Automakers build trucks with a range of optional axle ratios. The term refers to the gears in the truck's differential, which is a mechanical device that links the rear axle to the driveshaft and then the engine. Technically, the number should be expressed as a ratio, such as 3.55:1, meaning the drive shaft turns 3.55 times for each turn of a wheel. But that gear ratio would most commonly be referred to as "3.55" or simply "three fifty-five."
The key to understanding gear ratios is to remember that, as the numerical ratio goes up, towing capacity increases but fuel economy goes down. A numerically higher axle ratio provides a mechanical advantage to send more of the engine's available torque to the rear tires (and front tires, in a four-wheel drive vehicle), but you pay the price at the fuel pump.