Rush Enterprises is an American commercial vehicle dealership headquartered in New Braunfels, Texas. It primarily sells new and used trucks, through its Rush Truck Centers. In 2019, the company operated over 200 Rush Truck Centers in 20 U.S. states as well as 14 locations in Canada.3 Its shares trade on Nasdaq under the symbol RUSHA.1Wikipedia text CC BY-SA 4.0
Rush Enterprises is an American commercial vehicle dealership headquartered in New Braunfels, Texas. It primarily sells new and used trucks, through its Rush Truck Centers. In 2019, the company operated over 200 Rush Truck Centers in 20 U.S. states as well as 14 locations in Canada. As of 2020, it was a Fortune 500 corporation.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue10111213146$7.1B in 2025+34% since 2018Gross profit10111213146$1.5B in 2025+49% since 2018Operating income10111213146$393.8M in 2025+94% since 2018Net income10111213146$263.8M in 2025+90% since 2018
Revenue151617$1.8B in Q2 FY2026−2% since Q2 FY2025Gross profit151617$361.7M in Q2 FY2026−5% since Q2 FY2025Operating income151617$97.2M in Q2 FY2026−12% since Q2 FY2025Net income151617$72.8M in Q2 FY2026+0% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenue
$7.1B
$7.4B
$7.6B
Lease and rental sales
$369.6M
$354.9M
$353.8M
Total revenue
$7.4B
$7.8B
$7.9B
Lease and rental sales
$266.7M
$255.5M
$247.9M
Total cost of products sold
$6.0B
$6.3B
$6.3B
Gross profit
$1.5B
$1.5B
$1.6B
Selling, general and administrative expense
$996.2M
$995.6M
$1.0B
Depreciation and amortization
$71.1M
$68.5M
$59.8M
Gain on sale of assets
$412.0K
$809.0K
$843.0K
Operating income
$393.8M
$468.1M
$512.4M
Other income (loss)
-$1.7M
$583.0K
$2.6M
Interest income
$1.9M
$1.2M
$777.0K
Interest expense
-$48.2M
-$72.0M
-$53.7M
Total interest expense, net
-$46.2M
-$70.9M
-$52.9M
Income before taxes
$345.9M
$397.8M
$462.1M
Income tax provision
$79.8M
$92.8M
$114.0M
Net income
$266.0M
$305.0M
$348.1M
Less: Net income attributable to noncontrolling interest
$2.3M
$817.0K
$1.0M
Net income attributable to Rush Enterprises, Inc.
$263.8M
$304.2M
$347.1M
Basic (in dollars per share)
$3.37
$3.85
$4.28
Diluted (in dollars per share)
$3.27
$3.72
$4.15
Dividends declared per common share (in dollars per share)
$0.74
$0.70
$0.62
No quarter-by-quarter statement was filed.
