RUSHANasdaqRetail-Auto Dealers & Gasoline StationsUS GAAP · USD

Rush Enterprises, Inc

Rush Enterprises is a U.S.-based commercial vehicle retailer and service provider operating through its Rush Truck Centers network. The company sells new and used trucks and buses, and also provides parts, repair, leasing, rental, financing, insurance, upfitting, and related fleet support services across the United States and Canada.

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Revenue7,434m USD
−0.2 %y/y
Operating profit (EBIT)394m USD
−15.9 %y/y
EBIT margin5.3%
−1.0 ppy/y
Net income264m USD
−13.3 %y/y
Free cash flow462m USD
+147.7 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

02,0004,0006,0008,000m USD2020: 4,500 m USD2020: EBIT 54 m USD20202021: 4,879 m USD2021: EBIT 309 m USD20212022: 6,779 m USD2022: EBIT 506 m USD20222023: 7,571 m USD2023: EBIT 512 m USD20232024: 7,450 m USD2024: EBIT 468 m USD20242025: 7,434 m USD2025: EBIT 394 m USD20257,434394
RevenueOperating profit (EBIT)
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Business

Share of revenue
New commercial vehicle sales35 %

Retail sales of new trucks and buses from franchised OEM brands.

Used commercial vehicle sales10 %

Sales of pre-owned commercial vehicles through dealership locations.

Aftermarket products and services34 %

Parts, maintenance, repair, collision, and warranty-related service work.

Lease and rental8 %

Short- and longer-term commercial vehicle leasing and rental offerings.

Finance and insurance3 %

Customer financing, insurance products, and related dealership services.

Other products and services10 %

Upfitting, CNG fuel systems, telematics, and other dealership-related offerings.

Products

Reported · share of revenue
63.6%20.9%14.7%FY2025100 %
  • Commercial Vehicle63.6 %
  • Parts20.9 %
  • Commercial Vehicle Repair Service14.7 %
  • Finance and Insurance0.3 %
  • Other0.2 %
  • Other0.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Rush Enterprises serves commercial vehicle end users that need trucks, buses, and ongoing fleet support rather than one-time vehicle purchases. Its customer base includes national and regional fleets, corporations, local and state governments, and owner-operators, with demand driven by vehicle uptime, maintenance access, and replacement cycles.

National and regional truck fleets

Buy trucks, parts, and service to keep large fleets operating with minimal downtime.

Corporations

Purchase commercial vehicles and aftermarket support for private fleet operations.

Local and state governments

Buy buses and commercial vehicles, plus service and parts for public fleets.

Owner-operators

Buy individual trucks, financing, insurance, and repair support through dealerships.

Strategy

Rush Enterprises focuses on expanding its integrated commercial vehicle platform by adding dealerships, broadening OEM brand coverage, and deepening aftermarket service capabilities. The company also invests in facility expansion, lease and rental inventory, and adjacent offerings such as upfitting, telematics, and alternative-fuel solutions to increase customer retention and service intensity.

Expand dealership and service capacityMedium term

More locations and larger facilities improve market coverage and customer uptime support.

Grow aftermarket products and servicesMedium term

Parts and service deepen customer relationships and support a more resilient revenue mix.

Broaden product and service offeringsMedium term

A wider portfolio helps capture more of the fleet wallet and reduces reliance on vehicle sales alone.

Geography

Rush Enterprises operates primarily in the United States through a nationwide network of Rush Truck Centers, with additional operations in Ontario, Canada and some sales into Quebec and the Maritime provinces. Its dealership footprint is concentrated in high-traffic commercial corridors, which supports parts availability, service response times, and fleet coverage across multiple regions.

Risks

Rush Enterprises is exposed to OEM concentration, especially its dependence on PACCAR and Peterbilt for a large share of trucks and parts. The business also faces cyclical commercial vehicle demand, inventory financing and floor-plan exposure, international operating risk in Canada, and governance concentration due to control by a single shareholder.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Dependence on PACCAR and Peterbilt1Commercial vehicle cycle sensitivity2Inventory and floor-plan financing3Goodwill impairment4Canadian operating and currency risk5Controlling shareholder governance6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Dependence on PACCAR and PeterbiltImpact: HighLikelihood: Medium

    A large share of revenue comes from Peterbilt trucks and PACCAR parts, so supply, pricing, or franchise changes could materially affect sales.

    Exposure: Truck sales and parts

  2. Commercial vehicle cycle sensitivityImpact: HighLikelihood: Medium

    Truck demand is linked to industrial production, GDP, and fleet replacement cycles, which can weaken dealership volumes.

    Exposure: New and used vehicle sales

  3. Inventory and floor-plan financingImpact: MediumLikelihood: Medium

    The dealership model requires financing for vehicle inventory, making the business sensitive to borrowing costs and lender availability.

    Exposure: Working capital and inventory

  4. Goodwill impairmentImpact: MediumLikelihood: Medium

    A large portion of goodwill is concentrated in the Truck Segment, and weaker market conditions could trigger non-cash charges.

    Exposure: Acquisition-related assets

  5. Canadian operating and currency riskImpact: MediumLikelihood: Low

    Operations in Ontario and sales into other Canadian provinces create foreign exchange and cross-border compliance exposure.

    Exposure: Canada operations

  6. Controlling shareholder governanceImpact: MediumLikelihood: Low

    One shareholder controls a substantial voting block, which can influence board and corporate actions.

    Exposure: Corporate governance

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Accounting

Judgemental items
Goodwill impairment

Most goodwill is concentrated in the Truck Segment, so valuation assumptions can drive large non-cash charges.

Impact: Could materially affect earnings and reported equity

Inventory reserves

Vehicle and parts inventory values depend on market demand, age, and obsolescence assumptions.

Impact: Affects gross profit and working capital

Revenue recognition across multiple service lines

Vehicle sales, parts, service, leasing, and finance/insurance are recognized differently and can shift quarterly mix.

Impact: Affects revenue timing and comparability

Warranty and repair estimates

Service work includes reimbursable warranty jobs and non-warranty repairs that require judgment on recoveries and costs.

Impact: Affects service margins and receivables

Lease and floor-plan financing

The dealership model uses financed inventory and leased assets, which affects interest expense and liabilities.

Impact: Affects leverage, cash flow, and expense recognition

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Last updated: 24/09/2026