Ryder - 10-Q quarterly report FY2026 Q2

2026Q2FALSE--12-310000085961Not 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO

Commission File Number: 1-4364

RYDER SYSTEM, INC.

(Exact name of registrant as specified in its charter)

Florida

59-0739250

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

2333 Ponce de Leon Blvd., Suite 700

Coral Gables, Florida 33134

(305) 500-3726

(Address of principal executive offices, including zip code)

(Registrant's telephone number, including area code)

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


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ryder System, Inc. Common Stock ($0.50 par value)	R	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares of Ryder System, Inc. Common Stock outstanding at June 30, 2026, was 38,346,868.

RYDER SYSTEM, INC.

FORM 10-Q QUARTERLY REPORT

TABLE OF CONTENTS

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions, except per share amounts)	2026		2025		2026		2025

Services revenue	$	2,231	$	2,123	$	4,295	$	4,202
Lease & related maintenance and rental revenue	971		966		1,922		1,911
Fuel services revenue	145		100		256		206
Total revenue	3,347		3,189		6,473		6,319

Cost of services	1,896		1,792		3,660		3,564
Cost of lease & related maintenance and rental	651		641		1,316		1,290
Cost of fuel services	140		94		244		198
Selling, general and administrative expenses	390		378		769		744
Non-operating pension costs, net	17		9		25		18
Used vehicle sales, net	(7)		2		(19)		(7)
Interest expense	97		102		194		202
Miscellaneous income, net	(22)		(13)		(21)		(8)
Restructuring and other items, net	—		—		1		—
	3,162		3,005		6,169		6,001

Earnings from continuing operations before income taxes	185		184		304		318
Provision for income taxes	52		52		78		88
Earnings from continuing operations	133		132		226		230
Loss from discontinued operations, net of tax	—		(1)		—		(2)
Net earnings	$	133	$	131	$	226	$	228

Earnings per common share — Basic
Continuing operations	$	3.44	$	3.19	$	5.80	$	5.51
Discontinued operations	(0.01)		(0.02)		(0.02)		(0.03)
Net earnings	$	3.43	$	3.18	$	5.78	$	5.48

Earnings per common share — Diluted
Continuing operations	$	3.40	$	3.15	$	5.73	$	5.42
Discontinued operations	(0.01)		(0.02)		(0.02)		(0.03)
Net earnings	$	3.39	$	3.13	$	5.71	$	5.39

See accompanying Notes to Condensed Consolidated Financial Statements.

Note: Earnings per common share amounts may not be additive due to rounding.

Table of Contents

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Net earnings	$	133	$	131	$	226	$	228

Other comprehensive income:










Changes in cumulative translation adjustment (loss) gain and unrealized (loss) gain from cash flow hedges	(5)		42		(13)		43

Amortization of pension and postretirement items	7		8		15		15

Income tax expense related to amortization of pension and postretirement items	—		(1)		(2)		(2)
Amortization of pension and postretirement items, net of taxes	7		7		13		13

Reclassification of net actuarial loss due to pension settlement	8		—		8		—

Income tax expense related to pension settlement	(2)		—		(2)		—
Change in net actuarial loss due to pension settlement, net of taxes	6		—		6		—

Other comprehensive income, net of taxes	8		49		6		56

Comprehensive income	$	141	$	180	$	232	$	284

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)


(In millions, except share amounts)	June 30, 2026		December 31, 2025

Assets:
Current assets:
Cash and cash equivalents	$	219	$	198
Receivables, net	1,997		1,897

Prepaid expenses and other current assets	329		378
Total current assets	2,545		2,473
Revenue earning equipment, net	8,517		8,898
Operating property and equipment, net of accumulated depreciation of $1,690 and $1,705	1,289		1,268
Goodwill	1,158		1,152
Intangible assets, net	381		412
Operating lease right-of-use assets	966		1,000
Sales-type leases and other assets	1,233		1,184
Total assets	$	16,089	$	16,387

Liabilities and shareholders' equity:
Current liabilities:
Short-term debt and current portion of long-term debt	$	1,965	$	819
Accounts payable	734		689
Accrued expenses and other current liabilities	1,243		1,270
Total current liabilities	3,942		2,778
Long-term debt	5,492		6,826
Other non-current liabilities	1,952		1,923
Deferred income taxes	1,824		1,808
Total liabilities	13,210		13,335

Contingencies and Other Matters (Note 14)
Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2026 and December 31, 2025	—		—
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2026 — 38,346,868 and December 31, 2025 — 39,417,224	19		20
Additional paid-in capital	1,040		1,083
Retained earnings	2,434		2,569
Accumulated other comprehensive loss	(614)		(620)
Total shareholders' equity	2,879		3,052
Total liabilities and shareholders' equity	$	16,089	$	16,387

See accompanying Notes to Condensed Consolidated Financial Statements.

Table of Contents

RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	Six months ended June 30,
(In millions)	2026		2025
Cash flows from operating activities from continuing operations:
Net earnings	$	226	$	228
Less: Loss from discontinued operations, net of tax	—		(2)
Earnings from continuing operations	226		230
Depreciation expense	858		845
Used vehicle sales, net	(19)		(7)

Amortization expense and other non-cash charges, net	69		82
Operating lease right-of-use asset amortization expense	190		188
Non-operating pension costs, net and share-based compensation expense	44		36
Deferred income taxes	13		(42)
Collections on sales-type leases	89		80
Changes in operating assets and liabilities:
Receivables	(103)		14
Prepaid expenses and other assets	(4)		106
Accounts payable	65		13
Accrued expenses and other liabilities	(168)		(142)
Net cash provided by operating activities from continuing operations	1,260		1,403

Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	(832)		(1,203)
Sales of revenue earning equipment	250		254
Sales of operating property and equipment	5		6
Acquisitions, net of cash acquired	(12)		(1)

Other investing activities, net	1		1
Net cash used in investing activities from continuing operations	(588)		(943)

Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other	(141)		(215)
Debt proceeds	—		594
Debt repayments	(83)		(471)
Dividends on common stock	(74)		(71)
Common stock issued, net of tax withholdings on vested stock awards	(19)		(16)
Common stock repurchased	(332)		(261)
Other financing activities	(1)		(4)
Net cash used in financing activities from continuing operations	(650)		(444)

Effect of exchange rate changes on Cash and cash equivalents	(1)		10


Increase in Cash and cash equivalents	21		26
Cash and cash equivalents at beginning of period	198		154
Cash and cash equivalents at end of period	$	219	$	180

See accompanying Notes to Condensed Consolidated Financial Statements.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(unaudited)


	Three months ended June 30, 2026
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total

Balance as of April 1, 2026	$	—	38,691	$	19	$	1,039	$	2,422	$	(622)	$	2,858
Comprehensive income	—		—	—		—		133		8		141
Common stock dividends declared —$0.91 per share	—		—	—		—		(36)		—		(36)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		76	—		4		1		—		5
Common stock repurchases	—		(420)	—		(13)		(86)		—		(99)
Share-based compensation	—		—	—		10		—		—		10
Balance as of June 30, 2026	$	—	38,347	$	19	$	1,040	$	2,434	$	(614)	$	2,879


	Three months ended June 30, 2025
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total

Balance as of April 1, 2025	$	—	41,341	$	21	$	1,098	$	2,569	$	(685)	$	3,003
Comprehensive income	—		—	—		—		131		49		180
Common stock dividends declared —$0.81 per share	—		—	—		—		(34)		—		(34)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		95	(1)		7		—		—		6
Common stock repurchases	—		(645)	—		(18)		(76)		—		(94)
Share-based compensation	—		—	—		13		—		—		13
Balance as of June 30, 2025	$	—	40,791	$	20	$	1,100	$	2,590	$	(636)	$	3,074

————————————

(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise or vesting of stock awards.

See accompanying Notes to Condensed Consolidated Financial Statements.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(unaudited)


	Six months ended June 30, 2026
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total

Balance as of January 1, 2026	$	—	39,417	$	20	$	1,083	$	2,569	$	(620)	$	3,052
Comprehensive income	—		—	—		—		226		6		232
Common stock dividends declared —$1.82 per share	—		—	—		—		(73)		—		(73)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		450	—		(21)		2		—		(19)
Common stock repurchases	—		(1,520)	(1)		(41)		(290)		—		(332)
Share-based compensation	—		—	—		19		—		—		19
Balance as of June 30, 2026	$	—	38,347	$	19	$	1,040	$	2,434	$	(614)	$	2,879


	Six months ended June 30, 2025
	Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	Amount		Shares	Par								Total

Balance as of January 1, 2025	$	—	42,080	$	21	$	1,144	$	2,644	$	(692)	$	3,117
Comprehensive income	—		—	—		—		228		56		284
Common stock dividends declared —$1.62 per share	—		—	—		—		(69)		—		(69)
Common stock issued under employee stock award and stock purchase plans and other (1)	—		412	—		(16)		—		—		(16)
Common stock repurchases	—		(1,701)	(1)		(47)		(213)		—		(261)
Share-based compensation	—		—	—		19		—		—		19
Balance as of June 30, 2025	$	—	40,791	$	20	$	1,100	$	2,590	$	(636)	$	3,074

————————————

(1)Net of common shares delivered as payment for the exercise price or to satisfy the holders' withholding tax liability upon exercise or vesting of stock awards.

See accompanying Notes to Condensed Consolidated Financial Statements.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. ORGANIZATION AND BASIS OF PRESENTATION

Interim Financial Statements

Ryder System, Inc. (Ryder) is a leading provider of outsourced logistics and transportation services throughout North America. We offer port‑to‑door solutions that include every step of the supply chain, including international inbound flows and cross‑border logistics, fleet and transportation management, warehousing, manufacturing support and multi-channel final delivery. The accompanying unaudited condensed consolidated financial statements include the accounts of Ryder, all entities in which Ryder has a controlling voting interest (subsidiaries), and variable interest entities (VIE) where Ryder is determined to be the primary beneficiary in accordance with generally accepted accounting principles in the United States (GAAP). Ryder is deemed to be the primary beneficiary if we have the power to direct the activities that most significantly impact the entity's economic performance and we share in the significant risks and rewards of the entity.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting policies described in our 2025 Annual Report on Form 10-K and should be read in conjunction with the consolidated financial statements and notes thereto. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair statement have been included and the disclosures herein are adequate. The operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The year-end Condensed Consolidated Balance Sheet data was derived from our audited financial statements, but does not include all disclosures required by GAAP.

We report our financial performance based on three business segments: (1) Fleet Management Solutions (FMS), which provides full service leasing, commercial rental and vehicle maintenance services; (2) Supply Chain Solutions (SCS), which provides fully integrated logistics solutions; and (3) Dedicated Transportation Solutions (DTS), which provides turnkey transportation solutions, including dedicated vehicles, professional drivers, management and administrative support. Dedicated transportation services provided as part of an operationally integrated, multi-service supply chain solution to SCS customers are primarily reported in the SCS business segment.

2. RECENT ACCOUNTING PRONOUNCEMENTS

In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). The amendments provide for more detailed disaggregation of expenses. The standard is effective for fiscal years beginning in 2027, with early adoption permitted. We are currently evaluating the disclosure impact of the adoption of this update. This ASU is not expected to impact our consolidated financial position, results of operations, or cash flows.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40). The amendments modernize how companies account for software development costs to a flexible principles-based framework that aligns with modern software development practices. The standard is effective for fiscal years beginning in 2028, with early adoption permitted. We are currently evaluating the disclosure impact of the adoption of this update. This ASU is not expected to impact our consolidated financial position, results of operations, or cash flows.