Total assets10111213146$4.4B in 2025+38% since 2018Shareholders’ equity111213146$2.2B in 2025+107% since 2018Cash111213146$212.6M in 2025+61% since 2018Long-term debt1810111213146$274.8M in 2025−37% since 2018
Total assets151617$4.7B in Q2 FY2026−1% since Q2 FY2025Shareholders’ equity19161715$2.3B in Q2 FY2026+8% since Q2 FY2025Cash19161715$264.9M in Q2 FY2026+25% since Q2 FY2025Long-term debt19161715$281.0M in Q2 FY2026−32% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash, cash equivalents and restricted cash
$212.6M
$228.1M
Accounts receivable, net
$277.8M
$345.3M
$259.4M
Notes receivable from affiliate
$11.6M
$9.5M
Inventories, net
$1.5B
$1.8B
Prepaid expenses and other
$54.7M
$19.0M
Total current assets
$2.1B
$2.4B
Property and equipment, net
$1.7B
$1.6B
Operating lease right-of-use assets, net
$124.1M
$111.4M
Goodwill, net
$441.6M
$427.5M
Other assets, net
$78.9M
$73.3M
Total assets
$4.4B
$4.6B
$4.4B
Floor plan notes payable
$918.0M
$1.1B
Current maturities of long-term debt
$127.0K
Current maturities of finance lease obligations
$34.5M
$38.5M
Current maturities of operating lease obligations
$19.3M
$15.9M
Trade accounts payable
$230.8M
$244.0M
Customer deposits
$112.1M
$109.8M
Accrued expenses
$177.3M
$160.8M
Total current liabilities
$1.5B
$1.7B
Long-term debt, net of current maturities
$274.8M
$408.4M
Finance lease obligations, net of current maturities
$88.1M
$92.2M
Operating lease obligations, net of current maturities
$107.7M
$97.9M
Other long-term liabilities
$34.2M
$28.1M
Deferred income taxes, net
$207.7M
$178.9M
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023
$0
$0
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 60,115,093 Class A shares and 16,437,909 Class B shares outstanding in 2025; and 62,604,986 Class A shares and 16,662,633 Class B shares outstanding in 2024
$835.0K
$824.0K
Additional paid-in capital
$634.3M
$587.6M
Treasury stock, at cost: 4,586,791 Class A shares and 2,352,163 Class B shares in 2025; and 1,387,013 Class A shares and 1,783,806 Class B shares in 2024
-$331.1M
-$136.2M
Retained earnings
$1.9B
$1.7B
Accumulated other comprehensive (loss)
-$4.8M
-$9.3M
Total Rush Enterprises, Inc. shareholders equity
$2.2B
$2.1B
Noncontrolling interest
$22.6M
$20.4M
Total shareholders equity
$2.2B
$2.2B
$1.9B
$1.8B
Total liabilities and shareholders equity
$4.4B
$4.6B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, authorized (in shares)
1.0M shares
1.0M shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash, cash equivalents and restricted cash
$212.6M
$228.1M
Accounts receivable, net
$277.8M
$345.3M
$259.4M
Notes receivable from affiliate
$11.6M
$9.5M
Inventories, net
$1.5B
$1.8B
Prepaid expenses and other
$54.7M
$19.0M
Total current assets
$2.1B
$2.4B
Property and equipment, net
$1.7B
$1.6B
Operating lease right-of-use assets, net
$124.1M
$111.4M
Goodwill, net
$441.6M
$427.5M
Other assets, net
$78.9M
$73.3M
Total assets
$4.4B
$4.6B
$4.4B
Floor plan notes payable
$918.0M
$1.1B
Current maturities of long-term debt
$127.0K
Current maturities of finance lease obligations
$34.5M
$38.5M
Current maturities of operating lease obligations
$19.3M
$15.9M
Trade accounts payable
$230.8M
$244.0M
Customer deposits
$112.1M
$109.8M
Accrued expenses
$177.3M
$160.8M
Total current liabilities
$1.5B
$1.7B
Long-term debt, net of current maturities
$274.8M
$408.4M
Finance lease obligations, net of current maturities
$88.1M
$92.2M
Operating lease obligations, net of current maturities
$107.7M
$97.9M
Other long-term liabilities
$34.2M
$28.1M
Deferred income taxes, net
$207.7M
$178.9M
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023
$0
$0
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 60,115,093 Class A shares and 16,437,909 Class B shares outstanding in 2025; and 62,604,986 Class A shares and 16,662,633 Class B shares outstanding in 2024
$835.0K
$824.0K
Additional paid-in capital
$634.3M
$587.6M
Treasury stock, at cost: 4,586,791 Class A shares and 2,352,163 Class B shares in 2025; and 1,387,013 Class A shares and 1,783,806 Class B shares in 2024
