulting from volatile financial markets, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, sudden or unusual changes in fuel prices, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Note Regarding Non-GAAP Financial Measures: This news release includes certain non-GAAP financial measures as defined under SEC rules, including comparable earnings from continuing operations, 2012 comparable EPS forecasts, operating revenue, total cash generated, free cash flow, total obligations, and the ratios based on these financial measures, as well as the other financial measures identified in the tables following this release. Additional information as required by Regulation G regarding non-GAAP financial measures can be found in our investor presentation for the quarter, our most recent Form 10-K and our Form 8-K filed as of the date of this news release 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 conference call and webcast is scheduled for Tuesday, July 24, 2012, 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 Art Garcia.

• To join the conference call live: Begin 10 minutes prior to the conference by dialing the audio phone number 1-888-398-5319 (outside U.S. dial 1-773-681-5795) using the Passcode: Ryder and Conference Leader: Bob Brunn. Then, access the presentation via the Net Conference website at www.mymeetings.com/nc/join/ using the Conference Number: RG8085087 and Passcode: RYDER.

• To access audio replays of the conference and view a presentation of Ryder’s earnings results: Dial 1-800-947-6314 (outside U.S. dial 1-203-369-3981), then view the presentation by visiting the Investors area of Ryder’s website at http://investors.ryder.com. A podcast of the call will also be available online within 24 hours after the end of the call at http://investors.ryder.com.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED

Periods ended June 30, 2012 and 2011

(In millions, except per share amounts)

	Three Months				Six Months
	2012		2011		2012		2011
Lease and rental revenues	$	675.6		634.7	$	1,313.5		1,214.1
Services revenue		675.5		640.5		1,353.9		1,273.2
Fuel services revenue		212.7		238.1		432.8		451.4
Total revenues		1,563.9		1,513.3		3,100.1		2,938.7
Cost of lease and rental		475.4		429.2		931.0		837.7
Cost of services		562.4		533.6		1,140.4		1,071.5
Cost of fuel services		209.3		233.5		424.9		442.4
Other operating expenses		33.7		30.2		67.9		64.8
Selling, general and administrative expenses		190.4		195.2		386.5		368.3
Gains on vehicle sales, net		(22.5)		(15.7)		(44.5)		(28.0)
Interest expense		35.6		33.0		70.4		67.4
Miscellaneous income, net		(1.3)		(0.6)		(5.8)		(4.7)
Restructuring and other charges, net		7.1		-		8.0		0.8
		1,490.1		1,438.3		2,978.7		2,820.1
Earnings from continuing operations before income taxes		73.8		75.0		121.5		118.6
Provision for income taxes		(27.0)		(34.1)		(39.8)		(51.8)
Earnings from continuing operations		46.8		40.9		81.6		66.8
Loss from discontinued operations, net of tax		-		(0.9)		(0.6)		(1.6)
Net earnings	$	46.7		40.0	$	81.0		65.2
Earnings (loss) per common share - Diluted
Continuing operations	$	0.91		0.79	$	1.59		1.29
Discontinued operations		-		(0.02)		(0.01)		(0.03)
Net earnings	$	0.91		0.77	$	1.58		1.26
Earnings per share information - Diluted
Earnings from continuing operations	$	46.8		40.9	$	81.6		66.8
Less: Distributed and undistributed earnings allocated to nonvested stock		(0.6)		(0.6)		(1.1)		(1.0)
Earnings from continuing operations available to common stockholders	$	46.2		40.3	$	80.6		65.7
Weighted-average shares outstanding - Diluted		50.7		51.0		50.8		51.0
Memo:
Depreciation expense	$	233.5		214.9	$	460.1		420.8
Subcontracted transportation	$	84.5		83.2	$	171.8		166.3
Comparable earnings per share from continuing operations:
EPS from continuing operations	$	0.91		0.79	$	1.59		1.29
Tax (benefits)/law changes		-		0.10		(0.10)		0.10
Restructuring and other charges		0.09		-		0.10		0.01
Acquisition transaction costs		-		0.03		-		0.03
Comparable EPS from continuing operations	$	1.00		0.92	$	1.59		1.43

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONSOLIDATED CONDENSED BALANCE SHEETS - UNAUDITED

(Dollars in millions)

	June 30, 2012		December 31, 2011
Assets:
Cash and cash equivalents	$	72.6		104.6
Other current assets		986.7		983.6
Revenue earning equipment, net		5,562.7		5,049.7
Operating property and equipment, net		620.4		624.2
Other assets		874.6		855.8
	$	8,117.0		7,617.8
Liabilities and shareholders’ equity:
Short-term debt and current portion of long-term debt	$	381.6		274.4
Other current liabilities		980.0		899.5
Long-term debt		3,364.1		3,107.8
Other non-current liabilities (including deferred income taxes)		2,006.9		2,018.1
Shareholders’ equity		1,384.4		1,318.2
	$	8,117.0		7,617.8
SELECTED KEY RATIOS AND METRICS
	June 30, 2012		December 31, 2011
Debt to equity		271%		257%
Total obligations to equity *		284%		261%
Effective interest rate (average cost of debt)		3.9%		4.3%
	Six months ended June 30,
	2012		2011
Cash provided by operating activities from continuing operations	$	472.0		472.8
Free cash flow*		(369.9)		(171.8)
Capital expenditures paid		1,204.0		817.4
Capital expenditures (accrual basis)	$	1,317.0		880.2
Less proceeds from sales (primarily revenue earning equipment)		(199.3)		(142.8)
Less sale and leaseback of revenue earning equipment		(130.2)		-
Net capital expenditures	$	987.5		737.5
	Twelve months ended June 30,
	2012		2011
Return on average shareholders’ equity		13.3%		10.0%
Return on average assets		2.4%		2.1%
Adjusted return on capital *		5.6%		5.3%
Weighted average cost of capital		5.1%		5.9%

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

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 June 30, 2012 and 2011

(Dollars in millions)