3. SEGMENT REPORTING

Our primary measurement of segment financial performance, defined as segment "Earnings from continuing operations before income taxes" (EBT), includes an allocation of costs from Central Support Services (CSS) and excludes Non-operating pension costs, net, Intangible amortization expense, and certain other items. The objective of the EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Certain costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

The following table sets forth financial information for each of our segments and provides a reconciliation between segment EBT and Earnings from continuing operations before income taxes (in millions):


Three months ended June 30, 2026	FMS		SCS		DTS		Elimination (1)		Total
Revenue	$	1,560	$	1,472	$	600	$	(285)	$	3,347

Direct operating costs	1,223		1,316		550
Used vehicle sales, net	(7)		—		—
Other segment items (2)	194		64		14
Segment EBT	$	150	$	92	$	36	(34)		244
Unallocated Central Support Services									(19)
Intangible amortization expense (3)									(23)
Non-operating pension costs, net (4)									(17)

Earnings from continuing operations before income taxes									$	185

Three months ended June 30, 2025
Revenue	$	1,467	$	1,366	$	606	$	(250)	$	3,189

Direct operating costs	1,130		1,202		562
Used vehicle sales, net	2		—		—
Other segment items (2)	209		65		7
Segment EBT	$	126	$	99	$	37	(36)		226
Unallocated Central Support Services									(21)
Intangible amortization expense (3)									(12)
Non-operating pension costs, net (4)									(9)

Earnings from continuing operations before income taxes									$	184

_______________

(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.

(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS.

(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.

(4)Refer to Note 13, Employee Benefit Plans," for further discussion.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)


Six months ended June 30, 2026	FMS		SCS		DTS		Elimination (1)		Total
Revenue	$	3,021	$	2,832	$	1,153	$	(533)	$	6,473

Direct operating costs	2,382		2,536		1,066
Used vehicle sales, net	(19)		—		—
Other segment items (2)	409		132		28
Segment EBT	$	249	$	164	$	59	(65)		407
Unallocated Central Support Services									(41)
Intangible amortization expense (3)									(36)
Non-operating pension costs, net (4)									(25)
Other items impacting comparability, net									(1)
Earnings from continuing operations before income taxes									$	304

Six months ended June 30, 2025
Revenue	$	2,914	$	2,697	$	1,208	$	(500)	$	6,319

Direct operating costs	2,284		2,384		1,126
Used vehicle sales, net	(7)		—		—
Other segment items (2)	417		127		18
Segment EBT	$	220	$	186	$	64	(68)		402
Unallocated Central Support Services									(42)
Intangible amortization expense (3)									(25)
Non-operating pension costs, net (4)									(18)
Other items impacting comparability, net									1
Earnings from continuing operations before income taxes									$	318

_______________

(1)Represents the intercompany revenues in our FMS business segment and inter-segment EBT.

(2)Other segment items for each reportable segment include indirect costs and also include Equipment Contribution for SCS and DTS.

(3)Included within "Selling, general and administrative expenses" in our Condensed Consolidated Statements of Earnings.

(4)Refer to Note 13, Employee Benefit Plans," for further discussion.

Intangible amortization expense for the three and six months ended June 30, 2026, includes a $10 million non-cash impairment charge of a finite-lived intangible asset due to the reduction in projected cash flows from an acquired customer relationship.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

The following table sets forth depreciation expense and other non-cash charges, net, interest expense and purchase of property and revenue earning equipment for the three and six months ended June 30, 2026 and 2025, as provided to the chief operating decision maker (CODM) for each of our business segments. Total assets of our business segments are not provided to the CODM.


(In millions)	Depreciation expense and other non-cash charges, net (1)				Interest expense				Purchases of property and revenue earning equipment
Three months ended June 30,	2026		2025		2026		2025		2026		2025
FMS	$	419	$	439	$	91	$	95	$	379	$	655
SCS	109		97		5		5		20		30
DTS	3		5		1		2		—		—
CSS	25		14		—		—		6		4
Total	$	556	$	555	$	97	$	102	$	405	$	689


(In millions)	Depreciation expense and other non-cash charges, net (1)				Interest expense				Purchases of property and revenue earning equipment
Six months ended June 30,	2026		2025		2026		2025		2026		2025
FMS	$	856	$	881	$	181	$	189	$	773	$	1,137
SCS	216		194		10		9		50		57
DTS	6		11		3		4		1		1
CSS	39		29		—		—		8		8
Total	$	1,117	$	1,115	$	194	$	202	$	832	$	1,203

_______________

(1)Other non-cash charges, net primarily includes operating lease right-of-use (ROU) assets amortization. For the three and six months ended June 30, 2026, CSS includes the $10 million non-cash impairment charge related to an acquired finite-lived intangible asset.

4. REVENUE

Disaggregation of Revenue

The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments, by FMS product line and by SCS industry.

Primary Geographical Markets


	Three months ended June 30, 2026
(In millions)	FMS		SCS		DTS		Eliminations		Total

United States	$	1,478	$	1,290	$	600	$	(271)	$	3,097
Canada	82		90		—		(14)		158
Mexico	—		92		—		—		92
Total revenue	$	1,560	$	1,472	$	600	$	(285)	$	3,347


	Three months ended June 30, 2025
(In millions)	FMS		SCS		DTS		Eliminations		Total

United States	$	1,391	$	1,205	$	606	$	(239)	$	2,963
Canada	76		75		—		(11)		140

Mexico	—		86		—		—		86
Total revenue	$	1,467	$	1,366	$	606	$	(250)	$	3,189

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)


	Six months ended June 30, 2026
(In millions)	FMS		SCS		DTS		Eliminations		Total

United States	$	2,863	$	2,491	$	1,153	$	(507)	$	6,000
Canada	158		164		—		(26)		296
Mexico	—		177		—		—		177
Total revenue	$	3,021	$	2,832	$	1,153	$	(533)	$	6,473



	Six months ended June 30, 2025
(In millions)	FMS		SCS		DTS		Eliminations		Total

United States	$	2,766	$	2,387	$	1,208	$	(478)	$	5,883
Canada	148		147		—		(22)		273
Mexico	—		163		—		—		163
Total revenue	$	2,914	$	2,697	$	1,208	$	(500)	$	6,319

Product Line

Our FMS revenue disaggregated by product line is as follows:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025
ChoiceLease	$	885	$	871	$	1,763	$	1,738
Commercial rental	229		239		440		458
SelectCare and other	189		178		365		352
Fuel services revenue	257		179		453		366
Total FMS revenue	$	1,560	$	1,467	$	3,021	$	2,914

Industry

Our SCS business segment included revenue from the following industries:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Omnichannel retail	$	521	$	439	$	1,015	$	873
Automotive	397		406		760		801
Consumer packaged goods	306		309		599		610
Industrial and other	248		212		458		413
Total SCS revenue	$	1,472	$	1,366	$	2,832	$	2,697

Lease & Related Maintenance and Rental Revenue

The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended June 30, 2026 and 2025, we recognized $262 million and $248 million, respectively. For the six months ended June 30, 2026 and 2025, we recognized $524 million and $498 million, respectively.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

Deferred Revenue

The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:


	Six months ended June 30,
(In millions)	2026		2025

Balance as of beginning of period	$	684	$	600
Recognized as revenue during period from beginning balance	(102)		(92)
Consideration deferred during period, net	127		129
Foreign currency translation adjustment and other	(1)		1
Balance as of end of period	$	708	$	638

Contracted Not Recognized Revenue

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.4 billion as of both June 30, 2026, and December 31, 2025, and primarily includes amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers and deferred revenue.

5. RECEIVABLES, NET


(In millions)	June 30, 2026		December 31, 2025

Trade	$	1,756	$	1,667
Sales-type lease	186		184
Other, primarily warranty and insurance	86		81
	2,028		1,932
Allowance for credit losses and other	(31)		(35)
Receivables, net	$	1,997	$	1,897

The following table provides a reconciliation of our allowance for credit losses and other:


	Six months ended June 30,
(In millions)	2026		2025
Balance as of January 1	$	35	$	38
Changes to provisions for credit losses	8		14
Write-offs and other	(12)		(20)
Balance as of end of period	$	31	$	32

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

6. REVENUE EARNING EQUIPMENT, NET


	Estimated Useful Lives (In Years)	June 30, 2026						December 31, 2025
(Dollars in millions)		Cost		Accumulated Depreciation		Net		Cost		Accumulated Depreciation		Net

Held for use:
Trucks	2.5 — 7.5	$	6,032	$	(2,236)	$	3,796	$	6,183	$	(2,216)	$	3,967
Tractors	4 — 7.5	6,521		(2,950)		3,571		6,567		(2,843)		3,724
Trailers and other	9.5 — 13	1,743		(747)		996		1,754		(723)		1,031
Held for sale		754		(600)		154		856		(680)		176
Total		$	15,050	$	(6,533)	$	8,517	$	15,360	$	(6,462)	$	8,898

Residual Value Estimate Changes

We periodically review and adjust, as appropriate, the estimated residual values of existing revenue earning equipment for the purposes of recording depreciation expense. Reductions in estimated residual values will increase depreciation expense over the remaining useful life of the vehicle. Conversely, an increase in estimated residual values will decrease depreciation expense over the remaining useful life of the vehicle. Our review of the estimated residual values of revenue earning equipment is based on vehicle class (i.e., generally subcategories of trucks, tractors and trailers by weight and usage), historical and current market prices, third-party expected future market prices, expected lives of vehicles, and expected sales in the wholesale or retail markets, among other factors. A variety of factors, many of which are outside of our control, could cause residual value estimates to differ from actual used vehicle sales pricing, such as changes in supply and demand of used vehicles; volatility in market conditions; changes in vehicle technology; competitor pricing; regulatory requirements; wholesale market prices; customer requirements and preferences; and changes in underlying assumption factors. We have disciplines related to the management and maintenance of our vehicles designed to manage the risk associated with the residual values of our revenue earning equipment. Effective January 1, 2026, we reduced the estimated residual values for certain tractors. These updates did not have a material impact to depreciation expense.

Used Vehicle Sales and Valuation Adjustments

Revenue earning equipment held for sale is stated at the lower of carrying amount or fair value less costs to sell. Losses on vehicles held for sale for which carrying values exceeded fair value, which we refer to as "valuation adjustments," are recognized at the time they are deemed to meet the held-for-sale criteria and are presented within "Used vehicle sales, net" in the Condensed Consolidated Statements of Earnings. For revenue earning equipment held for sale, we stratify our fleet by vehicle type (trucks, tractors and trailers), weight class, age and other relevant characteristics and create classes of similar assets for analysis purposes. For revenue earning equipment held for sale, fair value was determined based upon recent market prices obtained from our own sales experience for each class of similar assets and vehicle condition, if available, or third-party market pricing. In addition, we also consider expected declines in market prices, as well as forecasted sales channel mix (retail/wholesale) when valuing the vehicles held for sale.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:



					Losses from Valuation Adjustments
	June 30, 2026		December 31, 2025		Three months ended June 30,				Six months ended June 30,
(In millions)					2026		2025		2026		2025
Revenue earning equipment held for sale:

Trucks	$	20	$	26	$	5	$	8	$	10	$	13
Tractors	17		29		4		6		4		12
Trailers and other	3		5		4		3		4		5
Total assets at fair value	$	40	$	60	$	13	$	17	$	18	$	30

The table above reflects only the revenue earning equipment held for sale where net book values exceeded fair values and valuation adjustments were recorded. The net book value of assets held for sale that were less than fair value was $114 million and $116 million as of June 30, 2026 and December 31, 2025, respectively.

