(unaudited)


		Six months ended June 30,					Nine months ended September 30,
(In millions)	(In millions)	2023		2022		(In millions)	2023		2022

Cash flows from operating activities from continuing operations:	Cash flows from operating activities from continuing operations:					Cash flows from operating activities from continuing operations:
Net earnings	Net earnings	$	121	$	415	Net earnings	$	282	$	661
Less: Loss from discontinued operations, net of tax	Less: Loss from discontinued operations, net of tax	(1)		(1)		Less: Loss from discontinued operations, net of tax	—		(2)
Earnings from continuing operations	Earnings from continuing operations	122		416		Earnings from continuing operations	282		663
Depreciation expense	Depreciation expense	857		854		Depreciation expense	1,274		1,275

Used vehicle sales, net	Used vehicle sales, net	(127)		(243)		Used vehicle sales, net	(174)		(356)
Currency translation adjustment loss	Currency translation adjustment loss	188		—		Currency translation adjustment loss	188		—
Amortization expense and other non-cash charges, net	Amortization expense and other non-cash charges, net	44		50		Amortization expense and other non-cash charges, net	67		78
Non-cash lease expense	Non-cash lease expense	124		93		Non-cash lease expense	190		143
Non-operating pension costs, net and share-based compensation expense	Non-operating pension costs, net and share-based compensation expense	41		28		Non-operating pension costs, net and share-based compensation expense	63		42
Deferred income tax expense	Deferred income tax expense	94		123		Deferred income tax expense	129		186
Collections on sales-type leases	Collections on sales-type leases	63		64		Collections on sales-type leases	91		99
Changes in operating assets and liabilities:	Changes in operating assets and liabilities:					Changes in operating assets and liabilities:
Receivables	Receivables	92		(187)		Receivables	18		(142)
Inventories	Inventories	4		(13)		Inventories	3		(10)
Prepaid expenses and other assets	Prepaid expenses and other assets	(4)		(31)		Prepaid expenses and other assets	(7)		(34)
Accounts payable	Accounts payable	(2)		82		Accounts payable	13		(8)
Accrued expenses and other liabilities	Accrued expenses and other liabilities	(275)		(133)		Accrued expenses and other liabilities	(295)		(150)
Net cash provided by operating activities from continuing operations	Net cash provided by operating activities from continuing operations	1,221		1,103		Net cash provided by operating activities from continuing operations	1,842		1,786

Cash flows from investing activities from continuing operations:	Cash flows from investing activities from continuing operations:					Cash flows from investing activities from continuing operations:
Purchases of property and revenue earning equipment	Purchases of property and revenue earning equipment	(1,652)		(1,195)		Purchases of property and revenue earning equipment	(2,457)		(1,917)
Sales of revenue earning equipment	Sales of revenue earning equipment	394		601		Sales of revenue earning equipment	587		922
Sales of operating property and equipment	Sales of operating property and equipment	53		35		Sales of operating property and equipment	60		54
Acquisitions, net of cash acquired	Acquisitions, net of cash acquired	—		(430)		Acquisitions, net of cash acquired	—		(448)

Other investing activities	Other investing activities	(2)		7		Other investing activities	(4)		38
Net cash used in investing activities from continuing operations	Net cash used in investing activities from continuing operations	(1,207)		(982)		Net cash used in investing activities from continuing operations	(1,814)		(1,351)

Cash flows from financing activities from continuing operations:	Cash flows from financing activities from continuing operations:					Cash flows from financing activities from continuing operations:
Net borrowings (repayments) of commercial paper and other		(27)		208
Net borrowings of commercial paper and other						Net borrowings of commercial paper and other	85		311
Debt proceeds	Debt proceeds	1,314		951		Debt proceeds	1,314		1,006
Debt repayments	Debt repayments	(1,124)		(1,111)		Debt repayments	(1,144)		(1,511)
Dividends on common stock	Dividends on common stock	(63)		(63)		Dividends on common stock	(96)		(94)
Common stock issued	Common stock issued	(18)		(9)		Common stock issued	1		(6)
Common stock repurchased	Common stock repurchased	(133)		(300)		Common stock repurchased	(282)		(300)

Other financing activities	Other financing activities	(6)		(6)		Other financing activities	(4)		(6)
Net cash used in financing activities from continuing operations	Net cash used in financing activities from continuing operations	(57)		(330)		Net cash used in financing activities from continuing operations	(126)		(600)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash	Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(6)		(15)		Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(10)		(51)

Decrease in cash, cash equivalents, and restricted cash	Decrease in cash, cash equivalents, and restricted cash	(49)		(224)		Decrease in cash, cash equivalents, and restricted cash	(108)		(216)
Cash, cash equivalents, and restricted cash at beginning of period	Cash, cash equivalents, and restricted cash at beginning of period	267		672		Cash, cash equivalents, and restricted cash at beginning of period	267		672
Cash, cash equivalents, and restricted cash at end of period	Cash, cash equivalents, and restricted cash at end of period	$	218	$	448	Cash, cash equivalents, and restricted cash at end of period	$	159	$	456

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

~~AND RESULTS OF OPERATIONS — (Continued)~~

commercial paper and other sources of unsecured borrowings, we would meet our liquidity needs by drawing upon contractually committed lending agreements or by seeking other funding sources.

In February 2023, we issued an aggregate principal amount of $500 million unsecured medium-terms notes that mature on March 1, 2028. The notes bear interest at a rate of 5.65% per year. In May 2023, we issued an aggregate principal amount of $650 million unsecured medium-terms notes that mature on June 1, 2028. The notes bear interest at a rate of 5.25% per year. Refer to Note 8, "Debt," in the Notes to Condensed Consolidated Financial Statements for additional information on our global 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 global revolving credit facility described below, assuming ongoing compliance with the terms and conditions of the credit facility.