	Three Months					Six Months
	2012		2011		B(W)	2012		2011		B(W)
Revenue:
Fleet Management Solutions:
Full service lease	$	521.5		494.7	5%	$	1,032.0		978.0	6%
Contract maintenance		46.5		45.6	2%		93.5		89.5	4%
Contractual revenue		568.0		540.4	5%		1,125.5		1,067.5	5%
Contract-related maintenance		46.5		40.9	14%		93.0		79.8	17%
Commercial rental		198.7		180.0	10%		370.0		315.7	17%
Other		17.7		17.6	-		35.1		34.9	1%
Fuel		270.0		285.6	(5)%		548.7		546.7	-
Total Fleet Management Solutions		1,100.9		1,064.5	3%		2,172.3		2,044.6	6%
Supply Chain Solutions		570.3		540.0	6%		1,142.2		1,075.7	6%
Eliminations		(107.3)		(91.1)	(18)%		(214.3)		(181.6)	(18)%
Total revenue	$	1,563.9		1,513.3	3%	$	3,100.1		2,938.7	5%
Operating Revenue: *
Fleet Management Solutions	$	830.9		778.9	7%	$	1,623.6		1,497.9	8%
Supply Chain Solutions		485.7		456.8	6%		970.3		909.5	7%
Eliminations		(50.0)		(43.7)	(14)%		(98.4)		(86.3)	(14)%
Total operating revenue	$	1,266.6		1,192.0	6%	$	2,495.5		2,321.1	8%
Business segment earnings:
Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	76.7		71.5	7%	$	127.3		113.8	12%
Supply Chain Solutions		30.4		27.8	9%		52.3		48.0	9%
Eliminations		(7.2)		(6.5)	(11)%		(13.7)		(11.4)	(20)%
		99.8		92.7	8%		165.9		150.4	10%
Unallocated Central Support Services		(11.2)		(11.2)	-		(20.7)		(19.9)	(4)%
Non-service pension costs		(7.7)		(4.8)	(60)%		(15.7)		(9.3)	(68)%
Restructuring and other charges, net		(7.1)		(1.7)	NM		(8.0)		(2.5)	NM
Earnings from continuing operations before income taxes		73.8		75.0	(2)%		121.5		118.6	2%
Provision for income taxes		(27.0)		(34.1)	21%		(39.8)		(51.8)	23%
Earnings from continuing operations	$	46.8		40.9	14%	$	81.6	$	66.8	22%

* Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

Page 3

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

Periods ended June 30, 2012 and 2011

(Dollars in millions)

	Three Months						Six Months
	2012		2011		B(W)		2012		2011		B(W)
Fleet Management Solutions
Total revenue	$	1,100.9		1,064.5		3%	$	2,172.3		2,044.6		6%
Fuel revenue		(270.0)		(285.6)		(5)%		(548.7)		(546.7)		-
Operating revenue *	$	830.9		778.9		7%	$	1,623.6		1,497.9		8%
Segment earnings before income taxes	$	76.7		71.5		7%	$	127.3		113.8		12%
Earnings before income taxes as % of total revenue		7.0%		6.7%				5.9%		5.6%
Earnings before income taxes as % of operating revenue *		9.2%		9.2%				7.8%		7.6%
Supply Chain Solutions
Total revenue	$	570.3		540.0		6%	$	1,142.2		1,075.7		6%
Subcontracted transportation		(84.5)		(83.2)		2%		(171.8)		(166.3)		3%
Operating revenue *	$	485.7		456.8		6%	$	970.3		909.5		7%
Segment earnings before income taxes	$	30.4		27.8		9%	$	52.3		48.0		9%
Earnings before income taxes as % of total revenue		5.3%		5.1%				4.6%		4.5%
Earnings before income taxes as % of operating revenue *		6.3%		6.1%				5.4%		5.3%
Memo:
Dedicated services operating revenue	$	283.9		249.4		14%	$	565.9		499.0		13%
Dedicated services subcontracted transportation		43.1		36.6		18%		89.5		74.9		19%
Dedicated services total revenue		327.0		286.0		14%		655.4		573.9		14%
Fuel costs	$	63.8		55.1		16%	$	130.6	$	108.9		20%

*  Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

Page 4

RYDER SYSTEM, INC. AND SUBSIDIARIES

BUSINESS SEGMENT INFORMATION - UNAUDITED

KEY PERFORMANCE INDICATORS

									Change 2012/2011
	Three months ended June 30,				Six months ended June 30,				Three			Six
	2012		2011		2012		2011		Months			Months
Full service lease
Average fleet count		121,700		113,100		121,600		112,300		8%			8%
End of period fleet count (a)		121,600		119,600		121,600		119,600		2%			2%
Miles/unit per day change - % (b)		1.7%		(0.2)%		0.7%		1.5%		190	bps		(80)	bps
Commercial rental
Average fleet count		41,400		35,400		41,000		33,200		17%			23%
End of period fleet count (a)		41,100		40,500		41,100		40,500		1%			1%
Rental utilization - power units		75.0%		78.7%		72.0%		75.8%		(370)	bps		(380)	bps
Rental rate change - % (c)		6.3%		11.2%		3.1%		11.4%		(490)	bps		(830)	bps
Customer vehicles under contract maintenance
Average fleet count		35,500		33,200		35,700		33,200		7%			8%
End of period fleet count		35,800		32,900		35,800		32,900		9%			9%
SCS
Average fleet count (d)		11,600		11,100		11,500		11,000		5%			5%
Used vehicle sales (UVS)
Average UVS inventory		9,000		4,900		8,200		5,000		84%			64%
End of period fleet count (a)		9,200		5,000		9,200		5,000		84%			84%
Used vehicles sold		6,200		4,400		10,900		8,500		41%			28%
UVS pricing change - % (e)
Tractors		(1)%		41%		7%		41%		(4,200)	bps		(3,400)	bps
Trucks		6%		31%		5%		38%		(2,500)	bps		(3,300)	bps

(a) Includes trailers acquired in Hill Hire acquisition (6,000 full-service lease and 3,300 commercial rental).

(b) Represents the percentage change compared to prior year period in miles driven per vehicle per workday on US lease power units (restated to exclude vehicles not yet earning revenue and vehicles no longer earning revenue).

(c) Represents percentage change compared to prior year period in average global rental rate per day on power units using constant currency.

(d) These vehicle counts are also included within the average fleet counts for full service lease and commercial rental.

(e) Represents percentage change compared to prior year period in average sales proceeds on used vehicle sales using constant currency.