-$331.1M
-$136.2M
Retained earnings
$1.9B
$1.7B
Accumulated other comprehensive (loss)
-$4.8M
-$9.3M
Total Rush Enterprises, Inc. shareholders equity
$2.2B
$2.1B
Noncontrolling interest
$22.6M
$20.4M
Total shareholders equity
$2.2B
$2.2B
$1.9B
$1.8B
Total liabilities and shareholders equity
$4.4B
$4.6B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, authorized (in shares)
1.0M shares
1.0M shares
Preferred stock, outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Cash from operations10111213146$861.8M in 2025+300% since 2018Capital spending10111213146$399.8M in 2025+68% since 2018Free cash flow10111213146$462.0M in 2025Dividends paid10111213146$58.3M in 2025+525% since 2018Share buybacks10111213146$194.9M in 2025+62% since 2018
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income
$266.0M
$305.0M
$348.1M
Depreciation and amortization
$252.8M
$236.1M
$221.1M
Gain on sale of property and equipment, net
-$412.0K
-$809.0K
-$843.0K
Stock-based compensation expense related to stock options and employee stock purchases
$31.7M
$30.4M
$30.4M
Provision for deferred income tax expense
$28.8M
$19.8M
$7.6M
Change in accounts receivable, net
$73.2M
-$87.1M
-$38.3M
Change in inventories, net
$354.9M
$85.1M
-$297.7M
Change in prepaid expenses and other, net
-$34.8M
-$3.3M
$862.0K
Change in trade accounts payable
-$13.7M
$81.9M
-$10.6M
Draws (payments) in floor plan notes payable trade, net
-$112.6M
Change in customer deposits
$1.8M
-$34.8M
$28.8M
Change in accrued expenses
$15.8M
-$12.2M
$7.2M
Other, net
-$1.7M
-$441.0K
-$850.0K
Net cash provided by operating activities
$861.8M
$619.5M
$295.7M
Acquisition of property and equipment
-$399.8M
-$433.0M
-$368.9M
Proceeds from the sale of property and equipment
$7.9M
$9.4M
$2.2M
Change in notes receivable from affiliate
-$2.0M
-$9.5M
Business acquisition, net of cash
-$24.3M
-$16.4M
-$16.1M
Other
$1.2M
$3.9M
-$4.3M
Net cash used in investing activities
-$417.1M
-$445.6M
-$387.0M
Draws (payments) on floor plan notes payable non-trade, net
-$69.0M
-$54.3M
$205.5M
Proceeds from long-term debt
$1.1B
$1.8B
$1.4B
Principal payments on long-term debt
-$1.3B
-$1.8B
-$1.3B
Principal payments on finance lease obligations
-$17.8M
-$16.8M
-$17.7M
Proceeds from issuance of shares relating to employee stock options and employee stock purchases
$16.3M
$25.4M
$18.1M
Taxes paid related to net share settlement of equity awards
-$1.4M
-$10.1M
-$7.0M
Payments of cash dividends
-$58.3M
-$55.5M
-$50.6M
Common stock repurchased
-$194.9M
-$15.7M
-$211.8M
Net cash provided (used in) by financing activities
-$460.4M
-$129.3M
$74.0M
Net (decrease) increase in cash, cash equivalents and restricted cash
Rush Enterprises sits at the top of its group. 55 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Rush Enterprises
FMR LLC Filed SCHEDULE 13G/A on Rush Enterprises, latest Aug 6, 2026 (9 filings since Feb 9, 2022)
DIMENSIONAL FUND ADVISORS LP Filed SCHEDULE 13G/A on Rush Enterprises, latest Jul 14, 2026 (8 filings since Feb 8, 2022)
Wellington Management CompanyFiled SCHEDULE 13G/A on Rush Enterprises, latest May 15, 2026 (8 filings since Feb 4, 2022)
VANGUARD GROUP INC Filed SCHEDULE 13G/A on Rush Enterprises, latest Mar 27, 2026 (8 filings since Feb 10, 2022)
BlackRockFiled SCHEDULE 13G/A on Rush Enterprises, latest Oct 17, 2025 (3 filings since Oct 18, 2024)
GAMCO InvestorsFiled SCHEDULE 13D/A on Rush Enterprises, latest Apr 10, 2025 (3 filings since Apr 10, 2023)
MILLENNIUM MANAGEMENT LLC Filed SC 13G on Rush Enterprises, latest Jan 2, 2024
William M. Rusty RushFiled SC 13D/A on Rush Enterprises, latest Dec 13, 2023 (2 filings since Oct 21, 2022)
PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on Rush Enterprises, latest Feb 14, 2023 (2 filings since Feb 14, 2022)
Rush EnterprisesNew Braunfels, Texas, United States
1187394B.C. Ltd. Subsidiary · Canada
Advance Premium Finance, Inc. Subsidiary · California, United States
AiRush, Inc. Subsidiary · Delaware, United States
