1. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS - UNAUDITED
Periods ended March 31, 2008 and 2007
(In millions, except per share amounts)
Three Months
2008 2007
Revenue $ 1,543.6 1,594.1
Operating expense 763.8 667.2
Salaries and employee-related costs 358.4 354.2
Subcontracted transportation 75.3 247.2
Depreciation expense 206.0 196.2
Gains on vehicle sales, net (12.4) (15.0)
Equipment rental 21.5 20.5
Interest expense 37.4 39.4
Miscellaneous expense (income), net 1.6 (0.9)
Restructuring and other (recoveries) charges, net (0.1) 0.5
1,451.5 1,509.3
Earnings before income taxes 92.1 84.8
Provision for income taxes (36.0) (33.5)
Net earnings $ 56.1 51.3
Earnings per common share - Diluted: $ 0.96 0.84
Weighted-average shares outstanding - Diluted: 58.2 61.2
Note: Certain prior period amounts have been reclassified to conform to current year presentation.

2. RYDER SYSTEM, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
PRELIMINARY AND SUBJECT TO RECLASSIFICATION
(Dollars in millions)
(unaudited)
March 31, December 31,
2008 2007
Assets:
Cash and cash equivalents $ 114.6 116.5
Other current assets 1,013.3 1,105.6
Revenue earning equipment, net 4,583.4 4,501.4
Operating property and equipment, net 534.7 518.7
Other assets 654.6 612.4
$ 6,900.6 6,854.6
Liabilities and shareholders' equity:
Short-term debt / current portion of long-term debt $ 302.4 222.7
Other current liabilities 811.7 796.7
Long-term debt 2,494.1 2,553.4
Other non-current liabilities (including deferred income taxes) 1,418.5 1,394.2
Shareholders' equity 1,873.9 1,887.6
$ 6,900.6 6,854.6
SELECTED KEY RATIOS
March 31, December 31,
2008 2007
Debt to equity 149% 147%
Total obligations to equity (a) * 159% 157%
Three months ended March 31,
2008 2007
Return on average shareholders' equity (b) 14.2% 15.2%
Return on average assets (b) 3.7% 3.8%
Return on capital* 7.5% 7.8%
(a) Total obligations represent debt plus off-balance sheet equipment obligations.
(b) Includes the effect of accounting changes.
* 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 March 31, 2008 and 2007
(Dollars in millions)
Three Months
2008 2007 B(W)
Revenue:
Fleet Management Solutions:
Full service lease $ 504.2 475.9 6%
Contract maintenance 40.6 37.2 9%
Contractual revenue 544.8 513.1 6%
Contract-related maintenance 51.7 52.1 (1%)
Commercial rental 132.7 131.0 1%
Other 18.4 17.7 4%
Fuel 358.0 274.2 31%
Total Fleet Management Solutions 1,105.6 988.1 12%
Supply Chain Solutions 414.2 566.4 (27%)
Dedicated Contract Carriage 137.2 138.5 (1%)
Eliminations (113.4) (98.9) (15%)
Total revenue $ 1,543.6 1,594.1 (3%)
Operating Revenue: *
Fleet Management Solutions $ 747.6 713.9 5%
Supply Chain Solutions 342.0 322.1 6%
Dedicated Contract Carriage 134.0 135.6 (1%)
Eliminations (51.3) (52.4) 2%
Total operating revenue $ 1,172.3 1,119.2 5%
Business segment earnings:
Earnings before income taxes:
Fleet Management Solutions $ 91.4 80.8 13%
Supply Chain Solutions 8.3 11.4 (27%)
Dedicated Contract Carriage 11.3 10.4 9%
Eliminations (7.5) (9.0) 16%
103.5 93.6 11%
Unallocated Central Support Services (11.5) (8.3) (39%)
Earnings before restructuring and
other recoveries (charges), net and income taxes 92.0 85.3 8%
Restructuring and other recoveries (charges), net 0.1 (0.5) NM
Earnings before income taxes 92.1 84.8 9%
Provision for income taxes (36.0) (33.5) (7%)