Page 5

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(Dollars in millions)

OPERATING REVENUE RECONCILIATION	Three months ended June 30,				Six months ended June 30,
	2012		2011		2012		2011
Total revenue	$	1,563.9		1,513.3	$	3,100.1		2,938.7
Fuel services and subcontracted transportation revenue		(354.6)		(368.8)		(720.5)		(713.0)
Fuel eliminations		57.3		47.5		115.9		95.4
Operating revenue *	$	1,266.6		1,192.0	$	2,495.5		2,321.1
DEBT TO EQUITY RECONCILIATION	June 30, 2012		% to Equity		December 31, 2011		% to Equity
On-balance sheet debt	$	3,745.6		271%	$	3,382.1		257%
Off-balance sheet debt - PV of minimum lease payments and guaranteed residual values under operating leases for vehicles (a)		179.6				64.0
Total obligations *	$	3,925.2		284%		3,446.1		261%

CASH FLOW RECONCILIATION	Six months ended June 30,
	2012		2011
Net cash provided by operating activities from continuing operations	$	472.0		472.8
Proceeds from sales (primarily revenue earning equipment)		199.3		142.8
Sale and leaseback of revenue earning equipment		130.2		-
Collections on direct finance leases		32.6		30.0
Total cash generated *		834.1		645.6
Capital expenditures		(1,204.0)		(817.4)
Free cash flow *	$	(369.9)	$	(171.8)
RETURN ON CAPITAL RECONCILIATION	Twelve months ended June 30,
	2012		2011
Net earnings (12-month rolling period)		185.7		141.1
+ Restructuring and other items		11.3		8.8
+ Income taxes		96.6		81.2
Adjusted earnings before income taxes		293.5		231.1
+ Adjusted interest expense (b)		138.2		135.6
- Adjusted income taxes		(157.6)		(139.3)
= Adjusted net earnings for ROC (numerator)		274.1		227.3
Average total debt		3,416.9		2,735.7
Average off-balance sheet debt		81.0		99.8
Average shareholders’ equity		1,390.7		1,417.4
Adjustment to equity (c)		3.9		(0.3)
Adjusted average total capital (denominator)		4,892.5		4,252.7
Adjusted ROC *		5.6%		5.3%

Notes:

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

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

(c) Represents comparable earnings items for those periods.

*  Non-GAAP financial measure.

Note: Amounts may not be additive due to rounding.

Page 6

RYDER SYSTEM, INC. AND SUBSIDIARIES

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - UNAUDITED

(In millions, except per share amounts)

	Three Months						Six Months
	2012						2012
	Reported Earnings		Adjustments		Comparable Earnings		Reported Earnings		Adjustments		Comparable Earnings
Revenue	$	1,563.9		-		1,563.9	$	3,100.1		-		3,100.1
Cost of lease and rental		475.4				475.4		931.0				931.0
Cost of services		562.4				562.4		1,140.4				1,140.4
Cost of fuel services		209.3				209.3		424.9				424.9
Other operating expenses		33.7				33.7		67.9				67.9
Selling, general and administrative expenses		190.4				190.4		386.5				386.5
Gains on vehicle sales, net		(22.5)				(22.5)		(44.5)				(44.5)
Interest expense		35.6				35.6		70.4				70.4
Miscellaneous income, net		(1.3)				(1.3)		(5.8)				(5.8)
Restructuring and other charges, net (a)		7.1		(7.1)		-		8.0		(8.0)		-
		1,490.1		(7.1)		1,483.0		2,978.7		(8.0)		2,970.7
Earnings from continuing operations before income taxes		73.8		7.1		80.9		121.5		8.0		129.5
Provision for income taxes (b)		(27.0)		(2.6)		(29.6)		(39.8)		(7.8)		(47.6)
Earnings from continuing operations		46.8		4.5		51.3		81.6		0.2		81.8
Tax rate on continuing operations		36.6%				36.6%		32.8%				36.8%
Earnings per common share - Diluted:
Continuing operations	$	0.91		0.09	$	1.00	$	1.59		-	$	1.59
	Three Months						Six Months
	2011						2011
	Reported Earnings		Adjustments		Comparable Earnings		Reported Earnings		Adjustments		Comparable Earnings
Revenue	$	1,513.3		-		1,513.3	$	2,938.7		-		2,938.7
Cost of lease and rental		429.2				429.2		837.7				837.7
Cost of services		533.6				533.6		1,071.5				1,071.5
Cost of fuel services		233.5				233.5		442.4				442.4
Other operating expenses		30.2				30.2		64.8				64.8
Selling, general and administrative expenses (c)		195.2		(1.7)		193.5		368.3		(1.7)		366.6
Gains on vehicle sales, net		(15.7)				(15.7)		(28.0)				(28.0)
Interest expense		33.0				33.0		67.4				67.4
Miscellaneous income, net		(0.6)				(0.6)		(4.7)				(4.7)
Restructuring and other charges, net (d)		-				-		0.8		(0.8)		-
		1,438.3		(1.7)		1,436.6		2,820.1		(2.5)		2,817.6
Earnings from continuing operations before income taxes		75.0		1.7		76.7		118.6		2.5		121.1
Provision for income taxes (e)		(34.1)		5.2		(28.9)		(51.8)		4.9		(47.0)
Earnings from continuing operations		40.9		6.9		47.8		66.8		7.4		74.2
Tax rate on continuing operations		45.5%				37.7%		43.7%				38.8%
Earnings per common share - Diluted:
Continuing operations	$	0.79		0.13	$	0.92	$	1.29		0.14	$	1.43

Notes regarding adjustments:

(a) Restructuring charges for 2012 severance and other termination costs due to workforce reductions and a 2011 charge associated with non-essential leased facilities assumed in the Hill Hire acquisition.

(b) Tax impact of restructuring charges and tax benefit related to favorable resolution of a tax item from prior periods.

(c) Transaction costs associated with the acquisition of Hill Hire.

(d) Restructuring and other charges for acquisition-related severance and equipment contract termination costs.

(e) Tax law change in Michigan in 2011.

Note: Amounts may not be additive due to rounding.

