Rush Enterprises (RUSHA) Q4 2025 earnings summary

Executive summary

• Generated $7.4 billion in revenue and $263.8 million net income for 2025; Q4 revenue was $1.8 billion with $64.3 million net income.

• Diluted EPS was $3.27 in 2025, down from $304.2 million net income and $7.8 billion revenue in 2024.

• Board approved a $0.19 per share dividend and a new $150 million stock repurchase program.

• $193.5 million in stock repurchases and $58 million returned via dividends in 2025.

• Navigated a challenging commercial vehicle market with disciplined expense management and continued investment in growth.

Financial highlights

• Annual absorption ratio was 130.7, down from 132.2 in 2024; Q4 absorption at 129.3.

• Aftermarket revenues for 2025 were $2.5 billion, flat year-over-year; Q4 aftermarket revenue rose to $625.2 million from $606.3 million.

• Leasing and rental revenues grew 4.1% to $369.6 million in 2025.

• 36,032 new and used vehicles sold in 2025, a 6.7% decrease from 2024.

• Free cash flow (non-GAAP) was $448.2 million; adjusted free cash flow was $733.4 million.

Outlook and guidance

• Expect Q1 2026 to be the trough for Class 8 retail sales, with improvement anticipated in later quarters.

• Anticipate increased replacement demand as fleet ages remain elevated; cautious optimism for medium-duty and used truck markets.

• ACT Research forecasts slight declines in new Class 8 truck sales and slight increases in Class 4-7 sales for 2026.

• Inflation expected to be a slight headwind in 2026, but manageable if market growth resumes.

• Expense discipline to continue, with G&A costs targeted to remain flat unless parts and service growth accelerates.