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Sep 30
Rush Enterprises Q3 2025 Earnings Report
Rush Enterprises reported third quarter 2025 results with revenues of $1.9 billion and net income of $66.7 million, facing challenging market conditions partially offset by strength in aftermarket, used truck sales, and leasing.
Key Takeaways
Rush Enterprises experienced a slight decline in total revenues and net income in Q3 2025 compared to the previous year, primarily due to challenging industry conditions, particularly in new Class 8 truck sales, and increased selling, general, and administrative expenses. However, the company's diversified business model, strong aftermarket performance, and growth in light-duty vehicle sales helped mitigate some of these headwinds.
Total revenues for Q3 2025 were $1.881 billion, a slight decrease from $1.896 billion in Q3 2024.
Net income for Q3 2025 was $66.7 million, or $0.83 per diluted share, down from $79.1 million, or $0.97 per diluted share, in Q3 2024.
Aftermarket products and services remained resilient, with revenues totaling $642.7 million, up 1.5% year-over-year, and accounting for approximately 63.7% of total gross profit.
New heavy-duty and medium-duty commercial vehicle sales faced soft demand, while light-duty commercial vehicle sales saw modest gains, partly due to a strategic acquisition in Canada.
Rush Enterprises
Rush Enterprises
Rush Enterprises Revenue by Segment
Revenue by Segment
New and Used Commercial Vehicle Sales Revenue
CapyFin.comAftermarket Products and Services Sales Revenue
CapyFin.comLease and Rental Sales Revenue
CapyFin.comFinance and Insurance Revenue
CapyFin.comOther Revenue
CapyFin.comNew Heavy-Duty Vehicles Revenue
CapyFin.comNew Medium-Duty Vehicles Revenue
CapyFin.comNew Light-Duty Vehicles Revenue
CapyFin.comUsed Vehicles Revenue
CapyFin.comOther Vehicles Revenue
CapyFin.com Forward Guidance
Rush Enterprises anticipates continued challenging market conditions for the remainder of 2025, particularly in aftermarket and new truck sales, with cautious optimism for a recovery in the second half of 2026.
Positive Outlook
- Aftermarket strategic initiatives, including technician recruiting and retention, and expanding the sales force, are expected to help offset weak demand.
- Diversified customer base, operational discipline, and a strong balance sheet are expected to help navigate headwinds.
- Ready-to-Roll inventory program and disciplined inventory management are expected to continue differentiating the company.
- Leasing and rental operations are expected to maintain strength and stability, providing a consistent revenue stream.
- Potential rebalancing of the freight market in H2 2026 due to capacity exits and stabilization of market conditions.
Challenges Ahead
- Aftermarket conditions are expected to remain challenging for the remainder of the year, including seasonal decline in Q4.
- Continued weak demand due to ongoing industry challenges, tariffs, and regulatory uncertainty.
- Very challenging end to 2025 and start to 2026 from a new truck sales perspective.
- Economic uncertainty and regulatory ambiguity, especially with engine emissions regulations, are impacting vehicle replacement decisions.
- Financing remains a challenge for many used truck buyers, despite stabilized pricing.
Revenue & Expenses
Visualization of income flow from segment revenue to net income