Page 7

EX-99.2

Exhibit 99.2

Second Quarter 2012 Earnings Conference Call July 24, 2012

7/24/2012 Safe Harbor and Non-GAAP Financial Measures Certain statements and information included in this presentation are “forward-looking statements” under the Federal Private Securities Litigation Reform Act of 1995, including our expectations for future earnings and other financial performance. 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, increases or decreases in market demand in the commercial rental market, fluctuations in market demand on the sale of used vehicles impacting our pricing and our anticipated proportion of retail versus wholesale sales, lower than expected maintenance costs associated with a younger fleet and the execution of our maintenance initiatives, unexpected savings resulting from our company-wide cost savings initiatives, a slowdown of the economic recovery and decreases in freight demand, our ability to obtain adequate profit margins for our services, our inability to maintain current pricing levels due to soft economic conditions, uncertainty or decline in economic and market conditions affecting contractual lease demand, competition from other service providers, 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 customers, 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 resulting from volatile financial markets, adequacy of accounting estimates, reserves and accruals particularly with respect to pension, taxes, insurance and revenue, sudden or unusual changes in fuel prices, our ability to manage our cost structure, and the risks described in our filings with the Securities and Exchange Commission. The risks included here are not exhaustive. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This presentation includes certain non-GAAP financial measures as defined under SEC rules, including operating revenue, comparable earnings, comparable EPS excluding non-service pension costs, 2012 comparable EPS forecasts, comparable earnings before income tax, comparable tax rate, adjusted return on capital, adjusted total capital, total cash generated, free cash flow, total obligations and the ratios based on these financial measures. Refer to Appendix – Non-GAAP Financial Measures for more information about the non-GAAP financial measures contained in this presentation. Additional information as required by Regulation G regarding non-GAAP financial measures can be found in our most recent Form 10-K and our Form 8-K filed as of the date of this presentation with the SEC, which are available in the Investors area of our website at www.ryder.com. 2 Proprietary and Confidential

Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Outlook ?Q & A 7/24/2012 3 Proprietary and Confidential

7/24/2012

2nd Quarter Results Overview

Earnings per diluted share from continuing operations were $0.91 in 2Q12 vs. $0.79 in 2Q11

–2Q12 included a $0.09 charge related to restructuring

–2Q11 included a $0.10 charge from a tax law change and a $0.03 charge from acquisition-related restructuring costs

Comparable earnings per share from continuing operations were $1.00 vs. $0.92 in 2Q11

Comparable earnings per share from continuing operations were higher than the prior forecast range of $0.90—$0.95 primarily due to higher used vehicle pricing, lower maintenance costs as well as lower overhead spending

Total revenue increased 3% (and operating revenue increased 6%) vs. prior year reflecting the impact of organic revenue growth and the Hill Hire acquisition

4

Proprietary and Confidential

Key Financial Statistics Second Quarter ($ Millions, Except Per Share Amounts) 20122011% B/(W)Operating Revenue1,266.6$ 1,192.0$ 6%Fuel Services and Subcontracted Transportation Revenue 297.3 321.3 (7)%Total Revenue1,563.9$ 1,513.3$ 3%Earnings Per Share From Continuing Operations0.91$ 0.79$ 15%Comparable Earnings Per Share From Continuing Operations1.00$ 0.92$ 9%Net Earnings Per Share0.91$ 0.77$ 18%Memo:Average Shares (Millions)—Diluted50.7 51.0Tax Rate From Continuing Operations36.6%45.5% Comparable Tax Rate From Continuing Operations36.6%37.7% Comparable EPS from Continuing Operations excluding Non-Service Pension Costs1.09$ 0.98$ 11%7/24/2012 5 Proprietary and Confidential Note: Amounts throughout presentation may not be additive due to rounding.

Key Financial Statistics Year-to-Date ($ Millions, Except Per Share Amounts) Note: Amounts throughout presentation may not be additive due to rounding. 20122011% B/(W)Operating Revenue2,495.5$ 2,321.1$ 8%Fuel Services and Subcontracted Transportation Revenue 604.6 617.6 (2)%Total Revenue3,100.1$ 2,938.7$ 5%Earnings Per Share From Continuing Operations1.59$ 1.29$ 23%Comparable Earnings Per Share From Continuing Operations1.59$ 1.43$ 11%Net Earnings Per Share1.58$ 1.26$ 25%Memo:Average Shares (Millions)—Diluted50.8 51.0Tax Rate From Continuing Operations32.8%43.7% Comparable Tax Rate From Continuing Operations36.8%38.8% Adjusted Return on Capital (Trailing 12 month)5.6%5.3% Comparable EPS from Continuing Operations excluding Non-Service Pension Costs1.78$ 1.54$ 16%7/24/2012 6 Proprietary and Confidential

7/24/2012 2nd Quarter Results Overview—FMS ?Fleet Management Solutions (FMS) total revenue up 3% (and operating revenue up 7%) vs. prior year –Contractual revenue up 5% –Full service lease revenue up 5% –Contract maintenance revenue up 2% –Commercial rental revenue up 10% –Fuel revenue down 5% due primarily to decrease in fuel pass-throughs and gallons ?FMS earnings before tax (EBT) up 7% –FMS EBT percent of operating revenue was flat vs. prior year ?FMS earnings positively impacted by lower incentive compensation, the Hill Hire acquisition and organic lease growth –These benefits were partially offset by lower commercial rental results 7 Proprietary and Confidential

7/24/2012 2nd Quarter Results Overview – SCS (including DCC) ?Supply Chain Solutions (SCS) total revenue up 6% (and operating revenue up 6%) vs. prior year due to higher automotive freight volumes (including impact from the prior year natural disasters in Japan) and new business ?SCS earnings before tax (EBT) up 9% –SCS EBT percent of operating revenue increased to 6.3% ?SCS earnings increased due to higher revenue, partially offset by higher medical benefit costs 8 Proprietary and Confidential

