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Here are 1-3 brief analogies for Ryder System (R):

• The Enterprise Rent-A-Car for commercial trucks and business fleets.
• The FedEx or UPS for managing large commercial truck fleets and complex business supply chains.

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• Fleet Management Solutions: Provides commercial vehicle leasing, rental, and maintenance services for trucks, tractors, and trailers.
• Supply Chain Solutions: Offers comprehensive logistics and supply chain management services, including warehousing, distribution, e-commerce fulfillment, and transportation management.
• Dedicated Transportation Solutions: Furnishes private fleet services, including vehicles, drivers, and management, allowing businesses to outsource their transportation operations.

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Ryder System, Inc. (symbol: R) primarily sells its services to other companies (Business-to-Business or B2B).

Ryder provides fleet management, dedicated transportation, and supply chain solutions to a highly diversified customer base. Due to the nature of their business and the large number of clients they serve across various industries, Ryder does not typically disclose specific major customer names. Their services are utilized by thousands of businesses of all sizes, from small and medium-sized enterprises to large corporations.

According to Ryder's public filings (e.g., their most recent 10-K report), no single customer accounted for more than 5% of their consolidated total revenue in the last several fiscal years. This indicates a broad and varied customer portfolio rather than reliance on a few dominant clients.

While specific customer names are not publicly disclosed, Ryder's clientele spans a wide array of industries, including:

• Automotive
• Consumer Packaged Goods
• Food and Beverage
• Retail
• Technology and Electronics
• Healthcare and Pharmaceuticals
• Industrial Manufacturing
• Aerospace and Defense

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• Daimler Truck AG (DTRUY)
• PACCAR Inc (PCAR)
• TRATON SE (TTRN)
• Volvo Group (VOLVY)
• Hino Motors, Ltd. (HINOF)
• Isuzu Motors Limited (ISUZY)

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Robert E. Sanchez, Chairman and Chief Executive Officer

Mr. Sanchez joined Ryder in 1993 as a Senior Business System Designer and has held numerous leadership positions within the company, including President and Chief Operating Officer, Chief Financial Officer, President of Global Fleet Management Solutions, Chief Information Officer, Senior Vice President of Transportation Management, and Vice President of Asset Management. He was appointed Chief Executive Officer in January 2013 and Chairman of the Board in May 2013. Prior to joining Ryder, he held engineering positions at Florida Power and Light and Pratt & Whitney Aircraft. He co-founded a software-writing business with college friends, which he subsequently sold his portion of to pursue his MBA. Mr. Sanchez earned his MBA from The Wharton School of the University of Pennsylvania and a Bachelor of Science degree in Electrical Engineering from the University of Miami.

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

Ms. Gallo-Aquino assumed the role of Executive Vice President, Chief Financial Officer, and Principal Accounting Officer effective January 1, 2025. She joined Ryder in 2004 as an assistant controller and has accumulated over 20 years of financial and accounting experience within the company. Her previous roles include Senior Vice President, Controller, and Principal Accounting Officer, and Vice President and Chief Financial Officer of Ryder's Fleet Management Solutions (FMS) business unit. Before joining Ryder, Ms. Gallo-Aquino began her career in the audit practice of KPMG LLP. She is a Florida Certified Public Accountant (CPA) and holds an MBA and a Bachelor of Science in Accounting from Florida International University.

John J. Diez, President and Chief Operating Officer

Effective January 1, 2025, Mr. Diez was appointed President and Chief Operating Officer. He joined Ryder in 2002 as an assistant controller and has served in various senior leadership positions. His prior roles include Executive Vice President and Chief Financial Officer (from May 2021 to December 2024), President of Ryder's Fleet Management Solutions (FMS) business unit, and President of the Dedicated Transportation Solutions (DTS) business unit. Before his tenure at Ryder, he worked in the audit practice of KPMG LLP. Mr. Diez is a licensed Certified Public Accountant (CPA) and holds both Bachelor of Science and Master of Science degrees in Accounting from Florida International University.

Tom Havens, President, Fleet Management Solutions

Mr. Havens was appointed President of Fleet Management Solutions in May 2021 and is a 28-year veteran of Ryder. He previously served as Senior Vice President and Global Chief of Operations for the FMS business. His career at Ryder includes various positions of increasing responsibility, such as head of operations for Ryder's west region, general manager for FMS in Canada, and vice president of asset management and vehicle sales. He began his career at Ryder as a rental representative in 1993.

J. Steven Sensing, President, Supply Chain Solutions & Dedicated Transportation Solutions

Mr. Sensing serves as the President of Supply Chain Solutions & Dedicated Transportation Solutions.

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1. Economic and Market Cyclicality: The transportation industry is highly cyclical and susceptible to economic downturns, which can significantly decrease customer demand for Ryder's services, including vehicle rentals, leasing, and used vehicle sales. This weakness in market conditions directly impacts revenue and profitability in the Fleet Management Solutions (FMS) segment.
2. Residual Value Risk: Ryder's core FMS business relies on accurately estimating the residual (salvage) value of its large vehicle fleet. An extended downturn in the used vehicle market, coupled with changes in supply and demand or advancements in vehicle technology, can lead to write-downs and materially adverse impacts on financial results.
3. Human Capital and Labor Shortages: Ryder faces significant challenges related to human capital, particularly labor shortages for professional drivers and technicians. These shortages lead to increased operating costs across all business segments and can hinder the company's ability to meet customer demands, negatively affecting growth and profitability.

