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• Ryder is like an Enterprise Rent-A-Car, but for commercial trucks, and they can also provide the drivers and maintenance to run a company's entire fleet.
• Ryder is like Amazon's vast fulfillment and logistics network, but offered as an outsourced service to other businesses.

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• Commercial Vehicle Leasing: Offers full service and flexible maintenance leasing options for trucks, tractors, and trailers.
• Commercial Vehicle Rental: Provides short-term rental services for commercial trucks, tractors, and trailers.
• Vehicle Maintenance: Delivers contract and transactional maintenance services for commercial vehicles, including comprehensive fleet support.
• Fuel Services: Manages fuel programs, including access to diesel fuel, planning, tax reporting, and centralized billing.
• Used Vehicle Sales: Sells pre-owned commercial trucks, tractors, and trailers through retail centers and online.
• Dedicated Transportation Services: Provides comprehensive outsourced solutions for private fleets, including equipment, drivers, maintenance, and operational management.
• Supply Chain & Distribution Management: Designs, manages, and operates customer distribution networks, warehouses, and material flows, incorporating value-added services.
• Transportation Management: Optimizes, schedules, and confirms customer shipments across various modes.
• E-commerce & Last Mile Logistics: Supports e-commerce fulfillment and manages final delivery services to end customers.
• Logistics Consulting: Offers knowledge-based professional services for supply chain strategy and optimization.

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Ryder System, Inc. (symbol: R) primarily serves other businesses (B2B) rather than individual consumers. The company provides essential logistics, transportation, and fleet management solutions to a diverse range of industries. While specific customer names are not provided in the company description, Ryder's clientele typically consists of businesses that require:

• Comprehensive Supply Chain and Distribution Management: This includes manufacturers, retailers, and e-commerce companies that rely on Ryder for designing and managing their distribution networks, warehousing, inbound and outbound material flows, import/export, and last-mile delivery services.
• Dedicated Transportation and Logistics Solutions: Businesses across various sectors that need dedicated fleets, drivers, equipment, and administrative support for their specific transportation requirements, including routing, scheduling, and regulatory compliance.
• Commercial Fleet Management and Leasing: Companies that operate or require commercial vehicles (trucks, tractors, trailers) for their operations, utilizing Ryder for full-service leasing, flexible maintenance options, vehicle rentals, fuel services, and the sale of used commercial vehicles.

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• Daimler Truck North America LLC (Parent: Daimler Truck Holding AG, Symbol: DTG)
• Volvo Group North America (Parent: Volvo AB, Symbol: VOLV B)
• Navistar, Inc. (Parent: Traton SE, Symbol: 8TRA)
• Ford Motor Company (Symbol: F)
• Great Dane Trailers
• Wabash National Corporation (Symbol: WNC)

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Robert E. Sanchez Chairman and Chief Executive Officer

Robert E. Sanchez is the Chairman and Chief Executive Officer of Ryder System, Inc. He was appointed CEO in January 2013 and Chairman of the Board in May 2013. Mr. Sanchez has spent over 30 years at Ryder, holding various senior executive leadership positions, including President and Chief Operating Officer, Chief Financial Officer, President of Fleet Management Solutions, Chief Information Officer, Senior Vice President of Transportation Management, and Vice President of Asset Management. In his earlier roles, he was instrumental in centralizing Ryder's asset management function and improving cost management. Before joining Ryder in 1993, Mr. Sanchez held engineering positions at Pratt & Whitney Aircraft and Florida Power & Light. He earned his MBA from The Wharton School at the University of Pennsylvania and a Bachelor of Science in Electrical Engineering from the University of Miami. Mr. Sanchez also serves on the board of directors of Texas Instruments. It should be noted that Mr. Sanchez is set to retire on March 31, 2026.

