10-K · February 24, 2025
Rush Enterprises presents a large, single-segment (Truck Segment) dealership platform with diversified revenue mix: new commercial vehicle sales ($4,553.0 million, 58.3% of 2024 revenue) and Aftermarket Products and…
Earnings analysis · 10-K
RUSHB earnings analysis
Filed February 25, 2026 · Our reading of the company's report
The latest report
Rush Enterprises describes a one‑stop, integrated commercial vehicle dealership model (single Truck Segment) with a large geographic footprint and a diversified revenue mix that leans on recurring aftermarket and…
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Rush Enterprises describes a one‑stop, integrated commercial vehicle dealership model (single Truck Segment) with a large geographic footprint and a diversified revenue mix that leans on recurring aftermarket and service revenues. In 2025 aftermarket and service activities generated $2,523.0 million (33.9% of revenues) and produced 63.7% of gross profit, while new vehicle sales remained the largest revenue source at $4,139.8 million (55.7% of revenues). The 10‑K emphasizes continued growth via acquisitions, network expansion and expanded product/service offerings (telematics, CNG through a JV with Cummins).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Large recurring aftermarket base
Aftermarket Products and Services generated $2,523.0 million, representing 33.9% of total revenues and accounting for 63.7% of gross profit (filing).
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New vehicle sales remain dominant
New commercial vehicle sales totaled $4,139.8 million, or 55.7% of total revenues in 2025, with new Class 8 sales of $2,425.5 million (32.6% of total revenues) (filing).
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Scale in leasing and fleet operations
Vehicle leasing and rental revenues were $369.6 million (5.0% of revenues) and the lease/rental fleet comprised 9,988 commercial vehicles as of December 31, 2025 (filing).
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Recurring maintenance contracts
The Company reported 3,733 vehicles under contract maintenance as of December 31, 2025, supporting recurring service revenue (filing).
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Broad retail footprint
Operations include 120 owned locations, 80 leased locations and 18 other locations, plus 469 franchises across the U.S. and Canada (filing table as of December 31, 2025).
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Workforce and human capital scale
The Company employed 7,355 people in the U.S. and 582 in Canada as of December 31, 2025 (filing).
What to watch
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High exposure to new vehicle cyclicality
New commercial vehicle sales comprised 55.7% of total revenues ($4,139.8 million in 2025), creating sensitivity to OEM production cycles and freight/transportation demand (filing).
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Concentration in Class 8 heavy‑duty trucks
Class 8 heavy‑duty truck sales accounted for $2,425.5 million, or 32.6% of total revenues (58.6% of new vehicle revenues), concentrating earnings exposure in one vehicle class (filing).
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Warranty and OEM reimbursement dependence
Warranty‑related parts and service revenues were $182.7 million (2.5% of total revenues) and warranty work is generally reimbursed by manufacturers, exposing margins to OEM reimbursement policies (filing).
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Geographic/market concentration risks
Texas represents the largest single market presence with 30 owned locations and 18 leased locations (and 178 franchises listed for Texas), indicating local economic risk where operations are concentrated (filing table).
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Limited revenue from finance/insurance relative to vehicle sales
Finance and insurance revenues were $21.1 million, only 0.3% of total revenues in 2025, suggesting limited diversification from high‑margin non‑vehicle sources (filing).
Management's outlook
The 10‑K contains forward‑looking statement disclosures but does not provide explicit numeric annual guidance; management typically provides quantitative guidance in quarterly earnings releases and calls (filing's Forward‑Looking Statements note).
Earlier filings 4
10-Q · August 9, 2024
Q2 2024 revenue rose modestly to $2,027,028 (in thousands) versus $2,003,052 in Q2 2023, but gross profit, operating income and diluted EPS all declined. Inventory and receivables increased and the company generated…
10-Q · May 10, 2024
Q1 2024 results show a modest revenue decline but a larger drop in profitability and a sharp swing in operating cash flow. Revenue was $1.872B (down $39.8M vs Q1 2023), gross margin was essentially flat at ~20.8%, but…
10-Q · August 9, 2023
Revenue increased to $2,003,052,000 in Q2 2023 (+11.8% YoY and +4.8% vs Q1 2023), driven by the Truck Segment, but net income and EPS fell versus prior year as interest expense rose. Gross profit improved to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.