Ryder System, Inc. and Subsidiaries reported consolidated financial results for the three months and year ended December 31, 2007. Total revenue for the quarter increased 5% to $1.666 billion compared to $1.594 billion in the prior year. For the full year, total revenue rose 4% to $6.566 billion from $6.307 billion in 2006. Net earnings for the quarter grew 9% to $71.9 million from $65.8 million in the previous year. For 2007, net earnings increased 2% to $253.9 million compared to $249 million in 2006. Key metrics such as debt to equity ratio and return on capital declined slightly from the prior year levels.

1. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended December 31, 2007 and 2006
(In millions, except per share amounts)
Three Months Year Ended
2007 2006 2007 2006
Revenue $ 1,666.2 1,594.1 $ 6,566.0 6,306.6
Operating expense 713.7 661.5 2,776.9 2,735.7
Salaries and employee-related costs 363.1 361.7 1,410.4 1,397.4
Subcontracted transportation 212.6 227.6 950.5 865.5
Depreciation expense 209.7 193.7 816.0 743.3
Gains on vehicle sales, net (7.4) (11.9) (44.1) (50.8)
Equipment rental 25.4 23.9 93.3 90.1
Interest expense 39.7 37.7 160.1 140.6
Miscellaneous income, net (2.1) (5.5) (15.9) (11.7)
Restructuring and other (recoveries) charges, net (0.3) 3.6 13.3 3.6
1,554.4 1,492.3 6,160.5 5,913.7
Earnings before income taxes 111.8 101.8 405.5 393.0
Provision for income taxes (39.9) (36.0) (151.6) (144.0)
Net earnings $ 71.9 65.8 $ 253.9 249.0
Earnings per common share - Diluted: $ 1.24 1.08 $ 4.24 4.04
Weighted-average shares outstanding - Diluted: 58.1 61.2 59.8 61.6

2. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
PRELIMINARY AND SUBJECT TO RECLASSIFICATION
(Dollars in millions)
(unaudited)
December 31, December 31,
2007 2006
Assets:
Cash and cash equivalents $ 116.5 128.6
Other current assets 1,105.6 1,133.2
Revenue earning equipment, net 4,501.4 4,509.3
Operating property and equipment, net 518.7 499.0
Other assets 612.4 558.8
$ 6,854.6 6,828.9
Liabilities and shareholders' equity:
Short-term debt / current portion of long-term debt $ 222.7 332.7
Other current liabilities 796.7 934.9
Long-term debt 2,553.4 2,484.2
Other non-current liabilities (including deferred income taxes) 1,394.2 1,356.3
Shareholders' equity 1,887.6 1,720.8
$ 6,854.6 6,828.9
SELECTED KEY RATIOS
December 31, December 31,
2007 2006
Debt to equity 147% 164%
Total obligations to equity (a) * 157% 168%
Twelve months ended December 31,
2007 2006
Return on average shareholders' equity 14.2% 15.5%
Return on average assets 3.7% 3.9%
Return on capital * 7.4% 7.9%
(a) Total obligations represent debt plus off-balance sheet equipment obligations.
* Non-GAAP financial measure; see reconciliation to closest GAAP financial measure included within this
release.

3. RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT REVENUE AND EARNINGS - UNAUDITED
Periods ended December 31, 2007 and 2006
(Dollars in millions)
Three Months Year Ended
2007 2006 B(W) 2007 2006 B(W)
Revenue:
Fleet Management Solutions:
Full service lease $ 503.9 472.4 7% $ 1,965.3 1,848.3 6%
Contract maintenance 41.6 37.9 10% 159.6 141.9 12%
Contractual revenue 545.5 510.3 7% 2,124.9 1,990.2 7%
Contract-related maintenance 48.5 48.7 (1%) 198.8 193.1 3%
Commercial rental 152.0 163.4 (7%) 583.3 665.7 (12%)
Other 18.8 18.9 (1%) 72.4 72.1 ─
Fuel 320.6 264.1 21% 1,183.2 1,174.9 1%
Total Fleet Management Solutions 1,085.4 1,005.4 8% 4,162.6 4,096.0 2%
Supply Chain Solutions 545.8 543.1 1% 2,250.3 2,028.5 11%
Dedicated Contract Carriage 144.3 140.2 3% 567.6 568.8 ─
Eliminations (109.3) (94.6) (16%) (414.5) (386.7) (7%)
Total revenue $ 1,666.2 1,594.1 5% $ 6,566.0 6,306.6 4%
Operating Revenue: *
Fleet Management Solutions $ 764.8 741.3 3% $ 2,979.4 2,921.1 2%
Supply Chain Solutions 337.2 320.1 5% 1,314.5 1,182.9 11%
Dedicated Contract Carriage 140.3 135.6 3% 552.9 548.9 1%
Eliminations (52.7) (51.0) (3%) (210.2) (198.7) (6%)
Total operating revenue $ 1,189.6 1,146.0 4% $ 4,636.6 4,454.2 4%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions $ 102.3 94.5 8% $ 373.7 368.1 2%
Supply Chain Solutions 18.9 17.0 11% 63.2 62.1 2%
Dedicated Contract Carriage 12.3 11.2 9% 47.4 42.6 11%
Eliminations (8.1) (9.0) 12% (31.2) (33.7) 7%
125.4 113.7 10% 453.1 439.1 3%
Unallocated Central Support Services (14.0) (11.1) (26%) (44.4) (39.5) (13%)
Earnings before restructuring and
other items and income taxes 111.4 102.6 9% 408.7 399.6 2%
Restructuring and other recoveries/(charges), net
and other items 0.4 (0.8) NM (3.2) (6.6) NM
Earnings before income taxes 111.8 101.8 10% 405.5 393.0 3%
Provision for income taxes (39.9) (36.0) (11%) (151.6) (144.0) (5%)
Net earnings $ 71.9 65.8 9% $ 253.9 249.0 2%
* Non-GAAP financial measure
Note: Amounts may not recalculate due to rounding.

4. RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended December 31, 2007 and 2006
(Dollars in Millions)
Three Months Year Ended
2007 2006 B(W) 2007 2006 B(W)
Fleet Management Solutions
Total revenue $ 1,085.4 1,005.4 8% $ 4,162.6 4,096.0 2%
Fuel revenue (320.6) (264.1) 21% (1,183.2) (1,174.9) 1%
Operating revenue * $ 764.8 741.3 3% $ 2,979.4 2,921.1 2%
Segment earnings before income taxes $ 102.3 94.5 8% $ 373.7 368.1 2%
Earnings before income taxes as % of total revenue 9.4% 9.4% 9.0% 9.0%
Earnings before income taxes as % of operating revenue * 13.4% 12.8% 12.5% 12.6%
Supply Chain Solutions
Total revenue $ 545.8 543.1 1% $ 2,250.3 2,028.5 11%
Subcontracted transportation (208.6) (223.0) (6%) (935.8) (845.6) 11%
Operating revenue * $ 337.2 320.1 5% $ 1,314.5 1,182.9 11%
Segment earnings before income taxes $ 18.9 17.0 11% $ 63.2 62.1 2%
Earnings before income taxes as % of total revenue 3.5% 3.1% 2.8% 3.1%
Earnings before income taxes as % of operating revenue * 5.6% 5.3% 4.8% 5.3%
Memo: Fuel costs $ 35.6 24.9 (43%) $ 124.5 104.2 (19%)
Dedicated Contract Carriage
Total revenue $ 144.3 140.2 3% $ 567.6 568.8 ─
Subcontracted transportation (4.0) (4.6) (14%) (14.7) (19.9) (26%)
Operating revenue * $ 140.3 135.6 3% $ 552.9 548.9 1%
Segment earnings before income taxes $ 12.3 11.2 9% $ 47.4 42.6 11%
Earnings before income taxes as % of total revenue 8.5% 8.0% 8.4% 7.5%
Earnings before income taxes as % of operating revenue * 8.7% 8.3% 8.6% 7.8%
Memo: Fuel costs $ 29.3 24.3 (21%) $ 107.1 104.6 (2%)
* Non-GAAP financial measure
Note: Amounts may not recalculate due to rounding.

5. RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - PRELIMINARY AND UNAUDITED
(In millions)
Three Months Year Ended
OPERATING REVENUE RECONCILIATION
2007 2006 2007 2006
Total revenue $ 1,666.2 1,594.1 $ 6,566.0 6,306.6
Fuel services and subcontracted transportation revenue (533.2) (491.7) (2,133.7) (2,040.4)
Fuel eliminations 56.6 43.6 204.3 188.0
Operating revenue * $ 1,189.6 1,146.0 $ 4,636.6 4,454.2
Year ended December 31,
CASH FLOW RECONCILIATION
2007 2006
Net cash provided by operating activities $ 1,102.9 853.6
Proceeds from sales (primarily revenue earning equipment) 373.6 332.7
Proceeds from sale and leaseback of assets 150.3 -
Collections on direct finance leases 63.4 66.3
Other, net 1.6 2.1
Total cash generated * 1,691.8 1,254.7
Capital expenditures (1,317.2) (1,695.1)
Free cash flow * $ 374.6 (440.4)
December 31, December 31,
DEBT TO EQUITY RECONCILIATION
2007 % to Equity % to Equity
2006
On-balance sheet debt $ 2,776.1 147% $ 2,816.9 164%
Off-balance sheet debt - PV of minimum lease payments
and guaranteed residual values under operating leases
for vehicles (a) 178.0 78.0
Total obligations * $ 2,954.1 157% $ 2,894.9 168%
Year ended December 31,
RETURN ON CAPITAL RECONCILIATION
2007 2006
Net earnings (12-month rolling period) $ 253.9 249.0
+ Restructuring and other items 1.5 -
+ Income taxes 151.6 144.0
Adjusted earnings before income taxes 407.0 393.0
+ Adjusted interest expense (b) 169.1 146.6
- Adjusted income taxes (c) (220.0) (207.2)
= Adjusted net earnings for ROC (numerator) $ 356.1 332.4
Average total debt $ 2,847.7 2,480.3
+ Average off-balance sheet debt 150.1 98.8
+ Average adjusted total shareholders' equity (d) 1,791.7 1,605.2
= Adjusted average total capital (denominator) $ 4,789.5 4,184.3
Adjusted ROC * 7.4% 7.9%
Notes:
(a) Discounted at the incremental borrowing rate at lease inception.
(b) Interest expense includes implied interest on off-balance sheet vehicle obligations.
(c) Income taxes were calculated using the effective income tax rate for the period exclusive of
benefits from tax law changes recognized in 2006 and the fourth quarter of 2007.
(d) Represents shareholders' equity adjusted for tax benefits in those periods.
* Non-GAAP financial measure

6. RYDER SYSTEM, INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS - PRELIMINARY AND UNAUDITED
(In millions, except per share amounts)
Three Months Year Ended
NET EARNINGS RECONCILIATION
2007 2006 2007 2006
Net earnings $ 71.9 65.8 $ 253.9 249.0
Restructuring (recoveries)/charges (0.3) - 7.5 -
Tax law changes (3.3) - (3.3) (6.8)
Gain on sale of property (0.0) - (6.2) -
2006 pension accounting charge - - - 3.7
Comparable net earnings * $ 68.3 65.8 $ 251.9 245.9
Three Months Year Ended
EPS RECONCILIATION
2007 2006 2007 2006
Net earnings $ 1.24 1.08 $ 4.24 4.04
Restructuring charges - - 0.13 -
Tax law changes (0.06) - (0.06) (0.11)
Gain on sale of property - - (0.10) -
2006 pension accounting charge - - - 0.06
Comparable net earnings * $ 1.18 1.08 $ 4.21 3.99
Consolidated
Condensed
Statements of
RESTRUCTURING AND OTHER ITEMS
Earnings Three Months Year Ended
RECONCILIATION
Line Item 2007 2006 2007 2006
Severance and employee-related
(costs)/recoveries Restructuring $ 0.6 $ (1.3) $ (10.4) $ (1.1)
Facilities and related (costs)/recoveries Restructuring (0.3) (0.1) (1.3) (0.2)
Contract termination and transition costs Restructuring - (0.2) (0.3) (0.2)
Early retirement of debt Restructuring - (2.1) (1.3) (2.1)
Restructuring and other recoveries/(charges), net 0.3 (3.7) (13.3) (3.6)
Gain on sale of property Misc. Income 0.1 - 10.1 -
2006 pension accounting charge Salaries - - - (5.9)
2006 pension remeasurement benefit Salaries - 4.7 - 4.7
2006 postretirement plan charge Salaries - (1.8) - (1.8)
Restructuring and other recoveries/(charges), net
and other items $ 0.4 $ (0.8) $ (3.2) $ (6.6)
* Non-GAAP financial measure
Earnings per share amounts are calculated independently for each component and may not be additive due to rounding.