Financial Performance at a Glance

• GAAP EPS (Earnings Per Share) from continuing operations: \$3.40, an increase of 8% compared to prior year.
• Comparable EPS (Non-GAAP): \$3.73, up 12% year-over-year, reflecting the benefit of sustained strategic initiatives.
• Second Quarter Total Revenue: \$3.0 billion, a 1% year-over-year increase, demonstrating resilience in a challenging freight market.
• Operating Revenue (Non-GAAP): \$2.0 billion, up 1% from Q2 2025.
• Q2 Earnings Before Tax (EBT): \$150 million, up 20% year-over-year.
• EBT as a % of Total Revenue: 9.6% (compared to 8.0% in Q2 2025).
• Comparable EBITDA (Non-GAAP): \$1.4 billion for the trailing twelve months, highlighting robust cash generation.

Segment Performance

• Fleet Management Solutions (FMS):
  • Total revenue increased 8% to \$1.47 billion.
  • Operating revenue grew 7% to \$1.09 billion.
  • EBT surged 20% to \$150 million, boosted by higher rental volume, increased pricing, and strategic cost management.
  • EBT margin on operating revenue was 11.5%, up from 9.7% in the prior year.
• Supply Chain Solutions (SCS):
  • Total revenue decreased 3% to \$1.1 billion, reflecting revenue headwinds from the slow freight cycle and lower volumes.
  • EBT fell 4% to \$37 million but maintained a strong 6.0% EBT margin on operating revenue, only 20 basis points below last year.
  • Performance reflects lower operating revenue and adverse development of prior-year insurance claims, partially offset by benefits from strategic initiatives.

Operational and Strategic Updates

• Ryder continues to execute on its transformation strategy, resulting in a strong, resilient business model that is well-positioned for eventual economic upturns.
• Key initiatives include high-quality contractual portfolio expansion, cost discipline, asset management actions, and capital allocation to boost shareholder returns.
• Ryder repurchased 26% of outstanding shares since 2021 and increased its quarterly dividend by 74% over the same period, marking four consecutive years of double-digit dividend hikes.
• Second quarter saw a \$10 million charge for planned asset management actions.

Outlook: 2026 Guidance and Capital Allocation

• Third Quarter 2026 Guidance:
  • GAAP EPS: \$3.80 – \$4.00
  • Comparable EPS (Non-GAAP): \$4.00 – \$4.20

Shareholder-Focused Developments

• Dividend Growth and Capital Returns: Ryder’s enhanced dividend and buyback program demonstrate a strong commitment to returning capital to shareholders, which is likely to be price sensitive and supportive of share value.
• Solid Free Cash Flow & ROE: The outlook for high free cash flow and ROE indicates ongoing financial strength.
• Debt Levels: Debt-to-equity remains elevated, but the company’s robust operating cash flow and interest coverage mitigate immediate concerns.
• Strategic Resilience: Despite a challenging freight environment and supply chain headwinds, Ryder’s diversified earnings base and strategic cost controls are supporting continued earnings growth.

Forward-Looking Statements and Risks

Ryder’s management emphasizes that execution on strategic initiatives remains the key to expected earnings growth. However, investors should be aware of risks including macroeconomic uncertainty, freight market cycles, insurance claim developments, supply chain challenges, inflation, and the company’s ability to manage costs and execute on its transformation strategy. Forward-looking statements are subject to material risks and uncertainties as disclosed in Ryder’s SEC filings.

Conference Call and Access to Results

Ryder will host an earnings conference call and webcast on July 23, 2026, at 11:00 a.m. ET. Investors can access the webcast and supporting materials at investors.ryder.com.

Contact Information

• Media: Amy Federman
• Investor Relations: Calene Candla