Net earnings $ 56.1 51.3 9%
* Non-GAAP financial measure

4. RYDER SYSTEM, INC. AND SUBSIDIARIES
BUSINESS SEGMENT INFORMATION - UNAUDITED
Periods ended March 31, 2008 and 2007
(Dollars in Millions)
Three Months
2008 2007 B(W)
Fleet Management Solutions
Total revenue $ 1,105.6 988.1 12%
Fuel revenue (358.0) (274.2) 31%
Operating revenue * $ 747.6 713.9 5%
Segment earnings before income taxes $ 91.4 80.8 13%
Earnings before income taxes as % of total revenue 8.3% 8.2%
Earnings before income taxes as % of operating revenue * 12.2% 11.3%
Supply Chain Solutions
Total revenue $ 414.2 566.4 (27%)
Subcontracted transportation (72.2) (244.3) (70%)
Operating revenue * $ 342.0 322.1 6%
Segment earnings before income taxes $ 8.3 11.4 (27%)
Earnings before income taxes as % of total revenue 2.0% 2.0%
Earnings before income taxes as % of operating revenue * 2.4% 3.6%
Memo: Fuel costs $ 40.4 27.9 (45%)
Dedicated Contract Carriage
Total revenue $ 137.2 138.5 (1%)
Subcontracted transportation (3.2) (2.9) 9%
Operating revenue * $ 134.0 135.6 (1%)
Segment earnings before income taxes $ 11.3 10.4 9%
Earnings before income taxes as % of total revenue 8.2% 7.5%
Earnings before income taxes as % of operating revenue * 8.4% 7.6%
Memo: Fuel costs $ 30.8 24.7 (25%)
* 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)
OPERATING REVENUE RECONCILIATION Three months ended March 31,
2008 2007
Total revenue $ 1,543.6 1,594.1
Fuel services and subcontracted transportation revenue (433.4) (521.4)
Fuel eliminations 62.1 46.5
Operating revenue * $ 1,172.3 1,119.2
CASH FLOW RECONCILIATION Three months ended March 31,
2008 2007
Net cash provided by operating activities $ 300.3 253.2
Proceeds from sales (primarily revenue earning equipment) 75.0 94.3
Collections on direct finance leases 17.6 15.7
Other, net 0.4 0.8
Total cash generated * 393.3 364.0
Capital expenditures (273.9) (487.4)
Free cash flow * $ 119.4 (123.4)
SCS REVENUE RECONCILIATION Three Months ended March 31,
2008 2007 B(W)
Total SCS revenue $ 414.2 566.4 (27%)
Customer contract modification - (174.8) NM
Adjusted total SCS revenue* $ 414.2 391.6 6%
DEBT TO EQUITY RECONCILIATION March 31, December 31,
2008 % to Equity % to Equity
2007
On-balance sheet debt $ 2,796.5 149% $ 2,776.1 147%
Off-balance sheet debt - PV of minimum lease payments and
guaranteed residual values under operating leases for vehicles (a
176.3 178.0
Total obligations * $ 2,972.8 159% $ 2,954.1 157%
RETURN ON CAPITAL RECONCILIATION Twelve months ended March 31,
2008 2007
Net earnings (12-month rolling period) $ 258.7 252.6
+ Restructuring and other items 1.5 -
+ Income taxes 154.0 146.0
Adjusted earnings before income taxes 414.2 398.6
+ Adjusted interest expense (b) 168.3 154.1
- Adjusted income taxes (c) (221.9) (212.0)
= Adjusted net earnings for ROC (numerator) $ 360.6 340.7
Average total debt $ 2,832.4 2,631.7
+ Average off-balance sheet debt 174.8 89.1
+ Average adjusted total shareholders' equity (d) 1,825.6 1,660.7
= Adjusted average total capital (denominator) $ 4,832.8 4,381.5
Adjusted ROC * 7.5% 7.8%
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.
(d) Represents shareholders' equity adjusted for accounting changes and tax
benefits in those periods.
* Non-GAAP financial measure
Certain prior period amounts have been reclassified to conform to current year presentation.