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• The accelerating development and adoption of electric and autonomous commercial vehicles, which threaten Ryder's traditional fleet management and dedicated transportation models by introducing new capital expenditure cycles, specialized maintenance requirements, uncertain residual values, and potential obsolescence of driver-dependent solutions.
• The rapid growth of digital freight brokerage platforms and advanced logistics software companies leveraging AI and machine learning, which directly compete with Ryder's Supply Chain Solutions segment by offering more efficient, transparent, and potentially lower-cost freight matching and supply chain optimization services.

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Ryder System (NYSE: R) operates primarily in North America, specializing in three main segments: Fleet Management Solutions (FMS), Supply Chain Solutions (SCS), and Dedicated Transportation Solutions (DTS). The addressable markets for these services are substantial.

Fleet Management Solutions (FMS)

The Fleet Management Solutions segment includes commercial vehicle rental, leasing, and maintenance services. The U.S. addressable market for these offerings is sizable.

• The U.S. fleet management market was valued at approximately USD 12.20 billion in 2024 and is projected to grow to USD 28.93 billion by 2032.
• More specifically, the North America commercial vehicle rental and leasing market was valued at USD 21.61 billion in 2024 and is expected to grow. Another estimate places the U.S. commercial vehicle rental and leasing market to reach USD 28.1 billion by 2029.

Supply Chain Solutions (SCS)

Ryder's Supply Chain Solutions segment encompasses distribution management, transportation management, e-commerce fulfillment, and last-mile delivery services. These services are addressed by the broader contract logistics and supply chain management markets.

• The United States contract logistics market is estimated at USD 139.86 billion in 2024 and is expected to reach USD 168.21 billion by 2029.
• A broader view of the U.S. Third-Party Logistics (3PL)/Contract Logistics Market reported gross revenues of USD 299.5 billion in 2023. Within this, Value-Added Warehousing and Distribution accounted for USD 68.1 billion, and Domestic Transportation Management for USD 123.6 billion in the U.S. in 2023.

Dedicated Transportation Solutions (DTS)

The Dedicated Transportation Solutions segment provides turnkey transportation, including equipment, maintenance, drivers, and administrative services for dedicated contract carriage.

• The overall value of the dedicated trucking market in the U.S. is estimated to be as large as USD 90 billion.
• A component of the U.S. 3PL/Contract Logistics Market, dedicated contract carriage specifically had gross revenues of USD 29.7 billion in 2023.

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Ryder System (R) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and business transformations:

1. Strategic Shift Towards Asset-Light Businesses: Ryder is actively rebalancing its revenue mix by focusing on its Supply Chain Solutions (SCS) and Dedicated Transportation Solutions (DTS) segments, which are considered asset-light and typically yield higher returns. The company anticipates that 60% of its 2025 revenue will originate from these asset-light businesses, an increase from 44% in 2018. In fiscal year 2024, DTS revenue surged by 37.03%, and SCS revenue grew by 8.72%.
2. Lease Pricing Initiatives: Within its Fleet Management Solutions (FMS) segment, Ryder is implementing lease pricing strategies to enhance profitability. These initiatives are projected to generate an incremental annual benefit of approximately $20 million in 2025, contributing to a total benefit of $125 million relative to the company's 2018 baseline by reflecting new portfolio pricing under the updated model.
3. Maintenance Cost-Saving Initiatives: Ryder is focused on reducing maintenance expenses across its operations. The company expects to realize $50 million in benefits over multiple years from maintenance cost-saving initiatives announced in mid-2024. These savings are contributing to increased earnings before tax (EBT) in the FMS segment.
4. Acquisition Synergies: Strategic acquisitions are playing a role in Ryder's growth trajectory. Acquisition synergies are contributing to earnings growth, particularly within the Dedicated Transportation Solutions (DTS) segment, where they have helped stabilize EBT despite a decline in revenue.
5. Optimization of Omnichannel Retail Network: Ryder is expanding and optimizing its e-commerce fulfillment and last-mile delivery capabilities. This optimization of its omnichannel retail network is cited as a driver for earnings growth in 2025. New business in the omnichannel retail sector specifically fueled the growth in SCS total revenue during the third quarter of 2025.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• In October 2025, Ryder authorized two new share repurchase programs, totaling up to 3.5 million shares over two years (October 9, 2025, through October 9, 2027), comprising a discretionary plan for 2.0 million shares and an anti-dilutive plan for 1.5 million shares.
• A new discretionary share repurchase program for up to 2.0 million shares was authorized in October 2024, replacing a similar program from October 2023 that was completed in September 2024.
• Since 2021, Ryder has repurchased approximately 22% of its outstanding shares. The company returned $456 million to shareholders through share repurchases and dividends in 2024.

Share Issuance

• Ryder maintains anti-dilutive share repurchase programs aimed at mitigating the dilutive impact of shares issued to employees under its stock plans.
• The number of shares outstanding has seen a decline, with 0.044 billion shares in 2024, a 4.84% decrease from 2023, and 0.046 billion shares in 2023, an 8.65% decrease from 2022.

Outbound Investments

• On February 1, 2024, Ryder acquired all outstanding equity of CLH Parent Corporation (Cardinal Logistics) for $290 million, enhancing its dedicated contract carriage capabilities.
• In recent years, Ryder acquired Midwest Warehouse & Distribution Systems and Whiplash, expanding its warehousing space from 63 million to over 70 million square feet to strengthen its e-commerce and supply chain management footprint.

Capital Expenditures

• Ryder's gross capital expenditures were $2.7 billion in 2024, a decrease from $3.3 billion in 2023, primarily due to reduced investments in the ChoiceLease fleet.
• For 2025, gross capital expenditures are forecasted to be approximately $2.3 billion, with an estimated $1.8 billion allocated to Choice Lease and $0.3 billion to commercial rental, reflecting lower rental fleet investments.
• The company's capital allocation priorities include investing in profitable growth and strategic initiatives, such as vehicle replacement and growth opportunities.