Table of Contents

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

AND RESULTS OF OPERATIONS — (Continued)

Our debt ratings and rating outlooks as of ~~June~~September 30, 2023, were as follows:

Rating Summary

Short-term

Short-term Outlook

Long-term

Long-term Outlook

Standard & Poor’s Ratings Services

—

BBB+

Stable

Moody’s Investors Service

Stable

Baa2

Stable

Fitch Ratings

—

BBB+

~~Stable~~Positive

As of ~~June~~September 30, 2023, we had the following amounts available to fund operations under the following facilities:


	(In millions)

Global revolving credit facility	$	~~754~~642
Trade receivables financing program	$	~~217~~167

On September 29, 2023, we entered into a definitive agreement to acquire all the outstanding equity of IFS Holdings, LLC, a holding company for Impact Fulfillment Services, LLC, which specializes in contract packaging, contract manufacturing and warehousing, primarily in the consumer packaged goods, retail, and healthcare industries. We anticipate completing the acquisition in the fourth quarter of 2023 for a purchase price of approximately $250 million. The transaction is expected to add approximately $250 million in annual total revenue.

In accordance with our funding philosophy, we attempt to align the aggregate average remaining re-pricing life of our debt with the aggregate average remaining re-pricing life of our 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 ~~18%~~20% and 19% as of ~~June~~September 30, 2023 and December 31, 2022, respectively.

Our debt-to-equity ratio was ~~211%~~214% and 216% as of ~~June~~September 30, 2023 and December 31, 2022, respectively. The debt-to-equity ratio represents total debt divided by total equity.

Share Repurchases and Cash Dividends

~~As of June~~For the nine months ended September 30, 2023, we repurchased and retired ~~0.8~~1 million shares for ~~$70~~$96 million under the 2021 Anti-Dilutive ~~program,~~Program, and ~~0.8~~2 million shares for ~~$63~~$186 million under the February 2023 Discretionary Program. The February 2023 Discretionary Program was completed in September 2023, and the 2021 Anti-Dilutive Program expired in October 2023.

In October 2023, our board of directors approved two new share repurchase programs. The first program authorizes management to repurchase up to 2 million shares issued to employees under our employee stock plans since August 31, 2023, under a new anti-dilutive program (the "2023 Anti-Dilutive Program") designed to mitigate the dilutive impact of shares issued under our employee stock plans. 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 "October 2023 Discretionary Program"). Both the 2023 Anti-Dilutive Program and the October 2023 Discretionary Program commenced October 12, 2023, and expire October 12, 2025.

Refer to Note 9, "Share Repurchase Programs," in the Notes to Condensed Consolidated Financial Statements for a discussion on our share repurchase programs.

In ~~April~~October 2023 and 2022, our board of directors declared a quarterly cash dividend of ~~$0.62~~$0.71 and ~~$0.58~~$0.62 per share of common stock, respectively. ~~In July 2023, the board of directors declared a regular quarterly cash dividend of $0.71 per share of common stock, an increase of 15% compared to the cash dividend we have paid since July 2022.~~

3436

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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 believe operating revenue provides useful information to investors as we use it 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 services are also typically a pass-through to our customers and, therefore, 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 comparable earnings 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 as detailed in the reconciliation table below. These other significant items vary from period to period and, in some periods, there may be no such significant items. 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 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) any other items that are not representative of our business operations (these items are the same items that are excluded from comparable earnings measures for the relevant periods as described immediately above) and then adjusted further for (1) interest expense, (2) income taxes, (3) depreciation, (4) used vehicle sales results and (5) amortization. We believe comparable EBITDA provides investors with useful information, as it is a standard measure commonly reported and widely used by analysts, investors and other interested parties to measure financial performance and our ability to service debt and meet our payment obligations. In addition, we believe that the inclusion of comparable EBITDA provides consistency in financial reporting and enables analysts and investors to perform meaningful comparisons of past, present and future operating results. Other companies may calculate comparable EBITDA differently; therefore, our presentation of comparable EBITDA may not be comparable to similarly-titled measures used by other companies. Comparable EBITDA should not be considered as an alternative to net earnings, earnings from continuing operations before income taxes or earnings from continuing operations determined in accordance with GAAP, as an indicator of our operating performance, as an alternative to cash flows from operating activities (determined in accordance with GAAP), as an indicator of cash flows, or as a measure of liquidity.
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 changes in restricted cash and 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 before taxes (EBT), earnings, and earnings per diluted share (Diluted EPS) from continuing operations to comparable EBT, comparable earnings, and comparable EPS. Certain items included in EBT, earnings, and ~~diluted~~Diluted EPS from continuing operations have been excluded from our comparable EBT, comparable earnings and comparable 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									Continuing Operations
		Three months ended June 30,				Six months ended June 30,					Three months ended September 30,				Nine months ended September 30,
(In millions, except per share amounts)	(In millions, except per share amounts)	2023		2022		2023		2022		(In millions, except per share amounts)	2023		2022		2023		2022
EBT	EBT	$	44	$	338	$	245	$	590	EBT	$	213	$	334	$	458	$	924
Non-operating pension costs, net	Non-operating pension costs, net	10		2		20		5		Non-operating pension costs, net	10		3		30		8
FMS U.K. exit (1)	FMS U.K. exit (1)	(5)		(32)		(36)		(31)		FMS U.K. exit (1)	4		(27)		(32)		(58)
Currency translation adjustment loss	Currency translation adjustment loss	188		—		188		—		Currency translation adjustment loss	—		—		188		—
Other, net (1)	Other, net (1)	—		—		(1)		4		Other, net (1)	—		(1)		(1)		3
Comparable EBT	Comparable EBT	$	237	$	308	$	416	$	568	Comparable EBT	$	227	$	309	$	643	$	877

Earnings (loss) from continuing operations		$	(18)	$	240	$	122	$	416
Earnings from continuing operations										Earnings from continuing operations	$	160	$	247	$	282	$	663
Non-operating pension costs, net	Non-operating pension costs, net	8		1		16		3		Non-operating pension costs, net	8		2		24		5
FMS U.K. exit (1)	FMS U.K. exit (1)	(5)		(32)		(36)		(31)		FMS U.K. exit (1)	4		(27)		(32)		(58)
Currency translation adjustment loss	Currency translation adjustment loss	183		—		183		—		Currency translation adjustment loss	—		—		183		—
Other, net (1)	Other, net (1)	1		1		—		5		Other, net (1)	—		(3)		(1)		2
Tax adjustments, net (2)	Tax adjustments, net (2)	1		16		18		21		Tax adjustments, net (2)	(7)		8		12		29
Comparable Earnings	Comparable Earnings	$	170	$	226	$	303	$	414	Comparable Earnings	$	165	$	227	$	468	$	641