7/24/2012 Business Segments 20122011% B/(W)20122011% B/(W)Operating Revenue:Fleet Management Solutions830.9$ 778.9$ 7%1,100.9$ 1,064.5$ 3%Supply Chain Solutions(1)485.7 456.8 6%570.3 540.0 6%Eliminations(50.0) (43.7) (14)%(107.3) (91.1) (18)% Total 1,266.6$ 1,192.0$ 6%1,563.9$ 1,513.3$ 3%Segment Earnings Before Tax: (2)Fleet Management Solutions76.7$ 71.5$ 7%Supply Chain Solutions(1)30.4 27.8 9%Eliminations(7.2) (6.5) (11)%99.8 92.7 8%Central Support Services (Unallocated Share)(11.2) (11.2)—Non-Service Pension Costs(7.7) (4.8) (60)%Restructuring and Other Charges, Net and Other Items(7.1) (1.7) NMEarnings Before Income Taxes73.8 75.0 (2)%Provision for Income Taxes(27.0) (34.1) 21%Earnings from Continuing Operations46.8$ 40.9$ 14%Comparable Earnings from Continuing Operations51.3$ 47.8$ 7%Net Earnings46.7$ 40.0$ 17%Memo: Total RevenueSecond Quarter (1)Combined Supply Chain Solutions and Dedicated Contract Carriage. (2)Our primary measure of segment financial performance excludes unallocated CSS, non-service pension costs, restructuring and other charges, net and other items. ($ Millions) 9 Proprietary and Confidential

7/24/2012 Business Segments 20122011% B/(W)20122011% B/(W)Operating Revenue:Fleet Management Solutions1,623.6$ 1,497.9$ 8%2,172.3$ 2,044.6$ 6%Supply Chain Solutions(1)970.3 909.5 7%1,142.2 1,075.7 6%Eliminations(98.4) (86.3) (14)%(214.3) (181.6) (18)% Total 2,495.5$ 2,321.1$ 8%3,100.1$ 2,938.7$ 5%Segment Earnings Before Tax: (2)Fleet Management Solutions127.3$ 113.8$ 12%Supply Chain Solutions(1)52.3 48.0 9%Eliminations(13.7) (11.4) (20)%165.9 150.4 10%Central Support Services (Unallocated Share)(20.7) (19.9) (4)%Non-Service Pension Costs(15.7) (9.4) (68)%Restructuring and Other Charges, Net and Other Items(8.0) (2.5) NMEarnings Before Income Taxes121.5 118.6 2%Provision for Income Taxes(39.8) (51.8) 23%Earnings from Continuing Operations81.6$ 66.8$ 22%Comparable Earnings from Continuing Operations81.8$ 74.2$ 10%Net Earnings81.0$ 65.2$ 24%Memo: Total RevenueYear-To-Date (1)Combined Supply Chain Solutions and Dedicated Contract Carriage. (2)Our primary measure of segment financial performance excludes unallocated CSS, non-service pension costs, restructuring and other charges, net and other items. ($ Millions) 10 Proprietary and Confidential

7/24/2012 Capital Expenditures 2012 $20122011O/(U) 2011Full Service Lease786$ 327$ 458$ Commercial Rental500 518 (18) Operating Property and Equipment32 35 (3) Gross Capital Expenditures1,317 880 437 Less: Proceeds from Sales (Primarily Revenue Earning Equipment)199 143 57 Less: Sale and Leaseback of Assets130—130 Net Capital Expenditures 988$ 737$ 250$ Memo: Acquisitions2$ 349$ (346)$ Year-To-Date ($ Millions) 11 Proprietary and Confidential

7/24/2012 Cash Flow from Continuing Operations Year-To-Date ($ Millions) 20122011 Earnings from Continuing Operations82$ 67$ Depreciation460 421 Gains on Vehicle Sales, Net(45) (28) Amortization and Other Non-Cash Charges, Net34 27 Pension Contributions(40) (7) Changes in Working Capital and Deferred Taxes(19) (7) Cash Provided by Operating Activities472 473 Proceeds from Sales (Primarily Revenue Earning Equipment)199 143 Proceeds from Sale and Leaseback of Assets130—Collections of Direct Finance Leases33 30 Total Cash Generated834 646 Capital Expenditures (1)(1,204) (817) Free Cash Flow (2)(370)$ (172)$ (1)Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2)Free Cash Flow excludes acquisitions and changes in restricted cash. 12 Proprietary and Confidential

275%234%201%146%129%151%168%157%225%183%203%261%284%275%0%50%100%150%200%250%300%12/31/0012/31/0112/31/0212/31/0312/31/0412/31/0512/31/0612/31/0712/31/0812/31/0912/31/10 12/31/116/30/12Long Term Target MidpointBalance Sheet Debt to EquityTotal Obligations to Equity7/24/2012 Debt to Equity Ratio (1)Represents long term total obligations to equity target of 250—300% while maintaining a strong investment grade rating. (2)Total Equity includes impact of accumulated net pension related equity charge of $589 million as of 6/30/12, $595 million as of 12/31/11 and $418 million as of 6/30/11. ($ Millions) (1) 13 Proprietary and Confidential

Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Outlook ?Q & A 7/24/2012 14 Proprietary and Confidential

7/24/2012 ?Units held for sale were 9,200 at quarter end, up from 5,000 units held for sale in the prior year –Sequentially from the first quarter, units held for sale increased by 500 units ?The number of used vehicles sold in the second quarter were 6,200, up 41% from the prior year ?Proceeds per unit were down 1% for tractors and were up 6% for trucks in the second quarter compared with prior year (excluding the impact of exchange rates) –Proceeds per unit were down 12% for tractors and up 5% for trucks vs. the prior quarter ?Vehicles no longer earning revenue were 12,300 at quarter-end, up 5,200 from the prior year due to a larger number of units held for sale –Sequentially from the first quarter, vehicles no longer earning revenue increased by 100 units ?Average second quarter total commercial rental fleet was up 17% year-over-year (5% excluding acquisitions) Global Asset Management Update (1) (1)Units rounded to nearest hundred. 15 Proprietary and Confidential

Contents ?Second Quarter 2012 Results Overview ?Asset Management Update ?Earnings Forecast ?Q & A 7/24/2012 16 Proprietary and Confidential

7/24/2012 EPS Forecast – Continuing Operations Third QuarterFull Year2012 Comparable EPS Forecast(1)$ 1.15—1.22$ 3.75—3.902011 Comparable EPS$1.09$3.49($ Earnings Per Share) (1)Full Year 2012 Comparable EPS Forecast excludes a $0.10 tax benefit and a $0.10 restructuring charge. Full year 2011 excludes $0.09 in net tax charges, $0.05 in restructuring charges and $0.04 in acquisition transaction costs. ?Increasing full year EPS forecast from $3.65—$3.85 to $3.75—$3.90 ?Current forecast is as follows: 17 Proprietary and Confidential