The components of "Used vehicle sales, net" were as follows:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Gains on used vehicle sales, net	$	(20)	$	(15)	$	(37)	$	(37)
Losses from valuation adjustments	13		17		18		30
Used vehicle sales, net	$	(7)	$	2	$	(19)	$	(7)

7. ACCRUED EXPENSES AND OTHER LIABILITIES


	June 30, 2026						December 31, 2025
(In millions)	Accrued expenses and other current liabilities		Other non-current liabilities		Total		Accrued expenses and other current liabilities		Other non-current liabilities		Total
Operating lease liabilities (1)	$	296	$	700	$	996	$	303	$	732	$	1,035
Deferred revenue	164		544		708		161		523		684
Self-insurance	224		377		601		198		356		554
Salaries and wages	194		—		194		226		—		226
Deferred compensation	10		162		172		11		145		156
Operating taxes	119		—		119		124		—		124
Pension and other employee benefits	16		99		115		25		101		126
Deposits, mainly from customers	67		—		67		67		—		67
Interest	58		—		58		60		—		60

Other	95		70		165		95		66		161
Total	$	1,243	$	1,952	$	3,195	$	1,270	$	1,923	$	3,193

__________________

(1)Refer to Note 8, "Leases" for further information.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

8. LEASES

Leases as Lessor

The components of lease income were as follows:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Operating leases
Lease income related to ChoiceLease	$	403	$	401	$	809	$	792
Lease income related to commercial rental (1)	$	216	$	227	$	415	$	430

Sales-type leases
Interest income related to net investment in leases	$	23	$	23	$	46	$	45

Variable lease income excluding commercial rental (1)	$	64	$	68	$	125	$	145

————————————

(1)Lease income related to commercial rental includes both fixed and variable lease income. Variable lease income is approximately 15% of total commercial rental income based on management's internal estimates.

The components of net investment in sales-type leases, which are included in "Receivables, net" and "Sales-type leases and other assets" in the Condensed Consolidated Balance Sheets, were as follows:


(In millions)	June 30, 2026		December 31, 2025

Net investment in the lease — lease payment receivable	$	853	$	860
Net investment in the lease — unguaranteed residual value in assets	55		54
	908		914
Estimated loss allowance	(5)		(5)
Total	$	903	$	909

Table of Contents

RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

9. DEBT


	Weighted Average Interest Rate
(Dollars in millions)	June 30, 2026	Maturities	June 30, 2026		December 31, 2025
Debt:
Trade receivables financing program	4.07%	2027	$	20	$	20
U.S. commercial paper	4.08%	2030	723		865
Unsecured medium term note issued November 2021	4.44%	2026	300		300
Unsecured medium term note issued November 2019	2.90%	2026	400		400
Unsecured medium term note issued February 2022	3.73%	2027	450		450
Unsecured medium term note issued May 2022	4.30%	2027	300		300
Unsecured medium term note issued February 2024	5.30%	2027	350		350
Unsecured medium term note issued February 2023	5.65%	2028	500		500
Unsecured medium term note issued May 2023	5.25%	2028	650		650
Unsecured medium term note issued November 2023	6.30%	2028	400		400
Unsecured medium term note issued February 2024	5.38%	2029	550		550
Unsecured medium term note issued May 2024	5.50%	2029	300		300
Unsecured medium term note issued August 2024	4.95%	2029	300		300
Unsecured medium term note issued November 2024	4.90%	2029	300		300
Unsecured medium term note issued February 2025	5.00%	2030	300		300
Unsecured medium term note issued May 2025	4.85%	2030	300		300
Unsecured medium term note issued November 2025	4.30%	2030	300		300
Unsecured medium term note issued November 2023	6.60%	2033	600		600
Unsecured U.S. obligations	5.14%	2027	275		275
Asset-backed U.S. obligations (1)	4.27%	2026-2030	57		120
Finance lease obligations and other		2026-2033	117		113
			7,492		7,693
Fair market value adjustments on medium-term notes (2)			(4)		(11)
Debt issuance costs and original issue discounts			(31)		(37)
Total debt (3)			7,457		7,645
Short-term debt and current portion of long-term debt			(1,965)		(819)
Long-term debt			$	5,492	$	6,826

————————————

(1)Asset-backed U.S. obligations are financing transactions secured by a portion of our revenue earning equipment.

(2)Included in "Other non-current liabilities" within the Condensed Consolidated Balance Sheets. The notional amount of executed interest rate swaps designated as fair value hedges was $500 million as of both June 30, 2026 and December 31, 2025.

(3)The unsecured medium-term notes bear semi-annual interest.

The fair value of total debt (excluding finance lease and asset-backed U.S. obligations) was approximately $7.4 billion and $7.6 billion as of June 30, 2026 and December 31, 2025, respectively. For publicly traded debt, estimates of fair value were based on market prices. For other debt, fair value was estimated based on a model-driven approach using rates currently available to us for debt with similar terms and remaining maturities. The fair value measurements of our publicly traded debt and our other debt were classified within Level 2 of the fair value hierarchy.

Credit Arrangements

Our borrowing capacity under the revolving credit facility and trade receivables financing program was as follows:

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)


	June 30, 2026
(In millions)	Borrowing Capacity		Outstanding		Available
Revolving credit facility	$	1,600	$	723	$	877
Trade receivables financing facility (1)	300		98		202
Total	$	1,900	$	821	$	1,079

______________________

(1)Includes borrowings of $20 million and letters of credit outstanding of $78 million.

In April 2026, we extended the trade receivables financing facility for an additional year to April 2027.

10. SHARE REPURCHASE PROGRAMS

We currently maintain two share repurchase programs approved by our board of directors. The first program authorizes management to repurchase up to 1.5 million shares of common stock issued to employees under our employee stock plans since August 31, 2025, under an anti-dilutive program (the "2025 Anti-Dilutive Program"). The second program grants management discretion to repurchase up to 2 million shares of common stock over a period of two years under a new discretionary share repurchase program (the "May 2026 Discretionary Program"). Share repurchases under both programs can be made from time to time using our working capital and other borrowing sources. Shares are repurchased under open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, organic growth opportunities, availability of acquisitions and stock price.

The anti-dilutive share repurchase programs are designed to mitigate the dilutive impact of shares issued under our employee stock plans. The discretionary share repurchase programs are designed to provide management with capital structure flexibility while concurrently managing objectives related to balance sheet leverage, organic growth opportunities, acquisition opportunities, and shareholder returns. Shares of common stock are retired upon repurchase.

The following table provides the activity for shares repurchased and retired:


	Three months ended June 30,						Six months ended June 30,
	2026			2025			2026			2025
(In millions)	Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount
2025 Anti-Dilutive Program (1)	—	$	7	—	$	—	0.4	$	88	—	$	—
2023 Anti-Dilutive Program (expired in October 2025)	—	—		0.1	14		—	—		0.4	68
Anti-Dilutive Programs	—	7		0.1	14		0.4	88		0.4	68

May 2026 Discretionary Program (2)	0.2	48		—	—		0.2	48		—	—
October 2025 Discretionary Program (superseded in May 2026)	0.2	43		—	—		0.9	195		—	—
October 2024 Discretionary Program (superseded in October 2025)	—	—		0.6	79		—	—		1.3	192
Discretionary Programs	0.4	91		0.6	79		1.1	244		1.3	192

Total	0.4	$	99	0.6	$	94	1.5	$	332	1.7	$	261

_____________________

(1)Commenced October 2025 and expires October 2027.

(2)Commenced May 2026 and expires May 2028.

Amounts in the table may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

11. ACCUMULATED OTHER COMPREHENSIVE LOSS

Comprehensive income presents a measure of all changes in shareholders' equity except for changes resulting from transactions with shareholders in their capacity as shareholders. The following summary sets forth the change in each component of Accumulated other comprehensive loss, net of tax (AOCI):


(In millions)	Currency Translation Adjustments		Net Actuarial (Loss) Gain and Prior Service Costs		Unrealized (Loss) Gain from Cash Flow Hedges		Accumulated Other Comprehensive Loss
January 1, 2026	$	(43)	$	(575)	$	(2)	$	(620)
Other comprehensive gain (loss), net of tax, before reclassifications	(15)		—		2		(13)
Amounts reclassified from AOCI, net of tax	—		19		—		19

Net current-period other comprehensive gain (loss), net of tax	(15)		19		2		6
June 30, 2026	$	(58)	$	(556)	$	—	$	(614)


(In millions)	Currency Translation Adjustments		Net Actuarial (Loss) Gain and Prior Service Costs		Unrealized (Loss) Gain from Cash Flow Hedges		Accumulated Other Comprehensive Loss
January 1, 2025	$	(96)	$	(597)	$	1	$	(692)
Other comprehensive gain (loss), net of tax, before reclassifications	46		—		(2)		44
Amounts reclassified from AOCI, net of tax	—		13		(1)		12

Net current-period other comprehensive gain (loss), net of tax	46		13		(3)		56
June 30, 2025	$	(50)	$	(584)	$	(2)	$	(636)

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

12. EARNINGS PER SHARE

The following table presents the calculation of basic and diluted earnings per common share from continuing operations:


	Three months ended June 30,				Six months ended June 30,
(Dollars in millions and shares in thousands)	2026		2025		2026		2025
Earnings per common share — Basic:
Earnings from continuing operations	$	133	$	132	$	226	$	230
Less: Distributed and undistributed earnings allocated to unvested stock	(1)		(1)		(1)		(1)
Earnings from continuing operations available to common shareholders	$	132	$	131	$	225	229

Weighted average common shares outstanding	38,453		40,942		38,831		41,391

Earnings from continuing operations per common share — Basic	$	3.44	$	3.19	$	5.80	$	5.51

Earnings per common share — Diluted:
Earnings from continuing operations	$	133	$	132	$	226	$	230
Less: Distributed and undistributed earnings allocated to unvested stock	(1)		—		(1)		—
Earnings from continuing operations available to common shareholders — Diluted	$	132	$	132	$	225	$	230

Weighted average common shares outstanding — Basic	38,453		40,942		38,831		41,391
Effect of dilutive equity awards	454		900		428		995
Weighted average common shares outstanding — Diluted	38,907		41,842		39,259		42,386

Earnings from continuing operations per common share — Diluted	$	3.40	$	3.15	$	5.73	$	5.42

Anti-dilutive equity awards not included in Diluted EPS	3		99		49		78

————————————

Note: Amounts may not be additive due to rounding.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

13. EMPLOYEE BENEFIT PLANS

Components of net pension expense for defined benefit pension plans were as follows:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025


Company-administered plans:
Service cost	$	1	$	1	$	1	$	1
Interest cost	21		22		42		44
Pension settlement expense	8		—		8		—
Expected return on plan assets	(20)		(21)		(41)		(41)

Amortization of net actuarial loss and prior service cost	8		7		16		14



Net pension expense	$	18	$	9	$	26	$	18

Company-administered plans:
U.S.	$	5	$	5	$	10	$	11
Non-U.S.	13		4		16		7


Net pension expense	$	18	$	9	$	26	$	18

"Non-operating pension costs, net" include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We also maintain other postretirement benefit plans that are not reflected in the table above as the amount of postretirement benefit expense for such plans was not material for any period presented.

During the second quarter of 2026, we made lump-sum benefit settlement payments totaling $19 million for certain participants in our Canadian defined benefit pension plan. This represented 31% of the plan's projected benefit obligation, and resulted in an $8 million non-cash, pre-tax settlement charge for a portion of the plan’s actuarial loss in “Accumulated other comprehensive loss.” The charge was recorded within "Non-operating pension costs, net" in the Condensed Consolidated Statements of Earnings, and reduced the plan’s actuarial loss in “Accumulated other comprehensive loss” to $18 million as of June 30, 2026. We expect to settle the plan’s remaining projected benefit obligation of $40 million when the administrative rights for the annuity payments are transferred under our bulk annuity contract with a Canadian insurance company.

14. CONTINGENCIES AND OTHER MATTERS

We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations, including those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers' compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. We believe that the resolution of these claims, complaints and legal proceedings will not have a material effect on our condensed consolidated financial statements.

Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our estimated liability based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates.