John J. Diez President and Chief Operating Officer

John J. Diez serves as the President and Chief Operating Officer of Ryder System, Inc., a role he assumed on January 1, 2025. He is slated to become the Chief Executive Officer on March 31, 2026, succeeding Robert E. Sanchez. Mr. Diez has over two decades of experience with Ryder, having previously served as Executive Vice President and Chief Financial Officer from June 2021 to December 2024. His extensive career at Ryder includes leadership positions such as President of Fleet Management Solutions, President of Dedicated Transportation Solutions, Senior Vice President of Field Finance, and CFO for the FMS business segment. Before joining Ryder in 2002, Mr. Diez began his career in the audit practice of KPMG LLP. He is a licensed Certified Public Accountant (CPA) and holds both a Bachelor of Science and a Master of Science in Accounting from Florida International University. Mr. Diez also serves on the boards of Trinity Industries, Inc., the U.S. Chamber of Commerce, the Jackson Health Foundation, and United Way Miami.

Cristina Gallo-Aquino Executive Vice President, Chief Financial Officer, and Principal Accounting Officer

Cristina Gallo-Aquino is the Executive Vice President, Chief Financial Officer, and Principal Accounting Officer for Ryder System, Inc., a position she assumed on January 1, 2025. In this role, she is responsible for all of Ryder's financial management functions, including finance and accounting, treasury, tax, audit, investor relations, and corporate planning and analysis. Ms. Gallo-Aquino joined Ryder in 2004 and has held various senior leadership roles in finance throughout her more than 20 years with the company. Her previous positions at Ryder include Senior Vice President, Controller, and Principal Accounting Officer, as well as Vice President and Chief Financial Officer of Ryder's Fleet Management Solutions business unit. Prior to joining Ryder, she began her career in the audit practice of KPMG LLP. Ms. Gallo-Aquino is a Florida Certified Public Accountant (CPA) and holds a Master of Business Administration and a Bachelor of Science in Accounting from Florida International University. She also sits on the board of directors of Easterseals South Florida.

Dennis Cooke President of Global Fleet Management Solutions

Dennis Cooke serves as the President of Global Fleet Management Solutions at Ryder System, Inc. In this role, he oversees the company's largest business segment, which provides full-service leasing, contract maintenance, and commercial rental of trucks, tractors, and trailers.

J. Steven Sensing President of Global Supply Chain Solutions

J. Steven Sensing is the President of Global Supply Chain Solutions for Ryder System, Inc. His role involves leading one of Ryder's core segments, which focuses on designing and managing customer distribution networks, coordinating warehousing and transportation, and offering various value-added logistics services.

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Key Risks to Ryder System (R)

1. Market Cyclicality and Economic Conditions

2. Increased Operating Expenses and Maintenance Costs

3. Technological and Regulatory Changes

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There are two clear emerging threats to Ryder System:

1. The rapid **electrification of commercial fleets**. Ryder's core Fleet Management Solutions (FMS) and Dedicated Transportation Solutions (DTS) segments are heavily reliant on the maintenance, fueling infrastructure, and expertise associated with internal combustion engine (ICE) vehicles. The widespread adoption of electric vehicles (EVs) will necessitate significant investment in new charging infrastructure, extensive re-training of maintenance technicians for EV-specific repairs (which differ substantially from ICE vehicles), and a fundamental shift in their used vehicle sales model as demand for second-hand ICE commercial vehicles potentially declines. This technological transition directly challenges Ryder's existing operational advantages and infrastructure.

2. The development and increasing deployment of **autonomous commercial vehicles**. Ryder's Dedicated Transportation Solutions (DTS) segment provides equipment, maintenance, and, crucially, drivers as part of its offering. The emergence of self-driving trucks and delivery vehicles, while still in development and actively being piloted by numerous companies, poses a long-term threat by potentially eliminating or drastically reducing the need for human drivers, a key component and cost driver in Ryder's DTS service. This technological shift could fundamentally alter the economics and operational structure of dedicated transportation services.

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Ryder System, Inc. (symbol: R) operates in the logistics and transportation sector, offering a range of services across three main segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS).

The addressable markets for Ryder System's main products and services are as follows:

Fleet Management Solutions (FMS)

This segment includes commercial vehicle leasing and rental, as well as fleet management services.

• The global commercial vehicle rental and leasing market was valued at approximately USD 104.63 billion in 2025 and is projected to grow to about USD 172.46 billion by 2032. North America held a significant share of this market, with 35.70% in 2025.
• For the U.S. specifically, the fleet management market (which includes solutions and services) was valued at USD 12.20 billion in 2024 and is expected to reach USD 28.93 billion by 2032.

Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS)

These segments involve various logistics services, including distribution management, warehousing, transportation management, and dedicated contract carriage, which fall under the broader category of Third-Party Logistics (3PL).

• The global third-party logistics (3PL) market was valued at approximately USD 1.6 trillion in 2025 and is expected to grow to USD 4.3 trillion by 2035.
• In the U.S., the third-party logistics (3PL) market was estimated at USD 435.43 billion in 2022 and is projected to reach USD 1028.24 billion by 2032.

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Ryder System, Inc. (symbol: R) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Continued Expansion of Asset-Light Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) Segments: Ryder is strategically shifting its business mix towards its asset-light Supply Chain Solutions and Dedicated Transportation Solutions segments. These segments represented 62% of the company's 2025 revenue, a significant increase from 44% in 2018. This growth is driven by organic expansion, strategic acquisitions, and the implementation of innovative technologies within these higher-margin areas.
2. Realization of Benefits from Multi-Year Strategic Initiatives: The company expects to continue benefiting from multi-year strategic initiatives aimed at driving operational efficiencies and structural improvements across its businesses. These initiatives have already delivered $100 million in cumulative annual pre-tax benefits through 2025 and are projected to generate an additional $70 million in incremental annual pre-tax benefits in 2026, reaching a total of $170 million annually. These benefits are not reliant on an upturn in freight market conditions.
3. New Business Acquisitions and Increased Customer Volumes: Growth in contractual revenue, particularly within the Supply Chain Solutions segment, is expected from new business acquisitions and expanding customer volumes. This is evident in new business in omnichannel retail. Analysts also highlight "new business acquisition, increased customer volumes, and effective pricing strategies" as key contributors.
4. Disciplined Pricing Strategies in Core Services: Ryder has demonstrated pricing power in certain areas, particularly within its contractual services. Higher revenues from ChoiceLease and SelectCare services, as well as a 5% year-over-year increase in power fleet rental pricing and a 10% increase in tractor pricing in Q4 2025, suggest that strategic pricing will be a continued revenue driver.
5. Leveraging an Eventual Freight Market Upturn: While Ryder's immediate outlook does not assume a significant improvement in freight market conditions, the company has positioned its transformed business model to meaningfully capitalize on an eventual upturn in the freight cycle. Management anticipates at least $200 million in annual pre-tax earnings benefits when the next cycle peak occurs.

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Share Repurchases

• Ryder System authorized two new share repurchase plans on October 23, 2025: a discretionary plan to repurchase up to 2.0 million shares through October 2027, and an anti-dilutive plan to repurchase up to 1.5 million shares issued to employees during the same period.
• Since 2021, the company has repurchased approximately 22% of its outstanding shares, deploying around $1.2 billion for discretionary share repurchases.
• In 2025, Ryder returned $664 million to shareholders through buybacks and dividends, repurchasing 3.2 million shares.

Outbound Investments

• Since 2021, Ryder has invested approximately $1.1 billion in strategic mergers and acquisitions.
• In January 2022, Ryder completed the acquisition of Whiplash for approximately $480 million in cash, expanding its e-commerce fulfillment network and multi-client warehousing capabilities.
• The 2024 acquisition of Cardinal Logistics added about $1 billion in annual revenue and over 2,000 power units, aligning with Ryder's shift towards high-growth, contract-based logistics. This acquisition is expected to yield $40-$60 million in synergies by 2025.

Capital Expenditures

• Capital expenditures decreased to $2.1 billion in 2025, down from $2.7 billion in 2024, primarily due to reduced investments in ChoiceLease and rental fleets. Gross capital expenditures were $2.7 billion in 2024, $3.3 billion in 2023, and $2.7 billion in 2022.
• For 2026, Ryder forecasts total capital expenditures of $2.4 billion, with $1.9 billion in net capital expenditures after used vehicle sales proceeds, primarily focused on lease replacement activity.
• The company is shifting capital spending from heavy vehicle acquisitions to technology, digital platforms, and strategic mergers and acquisitions, including embedding AI into proprietary tools to enhance customer experience and operational efficiencies.