Q&A 7/24/2012 18 Proprietary and Confidential

Appendix Business Segment Detail Central Support Services Balance Sheet Asset Management Financial Indicators Forecast Adjusted Return on Capital History Non-GAAP Financial Measures & Reconciliations 7/24/2012 19 Proprietary and Confidential

7/24/2012 Fleet Management Solutions (FMS) 20122011% B/(W) Full Service Lease 521.5$ 494.7$ 5%Contract Maintenance 46.5 45.6 2%Contractual Revenue568.0 540.4 5%Contract-related Maintenance46.5 40.9 14%Commercial Rental198.7 180.0 10%Other17.7 17.6—Operating Revenue 830.9 778.9 7%Fuel Services Revenue270.0 285.6 (5)%Total Revenue1,100.9$ 1,064.5$ 3%Segment Earnings Before Tax (EBT)76.7$ 71.5$ 7%Segment EBT as % of Total Revenue7.0%6.7%Segment EBT as % of Operating Revenue 9.2%9.2%Second Quarter ($ Millions) 20 Proprietary and Confidential

7/24/2012 Fleet Management Solutions (FMS) 20122011% B/(W) Full Service Lease 1,032.0$ 978.0$ 6%Contract Maintenance 93.5 89.5 4%Contractual Revenue1,125.5 1,067.5 5%Contract-related Maintenance93.0 79.8 17%Commercial Rental370.0 315.7 17%Other35.1 34.9 1%Operating Revenue 1,623.6 1,497.9 8%Fuel Services Revenue548.7 546.7—Total Revenue2,172.3$ 2,044.6$ 6%Segment Earnings Before Tax (EBT)127.3$ 113.9$ 12%Segment EBT as % of Total Revenue5.9%5.6%Segment EBT as % of Operating Revenue 7.8%7.6%Year-To-Date ($ Millions) 21 Proprietary and Confidential

7/24/2012 Supply Chain Solutions (SCS) (1) Second Quarter ($ Millions) 20122011% B/(W) Automotive141.9$ 107.8$ 32% High-Tech78.0 85.4 (9)%Retail & CPG177.5 176.1 1%Industrial & Other88.2 87.6 1%Operating Revenue 485.7 456.8 6%Subcontracted Transportation84.5 83.2 2%Total Revenue570.3$ 540.0$ 6%Segment Earnings Before Tax (EBT)30.4$ 27.8$ 9%Segment EBT as % of Total Revenue5.3%5.1%Segment EBT as % of Operating Revenue 6.3%6.1%Memo: Dedicated Services—Operating Revenue(2)283.9$ 249.4$ 14% Dedicated Services—Total Revenue327.0$ 286.0$ 14% Fuel Costs63.8$ 55.1$ 16%(1)Combined Supply Chain Solutions and Dedicated Contract Carriage. (2)Excludes Dedicated Services Subcontracted Transportation. 22 Proprietary and Confidential

7/24/2012 Supply Chain Solutions (SCS) (1) Year-To-Date ($ Millions) 20122011% B/(W)Automotive281.7$ 230.5$ 22%High-Tech158.3 165.8 (5)%Retail & CPG356.3 343.1 4%Industrial & Other174.1 170.0 2%Operating Revenue 970.3 909.5 7%Subcontracted Transportation171.8 166.3 3%Total Revenue1,142.2$ 1,075.8$ 6%Segment Earnings Before Tax (EBT)52.3$ 48.0$ 9%Segment EBT as % of Total Revenue4.6%4.5%Segment EBT as % of Operating Revenue 5.4%5.3%Memo: Dedicated Services—Operating Revenue(2)565.9$ 499.0$ 13% Dedicated Services—Total Revenue655.4$ 573.9$ 14% Fuel Costs130.6$ 108.9$ 20%(1)Combined Supply Chain Solutions and Dedicated Contract Carriage. (2)Excludes Dedicated Services Subcontracted Transportation. 23 Proprietary and Confidential

7/24/2012 Central Support Services (CSS) 20122011% B/(W)Allocated CSS Costs37.5$ 40.2$ 7%Unallocated CSS Costs11.2 11.2—Total CSS Costs48.7$ 51.4$ 5%Second Quarter ($ Millions) 24 Proprietary and Confidential

7/24/2012 Central Support Services (CSS) 20122011% B/(W)Allocated CSS Costs76.6$ 76.8$—Unallocated CSS Costs20.7 19.9 (4)%Total CSS Costs97.3$ 96.7$ (1)%Year-To-Date ($ Millions) 25 Proprietary and Confidential

7/24/2012 Balance Sheet June 30,December 31,20122011Cash and Cash Equivalents73$ 105$ Other Current Assets987 984 Revenue Earning Equipment, Net5,563 5,050 Operating Property and Equipment, Net620 624 Other Assets875 856 Total Assets8,117$ 7,618$ Short-Term Debt / Current Portion Long-Term Debt382$ 274$ Other Current Liabilities980 900 Long-Term Debt3,364 3,108 Other Non-Current Liabilities (including Deferred Income Taxes)2,007 2,018 Shareholders’ Equity1,384 1,318 Total Liabilities and Shareholders’ Equity8,117$ 7,618$ ($ Millions) 26 Proprietary and Confidential

7/24/2012 Proprietary and Confidential 27 U.S. Asset Management Update (a) (a)U.S. only (b)Excludes early terminations where customer purchases vehicle (c)Current year statistics may exclude some units due to a lag in reporting (b) Number of Units 2,0231,7882,2562,1802,7822,4882,0223,3193,4942,9484,3812,2912,317 3,689 1,687 2,242 3,880 1,219 05001,0001,5002,0002,5003,0003,5004,0004,5005,000RedeploymentsExtensionsEarly Terminations YTD 07YTD 08YTD 09YTD 10YTD 11YTD 12(c) Redeployments – Vehicles coming off-lease with useful life remaining are redeployed in the Ryder fleet (Commercial Rental, SCS, or with another Lease customer). Extensions – Ryder re-prices lease contract and extends maturity date. Early terminations – Customer elects to terminate lease prior to maturity. Depending on the remaining useful life, the vehicle may be redeployed in the Ryder fleet (Commercial Rental, SCS, other Lease customer) or sold by Ryder.