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RYDER SYSTEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

(unaudited)

15. SUPPLEMENTAL CASH FLOW INFORMATION


	Six months ended June 30,
(In millions)	2026		2025

Interest paid	$	191	$	194
Income taxes paid, net of refunds	$	59	$	37




Cash paid for operating lease liabilities	$	186	$	187

Right-of-use assets obtained in exchange for lease obligations:
Finance leases	$	24	$	25
Operating leases	$	127	$	51



Capital expenditures acquired but not yet paid	$	153	$	244

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) should be read in conjunction with the unaudited Condensed Consolidated Financial Statements and notes thereto included under Item 1, as well as our audited consolidated financial statements and notes thereto and related MD&A included in the 2025 Annual Report on Form 10-K. All percentages have been calculated using unrounded amounts. Certain prior period amounts have been reclassified to conform with the current period presentation.

OVERVIEW

Selected Operating Performance Items For The Second Quarter 2026

•Diluted EPS from continuing operations of $3.40, up 8% from prior year

•Comparable EPS (a non-GAAP measure) from continuing operations of $3.73, up 12% from prior year, reflects share repurchases and higher earnings in Fleet Management Solutions (FMS)

•Total revenue of $3.3 billion, up 5% from prior year, due to higher revenue in Supply Chain Solutions (SCS) and FMS

•Operating revenue (a non-GAAP measure) of $2.7 billion, up 3% from prior year, primarily reflecting contractual revenue growth in SCS

Business Trends

During the three and six months ended June 30, 2026, the strength and resiliency of our transformed business model enabled the business to deliver solid results in the current environment. FMS had earnings growth driven by strong performance in our contractual business as well as better used vehicle sales results. In addition, SCS and DTS delivered solid earnings reflecting consistent execution of our strategic initiatives.

We continue to benefit from favorable long-term secular trends in logistics and transportation solutions and have experienced strong contractual sales activity across all three of our business segments. We also experienced improving trends in used vehicle sales as market conditions continued to strengthen, and rental utilization returned to normalized levels driven by our planned asset management actions. In addition, we remain on track to achieve $70 million in expected earnings benefits from strategic initiatives this year, and are well positioned for growth from a cycle upturn.

Favorable secular trends and the value our solutions bring to our customers remain strong and provide long-term revenue and earnings growth opportunities for all of our business segments. While we are experiencing positive momentum in our businesses, inflationary cost pressures, regulatory changes, geopolitical events, labor interruptions, changes in tariff, trade or tax policies and the continued higher interest rate environment may negatively impact demand for our business, financial results and significant judgments and estimates.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following discussion provides a summary of financial highlights that are discussed in more detail throughout our MD&A and within the Notes to Condensed Consolidated Financial Statements:


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions, except per share)	2026		2025		2026		2025		Three Months	Six Months

Total revenue	$	3,347	$	3,189	$	6,473	$	6,319	5%	2%
Operating revenue (1)	2,686		2,610		5,260		5,167		3%	2%
Earnings from continuing operations before income taxes (EBT)	$	185	$	184	$	304	$	318	1%	(4)%
Comparable EBT (1)	202		193		330		335		5%	(2)%
Earnings from continuing operations	133		132		226		230		1%	(1)%
Comparable earnings from continuing operations (1)	146		139		247		245		5%	1%
Comparable EBITDA (1)	741		729		1,399		1,400		2%	—%
Earnings per common share (EPS) — Diluted
Continuing operations	$	3.40	$	3.15	$	5.73	$	5.42	8%	6%
Comparable (1)	3.73		3.32		6.25		5.77		12%	8%

Net cash provided by operating activities from continuing operations					$	1,260	$	1,403		(10)%
Total capital expenditures (2)					812		1,192			(32)%
Free cash flow (1)					684		461			48%

					June 30, 2026		December 31, 2025
Debt to equity (3)					259%		250%

					Twelve months ended June 30,
					2026		2025
Adjusted return on equity (1)					17%		17%

______________________

(1)Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this MD&A for reconciliations of the most comparable GAAP measure to the non-GAAP financial measure and the reasons why management believes this measure is important to investors.

(2)Includes capital expenditures that have been accrued, but not yet paid.

(3)Represents total debt divided by total equity.

Total revenue increased 5% in the second quarter of 2026, and 2% in the six months ended June 30, 2026, reflecting higher operating revenue and fuel revenue due to higher prices passed through to customers. Operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) increased 3% in the second quarter of 2026, and 2% for the six months ended June 30, 2026, reflecting contractual revenue growth in SCS and FMS, partially offset by lower DTS fleet count.

EBT and comparable EBT increased in the second quarter primarily due to improved FMS performance, partially offset by lower SCS results and a non-cash intangible asset impairment charge. The increase in EBT was also partially offset by an $8 million non-cash charge for the partial settlement of our Canadian pension plan’s projected benefit obligation.

EBT and comparable EBT decreased in the six months ended June 30, 2026. The decrease in EBT is primarily due to lower SCS results and a non-cash intangible asset impairment charge, partially offset by improved FMS performance. The decrease in EBT also includes an $8 million non-cash charge for the partial settlement of our Canadian pension plan’s projected benefit obligation.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

CONSOLIDATED RESULTS

Services


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Services revenue	$	2,231	$	2,123	$	4,295	$	4,202	5%	2%
Cost of services	1,896		1,792		3,660		3,564		6%	3%
Gross margin	$	335	$	331	$	635	$	638	1%	—%
Gross margin %	15%		16%		15%		15%

Services revenue represents all the revenues associated with our SCS and DTS business segments, including subcontracted transportation and fuel, as well as SelectCare and fleet support services associated with our FMS business segment. Services revenue increased 5% in the second quarter and increased 2% in the six months ended June 30, 2026, primarily driven by new business in SCS.

Cost of services represents the direct costs related to services revenue and is primarily comprised of salaries and employee-related costs, subcontracted transportation (purchased transportation from third parties), fuel, lease expense, insurance and maintenance costs. Cost of services increased slightly more than revenue for the three and six months ended June 30, 2026, primarily due to costs incurred to ramp up new business in SCS.

Services gross margin increased slightly in the second quarter and remained consistent for the six months ended June 30, 2026. Service gross margin percentage slightly decreased in the second quarter and remained consistent for the six months ended June 30, 2026.

Lease & Related Maintenance and Rental


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Lease & related maintenance and rental revenue	$	971	$	966	$	1,922	$	1,911	1%	1%
Cost of lease & related maintenance and rental	651		641		1,316		1,290		2%	2%
Gross margin	$	320	$	325	$	606	$	621	(2)%	(2)%
Gross margin %	33%		34%		32%		32%

Lease & related maintenance and rental revenue represent revenue from our ChoiceLease and commercial rental product offerings within our FMS business segment. Revenue increased 1% in the second quarter and for the six months ended June 30, 2026, reflecting contractual revenue growth, partially offset by lower rental demand.

Cost of lease & related maintenance and rental represents the direct costs related to Lease & related maintenance and rental revenue and is comprised of depreciation of revenue earning equipment, maintenance costs (primarily repair parts and labor), and other costs such as licenses, insurance and operating taxes. Cost of lease & related maintenance and rental excludes interest costs from vehicle financing, which are reported within "Interest expense" in our Condensed Consolidated Statements of Earnings. Cost of lease & related maintenance and rental increased 2% in the second quarter and six months ended June 30, 2026, primarily reflecting revenue growth and higher maintenance and insurance costs.

Lease & related maintenance and rental gross margin decreased 2% in the second quarter and the six months ended June 30, 2026, due to higher maintenance and insurance costs. Lease & related maintenance and rental gross margin percentage slightly decreased in the second quarter primarily due to higher maintenance costs and remained consistent for the six months ended June 30, 2026.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

Fuel Services


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Fuel services revenue	$	145	$	100	$	256	$	206	45%	24%
Cost of fuel services	140		94		244		198		48%	23%
Gross margin	$	5	$	6	$	12	$	8	(3)%	55%
Gross margin %	4%		6%		5%		4%

Fuel services revenue represents fuel services provided to our FMS customers. Fuel services revenue increased 45% in the second quarter and increased 24% in the six months ended June 30, 2026, primarily reflecting higher fuel prices passed through to customers.

Cost of fuel services includes the direct costs associated with providing our customers with fuel. These costs include fuel, salaries and employee-related costs of fuel island attendants and depreciation of our fueling facilities and equipment. Cost of fuel services increased 48% in the second quarter and increased 23% in the six months ended June 30, 2026, primarily due to higher fuel prices.

Fuel services gross margin and fuel services gross margin as a percentage of revenue decreased in the second quarter and increased for the six months ended June 30, 2026. Fuel is largely a pass-through to customers for which we realize minimal changes in margin during periods of steady market fuel prices. However, fuel services margin is impacted by sudden increases or decreases in market fuel prices during a short period of time, as customer pricing for fuel is established based on current market fuel costs. Fuel services gross margin and fuel services gross margin as a percentage of revenue in the second quarter of 2026 were positively impacted by these price change dynamics but were impacted more favorably in the prior year. Fuel services gross margin and fuel services gross margin as a percentage of revenue for the six months ended June 30, 2026 were positively impacted by these price change dynamics.

Selling, General and Administrative Expenses


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Selling, general and administrative expenses (SG&A)	$	390	$	378	$	769	$	744	3%	3%
Percentage of total revenue	12%		12%		12%		12%

SG&A expenses increased 3% in the second quarter of 2026 and for the six months ended June 30, 2026, primarily reflecting a non-cash impairment charge related to an intangible asset and higher compensation-related expenses. SG&A expenses as a percentage of total revenue remained consistent at 12% for the second quarter and for the six months ended June 30, 2026.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

Non-Operating Pension Costs, net


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months
Non-operating pension costs, net	$	17	$	9	$	25	$	18	NM	NM

————————————

NM - Denotes Not Meaningful throughout the MD&A

"Non-operating pension costs, net" include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. The second quarter of 2026 and the six months ended June 30, 2026, includes an $8 million non-cash charge for the partial settlement of our Canadian pension plan’s projected benefit obligation. Refer to Note 13, Employee Benefit Plans," for further discussion.

Used Vehicle Sales, net


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Used vehicle sales, net	$	(7)	$	2	$	(19)	$	(7)	510%	171%

Used vehicle sales, net includes gains or losses from sales of used vehicles, selling costs associated with used vehicles and write-downs of vehicles held for sale to fair market value (referred to as "valuation adjustments"). Net gains on used vehicle sales increased in the second quarter and six months ended June 30, 2026, primarily due to higher pricing and an improved retail sales mix. In the prior year, we drove higher sales through the wholesale channel in order to manage aged inventory levels.

Average proceeds per unit increased in the second quarter and for the six months ended June 30, 2026. The following table presents the average used vehicle pricing changes compared to the prior year:


	Proceeds per unit change 2026/2025 (1)
	Three Months	Six Months
Tractors	3%	5%
Trucks	6%	2%

————————————

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

Interest Expense


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Interest expense	$	97	$	102	$	194	$	202	(4)%	(4)%
Effective interest rate	5.1%		5.3%		5.1%		5.2%

Interest expense decreased 4% in the second quarter and for the six months ended June 30, 2026, respectively, primarily reflecting a reduced average debt balance and lower effective interest rate.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

Miscellaneous Income, net


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Miscellaneous income, net	$	(22)	$	(13)	$	(21)	$	(8)	64%	171%

Miscellaneous income, net consists of investment income on securities used to fund certain benefit plans, interest income, gains on sales of operating property, foreign currency transaction remeasurement and other non-operating items. Miscellaneous income, net increased to $22 million in the second quarter of 2026, and increased to $21 million for the six months ended June 30, 2026, primarily due to better market performance of investments classified as trading securities used to fund certain benefit plans.