Diluted EPS	Diluted EPS	$	(0.39)	$	4.72	$	2.60	$	8.05	Diluted EPS	$	3.44	$	4.82	$	6.01	$	12.86
Non-operating pension costs, net	Non-operating pension costs, net	0.17		0.03		0.34		0.07		Non-operating pension costs, net	0.17		0.03		0.51		0.10
FMS U.K. exit (1)	FMS U.K. exit (1)	(0.11)		(0.62)		(0.77)		(0.60)		FMS U.K. exit (1)	0.09		(0.53)		(0.68)		(1.13)
Currency translation adjustment loss	Currency translation adjustment loss	3.90		—		3.87		—		Currency translation adjustment loss	—		—		3.91		—
Other, net (1)	Other, net (1)	0.02		(0.01)		—		0.07		Other, net (1)	—		(0.01)		(0.02)		0.06
Tax adjustments, net (2)	Tax adjustments, net (2)	0.02		0.31		0.38		0.41		Tax adjustments, net (2)	(0.12)		0.14		0.27		0.55
Comparable EPS ~~(3)~~	Comparable EPS ~~(3)~~	$	3.61	$	4.43	$	6.42	$	8.00	Comparable EPS ~~(3)~~	$	3.58	$	4.45	$	10.00	$	12.44


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



		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~~'Shareholders' Equity	5

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2.	Management 's Discussion and Analysis of Financial Condition and Results of Operations	2021

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	4446

ITEM 4.	Controls and Procedures	4446

PART II . OTHER INFORMATION

ITEM 1.	Legal Proceedings	4547

ITEM 1A.	Risk Factors	4547

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4547



ITEM 5 .	Other Information	4748



ITEM 6.	Exhibits	4749

SIGNATURE		4850


		Three months ended June 30,				Six months ended June 30,					Three months ended September 30,				Nine months ended September 30,
(In millions, except per share amounts)	(In millions, except per share amounts)	2023		2022		2023		2022		(In millions, except per share amounts)	2023		2022		2023		2022

Lease & related maintenance and rental revenue	Lease & related maintenance and rental revenue	$	976	$	1,050	$	1,955	$	2,075	Lease & related maintenance and rental revenue	$	986	$	1,044	$	2,941	$	3,119
Services revenue	Services revenue	1,778		1,777		3,599		3,447		Services revenue	1,799		1,811		5,399		5,258
Fuel services revenue	Fuel services revenue	130		207		282		366		Fuel services revenue	139		180		420		546
Total revenue	Total revenue	2,884		3,034		5,836		5,888		Total revenue	2,924		3,035		8,760		8,923

Cost of lease & related maintenance and rental	Cost of lease & related maintenance and rental	661		688		1,335		1,387		Cost of lease & related maintenance and rental	666		691		2,001		2,078
Cost of services	Cost of services	1,507		1,523		3,114		2,973		Cost of services	1,524		1,550		4,638		4,523
Cost of fuel services	Cost of fuel services	126		199		275		354		Cost of fuel services	137		176		412		530

Selling, general and administrative expenses	Selling, general and administrative expenses	343		361		706		703		Selling, general and administrative expenses	347		350		1,053		1,053
Non-operating pension costs, net	Non-operating pension costs, net	10		2		20		5		Non-operating pension costs, net	10		3		30		8
Used vehicle sales, net	Used vehicle sales, net	(55)		(130)		(127)		(243)		Used vehicle sales, net	(47)		(113)		(174)		(356)
Interest expense	Interest expense	72		56		137		108		Interest expense	75		57		212		165
Miscellaneous income, net	Miscellaneous income, net	(11)		(14)		(31)		(14)		Miscellaneous income, net	(5)		(9)		(36)		(23)
Currency translation adjustment loss	Currency translation adjustment loss	188		—		188		—		Currency translation adjustment loss	—		—		188		—
Restructuring and other items, net	Restructuring and other items, net	(1)		11		(26)		25		Restructuring and other items, net	4		(4)		(22)		21
		2,840		2,696		5,591		5,298			2,711		2,701		8,302		7,999

Earnings from continuing operations before income taxes	Earnings from continuing operations before income taxes	44		338		245		590		Earnings from continuing operations before income taxes	213		334		458		924
Provision for income taxes	Provision for income taxes	62		98		123		174		Provision for income taxes	53		87		176		261
Earnings (loss) from continuing operations		(18)		240		122		416
Loss from discontinued operations, net of tax		—		(1)		(1)		(1)
Net earnings (loss)		$	(18)	$	239	$	121	$	415
Earnings from continuing operations										Earnings from continuing operations	160		247		282		663
Earnings (loss) from discontinued operations, net of tax										Earnings (loss) from discontinued operations, net of tax	1		(1)		—		(2)
Net earnings										Net earnings	$	161	$	246	$	282	$	661

Earnings (loss) per common share — Basic	Earnings (loss) per common share — Basic									Earnings (loss) per common share — Basic
Continuing operations	Continuing operations	$	(0.39)	$	4.80	$	2.64	$	8.20	Continuing operations	$	3.51	$	4.92	$	6.11	$	13.12
Discontinued operations	Discontinued operations	(0.01)		(0.02)		(0.02)		(0.02)		Discontinued operations	0.03		(0.01)		0.01		(0.03)
Net earnings (loss)		$	(0.40)	$	4.78	$	2.61	$	8.18
Net earnings										Net earnings	$	3.55	$	4.91	$	6.12	$	13.09

Earnings (loss) per common share — Diluted	Earnings (loss) per common share — Diluted									Earnings (loss) per common share — Diluted
Continuing operations	Continuing operations	$	(0.39)	$	4.72	$	2.60	$	8.05	Continuing operations	$	3.44	$	4.82	$	6.01	$	12.86
Discontinued operations	Discontinued operations	(0.01)		(0.02)		(0.02)		(0.02)		Discontinued operations	0.03		(0.01)		0.01		(0.03)
Net earnings (loss)		$	(0.40)	$	4.70	$	2.57	$	8.03
Net earnings										Net earnings	$	3.47	$	4.82	$	6.02	$	12.82