7/24/2012 $1,054 $835 $949 $1,091 $1,381 $1,179 $1,252 $1,684$1,571$1,266 $1,328$1,442$1,8202000 2001 2002 2003 2004 2005 2006 2007 2008 Financial Indicators Forecast (1) (1)Total Obligations to Equity includes acquisitions. Free Cash Flow and Gross Capital Expenditures exclude acquisitions. (2)2000-2004 not restated for operations discontinued in 2009. (3)Includes $176 million payment to the IRS related to full resolution of 1998—2000 tax period matters. (4)Represents long term obligations to equity target of 250-300% while maintaining a strong investment grade credit rating. Gross Capital Expenditures (2) ($ Millions) Total Cash Generated (2) Total Obligations to Equity Ratio $1,289 $600 $725 $1,165 $657 $1,399 $1,182 2000 2001 2002 2003 2004 2005 Memo: Free Cash Flow (2) (3) $1,757 2006 2007 2008 $1,265 2009 2010 2010 2009 $611 131 367 357 289 (208)(3) 380 (242) (439) 341 614 $1,088 Total Obligations to Equity Balance Sheet Debt to Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 275% 146% 129% 234% 151% 157% 168% 225% 183% 203% 201% 263% Long Term Target Midpoint(4) 2011 (300) 2012 Forecast Midpoint 2011 261% Forecast Midpoint 258 $1,760 Full Service Lease PP&E/Other Commercial Rental 2012 275% 2012 Forecast Midpoint $2,150 2011 (257) 28 Proprietary and Confidential

Adjusted Return on Capital History Adjusted Return on Capital (ROC) 6.9%6.8%6.7%6.6%6.5%6.3%6.1%5.5%4.8%7.7%7.8%7.9%7.4%7.3%4.1%4.8%5.7%5.6%200420052006200720082009201020112012 ForecastCost of Capital (COC)

Return on Equity

15.3%

14.6%

15.5%

14.2%

11.2%

4.4%

8.4%

11.9%

14.3%

Adjusted Total Capital (1)

$3,359

$3,846

$4,184

$4,789

$4,841

$4,244

$4,030

$4,588

$5,177

ROC O/(U) COC

0.8%

1.0%

1.2%

0.8%

0.8%

(2.2)%

(1.3)%

0.2%

0.8%

(1)Adjusted Total Capital represents Adjusted Average Total Capital in millions. 2012 Forecast 29 Proprietary and Confidential 7/24/2012

7/24/2012 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:

Non-GAAP Financial Measure

Comparable GAAP Measure

Reconciliation & Additional Information Presented on Slide Titled

Page

Operating Revenue

Total Revenue

Key Financial Statistics

5-6

Comparable Earnings / Comparable EPS

Earnings / EPS from Continuing Operations

Earnings and EPS from Continuing Operations Reconciliation

31

Comparable EPS Excluding Non-Service Pension Costs

EPS from Continuing Operations

Earnings and EPS from Continuing Operations Reconciliation

31

Comparable Earnings Before Income Tax / Comparable Tax Rate

Earnings Before Income Tax / Tax Rate

EBT and Tax Rate from Continuing Operations Reconciliation

32-33

Comparable EPS Forecast

EPS Forecast

EPS Forecast – Continuing Operations

17

Adjusted Return on Capital / Adjusted Total Capital / Adjusted Return on Capital to Adjusted Total Capital

Net Earnings / Total Capital

Adjusted Return on Capital Reconciliation

34

Total Cash Generated / Free Cash Flow

Cash Provided by Operating Activities

Cash Flow Reconciliation

37-38

Total Obligations / Total Obligations to Equity

Balance Sheet Debt / Debt to Equity

Debt to Equity Reconciliation

35-36

FMS and SCS Operating Revenue

FMS and SCS Total Revenue

Fleet Management Solutions (FMS) / Supply Chain Solutions (SCS)

20-23

30 Proprietary and Confidential

Earnings and EPS from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 2Q12 -2Q12 -2Q11 -2Q11 -Earnings EPSEarnings EPSReported46.8$ 0.91$ 40.9$ 0.79$ Tax law change— 5.4 0.10 Restructuring Charges4.5 0.09—- Acquisition Related Transaction Costs— 1.6 0.03 Comparable51.3 1.00 47.8 0.92 Non-Service Pension Costs4.8 0.09 2.9 0.06 Comparable EPS excluding Non-Service Pension Costs (1)56.0$ 1.09$ 50.7$ 0.98$ YTD12 -YTD12 -YTD11 -YTD11 -Earnings EPSEarnings EPSReported81.6$ 1.59$ 66.8$ 1.29$ Tax (benefits)/law changes(5.0) (0.10) 5.4 0.10 Restructuring Charges5.2 0.10 0.5 0.01 Acquisition Related Transaction Costs— 1.6 0.03 Comparable81.8 1.59 74.2 1.43 Non-Service Pension Costs9.7 0.19 5.6 0.11 Comparable EPS excluding Non-Service Pension Costs (1)91.5$ 1.78$ 79.7$ 1.54$ Proprietary and Confidential 31 7/24/2012 (1)Given the potentially significant change in pension expense from year to year and the non-operational nature of pension expense, the company uses Comparable Earnings per Share (EPS) Excluding Non-Service Pension Costs, a non-GAAP financial measure, which excludes non-service pension costs and other non-operational items from EPS from Continuing Operations to better evaluate year over year operating performance.

32 EBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 2Q12 -2Q12 -2Q12 -EBT TaxTax RateReported73.8$ 27.0$ Restructuring Charges7.1 2.6 Comparable (1)80.9$ 29.6$ 36.6%YTDQ12 -YTD12 -YTDQ12 -EBT TaxTax RateReported121.5$ 39.8$ Tax Benefits- 5.0 Restructuring Charges8.0 2.8 Comparable (1)129.5$ 47.6$ 36.8%7/24/2012 Proprietary and Confidential (1)The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from EBT and Tax Rate from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparisons.