Associated Acceptance of Florida, Inc. Subsidiary · Delaware, United States
Associated Acceptance of Georgia, Inc. Subsidiary · Delaware, United States
Associated Acceptance of Illinois, Inc. Subsidiary · Delaware, United States
Associated Acceptance of Oklahoma, Inc. Subsidiary · Delaware, United States
Associated Acceptance, Inc. Subsidiary · Texas, United States
Brauntex Indemnity Company Subsidiary · Texas, United States
Commercial Fleet Technologies, Inc. Subsidiary · Delaware, United States
Idealease of Chicago LLC Subsidiary · Illinois, United States
International General Agency, Inc. Subsidiary · Texas, United States
Los Cuernos, Inc. Subsidiary · Delaware, United States
Rig Tough, Inc. Subsidiary · Delaware, United States
RTC Nevada, LLC Subsidiary · Delaware, United States
Rush Accessories Corporation Subsidiary · Delaware, United States
Rush Administrative Services, Inc. Subsidiary · Delaware, United States
Rush Canada Real Estate Holdings Limited Subsidiary · Ontario, Canada
Rush Logistics, Inc. Subsidiary · Delaware, United States
Rush Medium Duty Truck Centers of California, Inc. Subsidiary · Delaware, United States
Rush Medium Duty Truck Centers of Colorado, Inc. Subsidiary · Delaware, United States
Rush Momentum Holdings, Inc. Subsidiary · Delaware, United States
Rush Real Estate Holdings, Inc. Subsidiary · Delaware, United States
Rush Retail Centers, Inc. Subsidiary · Delaware, United States
Rush Truck Centers of Alabama, Inc. Subsidiary · Delaware, United States
and 29 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Rush Enterprises reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters are owned by us and located in New Braunfels, Texas. As of December 2025, we also own or lease numerous facilities used in our operations in the following locations: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Tennessee, Texas, Utah, Virginia, Ontario and Quebec, Canada. For information regarding the number of locations that we have in each state or province, the number of locations that we own or lease and the number of franchises that we represent in each state or province, please see “Business” in “Item 1. Business.”
We lease a hangar in New Braunfels, Texas for our corporate aircraft. We also own and operate a guest ranch of approximately 10,950 acres near Cotulla, Texas, which is used for client development purposes.
The company was founded in 1965 by W. Marvin Rush, who remained chairman of the board until 2013, when he was succeeded by his son W.M. "Rusty" Rush. The company began as a dealership for Peterbilt trucks, but expanded greatly in the intervening years through acquisition of dealerships.
Major acquisitions include:
Heavy truck business from Asbury Automotive Group in 2010.
Oct 27, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.55 a share, on Oct 29, 2025.67
When it reported results
Jul 28, 2026Reported quarterly or annual results56
Apr 28, 2026Reported quarterly or annual results62
Feb 17, 2026Reported quarterly or annual results66
Oct 29, 2025Reported quarterly or annual results68
Jul 30, 2025Reported quarterly or annual results69
Apr 30, 2025Reported quarterly or annual results70
Feb 18, 2025Reported quarterly or annual results71
Oct 30, 2024Reported quarterly or annual results72
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
342 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 71 major events, 136 insider forms, 49 large holders, 66 other. The latest 20:
50 open-market trades by officers, directors and large owners since October 2021: 0 buys and 50 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 25, 2026 (Section 12(b) of the Exchange Act).20
Risk factors and legal proceedings
The risks Rush Enterprises names in Item 1A of its 10-K filed Feb 25, 2026: 25 risks under these headings, as written.20
Risks Related to Our Business Operations
We are dependent upon PACCAR for the supply of Peterbilt trucks and parts, as well as the financing of Peterbilt trucks, the sale of which generates the majority of our revenues.
