Rush Enterprises, Inc. (RUSHA)

Rush Enterprises reported third-quarter 2026 revenue of $2.113 billion and net income of $78.0 million, or $0.65 per diluted share, on 27 October 1. A year earlier it had revenue of $1.881 billion and net income of $66.7 million 1.

New truck deliveries drove the gain 1. The company sold 3,880 new Class 8 trucks, the heaviest highway trucks, in the U.S., up 24.4 percent, a 6.5 percent share of that market 1.

Parts, service and collision repair revenue was $679.9 million, up 5.8 percent, and made up about 62.8 percent of gross profit, which is revenue minus the direct cost of what was sold 1.

Chief executive Rusty Rush said quoting and new order activity have slowed as the industry awaits the EPA’s final rules for 2027 emissions 1. He said orders should pick up shortly after the EPA finalizes those rules 1.

The company also completed a 50 percent-owned joint venture with MCT Companies, a dealer of refrigeration units for trucks and trailers, and declared a $0.14 per share dividend 1.

Rush Enterprises was incorporated in Texas in 1965 and began operating in 1966 as a Peterbilt heavy-duty truck dealer 2. It has since grown into a network of commercial vehicle dealerships 2.

The pandemic year 2020 was a low point for revenue, which fell 18.5 percent to $4,735.9 million, largely because of fewer vehicle sales and the COVID-19 pandemic 5. New heavy-duty truck unit sales dropped 28.8 percent 5. Parts and service revenue fell 9.2 percent to $1,600.4 million, so even the steadier side of the business slowed 5.

On 13 December 2021 the company bought the assets of Summit Truck Group, with dealerships in Arkansas, Kansas, Missouri, Tennessee and Texas, for about $205.3 million 4. On 2 May 2022 it raised its stake in Rush Truck Centres of Canada to 80 percent 4.

Revenue grew 38.5 percent to $7,101.7 million in 2022 4. The company said the increases were mainly due to the Summit purchase and the inclusion of the Canadian results from May 2022 4.

Revenue was $7,925.0 million in 2023 and 1.5 percent lower at $7,804.7 million in 2024 6. New heavy-duty truck unit sales fell 11.4 percent in 2024 6.

In 2025 revenue fell 4.7 percent to $7,434.2 million 2. New heavy-duty truck unit sales were down 17.4 percent, while parts and service revenue rose 0.3 percent 2.

Net income attributable to the company was $263.8 million in 2025 against $304.2 million in 2024 2. On 16 June 2025 the company also bought Leeds Transit, an Ontario bus dealer, for about $25.6 million 2.

Trucks and buses

The company has one reportable segment, the Truck Segment, whose dealerships operate as Rush Truck Centers 2. They sell commercial vehicles made by Peterbilt, International, Hino, Ford, Isuzu, IC Bus, Blue Bird, Blue Arc and Battle Motors 2.

New commercial vehicles were the largest revenue line in 2025 at $4,139.8 million, or 55.7 percent of revenue 2. New Class 8 heavy-duty trucks brought $2,425.5 million, or 32.6 percent of revenue 2.

New Peterbilt vehicles were about 26.1 percent of 2025 revenue and new International vehicles about 14.7 percent 2. Used commercial vehicles brought $363.7 million, or 4.9 percent 2.

Parts, service, leasing and finance

Aftermarket products and services, meaning parts, service and collision repair, brought about $2,523.0 million, or 33.9 percent of 2025 revenue and 63.7 percent of gross profit 2.

Leasing and rental brought $369.6 million, or 5.0 percent of revenue, through PacLease and Idealease franchises 2. The lease and rental fleet held 9,988 vehicles at the end of 2025 2.

Finance and insurance products added $21.1 million, or 0.3 percent of revenue, with most customer loans sold to third parties 2.

Locations, people and rivals

At the end of 2025 the company had 120 owned and 80 leased locations and held 469 franchises across 23 states and Canada 2. It employed 7,355 people in the U.S. and 582 in Canada 2.

Its dealerships compete with dealerships representing Freightliner, Kenworth, Mack and Volvo 2. Chief executive Rusty Rush runs the company, and Steven Keller is chief financial officer 2.

Problems and pressures

A 25 percent tariff on certain medium- and heavy-duty commercial vehicles and parts is in force, and the company said it is confident any price increases will be well below that rate 2.

The company also depends on its manufacturers for engines that meet emissions rules, and the annual report reported no pending claims it viewed as reasonably possible to be material 2.

The umbrella, in words

Rush Truck Centers is the main brand 2. Rush Truck Leasing sells PacLease and Idealease leases, and the smaller units are Perfection Equipment, Custom Vehicle Solutions, House of Trucks, World Wide Tires, Chrome Country and Rush Truck Insurance Services 2.

The subsidiaries exhibit lists state units such as Rush Truck Centers of Texas, L.P., Rush Truck Leasing, Inc. and Rush Truck Centres of Canada Limited 7. The exhibit is long and this is not the whole list 7.

The company owns 80 percent of Rush Truck Centres of Canada, and owns 50 percent of Cummins Clean Fuel Technologies, whose other half belongs to a subsidiary of Cummins, Inc. 2. In 2026 it agreed to buy 50 percent of the MCT Holdings joint venture for about $47.5 million 3.

It owns its headquarters in New Braunfels, Texas, and a guest ranch of about 10,950 acres near Cotulla, Texas, used for client development 2.

Class B shares carry one vote each and Class A shares one twentieth of a vote 8. Rusty Rush is credited with 36.2 percent of total voting power, counting shares held by 3MR Partners, L.P., of which he is general partner 8.

Other holders reported in the proxy include GAMCO Investors with 8.2 percent of voting power and Dimensional Fund Advisors with 8.0 percent 8.

The board declared a dividend of $0.14 per share, to be paid on 10 December 2026 to holders of record on 11 November 1.

Rusty Rush said the company expects freight market improvement to continue in the fourth quarter 1. He said the backlog suggests strong new vehicle sales in the fourth quarter and into the first quarter of 2027, though supply limits may affect delivery timing 1.

ACT Research, an industry forecaster, forecasts U.S. retail sales of new Class 8 trucks at 229,400 units in 2026, as the company reported 1.

The annual report said the EPA 2027 Low NOx rule is expected to become effective in January 2027 2. Rush said buyers may delay purchases until the EPA finalizes its rules 1.

The annual report listed the Peterbilt dealership agreements as expiring in June 2026 and the International agreements as expiring between December 2026 and May 2030 2.

The company is under contract to build a new facility in Conroe, Texas, with a budget of $20.0 million, and expects to buy dealership facilities in Louisiana for about $9.5 million 3.

Rush said its growth plans include supporting MCT, expanding in current markets and acquiring or investing in businesses adjacent to the commercial vehicle industry 1.