33 EBT and Tax Rate from Continuing Operations Reconciliation ($ Millions or $ Earnings Per Share) 2Q11 -2Q11 -2Q11 -EBT TaxTax RateReported75.0$ 34.1$ 45.5%Tax Law Changes- (5.4) Acquisition Transaction Costs1.7 0.2 Comparable (1)76.7$ 28.9$ 37.7%YTDQ11 -YTD11 -YTDQ11 -EBT TaxTax RateReported118.6$ 51.8$ 43.7%Tax Law Changes- (5.4) Acquisition Transaction Costs1.7 0.2 Restructuring Charges0.8 0.3 Comparable (1)121.1$ 47.0$ 38.8%7/24/2012 Proprietary and Confidential (1)The company uses Comparable Earnings Before Income Tax (EBT) and Comparable Tax Rate from Continuing Operations, both non-GAAP financial measures, which provide useful information to investors because they exclude from EBT and Tax Rate from Continuing Operations significant items that are not representative of our ongoing business operations and allow for better year over year comparisons.

7/24/2012 Adjusted Return on Capital Reconciliation ($ Millions) (1)Earnings calculated based on a 12-month rolling period. (2)Interest expense includes interest on off-balance sheet vehicle obligations. (3)Income taxes were calculated by excluding taxes related to comparable earnings items and interest expense. (4)The average is calculated based on the average GAAP balances. (5)Represents comparable earnings items for those periods. 6/30/126/30/11Net Earnings (1)186$ 141$ Restructuring and Other Charges, Net and Other Items11 9 Income Taxes97 81 Adjusted Earnings Before Income Taxes294 231 Adjusted Interest Expense (2)138 136 Adjusted Income Taxes (3)(158) (139) Adjusted Net Earnings274$ 227$ Average Total Debt(4)3,417$ 2,736$ Average Off-Balance Sheet Debt(4)81 100 Average Total Shareholders’ Equity(4) 1,391 1,417 Average Adjustments to Shareholders’ Equity (5) 4—Adjusted Average Total Capital4,893$ 4,253$ Adjusted Return on Capital5.6%5.3%34 Proprietary and Confidential

7/24/2012 Debt to Equity Reconciliation % to% to% to% to% to% to% to% to12/31/00Equity 12/31/01Equity 12/31/02Equity12/31/03Equity 12/31/04Equity 12/31/05Equity 12/31/06Equity 12/31/07EquityBalance Sheet Debt$2,017161%$1,709139%$1,552140%$1,816135%$1,783118%$2,185143%$2,817164%$2,776147%Receivables Sold345110————PV of minimum lease payments and guaranteed residual values under operating leases for vehicles87962537015316111778 178 PV of contingent rentals under securitizations209441311——— Total Obligations $3,450275%$2,885234%$2,233201%$1,969146%$1,944129%$2,302151%$2,895168%$2,954157%Note: In connection with adopting FIN 46 effective July 1, 2003, the Company consolidated the vehicle securitization trusts previously disclosed as off-balance sheet debt. ($ Millions) 35 Proprietary and Confidential

7/24/2012 Debt to Equity Reconciliation ($ Millions) Note: Amounts may not recalculate due to rounding. % to% to% to% to% to% to12/31/08Equity 12/31/09Equity12/31/10Equity12/31/11Equity6/30/12Equity6/30/11EquityBalance Sheet Debt$2,863213%$2,498175%$2,747196%$3,382257%$3,746271%$3,242222%Receivables Sold————PV of minimum lease payments and guaranteed residual values under operating leases for vehicles163 119 100 64 180 85 Total Obligations $3,026225%$2,617183%$2,847203%$3,446261%$3,925284%$3,327228%36 Proprietary and Confidential

7/24/2012 ($ Millions) Cash Flow Reconciliation 12/31/00(1)12/31/01(1)12/31/02(1)12/31/03(1)12/31/04(1)12/31/0512/31/0612/31/0712/31/0812/31/09Cash Provided by Operating Activities1,023$ 365$ 617$ 803$ 867$ 776$ 852$ 1,097$ 1,248$ 985$ Less: Changes in Bal. of Trade Rec. Sold(270) 235 110—————Collections of Direct Finance Leases67 66 66 61 64 69 65 62 61 65 Proceeds from Sale (Prim. Rev. Earn. Equip.)230 173 152 210 331 333 332 373 262 216 Proceeds from Sale & Leaseback of Assets——13 118—- 150—- Other Investing, Net4 (4) 4 4 1—2 2—- Total Cash Generated1,054 835 949 1,091 1,381 1,179 1,252 1,684 1,571 1,266 Capital Expenditures (2)(1,296) (704) (582) (734) (1,092) (1,387) (1,691) (1,304) (1,230) (652) Free Cash Flow (3)(242)$ 131$ 367$ 357$ 289$ (208)$ (439)$ 380$ 341$ 614$ Memo:Depreciation Expense580$ 545$ 552$ 625$ 706$ 735$ 739$ 811$ 836$ 881$ Gains on Vehicle Sales, Net19$ 12$ 14$ 16$ 35$ 47$ 51$ 44$ 39$ 12$ 37 Proprietary and Confidential (1)Amounts have not been recasted for discontinued operations (2)Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (3)Free Cash Flow excludes acquisitions and changes in restricted cash.

12/31/1012/31/116/30/126/30/11Cash Provided by Operating Activities from Continuing Operations1,028$ 1,042$ 472$ 473$ Proceeds from Sales (Primarily Revenue Earning Equipment)235 300 199 143 Proceeds from Sale and Leaseback of Assets-37 130—Collections of Direct Finance Leases62 62 33 30 Other, net3 — -Total Cash Generated1,328 1,442 834 646 Capital Expenditures (1)(1,070) (1,699) (1,204) (817) Free Cash Flow (2) 258$ (257)$ (370)$ (172)$ Memo:Depreciation Expense834$ 872$ 460$ 421$ Gains on Vehicle Sales, Net29$ 63$ 45$ 28$ 7/24/2012 ($ Millions) (1)Capital expenditures presented net of changes in accounts payable related to purchases of revenue earning equipment. (2)Free Cash Flow excludes acquisitions and changes in restricted cash. Cash Flow Reconciliation 38 Proprietary and Confidential

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