Restructuring and Other Items, net


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Restructuring and other items, net	$	—	$	—	$	1	$	—	NM	NM

Provision for Income Taxes


	Three months ended June 30,						Six months ended June 30,						Change 2026/2025
(Dollars in millions)	2026			2025			2026			2025			Three Months	Six Months

Provision for income taxes	$	52		$	52		$	78		$	88		—%	(12)%
Effective tax rate on continuing operations	28.2		%	28.3		%	25.4		%	27.7		%
Comparable tax rate on continuing operations (1)	27.7		%	28.0		%	25.1		%	27.0		%

————————————

In the second quarter of 2026, our effective tax rate on continuing operations and comparable effective tax rate on continuing operations was 28.2% and 27.7%, respectively, compared to 28.3% and 28.0%, respectively, in the prior year. For the six months ended June 30, 2026, our effective tax rate on continuing operations and comparable effective tax rate on continuing operations was 25.4% and 25.1% respectively, compared to 27.7% and 27.0%, respectively, in the prior year. The decrease in tax rates for both periods was primarily due to higher excess tax benefits on stock-based compensation.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

OPERATING RESULTS BY BUSINESS SEGMENT


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Revenue:
Fleet Management Solutions	$	1,560	$	1,467	$	3,021	$	2,914	6%	4%
Supply Chain Solutions	1,472		1,366		2,832		2,697		8%	5%
Dedicated Transportation Solutions	600		606		1,153		1,208		(1)%	(5)%
Eliminations	(285)		(250)		(533)		(500)		14%	6%
Total	$	3,347	$	3,189	$	6,473	$	6,319	5%	2%
Operating Revenue: (1)
Fleet Management Solutions	$	1,303	$	1,288	$	2,568	$	2,548	1%	1%
Supply Chain Solutions	1,095		1,019		2,124		2,019		7%	5%
Dedicated Transportation Solutions	455		470		893		930		(3)%	(4)%
Eliminations	(167)		(167)		(325)		(330)		—%	(2)%
Total	$	2,686	$	2,610	$	5,260	$	5,167	3%	2%

Earnings from continuing operations before income taxes:
Fleet Management Solutions	$	150	$	126	$	249	$	220	20%	14%
Supply Chain Solutions	92		99		164		186		(7)%	(12)%
Dedicated Transportation Solutions	36		37		59		64		(4)%	(8)%
Eliminations	(34)		(36)		(65)		(68)		(2)%	(2)%
	244		226		407		402		8%	1%
Unallocated Central Support Services	(19)		(21)		(41)		(42)		(10)%	2%
Intangible amortization expense	(23)		(12)		(36)		(25)		87%	43%
Non-operating pension costs, net (2)	(17)		(9)		(25)		(18)		NM	NM
Other items impacting comparability, net	—		—		(1)		1		NM	NM
Earnings from continuing operations before income taxes	$	185	$	184	$	304	$	318	1%	(4)%

————————————

(2)Refer to Note 13, "Employee Benefit Plans," for a discussion on this item.

As part of management's evaluation of segment operating performance, we define the primary measurement of our segment financial performance as segment "Earnings from continuing operations before income taxes" (Segment EBT), which includes an allocation of Central Support Services (CSS) and excludes Non-operating pension costs, net, Intangible amortization expense, and certain other significant items that are not representative of our business operations and vary from period to period. CSS represents those costs incurred to support all business segments, including information technology, finance, marketing, human resources, legal, and safety.

The objective of the Segment EBT measurement is to provide clarity on the profitability of each business segment and, ultimately, to hold leadership of each business segment accountable for their allocated share of CSS costs. Segment results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Certain corporate costs are not attributable to any segment and remain unallocated in CSS, including costs for investor relations, public affairs and certain executive compensation.

Our FMS segment leases revenue earning equipment, and provides rental vehicles, fuel, maintenance and other ancillary services to the SCS and DTS segments. Inter-segment EBT allocated to SCS and DTS includes earnings related to equipment used in providing services to SCS and DTS customers. EBT related to inter-segment equipment and services billed to SCS and

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

DTS customers (Equipment Contribution) are included in both FMS and the segment that served the customer and then eliminated upon consolidation (presented as "Eliminations").

The following table sets forth the benefits from Equipment Contribution included in Segment EBT for our SCS and DTS business segments:


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

Equipment Contribution:
Supply Chain Solutions	$	13	$	12	$	23	$	22	9%	3%
Dedicated Transportation Solutions	21		24		42		46		(8)%	(5)%
Total	$	34	$	36	$	65	$	68	(2)%	(2)%

Fleet Management Solutions


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months

ChoiceLease	$	885	$	871	$	1,763	$	1,738	2%	1%

Commercial rental (1)	229		239		440		458		(4)%	(4)%
SelectCare and other	189		178		365		352		5%	3%

Fuel services revenue	257		179		453		366		44%	24%
FMS total revenue	$	1,560	$	1,467	$	3,021	$	2,914	6%	4%

FMS operating revenue (2)	$	1,303	$	1,288	$	2,568	$	2,548	1%	1%

FMS EBT	$	150	$	126	$	249	$	220	20%	14%
FMS EBT as a % of FMS total revenue	9.6%		8.6%		8.3%		7.5%		100 bps	80 bps
FMS EBT as a % of FMS operating revenue (2)	11.5%		9.7%		9.7%		8.6%		180 bps	110 bps

					Twelve months ended June 30,				Change 2026/2025
					2026		2025
FMS EBT as a % of FMS total revenue					8.9%		8.6%		30 bps
FMS EBT as a % of FMS operating revenue (2)					10.3%		9.8%		50 bps

————————————

(1)For the three months ended June 30, 2026 and 2025, rental revenue from lease customers in place of a lease vehicle represented 28% of commercial rental revenue for both periods. For the six months ended June 30, 2026 and 2025, rental revenue from lease customers in place of a lease vehicle represented 29% of commercial rental revenue for both periods.

(2)Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this MD&A for reconciliations of the most comparable GAAP measure to the non-GAAP financial measure and the reasons why management believes this measure is important to investors.

FMS total revenue increased 6% in the second quarter of 2026 and increased 4% for the six months ended June 30, 2026, due to higher fuel prices passed through to customers and higher operating revenue. FMS operating revenue increased 1% in the second quarter and for the six months ended June 30, 2026, primarily reflecting contractual revenue growth, partially offset by lower commercial rental demand.

FMS EBT increased 20% in the second quarter and 14% for the six months ended June 30, 2026, due to strategic initiatives benefiting ChoiceLease performance and higher used vehicle sales results reflecting improving market conditions and elevated wholesale activity in the prior year. Used truck and tractor pricing increased 6% and 3%, respectively in the second quarter of 2026 and increased 2% and 5%, respectively, in the six months ended June 30, 2026. Sequentially, pricing was stable as used truck and tractor retail pricing increased 7% and 3%, respectively, on a lower retail sales mix. Rental power fleet utilization was

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

75% in the second quarter of 2026, compared with 70% in the prior year, on a 15% smaller average fleet. Rental power fleet utilization was 72% for the six months ended June 30, 2026, compared with 68% in the prior year, on a 14% smaller average fleet.

Our North America fleet of owned and leased revenue earning equipment and SelectCare vehicles, including vehicles under on-demand maintenance, is summarized as follows (number of units rounded to the nearest hundred):


				Change
	June 30, 2026	December 31, 2025	June 30, 2025	June 2026/ Dec 2025	June 2026/ June 2025
End of period vehicle count
By type:
Trucks (1)	75,100	78,200	80,000	(4)%	(6)%
Tractors (2)	61,000	62,900	64,500	(3)%	(5)%
Trailers and other (3)	44,200	43,800	43,900	1%	1%
Total	180,300	184,900	188,400	(2)%	(4)%

By ownership:
Owned	177,000	181,000	183,700	(2)%	(4)%
Leased	3,300	3,900	4,700	(15)%	(30)%
Total	180,300	184,900	188,400	(2)%	(4)%

By product line:
ChoiceLease	140,600	141,700	142,600	(1)%	(1)%
Commercial rental	29,100	31,600	34,000	(8)%	(14)%
Service vehicles and other	2,100	2,100	2,200	—%	(5)%
	171,800	175,400	178,800	(2)%	(4)%
Held for sale	8,500	9,500	9,600	(11)%	(11)%
Total	180,300	184,900	188,400	(2)%	(4)%


Customer vehicles under SelectCare contracts (4)	44,600	44,100	43,400	1%	3%

Quarterly average vehicle count
By product line:
ChoiceLease	141,200	141,700	143,200	—%	(1)%
Commercial rental	29,200	32,200	34,300	(9)%	(15)%
Service vehicles and other	2,100	2,100	2,100	—%	—%
	172,500	176,000	179,600	(2)%	(4)%
Held for sale	8,900	9,200	9,700	(3)%	(8)%
Total	181,400	185,200	189,300	(2)%	(4)%

Customer vehicles under SelectCare contracts (4)	44,300	43,900	43,000	1%	3%
Customer vehicles under SelectCare on-demand (5)	1,200	1,900	2,000	(37)%	(40)%
Total vehicles serviced	226,900	231,000	234,300	(2)%	(3)%

————————————

(1)Generally comprised of Class 1 through Class 7 type vehicles with a Gross Vehicle Weight (GVW) up to 33,000 pounds.

(2)Generally comprised of over the road on highway tractors and are primarily comprised of Class 8 type vehicles with a GVW of over 33,000 pounds.

(3)Generally comprised of dry, flatbed and refrigerated type trailers.

(4)Excludes customer vehicles under SelectCare on-demand contracts.

(5)Comprised of the number of unique vehicles serviced under on-demand maintenance agreements for the quarterly periods. This does not represent averages for the periods. Vehicles included in the count may have been serviced more than one time during the respective period.

Note: Quarterly amounts were computed using a 6-point average based on monthly information.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following table provides information on our North America active ChoiceLease fleet (number of units rounded to nearest hundred) and our commercial rental power fleet (excludes trailers):


				Change
	June 30, 2026	December 31, 2025	June 30, 2025	June 2026/ Dec 2025	June 2026/ June 2025
Active ChoiceLease fleet
End of period vehicle count (1)	131,000	132,000	134,100	(1)%	(2)%
Quarterly average vehicle count (1)	131,100	132,700	134,500	(1)%	(3)%

Commercial rental statistics
Quarterly commercial rental utilization - power fleet (2)	75%	72%	70%	300 bps	500 bps
Year-to-date commercial rental utilization - power fleet (2)	72%	70%	68%	200 bps	400 bps

————————————

(1)Active ChoiceLease vehicles are calculated as those units currently earning revenue and not classified as not yet earning or no longer earning units.

(2)Rental utilization is calculated using the number of days units are rented divided by the number of days units are available to rent in the calendar year.

Supply Chain Solutions


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months
Omnichannel retail	$	373	$	300	$	724	$	605	24%	20%
Automotive	259		280		508		551		(7)%	(8)%
Consumer packaged goods	303		302		593		596		—%	—%
Industrial and other	160		137		299		267		17%	12%
Subcontracted transportation and fuel	377		347		708		678		9%	4%

SCS total revenue	$	1,472	$	1,366	$	2,832	$	2,697	8%	5%

SCS operating revenue (1)	$	1,095	$	1,019	$	2,124	$	2,019	7%	5%

SCS EBT	$	92	$	99	$	164	$	186	(7)%	(12)%
SCS EBT as a % of SCS total revenue	6.3%		7.2%		5.8%		6.9%		(90) bps	(110) bps
SCS EBT as a % of SCS operating revenue (1)	8.4%		9.7%		7.7%		9.2%		(130) bps	(150) bps

End of period vehicle count:
Power vehicles	4,200		3,800		4,200		3,800		11%	11%
Trailers	8,900		9,200		8,900		9,200		(3)%	(3)%
Total	13,100		13,000		13,100		13,000		1%	1%

					Twelve months ended June 30,				Change 2026/2025
					2026		2025
SCS EBT as a % of SCS total revenue					6.0%		6.9%		(90) bps
SCS EBT as a % of SCS operating revenue (1)					7.9%		9.2%		(130) bps

————————————

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

SCS total revenue increased 8% in the second quarter of 2026 and 5% for the six months ended June 30, 2026, primarily reflecting increased operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation). SCS operating revenue increased 7% in the second quarter of 2026 and 5% for the six months ended June 30, 2026, driven by new business, partially offset by lost business in automotive.