We are dependent upon International Motors for the supply of International trucks and parts and IC buses and parts, the sale of which generate a significant portion of our revenues.
Our dealership agreements may be terminable upon a change of control, and we cannot control whether our controlling shareholder and management maintain their current ownership positions.
Our dealership agreements are non-exclusive and have relatively short terms, which could result in nonrenewal or imposition of less favorable terms upon renewal.
Our growth strategies may be unsuccessful if we are unable to successfully execute our strategic initiatives or identify and complete future acquisitions.
In the long-term, technological advances in the commercial vehicle industry, including drivetrain electrification or other alternative fuel technologies, could have a material adverse effect on our business.
We use AI in our business and challenges with properly incorporating AI into our business and managing its use could result in reputational harm, competitive harm and legal liability.
Climate change concerns may impact our business in the future; natural disasters and adverse weather events can disrupt our business.
Risks Related to Financial and Economic Matters
We may be required to obtain additional financing to maintain adequate inventory levels.
Changes in interest rates could have a negative adverse effect on our profitability.
The other 15 risks
The dollar amount of our backlog, as stated at any given time, is not necessarily indicative of our future earnings.
Impairment in the carrying value of goodwill and other indefinite-lived intangible assets could negatively affect our operating results.
We depend on relationships with the manufacturers we represent and component suppliers for sales incentives, discounts and similar programs which are material to our operations.
We are dependent on the ongoing success of the manufacturers we represent and adverse conditions affecting the manufacturers we represent may negatively impact our revenues and profitability.
Risks Related to Legal and Regulatory Matters
If state dealer laws are repealed or weakened, our dealerships will be more susceptible to termination, nonrenewal or renegotiation of their dealership agreements.
We are subject to risks associated with commercial vehicles and parts manufactured outside of the United States, and the Commercial Vehicle Tariffs may impact demand for certain of the commercial vehicles and parts that we sell.
The commercial vehicles that we sell are subject to federal and state regulations focused on reducing engine emissions, and we are dependent on the manufacturers that we represent to produce or supply engines that comply with such regulations.
Disruptions to our information technology systems and breaches in data or system security could adversely affect our business.
We are exposed to a variety of claims relating to our business and the liability associated with such claims may exceed the level of our insurance coverage.
Our dealerships are subject to federal, state and local environmental regulations that may result in claims and liabilities, which could be material.
We have operations in Canada. As a result, we may incur losses from the impact of foreign currency fluctuations and have higher costs than we otherwise would have due to the need to comply with foreign laws.
Risks Related to Our Common Stock
We are controlled by one shareholder and his affiliate.
Our dealership agreements could discourage another company from acquiring us.
Our Class A common stock has limited voting power.
Our Class B common stock has a low average daily trading volume. As a result, sales of our Class B common stock could cause the market price of our Class B common stock to drop, and it may be difficult for a stockholder to liquidate its position in our Class B common stock quickly without adversely affecting the market price of such shares.
Legal proceedings
From time to time, we are involved in litigation arising out of our operations in the ordinary course of business. We maintain liability insurance through self-insurance, a captive insurer and third-party excess insurance, including product liability coverage, in amounts deemed adequate by management. However, an uninsured or partially insured claim, or claim for which indemnification is not available, could have a material adverse effect on our financial condition or results of operations. As of December 31, 2025, we believe that there are no pending claims or litigation, individually or in the aggregate, that are reasonably possible to have a material adverse effect on our financial position or results of operations. However, due to the inherent uncertainty of litigation, there can be no assurance that the resolution of any particular claim or proceeding would not have a material adverse effect on our financial condition or results of operations for the fiscal period in which such resolution occurred.