(In millions, except share amounts)	(In millions, except share amounts)		June 30, 2023		December 31, 2022		(In millions, except share amounts)	September 30, 2023		December 31, 2022

Assets:	Assets:						Assets:
Current assets:	Current assets:						Current assets:
Cash and cash equivalents	Cash and cash equivalents		$	218	$	267	Cash and cash equivalents	$	159	$	267
Receivables, net	Receivables, net		1,572		1,610		Receivables, net	1,647		1,610
Inventories	Inventories		74		78		Inventories	75		78
Prepaid expenses and other current assets	Prepaid expenses and other current assets		253		245		Prepaid expenses and other current assets	231		245
Total current assets	Total current assets		2,117		2,200		Total current assets	2,112		2,200
Revenue earning equipment, net	Revenue earning equipment, net		8,795		8,190		Revenue earning equipment, net	8,875		8,190
Operating property and equipment, net of accumulated depreciation of $1,429 and $1,377		0	1,132		1,148
Operating property and equipment, net of accumulated depreciation of $1,468 and $1,377							Operating property and equipment, net of accumulated depreciation of $1,468 and $1,377	1,164		1,148
Goodwill	Goodwill		861		861		Goodwill	860		861
Intangible assets, net	Intangible assets, net		281		295		Intangible assets, net	274		295
Operating lease right-of-use assets	Operating lease right-of-use assets		766		715		Operating lease right-of-use assets	974		715
Sales-type leases and other assets	Sales-type leases and other assets		1,019		986		Sales-type leases and other assets	1,071		986
Total assets	Total assets		$	14,971	$	14,395	Total assets	$	15,330	$	14,395

Liabilities and shareholders' equity:	Liabilities and shareholders' equity:						Liabilities and shareholders' equity:
Current liabilities:	Current liabilities:						Current liabilities:
Short-term debt and current portion of long-term debt	Short-term debt and current portion of long-term debt		$	1,330	$	1,349	Short-term debt and current portion of long-term debt	$	1,888	$	1,349
Accounts payable	Accounts payable		934		767		Accounts payable	911		767
Accrued expenses and other current liabilities	Accrued expenses and other current liabilities		1,147		1,200		Accrued expenses and other current liabilities	1,188		1,200
Total current liabilities	Total current liabilities		3,411		3,316		Total current liabilities	3,987		3,316
Long-term debt	Long-term debt		5,195		5,003		Long-term debt	4,733		5,003
Other non-current liabilities	Other non-current liabilities		1,604		1,568		Other non-current liabilities	1,813		1,568
Deferred income taxes	Deferred income taxes		1,665		1,571		Deferred income taxes	1,700		1,571
Total liabilities	Total liabilities		11,875		11,458		Total liabilities	12,233		11,458

Commitments and contingencies (Note 14)	Commitments and contingencies (Note 14)						Commitments and contingencies (Note 14)
Shareholders' equity:	Shareholders' equity:						Shareholders' equity:
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, June 30, 2023 and December 31, 2022			—		—
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, June 30, 2023 — 45,527,262 and December 31, 2022 — 46,286,664			23		23
Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2023 and December 31, 2022							Preferred stock, no par value per share — authorized, 3,800,917; none outstanding, September 30, 2023 and December 31, 2022	—		—
Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2023 — 44,322,243 and December 31, 2022 — 46,286,664							Common stock, $0.50 par value per share — authorized, 400,000,000; outstanding, September 30, 2023 — 44,322,243 and December 31, 2022 — 46,286,664	22		23
Additional paid-in capital	Additional paid-in capital		1,154		1,192		Additional paid-in capital	1,149		1,192
Retained earnings	Retained earnings		2,489		2,518		Retained earnings	2,505		2,518
Accumulated other comprehensive loss	Accumulated other comprehensive loss		(570)		(796)		Accumulated other comprehensive loss	(579)		(796)
Total shareholders' equity	Total shareholders' equity		3,096		2,937		Total shareholders' equity	3,097		2,937
Total liabilities and shareholders' equity	Total liabilities and shareholders' equity		$	14,971	$	14,395	Total liabilities and shareholders' equity	$	15,330	$	14,395


		Three months ended June 30, 2023																	Three months ended September 30, 2023
		Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss							Preferred Stock		Common Stock			Additional Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	(In millions, except share amounts in thousands)	Amount		Shares	Par						Total			(In millions, except share amounts in thousands)			Amount		Shares		Par					Total

Balance as of April 1, 2023		$	—	46,492	$	23	$	1,168	$	2,596		$	(782)		$	3,005
Balance as of July 1, 2023																		Balance as of July 1, 2023	$	—	45,527	$	23	$	1,154		$	2,489	$	(570)	$	3,096
Comprehensive income	Comprehensive income	—		—	—		—		(18)			212			194			Comprehensive income	—		—	—		—			161		(9)		152
Common stock dividends declared —$0.62 per share		—		—	—		—		(29)			—			(29)
Common stock dividends declared —$0.71 per share																		Common stock dividends declared —$0.71 per share	—		—	—		—			(34)		—		(34)
Common stock issued under employee stock award and stock purchase plans and other (1)	Common stock issued under employee stock award and stock purchase plans and other (1)	—		115	1		2		—			—			3			Common stock issued under employee stock award and stock purchase plans and other (1)	—		281	—		21			—		—		21
Common stock repurchases	Common stock repurchases	—		(1,080)	(1)		(27)		(60)			—			(88)			Common stock repurchases	—		(1,486)	(1)		(37)			(111)		—		(149)
Share-based compensation	Share-based compensation	—		—	—		11		—			—			11			Share-based compensation	—		—	—		11			—		—		11
Balance as of June 30, 2023		$	—	45,527	$	23	$	1,154	$	2,489		$	(570)		$	3,096
Balance as of September 30, 2023																		Balance as of September 30, 2023	$	—	44,322	$	22	$	1,149		$	2,505	$	(579)	$	3,097


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


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


		Three months ended June 30, 2022																	Three months ended September 30, 2022
		Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss							Preferred Stock		Common Stock			Additional Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	(In millions, except share amounts in thousands)	Amount		Shares	Par						Total			(In millions, except share amounts in thousands)			Amount		Shares		Par					Total

