Rush’s second quarter at a glance:
- Rush Enterprises' revenues were $1.931 billion, a 4.8% decrease year-over-year.
- Rush's income for the second quarter was $72.4 million, 8.7% less than in the second quarter of 2024.
- The lion's share of profits came from aftermarket products and services revenues, which totaled $636.3 million, a 1.4% increase over last year.
- Rush sold 3,259 new heavy duty trucks (26.7% decrease, year-over-year); 3,803 medium-duty trucks (2.9% increase, year-over-year); 703 light-duty commercial vehicles (23.6% increase, year-over-year); and 1,715 used commercial vehicles (0.46% decrease, year-over-year).
Rush Enterprises, North America's largest commercial vehicle dealership network, announced second quarter earnings on Wednesday.
The company's revenues this year were $1.931 billion with a net income of $72.4 million. Last year, those numbers were $2.027 billion and $78.7 million.
"The second quarter of 2025 continued to present challenges for commercial truck operators and the broader industry that supports them," says W.M. "Rusty" Rush, chairman and CEO. "While there have been sporadic signs of recovery from the freight recession that has impacted over-the-road carriers for more than two years, freight rates remain depressed and overcapacity persists."
He called the financial results "solid" and said he was proud of his team's focus on customer service and the company's ability to adapt.
[RELATED: Rusty Rush proud of how Rush Enterprises has navigated freight recession]
Rush's aftermarket products and services
Aftermarket products and services made up about 63% of Rush's profits for the second quarter. Parts, service and collision center revenues were $636.3 million, up just over 1% from Q2 2024.
"Technician turnover was at a 12-month low in the quarter and we increased our aftermarket sales force, further strengthening our ability to support customers," says Rush.
"Despite tough market conditions, parts and service revenues reached their highest level in the past 12 months in the second quarter and were up slightly compared to the same period in 2024. Technician turnover was at a 12-month low in the quarter and we increased our aftermarket sales force, further strengthening our ability to support customers."
Rush added one of the company's strategic initiatives is to identify new customer segments that will drive revenue growth.
"We believe we are making significant progress on this goal," Rush says. The company also saw sequential growth from owner-operators and small fleets, which may signal improving demand in the months ahead.
Rush expects to see stable aftermarket performance in the third quarter, but challenges continue with the broader economic picture.
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"Providing a reliable outlook beyond the upcoming quarter is difficult, as potential changes in U.S. trade policy may have a material impact — either positive or negative — on customer demand and market conditions," Rush says.
New Class 8 sales slump
New U.S. Class 8 truck sales totaled 58,625 units, with Rush selling 3,178 of them — 5.4% of the market — the company says. Compared to 2024, that's a drop of 20.3%. In Canada, the company sold 81 new trucks, or about 1.2% of the market.
"The decline of our new Class 8 truck sales on a year-over-year basis in the second quarter was largely due to the timing of several large fleet deliveries that occurred in the second quarter of 2024, which created a challenging year-over-year comparison," Rush says. "Market dynamics also contributed to softer demand, as larger over-the-road fleet customers remained cautious in their approach to vehicle purchases and smaller carriers continued to exit the market."
Despite that, Rush pointed to growth in the vocational market that helped offset over-the-road declines, "demonstrating the strength of our diversified customer base."
Disappointing sales figures won't change anytime soon, Rush says, citing economic and regulatory uncertainty.
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"Should market conditions improve, our professional sales force is well-positioned to capitalize on opportunities in what remains a competitive sales environment," he says. "We also expect Class 8 vocational sales to remain strong through the remainder of the year, which will continue to support our overall performance."
Rush increases medium-duty sales as market slides
New U.S. Class 4-7 sales totaled 58,176 units in the second quarter, which is down 8.4%, but Rush's sales were up 1%. The company sold 3,626 medium-duty vehicles or 6.2% of the market. In Canada, it sold 177 medium-duty vehicles, or 4.6% of the market.
"We significantly outperformed the market and increased market share, driven by healthy demand across all of our customer segments, but particularly in the lease and rental segment," Rush says. "Our efforts to right-size our medium-duty inventory positioned us to capitalize on sales opportunities, and we believe our unique Ready-to-Roll inventory program was a key differentiator, enabling us to meet customer needs with speed and flexibility."
Financing a challenge for used trucks
Rush sold 1,715 used commercial vehicles in the second quarter, down 0.5% when compared to 2024. Financing remains an obstacle for buyers, Rush says, but there is hope in the fact that used trucks are not as exposed to tariff-related uncertainty.
Leasing and rental fleet hits record
Rush Truck Leasing operates PacLease and Idealease franchises in the U.S. and Canada with more than 10,000 trucks in its lease and rental fleet and more than 2,000 trucks under contract maintenance agreements.
Lease and rental revenue in the second quarter was $93.1 million, up 6.3% year-over-year, which Rush says is a record.
"Although our rental utilization rate was down compared to the same period in 2024, it has improved throughout the first half of this year, and we experienced increased rental revenue year-over-year," Rush says. "Our full-service leasing revenue also increased as we put new units into service, which decreased the age of our fleet and markedly lowered our operating costs."
