RUSHB earnings analysis
What we found in RUSHB's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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).
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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).
- 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).
- 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).
- Recurring maintenance contracts
- The Company reported 3,733 vehicles under contract maintenance as of December 31, 2025, supporting recurring service revenue (filing).
- 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).
- 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).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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).
- 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).
- 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).
- 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).
- 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).
What they reported.
What the company itself reported, taken out of the document.
- Segment
- Truck Segment (single reportable segment)
- Segment
- Revenue mix (2025): Aftermarket Products and Services $2,523.0 million (33.9% of revenues; 63.7% of gross profit)
- Segment
- New commercial vehicle sales $4,139.8 million (55.7% of revenues); New Class 8 $2,425.5 million (32.6% of revenues)
- Segment
- Used commercial vehicle sales $363.7 million (4.9% of revenues)
- Segment
- Vehicle leasing & rental revenues $369.6 million (5.0% of revenues)
- Segment
- Finance & insurance revenues $21.1 million (0.3% of revenues)
What they said about what is next.
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).
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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