Balance as of April 1, 2022		$	—	51,137	$	26	$	1,134	$	2,171		$	(682)		$	2,649
Balance as of July 1, 2022																		Balance as of July 1, 2022	$	—	51,195	$	26	$	1,149		$	2,380	$	(722)	$	2,833
Comprehensive income	Comprehensive income	—		—	—		—		239			(40)			199			Comprehensive income	—		—	—		—			246		(50)		196
Common stock dividends declared —$0.58 per share		—		—	—		—		(30)			—			(30)
Common stock dividends declared —$0.62 per share																		Common stock dividends declared —$0.62 per share	—		—	—		—			(32)		—		(32)
Common stock issued under employee stock award and stock purchase plans and other (1)	Common stock issued under employee stock award and stock purchase plans and other (1)	—		58	—		3		—			—			3			Common stock issued under employee stock award and stock purchase plans and other (1)	—		32	(1)		4			—		—		3
Common stock repurchases	Common stock repurchases	—		—	—		—		—			—			—			Common stock repurchases	—		(976)	—		63			(63)		—		—
Share-based compensation	Share-based compensation	—		—	—		12		—			—			12			Share-based compensation	—		—	—		11			—		—		11
Balance as of June 30, 2022		$	—	51,195	$	26	$	1,149	$	2,380		$	(722)		$	2,833
Balance as of September 30, 2022																		Balance as of September 30, 2022	$	—	50,251	$	25	$	1,227		$	2,531	$	(772)	$	3,011


		Six months ended June 30, 2023																	Nine months ended September 30, 2023
		Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss							Preferred Stock		Common Stock			Additional Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	(In millions, except share amounts in thousands)	Amount		Shares	Par						Total			(In millions, except share amounts in thousands)			Amount		Shares		Par					Total

Balance as of January 1, 2023	Balance as of January 1, 2023	$	—	46,287	$	23	$	1,192	$	2,518		$	(796)		$	2,937		Balance as of January 1, 2023	$	—	46,287	$	23	$	1,192		$	2,518	$	(796)	$	2,937
Comprehensive income	Comprehensive income	—		—	—		—		121			226			347			Comprehensive income	—		—	—		—			282		217		499
Common stock dividends declared —$1.24 per share		—		—	—		—		(59)			—			(59)
Common stock dividends declared —$1.95 per share																		Common stock dividends declared —$1.95 per share	—		—	—		—			(93)		—		(93)
Common stock issued under employee stock award and stock purchase plans and other (1)	Common stock issued under employee stock award and stock purchase plans and other (1)	—		785	1		(21)		2			—			(18)			Common stock issued under employee stock award and stock purchase plans and other (1)	—		1,066	1		—			2		—		3
Common stock repurchases	Common stock repurchases	—		(1,545)	(1)		(39)		(93)			—			(133)			Common stock repurchases	—		(3,031)	(2)		(76)			(204)		—		(282)
Share-based compensation	Share-based compensation	—		—	—		22		—			—			22			Share-based compensation	—		—	—		33			—		—		33
Balance as of June 30, 2023		$	—	45,527	$	23	$	1,154	$	2,489		$	(570)		$	3,096
Balance as of September 30, 2023																		Balance as of September 30, 2023	$	—	44,322	$	22	$	1,149		$	2,505	$	(579)	$	3,097


		Six months ended June 30, 2022																	Nine months ended September 30, 2022
		Preferred Stock		Common Stock			Additional Paid-In Capital		Retained Earnings			Accumulated Other Comprehensive Loss							Preferred Stock		Common Stock			Additional Paid-In Capital			Retained Earnings		Accumulated Other Comprehensive Loss
(In millions, except share amounts in thousands)	(In millions, except share amounts in thousands)	Amount		Shares	Par						Total			(In millions, except share amounts in thousands)			Amount		Shares		Par					Total

Balance as of January 1, 2022	Balance as of January 1, 2022	$	—	53,789	$	27	$	1,194	$	2,266		$	(689)		$	2,798		Balance as of January 1, 2022	$	—	53,789	$	27	$	1,194		$	2,266	$	(689)	$	2,798
Comprehensive income	Comprehensive income	—		—	—		—		415			(33)			382			Comprehensive income	—		—	—		—			661		(83)		578
Common stock dividends declared —$1.16 per share		—		—	—		—		(61)			—			(61)
Common stock issued under employee stock option and stock purchase plans and other (1)		—		458	—		(9)		—			—			(9)
Common stock dividends declared —$1.78 per share																		Common stock dividends declared —$1.78 per share	—		—	—		—			(93)		—		(93)
Common stock purchased under employee stock option and stock purchase plans and other (1)																		Common stock purchased under employee stock option and stock purchase plans and other (1)	—		490	—		(6)			—		—		(6)
Common stock repurchases	Common stock repurchases	—		(3,052)	(1)		(59)		(240)			—			(300)			Common stock repurchases	—		(4,028)	(2)		5			(303)		—		(300)
Share-based compensation	Share-based compensation	—		—	—		23		—			—			23			Share-based compensation	—		—	—		34			—		—		34
Balance as of June 30, 2022		$	—	51,195	$	26	$	1,149	$	2,380		$	(722)		$	2,833
Balance as of September 30, 2022																		Balance as of September 30, 2022	$	—	50,251	$	25	$	1,227		$	2,531	$	(772)	$	3,011


	Three months ended September 30, 2022
(In millions)	FMS		SCS		DTS		Eliminations		Total

United States	$	1,479	$	1,077	$	455	$	(198)	$	2,813
Canada	80		61		—		(10)		131
Europe (1)	23		—		—		—		23
Mexico	—		68		—		—		68
Total revenue	$	1,582	$	1,206	$	455	$	(208)	$	3,035


(In millions)	(In millions)	June 30, 2023		December 31, 2022		(In millions)	September 30, 2023		December 31, 2022