SCS EBT decreased 7% in the second quarter of 2026, and decreased 12% for the six months ended June 30, 2026, primarily due to lower automotive results and, to a lesser extent, productivity of new business ramping up, partially offset by the optimization of the omnichannel retail network.

Dedicated Transportation Solutions


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months
DTS total revenue	$	600	$	606	$	1,153	$	1,208	(1)%	(5)%

DTS operating revenue (1)	$	455	$	470	$	893	$	930	(3)%	(4)%




DTS EBT	$	36	$	37	$	59	$	64	(4)%	(8)%
DTS EBT as a % of DTS total revenue	6.0%		6.2%		5.1%		5.3%		(20) bps	(20) bps
DTS EBT as a % of DTS operating revenue (1)	7.9%		7.9%		6.6%		6.9%		— bps	(30) bps

End of period vehicle count:
Power vehicles	6,800		7,200		6,800		7,200		(6)%	(6)%
Trailers	10,400		11,200		10,400		11,200		(7)%	(7)%
Total	17,200		18,400		17,200		18,400		(7)%	(7)%

					Twelve months ended June 30,				Change 2026/2025
					2026		2025
DTS EBT as a % of DTS total revenue					5.9%		5.5%		40 bps
DTS EBT as a % of DTS operating revenue (1)					7.5%		7.1%		40 bps

————————————

DTS total revenue decreased 1% in the second quarter of 2026 and 5% for the six months ended June 30, 2026, due to lower operating revenue (a non-GAAP measure excluding fuel and subcontracted transportation) and subcontracted transportation costs passed through to customers, partially offset by higher fuel revenue in the second quarter of 2026. DTS operating revenue decreased 3% in the second quarter of 2026 and 4% in the six months ended June 30, 2026, reflecting lower fleet count, partially offset by higher pricing.

DTS EBT decreased 4% in the second quarter of 2026, and 8% for the six months ended June 30, 2026, primarily reflecting lower operating revenue and adverse development of prior year insurance claims, partially offset by benefits from strategic initiatives.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

Central Support Services


	Three months ended June 30,				Six months ended June 30,				Change 2026/2025
(Dollars in millions)	2026		2025		2026		2025		Three Months	Six Months








Total CSS	108		111		221		220		(3)%	1%
Allocation of CSS to business segments	(89)		(90)		(180)		(178)		(1)%	1%
Unallocated CSS	$	19	$	21	$	41	$	42	(10)%	(2)%

Total CSS costs decreased 3% in the second quarter of 2026, primarily due to lower marketing expense, and was relatively consistent for the six months ended June 30, 2026.

Unallocated CSS costs decreased 10% in the second quarter of 2026, and 2% for the six months ended June 30, 2026, primarily due to lower compensation-related expense.

FINANCIAL RESOURCES AND LIQUIDITY

Cash Flows

The following is a summary of our cash flows from continuing operations:


	Six months ended June 30,
(In millions)	2026		2025

Net cash provided by (used in) :
Operating activities	$	1,260	$	1,403
Investing activities	(588)		(943)
Financing activities	(650)		(444)
Effect of exchange rate changes on cash	(1)		10
Net change in cash, cash equivalents, and restricted cash	$	21	$	26

	Six months ended June 30,
(In millions)	2026		2025
Net cash provided by operating activities from continuing operations
Earnings from continuing operations	$	226	$	230
Non-cash and other, net	1,155		1,102

Collections on sales-type leases	89		80
Changes in operating assets and liabilities	(210)		(9)



Net cash provided by operating activities from continuing operations	$	1,260	$	1,403

Net cash provided by operating activities from continuing operations was $1.3 billion for the six months ended June 30, 2026, compared to $1.4 billion in the prior year, primarily reflecting an increase of accounts receivable in conjunction with revenue growth and the timing of vendor payments. Net cash used in investing activities from continuing operations decreased to $588 million for the six months ended June 30, 2026, compared with $943 million in 2025, primarily reflecting lower capital expenditures. Net cash used in financing activities from continuing operations was $650 million for the six months ended June 30, 2026, compared with $444 million in 2025, primarily reflecting higher net debt repayments and share repurchases.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following table shows our free cash flow (a non-GAAP measure) computation:


	Six months ended June 30,
(In millions)	2026		2025

Net cash provided by operating activities from continuing operations	$	1,260	$	1,403
Sales of revenue earning equipment (1)	250		254
Sales of operating property and equipment (1)	5		6
Other (1)	1		1
Total cash generated (2)	1,516		1,664
Purchases of property and revenue earning equipment (1)	(832)		(1,203)
Free cash flow (2)	$	684	$	461

————————————

(1)Included in cash flows from investing activities.

(2)Non-GAAP financial measure. Reconciliations of net cash provided by operating activities to total cash generated and to free cash flow are set forth in

this table. Refer to the "Non-GAAP Financial Measures" section of this MD&A for the reasons why management believes this measure is important to investors.

Free cash flow (a non-GAAP measure) increased to $684 million for the six months ended June 30, 2026, compared to $461 million in 2025, primarily reflecting reduced cash capital expenditures.

The following table provides a summary of gross capital expenditures:


	Six months ended June 30,
(In millions)	2026		2025

Revenue earning equipment:
ChoiceLease	$	605	$	832
Commercial rental	94		268
	699		1,100
Operating property and equipment	113		92
Gross capital expenditures	812		1,192
Changes to liabilities related to purchases of property and revenue earning equipment	20		11
Cash paid for purchases of property and revenue earning equipment	$	832	$	1,203

Gross capital expenditures decreased to $812 million for the six months ended June 30, 2026, compared to $1.2 billion in 2025, primarily reflecting the timing of ChoiceLease fleet replacement and reduced investments in the rental fleet.

Financing and Other Funding Transactions

We utilize external capital primarily to support working capital needs and growth in our asset-based product lines. The variety of financing alternatives typically available to fund our capital needs include commercial paper, medium-term and long-term public and private debt, bank term loans, leasing arrangements and bank credit facilities. Our principal sources of financing are issuances of unsecured commercial paper and medium-term notes.

Cash and cash equivalents totaled $219 million as of June 30, 2026, of which $171 million was held outside the U.S. and is available to fund the operations and growth of our non-U.S. subsidiaries. We believe that cash generated from operations, together with our access to the commercial paper and public debt markets, will be sufficient to meet our operating, investing and financing needs, including debt maturities and other short-term obligations, over the next twelve months. Our global revolving credit facility, in conjunction with operating cash flow, provides financial flexibility to refinance upcoming debt maturities. Consistent with our historical funding practices, we intend to refinance certain debt obligations as they mature through a combination of commercial paper and medium-term debt issuances, depending on market conditions and funding requirements. However, volatility or disruption in the commercial paper or public debt markets could impair our ability to access these markets or obtain financing on commercially acceptable terms. If access to these markets become unavailable, we believe our committed revolving credit facility and other available funding sources would provide sufficient liquidity to meet our obligations as they become due.

In April 2026, we extended the trade receivables financing facility for an additional year to April 2027.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

Refer to Note 9, "Debt," in the Notes to Condensed Consolidated Financial Statements for additional information on our corporate revolving credit facility, trade receivables financing program, medium-term notes and asset-backed financing obligations.

Our ability to access unsecured debt in the capital markets is impacted by both our short-term and long-term debt ratings. These ratings are intended to provide guidance to investors in determining the credit risk associated with our particular securities based on current information obtained by the rating agencies from us or from other sources. Ratings are not recommendations to buy, sell or hold our debt securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Lower ratings generally result in higher borrowing costs, as well as reduced access to unsecured capital markets. A significant downgrade of our short-term debt ratings would impair our ability to issue commercial paper and likely require us to rely on alternative funding sources. A significant downgrade would not affect our ability to borrow amounts under our corporate revolving credit facility described below, assuming ongoing compliance with the terms and conditions of the credit facility.

Our debt ratings and rating outlooks as of June 30, 2026, were as follows:

Rating Summary

Short-term

Long-term

Long-term Outlook

Standard & Poor’s Ratings Services

BBB+

Stable

Moody’s Investors Service

Baa1

Stable

Fitch Ratings

BBB+

Stable

In April 2026, Moody’s long-term rating was upgraded to Baa1 with a stable outlook.

As of June 30, 2026, we had the following amounts available to fund operations under the following facilities:


	(In millions)

Revolving credit facility	$	877
Trade receivables financing program	202
Total	$	1,079

In accordance with our funding philosophy, we attempt to align the aggregate average remaining repricing life of our U.S. debt with the aggregate average remaining repricing life of our U.S. vehicle assets. We utilize both fixed-rate and variable-rate debt to achieve this alignment and generally target a mix of 20% - 40% variable-rate debt as a percentage of total debt outstanding. The variable-rate portion of our total debt (including notional value of swap agreements) was 17% and 18% as of June 30, 2026 and December 31, 2025, respectively.

Our debt-to-equity ratio was 259% and 250% as of June 30, 2026 and December 31, 2025, respectively. The debt-to-equity ratio represents total debt divided by total equity.

Share Repurchases and Cash Dividends.

Refer to Note 10, "Share Repurchase Programs," in the Notes to Condensed Consolidated Financial Statements for a discussion on our share repurchase programs.

In July 2026, our board of directors declared a quarterly cash dividend of $1.01 per share of common stock, an increase of 11% compared to the quarterly dividend of $0.91 per share of common stock declared in July 2025.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

NON-GAAP FINANCIAL MEASURES

This Quarterly Report on Form 10-Q includes information extracted from condensed consolidated financial information, but not required by generally accepted accounting principles in the United States (GAAP) to be presented in the financial statements. Certain elements of this information are considered "non-GAAP financial measures" as defined by SEC rules. Non-GAAP financial measures should be considered in addition to, but not as a substitute for or superior to, other measures of financial performance or liquidity prepared in accordance with GAAP. Also, our non-GAAP financial measures may not be comparable to financial measures used by other companies. We provide a reconciliation of each of these non-GAAP financial measures to the most comparable GAAP measure in this non-GAAP financial measures section or in the MD&A above. We also provide the reasons why management believes each non-GAAP financial measure is useful to investors in this section.

