Taken straight TireRack.com
The
265 indicates this tire is 265 millimeters across from the widest point of its outer sidewall to the widest point of its inner sidewall when mounted and measured on a specified width wheel. This measurement is also referred to as the tire's section width. Because many people think of measurements in inches, the 265mm can be converted to inches by dividing the section width in millimeters by 25.4 (the number of millimeters per inch).
265mm / 25.4 = 10.43"
The 70 indicates that this tire size's sidewall height (from rim to tread) is 70% of its section width. The measurement is the tire's section height, and also referred to as the tire's series, profile or aspect ratio. The higher the number, the taller the sidewall; the lower the number, the lower the sidewall. We know that this tire size's section width is 265mm and that its section height is 70% of 265mm. By converting the 265mm to inches (265 / 25.4 = 10.43") and multiplying it by 70% (.70) we confirm that this tire size results in a tire section height of 7.3".