Trade	Trade	$	1,376	$	1,476	Trade	$	1,434	$	1,476
Sales-type lease	Sales-type lease	124		120		Sales-type lease	136		120
Other, primarily warranty and insurance	Other, primarily warranty and insurance	106		55		Other, primarily warranty and insurance	111		55
		1,606		1,651			1,681		1,651
Allowance for credit losses and other	Allowance for credit losses and other	(34)		(41)		Allowance for credit losses and other	(34)		(41)
Receivables, net	Receivables, net	$	1,572	$	1,610	Receivables, net	$	1,647	$	1,610


		Estimated Useful Lives (In Years)		June 30, 2023									December 31, 2022										Estimated Useful Lives (In Years)		September 30, 2023									December 31, 2022
(Dollars in millions)	(Dollars in millions)		Cost			Accumulated Depreciation			Net			Cost			Accumulated Depreciation			Net	(Dollars in millions)					Cost			Accumulated Depreciation			Net			Cost			Accumulated Depreciation			Net

Held for use:	Held for use:																					Held for use:
Trucks	Trucks	3 — 7		$	5,499		$	(2,153)		$	3,346		$	5,282		$	(2,114)		$	3,168	Trucks		3 — 7		$	5,563		$	(2,168)		$	3,395		$	5,282		$	(2,114)		$	3,168
Tractors	Tractors	4 — 7.5		7,283			(2,972)			4,311			7,153			(3,153)			4,000		Tractors		4 — 7.5		7,133			(2,819)			4,314			7,153			(3,153)			4,000
Trailers and other	Trailers and other	9.5 — 12		1,679			(686)			993			1,610			(690)			920		Trailers and other		9.5 — 12		1,689			(685)			1,004			1,610			(690)			920
Held for sale (1)	Held for sale (1)			630			(485)			145			388			(286)			102		Held for sale (1)				723			(561)			162			388			(286)			102
Total	Total			$	15,091		$	(6,296)		$	8,795		$	14,433		$	(6,243)		$	8,190	Total				$	15,108		$	(6,233)		$	8,875		$	14,433		$	(6,243)		$	8,190


		Weighted Average Interest Rate							Weighted Average Interest Rate
(Dollars in millions)	(Dollars in millions)	June 30, 2023	Maturities	June 30, 2023		December 31, 2022		(Dollars in millions)	September 30, 2023	Maturities	September 30, 2023		December 31, 2022

Debt:	Debt:							Debt:
U.S. commercial paper	U.S. commercial paper	5.50%	2026	$	646	$	672	U.S. commercial paper	5.62%	2026	$	758	$	672

Trade receivables financing program	Trade receivables financing program	6.02%	2024	50		50		Trade receivables financing program	5.83%	2024	50		50
Global revolving credit facility	Global revolving credit facility	—	2026	—		—		Global revolving credit facility	—	2026	—		—
Unsecured U.S. obligations	Unsecured U.S. obligations	4.16%	2024-2027	375		375		Unsecured U.S. obligations	4.13%	2024-2027	375		375
Unsecured medium-term note issued February 2018	Unsecured medium-term note issued February 2018	—	2023	—		450		Unsecured medium-term note issued February 2018	—	2023	—		450
Unsecured medium-term note issued June 2018	Unsecured medium-term note issued June 2018	—	2023	—		450		Unsecured medium-term note issued June 2018	—	2023	—		450
Unsecured medium-term note issued October 2018	Unsecured medium-term note issued October 2018	3.88%	2023	300		300		Unsecured medium-term note issued October 2018	3.88%	2023	300		300
Unsecured medium-term note issued February 2019	Unsecured medium-term note issued February 2019	3.65%	2024	600		600		Unsecured medium-term note issued February 2019	3.65%	2024	600		600
Unsecured medium-term note issued August 2019	Unsecured medium-term note issued August 2019	2.50%	2024	550		550		Unsecured medium-term note issued August 2019	2.50%	2024	550		550
Unsecured medium-term note issued April 2020	Unsecured medium-term note issued April 2020	4.63%	2025	400		400		Unsecured medium-term note issued April 2020	4.63%	2025	400		400
Unsecured medium-term note issued May 2020	Unsecured medium-term note issued May 2020	3.35%	2025	400		400		Unsecured medium-term note issued May 2020	3.35%	2025	400		400
Unsecured medium-term note issued December 1995	Unsecured medium-term note issued December 1995	6.95%	2025	150		150		Unsecured medium-term note issued December 1995	6.95%	2025	150		150
Unsecured medium-term note issued November 2021 (1)	Unsecured medium-term note issued November 2021 (1)	6.03%	2026	270		270		Unsecured medium-term note issued November 2021 (1)	6.19%	2026	270		270
Unsecured medium-term note issued November 2019	Unsecured medium-term note issued November 2019	2.90%	2026	400		400		Unsecured medium-term note issued November 2019	2.90%	2026	400		400
Unsecured medium-term note issued February 2022 (1)	Unsecured medium-term note issued February 2022 (1)	4.29%	2027	433		434		Unsecured medium-term note issued February 2022 (1)	4.47%	2027	432		434
Unsecured medium-term note issued May 2022	Unsecured medium-term note issued May 2022	4.30%	2027	300		300		Unsecured medium-term note issued May 2022	4.30%	2027	300		300
Unsecured medium-term note issued February 2023	Unsecured medium-term note issued February 2023	5.65%	2028	500		—		Unsecured medium-term note issued February 2023	5.65%	2028	500		—
Unsecured medium-term note issued May 2023	Unsecured medium-term note issued May 2023	5.25%	2028	650		—		Unsecured medium-term note issued May 2023	5.25%	2028	650		—

Unsecured foreign obligations	Unsecured foreign obligations	2.88%	2024	50		50		Unsecured foreign obligations	2.88%	2024	50		50
Asset-backed U.S. obligations (2)	Asset-backed U.S. obligations (2)	3.22%	2023-2030	432		477		Asset-backed U.S. obligations (2)	3.39%	2023-2030	415		477
Finance lease obligations and other	Finance lease obligations and other		2023-2041	44		42		Finance lease obligations and other		2023-2031	44		42
				6,550		6,370					6,644		6,370
Debt issuance costs and original issue discounts	Debt issuance costs and original issue discounts			(25)		(18)		Debt issuance costs and original issue discounts			(23)		(18)
Total debt (3)	Total debt (3)			6,525		6,352		Total debt (3)			6,621		6,352
Short-term debt and current portion of long-term debt	Short-term debt and current portion of long-term debt			(1,330)		(1,349)		Short-term debt and current portion of long-term debt			(1,888)		(1,349)
Long-term debt	Long-term debt			$	5,195	$	5,003	Long-term debt			$	4,733	$	5,003