Specifically, we refer to the following non-GAAP financial measures in this Form 10-Q:


Non-GAAP Financial Measure			Comparable GAAP Measure
Operating Revenue Measures:
Operating Revenue			Total Revenue
FMS Operating Revenue			FMS Total Revenue
SCS Operating Revenue			SCS Total Revenue
DTS Operating Revenue			DTS Total Revenue
FMS EBT as a % of FMS Operating Revenue			FMS EBT as a % of FMS Total Revenue
SCS EBT as a % of SCS Operating Revenue			SCS EBT as a % of SCS Total Revenue
DTS EBT as a % of DTS Operating Revenue			DTS EBT as a % of DTS Total Revenue
Comparable Earnings Measures:
Comparable Earnings Before Income Tax			Earnings Before Income Tax
Comparable Earnings			Earnings from Continuing Operations
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)			Net Earnings
Comparable EPS			EPS from Continuing Operations
Comparable Tax Rate			Effective Tax Rate from Continuing Operations
Adjusted Return on Equity (ROE)			Not Applicable. However, non-GAAP elements of the calculation have been reconciled to the corresponding GAAP measures. A numerical reconciliation of net earnings to adjusted net earnings and average shareholders' equity to adjusted average equity is provided in the following reconciliations.
Cash Flow Measures:
Total Cash Generated and Free Cash Flow			Cash Provided by Operating Activities from Continuing Operations

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

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


Operating Revenue Measures:
Operating Revenue FMS Operating Revenue SCS Operating Revenue DTS Operating Revenue FMS EBT as a % of FMS Operating Revenue SCS EBT as a % of SCS Operating Revenue DTS EBT as a % of DTS Operating Revenue			Operating revenue is defined as total revenue for Ryder or each business segment (FMS, SCS and DTS) excluding any (1) fuel and (2) subcontracted transportation. We use operating revenue to evaluate the operating performance of our core businesses and as a measure of sales activity at the consolidated level for Ryder System, Inc., as well as for each of our business segments. We also use segment EBT as a percentage of segment operating revenue for each business segment for the same reason. Note: FMS EBT, SCS EBT and DTS EBT, our primary measures of segment performance, are not non-GAAP measures. Fuel: We exclude FMS, SCS and DTS fuel from the calculation of our operating revenue measures, as fuel is an ancillary service that we provide our customers. Fuel revenue is impacted by fluctuations in market fuel prices and the costs are largely a pass-through to our customers, resulting in minimal changes in our profitability during periods of steady market fuel prices. However, profitability may be positively or negatively impacted by rapid changes in market fuel prices during a short period of time, as customer pricing for fuel services is established based on current market fuel costs. Subcontracted transportation: We exclude subcontracted transportation from the calculation of our operating revenue measures, as these costs are also typically a pass-through to our customers and, therefore, carrier rate fluctuations result in minimal changes to our profitability. While our SCS and DTS business segments subcontract certain transportation services to third party providers, our FMS business segment does not engage in subcontracted transportation and, therefore, this item is not applicable to FMS.
Comparable Earnings Measures:
Comparable Earnings before Income Taxes (EBT) Comparable Earnings Comparable Earnings per Diluted Common Share (EPS) Comparable Tax Rate Adjusted Return on Equity (ROE)			Comparable EBT, Comparable Earnings and Comparable EPS are defined, respectively, as GAAP EBT, earnings and EPS, all from continuing operations, excluding (1) non-operating pension costs, net and (2) other items impacting comparability (as further described below). We believe these non-GAAP measures provide useful information to investors and allow for better year-over-year comparison of operating performance. Non-operating pension costs, net: Our comparable earnings measures exclude non-operating pension costs, net, which include the amortization of net actuarial loss and prior service cost, interest cost and expected return on plan assets components of pension and postretirement benefit costs, as well as any significant charges for settlements or curtailments if recognized. We exclude non-operating pension costs, net because we consider these to be impacted by financial market performance and outside the operational performance of our business. Other Items Impacting Comparability: Our comparable and adjusted earnings measures also exclude other significant items that are not representative of our business operations and vary from period to period. Comparable Tax Rate is computed using the same methodology as the GAAP provision for income taxes. Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related. Adjusted ROE is defined as adjusted net earnings divided by adjusted average shareholders' equity and represents the rate of return on shareholders' investment. Other items impacting comparability described above are excluded, as applicable, from the calculation of adjusted net earnings and adjusted average shareholders' equity. We also exclude any significant charges for pension settlements or curtailments from the calculation of adjusted net earnings. We use adjusted ROE as an internal measure of how effectively we use the owned capital invested in our operations.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)


Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)			Comparable EBITDA is defined as net earnings, first adjusted to exclude discontinued operations and the following items, all from continuing operations: (1) non-operating pension costs, net and (2) other items impacting comparability (in each of (1) and (2), as defined in comparable earnings measures immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) intangible amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. We believe that the inclusion of comparable EBITDA also provides consistency in financial reporting and aids investors in performing meaningful comparisons of past, present and future operating results. Our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered a substitute for, or superior to, the measures of financial performance determined in accordance with GAAP.
Cash Flow Measures:
Total Cash Generated Free Cash Flow			We consider total cash generated and free cash flow to be important measures of comparative operating performance, as our principal sources of operating liquidity are cash from operations and proceeds from the sale of revenue earning equipment. Total Cash Generated is defined as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment, (3) net cash provided by the sale of operating property and equipment and (4) other cash inflows from investing activities. We believe total cash generated is an important measure of total cash flows generated from our ongoing business activities. Free Cash Flow is defined as the net amount of cash generated from operating activities and investing activities (excluding acquisitions) from continuing operations. We calculate free cash flow as the sum of (1) net cash provided by operating activities, (2) net cash provided by the sale of revenue earning equipment and operating property and equipment, and (3) other cash inflows from investing activities, less (4) purchases of property and revenue earning equipment. We believe free cash flow provides investors with an important perspective on the cash available for debt service and for shareholders, after making capital investments required to support ongoing business operations. Our calculation of free cash flow may be different from the calculation used by other companies and, therefore, comparability may be limited. * See Total Cash Generated and Free Cash Flow reconciliations in the Financial Resources and Liquidity section of Management's Discussion and Analysis.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following table provides a reconciliation of GAAP Earnings from continuing operations before income taxes (EBT), Earnings from continuing operations, and Earnings from continuing operations per common share — Diluted (Diluted EPS) to comparable EBT, comparable earnings and comparable EPS, respectively. Certain items included in EBT, Earnings from continuing operations and Diluted EPS have been excluded from our comparable EBT, comparable earnings and comparable diluted EPS measures. The following table lists a summary of these items, which are discussed in more detail throughout our MD&A and within the Notes to Condensed Consolidated Financial Statements:


	Continuing Operations
	Three months ended June 30,				Six months ended June 30,
(In millions, except per share amounts)	2026		2025		2026		2025
EBT	$	185	$	184	$	304	$	318
Non-operating pension costs, net	17		9		25		18




Other, net	—		—		1		(1)
Comparable EBT	$	202	$	193	$	330	$	335

Earnings from continuing operations	$	133	$	132	$	226	$	230
Non-operating pension costs, net	13		8		20		15




Other, net	—		(1)		1		—

Comparable Earnings	$	146	$	139	$	247	$	245

Diluted EPS	$	3.40	$	3.15	$	5.73	$	5.42
Non-operating pension costs, net	0.33		0.18		0.51		0.35




Other, net	—		(0.01)		0.01		—
Comparable EPS	$	3.73	$	3.32	$	6.25	$	5.77

Note: Amounts may not be additive due to rounding.

The following table provides a reconciliation of the effective tax rate to the comparable tax rate:


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025







Effective tax rate on continuing operations (1)	28.2	%	28.3	%	25.4	%	27.7	%
Tax adjustments and income tax effects of non-GAAP adjustments (2)	(0.5)	%	(0.3)	%	(0.3)	%	(0.7)	%
Comparable tax rate on continuing operations (1)	27.7	%	28.0	%	25.1	%	27.0	%

————————————

(1)The effective tax rate on continuing operations and comparable tax rate are based on EBT and comparable EBT, respectively, found above.

(2)Income tax effects of non-GAAP adjustments are calculated based on the marginal tax rates to which the non-GAAP adjustments are related.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following table provides a reconciliation of Net earnings to comparable EBITDA:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Net earnings	$	133	$	131	$	226	$	228
Loss from discontinued operations, net of tax	—		1		—		2
Provision for income taxes	52		52		78		88
EBT	185		184		304		318
Non-operating pension costs, net	17		9		25		18




Other, net	—		—		1		(1)
Comparable EBT	202		193		330		335
Interest expense	97		102		194		202
Depreciation	426		420		858		845
Used vehicle sales, net (1)	(7)		2		(19)		(7)
Intangible amortization	23		12		36		25
Comparable EBITDA	$	741	$	729	$	1,399	$	1,400

————————————

(1)Refer to Note 6, "Revenue Earning Equipment, net," in the Notes to Condensed Consolidated Financial Statements for additional information.

The following table provides a reconciliation of total revenue to operating revenue:


	Three months ended June 30,				Six months ended June 30,
(In millions)	2026		2025		2026		2025

Total revenue	$	3,347	$	3,189	$	6,473	$	6,319
Subcontracted transportation	(379)		(384)		(716)		(751)
Fuel	(282)		(195)		(497)		(401)
Operating revenue	$	2,686	$	2,610	$	5,260	$	5,167

The following table provides a reconciliation of FMS total revenue to FMS operating revenue:


	Three months ended June 30,				Six months ended June 30,				Twelve months ended June 30,
(Dollars in millions)	2026		2025		2026		2025		2026		2025
FMS total revenue	$	1,560	$	1,467	$	3,021	$	2,914	$	5,952	$	5,869
Fuel revenue	(257)		(179)		(453)		(366)		(805)		(732)
FMS operating revenue	$	1,303	$	1,288	$	2,568	$	2,548	$	5,147	$	5,137

FMS EBT	$	150	$	126	$	249	$	220	$	530	$	503
FMS EBT as a % of FMS total revenue	9.6%		8.6%		8.3%		7.5%		8.9%		8.6%
FMS EBT as a % of FMS operating revenue	11.5%		9.7%		9.7%		8.6%		10.3%		9.8%

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

The following table provides a reconciliation of SCS total revenue to SCS operating revenue:


	Three months ended June 30,				Six months ended June 30,				Twelve months ended June 30,
(Dollars in millions)	2026		2025		2026		2025		2026		2025
SCS total revenue	$	1,472	$	1,366	$	2,832	$	2,697	$	5,594	$	5,354
Subcontracted transportation	(321)		(309)		(612)		(601)		(1,229)		(1,183)
Fuel	(56)		(38)		(96)		(77)		(169)		(148)
SCS operating revenue	$	1,095	$	1,019	$	2,124	$	2,019	$	4,196	$	4,023

SCS EBT	$	92	$	99	$	164	$	186	$	333	$	369
SCS EBT as a % of SCS total revenue	6.3%		7.2%		5.8%		6.9%		6.0%		6.9%
SCS EBT as a % of SCS operating revenue	8.4%		9.7%		7.7%		9.2%		7.9%		9.2%

The following table provides a reconciliation of DTS total revenue to DTS operating revenue:


	Three months ended June 30,				Six months ended June 30,				Twelve months ended June 30,
(Dollars in millions)	2026		2025		2026		2025		2026		2025
DTS total revenue	$	600	$	606	$	1,153	$	1,208	$	2,288	$	2,456
Subcontracted transportation	(63)		(78)		(114)		(159)		(225)		(328)
Fuel	(82)		(58)		(146)		(119)		(259)		(239)
DTS operating revenue	$	455	$	470	$	893	$	930	$	1,804	$	1,889

DTS EBT	$	36	$	37	$	59	$	64	$	135	$	134
DTS EBT as a % of DTS total revenue	6.0%		6.2%		5.1%		5.3%		5.9%		5.5%
DTS EBT as a % of DTS operating revenue	7.9%		7.9%		6.6%		6.9%		7.5%		7.1%

The following tables provide numerical reconciliations of Net earnings to adjusted net earnings and average shareholders' equity to adjusted average shareholders' equity (Adjusted ROE), and of the non-GAAP elements used to calculate the adjusted return on equity to the corresponding GAAP measures:


	Twelve months ended June 30,
(Dollars in millions)	2026		2025

Net earnings	$	496	$	506
Other items impacting comparability, net	10		8

Adjusted net earnings [A]	$	506	$	514

Average shareholders' equity	$	2,993	$	3,068
Average adjustments to shareholders' equity	3		4
Adjusted average shareholders' equity [B]	$	2,996	$	3,072

Adjusted return on equity [A/B]	17%		17%

————————————

Note: Amounts may not be additive due to rounding.


