Rush Enterprises (RUSHA) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenues were $1.9 billion, with net income of $66.7 million and diluted EPS of $0.83, reflecting a 15.7% year-over-year decrease due to challenging market conditions, especially in new Class 8 truck sales.

• Aftermarket, used truck sales, and leasing helped offset softness in new vehicle demand, with aftermarket operations contributing 63–63.7% of total gross profit and parts, service, and collision center revenues up 1.5% year-over-year to $642.7 million.

• Board declared a $0.19 per share dividend for Q3 2025 and approved a $200 million stock repurchase program, with $9.2 million in stock repurchases and $14.8 million in dividends paid during the quarter.

• Truck leasing and rental achieved record revenues of $93.3 million, up 4.7% year-over-year, with rental utilization improving sequentially.

• The company expanded its Canadian operations through the acquisition of an IC Bus franchise, diversifying its customer base and boosting bus sales.

Financial highlights

• Q3 2025 revenues: $1.9 billion, down 0.8% year-over-year; net income: $66.7 million; EPS: $0.83 per diluted share.

• Gross profit was $374.8 million, with a gross margin of 19.9%; operating income was $100.0 million, down 17.2% year-over-year.

• Aftermarket revenues rose 1.5% to $642.7 million; lease and rental revenue increased 4.7% to $93.3 million.

• Sold 3,120 new Class 8 trucks in the U.S. (5.8% market share), down 11% year-over-year; sold 2,979 Class 4-7 vehicles in the U.S. (5.6% market share), and 448 Class 5-7 vehicles in Canada (10.7% market share).

• Used commercial vehicle sales totaled 1,814 units, flat year-over-year.

Outlook and guidance

• U.S. Class 8 truck sales are forecasted to decline 12.5% in 2025; company expects to sell 11,700–12,800 new Class 8 trucks in the U.S. and 350 in Canada.

• U.S. Class 4–7 commercial vehicle sales are expected to decline 11.8% in 2025; company projects 12,500–13,600 units in the U.S. and 1,000 in Canada.

• Aftermarket and new truck sales expected to face continued challenges due to seasonal and industry headwinds, with weak demand for new Class 8 trucks persisting into early 2026.

• Medium duty and used truck sales expected to remain stable; leasing and rental operations projected to maintain strength.

• Optimism for stronger Class 8 sales in the second half of 2026 if stricter emission laws and market right-sizing occur.