(In millions)	(In millions)	Currency Translation Adjustments		Net Actuarial (Loss) Gain and Prior Service Costs		Unrealized Gain (Loss) from Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Gain		(In millions)	Currency Translation Adjustments		Net Actuarial (Loss) Gain and Prior Service Costs		Unrealized Gain (Loss) from Cash Flow Hedges		Accumulated Other Comprehensive (Loss) Gain
January 1, 2023	January 1, 2023	$	(238)	$	(566)	$	8	$	(796)	January 1, 2023	$	(238)	$	(566)	$	8	$	(796)
Other comprehensive gain (loss), net of tax, before reclassifications		35		—		1		36
Other comprehensive gain, net of tax, before reclassifications										Other comprehensive gain, net of tax, before reclassifications	20		—		4		24
Amounts reclassified from AOCI, net of tax	Amounts reclassified from AOCI, net of tax	183		10		(3)		190		Amounts reclassified from AOCI, net of tax	183		15		(5)		193

Net current-period other comprehensive gain (loss), net of tax	Net current-period other comprehensive gain (loss), net of tax	218		10		(2)		226		Net current-period other comprehensive gain (loss), net of tax	203		15		(1)		217
June 30, 2023		$	(20)	$	(556)	$	6	$	(570)
September 30, 2023										September 30, 2023	$	(35)	$	(551)	$	7	$	(579)


		Three months ended June 30,				Six months ended June 30,				Change 2023/2022			Three months ended September 30,				Nine months ended September 30,				Change 2023/2022
(Dollars in millions, except per share)	(Dollars in millions, except per share)	2023		2022		2023		2022		Three Months	Six Months	(Dollars in millions, except per share)	2023		2022		2023		2022		Three Months	Nine Months

Total revenue	Total revenue	$	2,884	$	3,034	$	5,836	$	5,888	(5)%	(1)%	Total revenue	$	2,924	$	3,035	$	8,760	$	8,923	(4)%	(2)%
Operating revenue (1)	Operating revenue (1)	2,326		2,307		4,672		4,523		1%	3%	Operating revenue (1)	2,379		2,347		7,051		6,870		1%	3%
Earnings from continuing operations before income taxes (EBT)	Earnings from continuing operations before income taxes (EBT)	$	44	$	338	$	245	$	590	(87)%	(58)%	Earnings from continuing operations before income taxes (EBT)	$	213	$	334	$	458	$	924	(36)%	(50)%
Comparable EBT (1)	Comparable EBT (1)	237		308		416		568		(23)%	(27)%	Comparable EBT (1)	227		309		643		877		(27)%	(27)%
Earnings (loss) from continuing operations		(18)		240		122		416		NM	(71)%
Earnings from continuing operations												Earnings from continuing operations	160		247		282		663		(35)%	(57)%
Comparable earnings from continuing operations (1)	Comparable earnings from continuing operations (1)	170		226		303		414		(25)%	(27)%	Comparable earnings from continuing operations (1)	165		227		468		641		(27)%	(27)%
Net earnings (loss)		(18)		239		121		415		NM	(71)%
Net earnings												Net earnings	161		246		282		661		(35)%	(57)%
Comparable EBITDA (1)	Comparable EBITDA (1)	674		688		1,302		1,335		(2)%	(2)%	Comparable EBITDA (1)	680		696		1,982		2,031		(2)%	(2)%
Earnings (loss) per common share (EPS) — Diluted
Earnings per common share (EPS) — Diluted												Earnings per common share (EPS) — Diluted
Continuing operations	Continuing operations	$	(0.39)	$	4.72	$	2.60	$	8.05	NM	(68)%	Continuing operations	$	3.44	$	4.82	$	6.01	$	12.86	(29)%	(53)%
Comparable (1)	Comparable (1)	3.61		4.43		6.42		8.00		(19)%	(20)%	Comparable (1)	3.58		4.45		10.00		12.44		(20)%	(20)%
Net earnings (loss)		(0.40)		4.70		2.57		8.03		NM	(68)%
Net earnings												Net earnings	3.47		4.82		6.02		12.82		(28)%	(53)%


		Proceeds per unit change 2023/2022 (1)			Proceeds per unit change 2023/2022 (1)
		Three Months	Six Months		Three Months	Nine Months
Tractors	Tractors	(41)%	(38)%	Tractors	(31)%	(35)%
Trucks	Trucks	(34)%	(26)%	Trucks	(30)%	(27)%


					Change						Change
		June 30, 2023	December 31, 2022	June 30, 2022	June 2023/ Dec 2022	June 2023/ June 2022		September 30, 2023	December 31, 2022	September 30, 2022	Sept 2023/ Dec 2022	Sept 2023/ Sept 2022
End of period vehicle count	End of period vehicle count						End of period vehicle count
By type:	By type:						By type:
Trucks (1)	Trucks (1)	74,100	72,100	71,400	3%	4%	Trucks (1)	75,100	72,100	72,400	4%	4%
Tractors (2)	Tractors (2)	71,100	69,300	69,400	3%	2%	Tractors (2)	70,500	69,300	69,100	2%	2%
Trailers and other (3)	Trailers and other (3)	42,000	41,200	39,700	2%	6%	Trailers and other (3)	41,400	41,200	40,100	—%	3%
Total	Total	187,200	182,600	180,500	3%	4%	Total	187,000	182,600	181,600	2%	3%