	Twelve months ended June 30,
(In millions)	2026		2025

Acquisition costs	—		1


Other, net	10		7
Other items impacting comparability, net	$	10	$	8

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

Forward-looking statements (within the meaning of the Federal Private Securities Litigation Reform Act of 1995) are statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends concerning matters that are not historical facts. These statements are often preceded by or include the words "believe," "expect," "intend," "estimate," "anticipate," "will," "may," "could," "should" or similar expressions. This Quarterly Report contains forward-looking statements including statements regarding:

•our expectations regarding trends in used vehicle sales and commercial rental, including pricing, volumes and sales channel mix;

•our expectations regarding the freight cycle, market conditions and customer activity levels, including the impacts of overall economic uncertainty;

•our expectations with respect to demand for outsourced logistics and transportation solutions, including the impacts of outsourcing and other secular trends on our business and financial results and related long-term revenue and earnings growth opportunities;

•our expectations regarding the availability of vehicles and vehicle parts and the effects of supply conditions on pricing and demand;

•our expectations regarding the impact of labor market conditions, including shortages, disruptions and subcontracted transportation costs;

•our expectations regarding ChoiceLease performance, including revenue and earnings;

•our expectations for our SCS and DTS business segments, including revenue, earnings performance and contract sales activity;

•our expectations regarding cash flow from operating activities, free cash flow, capital expenditures and other financial outlook;

•the adequacy of our accounting estimates and reserves, including those related to goodwill, acquired intangible assets, customer relationship intangible assets and other asset impairments, residual values, depreciation assumptions, deferred income taxes, effective tax rates, variable revenue considerations, the valuation of our pension plans, allowance for credit losses and self-insurance loss reserves;

•the adequacy of our fair value estimates of publicly traded debt and other financial instruments;

•our ability to fund all of operating, investing and financing needs through internally generated funds and outside funding sources;

•our expectations regarding the availability and use of outside funding sources, anticipated future payments under debt and lease agreements, and counterparty credit risk associated with hedging and derivative agreements;

•our ability to meet our objectives with share repurchase programs;

•the impact of fuel and energy price fluctuations;

•our expectations regarding returns on pension plan assets and future pension expense;

•our expectations regarding the scope and potential outcomes with respect to certain claims, proceedings and lawsuits;

•our ability to access commercial paper and other capital market financing on acceptable terms;

•our expectations regarding the benefits from our strategic initiatives and investments, including our lease pricing and maintenance cost savings initiatives;

•our expectations regarding prior acquisitions;

•the impact of inflationary cost pressures, interest rate movements and exchange rate fluctuations;

•our expectations of the long-term residual values of revenue earnings equipment, including the probability of incurring losses or having to decrease residual value estimates in the event of a potential cyclical downturn or changes to the estimated useful lives; and

•our expectations regarding U.S. federal, state and foreign tax positions, tariffs and the realizability of deferred tax assets and changes in foreign tax rates, including the reinstatement of bonus depreciation, restoration of earnings

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

before interest, taxes, depreciation and amortization as the basis for calculating the business interest expense limitation, and modifications to the Global Intangible Low-Taxed Income regime.

These statements, as well as other forward-looking statements contained in this Quarterly Report, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. We caution readers that certain important factors could cause actual results and events to differ significantly from those expressed in any forward-looking statements. These risk factors, among others, include the following:

•Market Conditions:

◦Changes and uncertainty regarding economic, financial and market conditions in the U.S. and worldwide leading to decreased demand for our services and products, lower profit margins, increased levels of bad debt, and reduced access to credit and financial markets.

◦Decreases in freight demand which would impact both our transactional and variable-based contractual business.

◦Changes in our customers' operations, financial condition or business environment that may limit their demand for, or ability to purchase, our services and products.

◦Decreases in market demand affecting the commercial rental market and used vehicle sales as well as global economic conditions.

◦Volatility in customer volumes and shifting customer demand in the industries we service.

◦Changes in current financial, tax or other regulatory requirements, such as tariffs, trade restrictions or trade agreements, including the impact to our customers and partners, that could negatively impact our financial and operating results.

◦Financial institution disruptions and geopolitical events or conflicts.

•Competition:

◦Advances in technology may impact demand for our services or may require increased investments to remain competitive, and our customers may not be willing to accept higher prices to cover the cost of these investments.

◦Competition from other service providers, some of which have greater capital resources or lower capital costs, or from our customers, who may choose to provide services themselves.

◦Continued consolidation in the markets where we operate, which may create large competitors with greater financial resources.

◦Our inability to maintain current pricing levels due to economic conditions, demand for services, customer acceptance or competition.

•Profitability:

◦Lower than expected sales volumes or customer retention levels.

◦Decreases in commercial rental fleet utilization and pricing.

◦Adverse conditions in the used vehicle sales market; lower than expected used vehicle sales pricing levels and fluctuations in the anticipated proportion of retail versus wholesale sales.

◦Loss of key customers in our SCS and DTS business segments.

◦Decreases in volume in our omnichannel retail vertical.

◦Our inability to adapt our product offerings to meet changing consumer preferences on a cost-effective basis.

◦The inability of our information technology systems to provide timely and accurate access to data.

◦The inability of our information security program to safeguard our or our stakeholders' data.

◦Sudden changes in market fuel prices and fuel shortages.

◦Higher prices for vehicles, diesel engines and fuel as a result of new regulations or inflationary pressures.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

AND RESULTS OF OPERATIONS — (Continued)

◦Higher than expected maintenance costs and lower than expected benefits associated with our maintenance initiatives.

◦Lower than expected revenue growth due to production delays, lost business or supply chain or other disruptions affecting our automotive SCS customers or other customers.

◦The inability of an original equipment manufacturer or supplier to provide vehicles or vehicle components as originally scheduled.

◦Our inability to successfully execute our strategic returns and asset management initiatives, maintain our fleet at normalized levels and right-size our fleet in line with demand.

◦Our key assumptions and pricing structure, including any assumptions made with respect to inflation, of our SCS and DTS contracts prove to be inaccurate.

◦Increased unionizing, labor strikes and work stoppages.

◦Difficulties in attracting and retaining professional drivers, warehouse personnel and technicians due to labor shortages, which may result in higher costs to procure drivers and technicians and higher turnover rates affecting our customers.

◦Our inability to manage our cost structure.

◦Our inability to limit our exposure for customer claims.

◦Unfavorable or unanticipated outcomes in legal or regulatory proceedings or uncertain positions.

◦Business interruptions or expenditures due to severe weather or other natural occurrences.

•Financing Concerns:

◦Higher borrowing costs.

◦Increased inflationary pressures.

◦Unanticipated interest rate and currency exchange rate fluctuations.

◦Negative funding status of our pension plans caused by lower than expected returns on invested assets and unanticipated changes in interest rates.

◦Instability in U.S. and worldwide credit markets, resulting in higher borrowing costs and/or reduced access to credit.

•Accounting Matters:

◦Reductions in residual values or useful lives of revenue earning equipment.

◦Increases in compensation levels, retirement rate and mortality resulting in higher pension expense.

◦Changes in accounting rules, assumptions and accruals.

•Other risks detailed from time to time in our SEC filings including our 2025 Annual Report on Form 10-K and in "Item 1A.-Risk Factors" of this Quarterly Report.

New risk factors 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 risk factors on our business. As a result, we cannot provide assurance as to our future results or achievements. You should not place undue reliance on the forward-looking statements contained herein, which speak only as of the date of this Quarterly Report. We do not intend, or assume any obligation, to update or revise any forward-looking statements contained in this Quarterly Report, whether as a result of new information, future events or otherwise.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to Ryder's exposures to market risks since December 31, 2025. Please refer to the 2025 Annual Report on Form 10-K for a complete discussion of Ryder's exposures to market risks.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the second quarter of 2026, we carried out an evaluation, under the supervision and with the participation of management, including Ryder's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of Ryder's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that as of the end of the second quarter of 2026, Ryder's disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) were effective.

Changes in Internal Control over Financial Reporting

During the three months ended June 30, 2026, there were no changes in Ryder's internal control over financial reporting that have materially affected or are reasonably likely to materially affect such internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

For a description of our material pending legal proceedings, please refer to Note 14, "Contingencies and Other Matters," in the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

ITEM 1A. RISK FACTORS

To our knowledge and except to the extent additional factual information disclosed in this Quarterly Report on Form 10-Q relates to such risk factors, there have been no material changes in the risk factors described in "Item 1A. Risk Factors" in our Form 10-K for the year ended December 31, 2025, filed with the SEC on February 11, 2026. Our operations could also be affected by additional risk factors that are not presently known to us or by factors that we currently consider not material to our business.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information with respect to purchases we made of our common stock during the three months ended June 30, 2026:


(Dollars in millions, except per share)	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Aggregate Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (2)
April 1 through April 30, 2026	219,300	$	228.27	219,048	3,074,811
May 1 through May 31, 2026	200,437	238.87		200,330	2,874,481
June 1 through June 30, 2026	882	270.72		—	2,874,481
Total	420,619	$	233.41	419,378

————————————

(1)During the three months ended June 30, 2026, we purchased an aggregate of 1,241 shares of our common stock in employee-related transactions. Employee-related transactions may include: (i) shares of common stock withheld as payment for the exercise price of options exercised or to satisfy the tax withholding liability associated with our share-based compensation programs and (ii) open-market purchases by the trustee of Ryder’s deferred compensation plans relating to investments by employees in our stock, one of the investment options available under the plans.

(2)We maintain two share repurchase programs approved by our board of directors in October 2025 and May 2026. Refer to Note 10, “Share Repurchase Programs,” in the Notes to Condensed Consolidated Financial Statements for a discussion on our share repurchase programs. Share repurchases under both programs can be made from time to time using our working capital and a variety of methods, including open-market transactions and trading plans established pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934. The timing and actual number of shares repurchased are subject to market conditions, legal requirements and other factors, including balance sheet leverage, availability of quality acquisitions and stock price.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Plans and Non-Rule 10b5-1 Trading Arrangements

Certain of our officers or directors, as applicable, have made elections to participate in, and are participating in, our dividend reinvestment plan and 401(k) savings plan, and have made, and may from time to time make, elections to purchase shares, have shares withheld to cover withholding taxes, or pay the exercise price of options, which may be designed to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act or may constitute non-Rule 10b5-1 trading arrangements (as defined in Item 408 of Regulation S-K).

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ITEM 6. EXHIBITS


Exhibit Number						Description





31.1						Certification of John J. Diez pursuant to Rule 13a-14(a) or Rule 15d-14(a)
31.2						Certification of Cristina Gallo-Aquilo pursuant to Rule 13a-14(a) or Rule 15d-14(a)
32						Certification of John J. Diez and Cristina Gallo-Aquino pursuant to Rule 13a-14(b) or Rule 15d-14(b) and 18 U.S.C Section 1350
101.INS						XBRL Instance Document - the instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Label Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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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 thereunto duly authorized.


		RYDER SYSTEM, INC.
		(Registrant)

Date:	July 23, 2026	By:	/s/ CRISTINA GALLO-AQUINO
			Cristina Gallo-Aquino
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Date:	July 23, 2026	By:	/s/ JAY A. ANDERSON
			Jay A. Anderson
			Vice President and Controller
			(Principal Accounting Officer)

Ryder - 10-Q quarterly report FY2026 Q2

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		Page No.

PART I. FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)	1

	Condensed Consolidated Statements of Earnings	1

	Condensed Consolidated Statements of Comprehensive Income	2

	Condensed Consolidated Balance Sheets	3

	Condensed Consolidated Statements of Cash Flows	4

	Condensed Consolidated Statements of Shareholders' Equity	5

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	22

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	44

ITEM 4.	Controls and Procedures	45

PART II. OTHER INFORMATION

ITEM 1.	Legal Proceedings	45

ITEM 1A.	Risk Factors	45

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	46



ITEM 5.	Other Information	46



ITEM 6.	Exhibits	47

SIGNATURE		48