By product line:	By product line:						By product line:
ChoiceLease	ChoiceLease	139,000	134,600	133,400	3%	4%	ChoiceLease	139,300	134,600	134,100	3%	4%
Commercial rental	Commercial rental	39,200	41,800	41,100	(6)%	(5)%	Commercial rental	37,900	41,800	41,800	(9)%	(9)%
Service vehicles and other	Service vehicles and other	2,000	2,100	2,100	(5)%	(5)%	Service vehicles and other	2,000	2,100	2,000	(5)%	—%
		180,200	178,500	176,600	1%	2%		179,200	178,500	177,900	—%	1%
Held for sale	Held for sale	7,000	4,100	3,900	71%	79%	Held for sale	7,800	4,100	3,600	90%	117%
Total	Total	187,200	182,600	180,500	3%	4%	Total	187,000	182,600	181,500	2%	3%
Memo: U.K. Vehicle Count (excluded from above)	Memo: U.K. Vehicle Count (excluded from above)	—	1,000	5,900	(100)%	(100)%	Memo: U.K. Vehicle Count (excluded from above)	—	1,000	3,300	(100)%	(100)%

Customer vehicles under SelectCare contracts (4)	Customer vehicles under SelectCare contracts (4)	51,700	54,600	55,200	(5)%	(6)%	Customer vehicles under SelectCare contracts (4)	52,300	54,600	55,100	(4)%	(5)%

Quarterly average vehicle count	Quarterly average vehicle count						Quarterly average vehicle count
By product line:	By product line:						By product line:
ChoiceLease	ChoiceLease	137,800	134,500	133,600	2%	3%	ChoiceLease	139,200	134,500	133,900	3%	4%
Commercial rental	Commercial rental	40,200	41,800	40,500	(4)%	(1)%	Commercial rental	38,700	41,800	41,500	(7)%	(7)%
Service vehicles and other	Service vehicles and other	2,100	2,000	2,000	5%	5%	Service vehicles and other	2,000	2,000	2,000	—%	—%
		180,100	178,300	176,100	1%	2%		179,900	178,300	177,400	1%	1%
Held for sale	Held for sale	5,900	3,700	3,500	59%	69%	Held for sale	7,400	3,700	3,700	100%	100%
Total	Total	186,000	182,000	179,600	2%	4%	Total	187,300	182,000	181,100	3%	3%

Customer vehicles under SelectCare contracts (4)	Customer vehicles under SelectCare contracts (4)	52,600	55,300	55,000	(5)%	(4)%	Customer vehicles under SelectCare contracts (4)	52,100	55,300	55,000	(6)%	(5)%
Customer vehicles under SelectCare on-demand (5)	Customer vehicles under SelectCare on-demand (5)	3,900	5,800	6,200	(33)%	(37)%	Customer vehicles under SelectCare on-demand (5)	3,000	5,800	6,300	(48)%	(52)%
Total vehicles serviced	Total vehicles serviced	242,500	243,100	240,800	—%	1%	Total vehicles serviced	242,400	243,100	242,400	—%	—%


		Three months ended June 30,				Six months ended June 30,				Twelve months ended June 30,					Three months ended September 30,				Nine months ended September 30,				Twelve months ended September 30,
(Dollars in millions)	(Dollars in millions)	2023		2022		2023		2022		2023		2022		(Dollars in millions)	2023		2022		2023		2022		2023		2022

FMS total revenue	FMS total revenue	$	1,459	$	1,621	$	2,962	$	3,150	$	6,139	$	6,086	FMS total revenue	$	1,487	$	1,582	$	4,449	$	4,732	$	6,044	$	6,231
Fuel services revenue	Fuel services revenue	(205)		(314)		(446)		(561)		(999)		(949)		Fuel services revenue	(221)		(279)		(667)		(840)		(941)		(1,039)
FMS operating revenue	FMS operating revenue	$	1,254	$	1,307	$	2,516	$	2,589	$	5,140	$	5,137	FMS operating revenue	$	1,266	$	1,303	$	3,782	$	3,892	$	5,103	$	5,192

FMS EBT	FMS EBT	$	180	$	286	$	362	$	535	$	884	$	977	FMS EBT	$	169	$	266	$	531	$	801	$	787	$	1,057
FMS EBT as a % of FMS total revenue	FMS EBT as a % of FMS total revenue	12.3%		17.6%		12.2%		17.0%		14.4%		16.1%		FMS EBT as a % of FMS total revenue	11.4%		16.8%		11.9%		16.9%		13.0%		17.0%
FMS EBT as a % of FMS operating revenue	FMS EBT as a % of FMS operating revenue	14.4%		21.9%		14.4%		20.7%		17.2%		19.0%		FMS EBT as a % of FMS operating revenue	13.4%		20.4%		14.0%		20.6%		15.4%		20.4%


(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	Maximum Number of Shares That May Yet Be Purchased Under the Discretionary and Anti-Dilutive Programs (2)
April 1 through April 30, 2023	49,818	$	78.45	49,596	3,059,901
May 1 through May 31, 2023	1,030,417	80.60		1,030,400	2,029,501
June 1 through June 30, 2023	5,402	84.38		—	2,029,501
Total	1,085,637	$	80.52	1,079,996


Exhibit Number						Description

10.1*						First Amendment to Third Amended and Restated Global Revolving Credit Agreement, dated as of December 14, 2021, by and among Ryder System, Inc., certain Ryder subsidiaries, and the lenders and agents named therein
10.2*						Ryder System, Inc. Amended and Restated 2019 Equity and Incentive Compensation Plan, effective as of May 5, 2023, previously filed with the Commission on March 15, 2023 as Appendix A to Ryder System, Inc.'s's Definitive Proxy Statement on Schedule 14A, is incorporated by reference into this report
10.3*						F ~~orm~~Form of Amended and Restated Severance Agreement for Executive Officers (other than the Chief Executive Officer)
10.4*						Amended and Restated Severance Agreement for the Chief Executive Officer
31.1						Certification of Robert E. Sanchez pursuant to Rule 13a-14(a) or Rule 15d-14(a)
31.2						Certification of John J. Diez pursuant to Rule 13a-14(a) or Rule 15d-14(a)
32						Certification of Robert E. Sanchez and John J. Diez 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)


		RYDER SYSTEM, INC.
		(Registrant)

Date:	~~July 26,~~October 25, 2023	By:	/s/ JOHN J. DIEZ
			John J. Diez
			Executive Vice President and Chief Financial Officer
			(Principal Financial Officer)

Date:	~~July 26,~~October 25, 2023	By:	/s/ CRISTINA GALLO-AQUINO
			Cristina Gallo-Aquino
			Senior Vice President and Controller
			(Principal Accounting Officer)