Rush's Q3 highlights
- Gross revenues were $1.881 billion, down 0.8% year over year.
- Net income was $66.7 million, compared to $79.1 million in the third quarter 2024. That quarter also saw a one-time, pre-tax charge of $3.3 million related to property damage from Hurricane Helene.
- Aftermarket revenues were $642.7 million in Q3 2025, compared to $633 million in Q3 2024.
- Rush sold 3,215 new heavy-duty trucks, 3,427 new medium-duty vehicles, 858 light-duty vehicles and 1,814 used commercial vehicles.
Rush Enterprises reported third-quarter revenues dropped $15 million (down 0.8%) year over year. In Q3 of 2025, the company had revenues of $1.881 billion and a net income of $66.7 million.
"The commercial vehicle industry continued to face challenging operating conditions in the third quarter of 2025. Freight rates remain depressed and overcapacity continues to weigh on the market," says CEO and President of Rush Enterprises W.M. "Rusty" Rush. "In addition, while the industry gained some clarity regarding the tariffs that will be imposed on certain commercial vehicles and parts beginning Nov. 1, economic uncertainty and regulatory ambiguity remains, especially with respect to engine emissions regulations."
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This uncertainty is impacting customers' vehicle replacement decisions, Rush says, and new heavy-duty and medium-duty commercial vehicle sales remain soft. The company did see gains in aftermarket revenue and light-duty sales.
Aftermarket products and services
Aftermarket products and services accounted for about 64% of Rush's total gross profit in the third quarter of 2025. Parts, service and collision center racked up $642.7 million, up 1.5% over the third quarter of 2024.
"Despite ongoing market challenges, our aftermarket products and services business remained resilient in the third quarter," Rush says. "Our strategic focus on technician recruiting and retention, expanding our aftermarket sales force and identifying new customer segments helped offset weak demand and we remain committed to our aftermarket strategic initiatives."
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Rush continued that aftermarket conditions are not expected to get any better. The company traditionally sees a decline in the fourth quarter even as demand continues to be weak.
"We remain focused on delivering value to our customers and solid returns to our shareholders, even as market conditions show no signs of significant improvement in the near term," he says.
New Class 8 sales
New Class 8 truck sales in the U.S. reached 54,078 units in the third quarter, down 18.9% compared to the same quarter last year, ACT Research says. Rush sold 3,120 of those trucks, down 11% compared to Q3 2024. In Canada, Rush sold 95 new Class 8 trucks, accounting for 1.5% of the new Canadian Class 8 market.
Class 8 truck sales are sluggish due to the three-year-long freight recession, Rush says, as well as economic uncertainty over tariffs and emissions regulations. Vocational demand remains stable, offsetting over-the-road softness.
"Looking ahead, while we expect a very challenging end to 2025 and start to 2026 from a new truck sales perspective, there are reasons for cautious optimism in the second half of 2026," Rush says. "If emissions laws remain unchanged and retail sales continue to be below replacement levels for the next couple of quarters, the accelerating pace of capacity exits — evidenced by the increasing number of bankruptcies of small carriers and increased enforcement of government policies regarding English language proficiency and non-domiciled drivers — could help rebalance the freight market. Additionally, potential demand drivers such as the consumption of excess inventories from import pull-forwards, evolving tax and monetary policies, and clarification of trade policy may further support a recovery in truck sales as market conditions stabilize."
Medium-duty sales
In Q3, 53,172 new Class 4-7 commercial vehicles were sold in the U.S., a decrease of 17.4% year over year, ACT Research says. Rush sold 2,979 of those vehicles, a decrease of 8.3% over the third quarter of 2024.
ACT forecasts U.S. retail sales for new Class 4-7 to be about 227,225 units in 2025, an 11.8% decrease from last year. Rush sold 448 Class 5-7 commercial vehicles in Canada, around 10.7% of the Canadian market.
"While overall economic conditions continue to be a headwind for Class 4-7 vehicle sales, our performance this quarter outpaced the market," Rush says. He credits bus sales from the acquisition of an IC Bus franchise in Canada as well as the Ready-to-Roll inventory program and disciplined inventory management.
He said the company remains "cautious" on medium-duty demand, but says inventory levels are appropriate to meet near-term demand and quoting activity is steady across key customer groups.
"We expect that Class 4-7 commercial vehicle sales will remain stable through the remainder of the year," Rush says.
Used vehicle sales
Rush Enterprises sold 1,814 used commercial vehicles in the third quarter, a 0.8% decrease year over year.
"While used truck pricing has stabilized, financing remains a challenge for many buyers," Rush says. "We believe our inventory levels are aligned with market demand and we continue to see consistent activity in the used truck market."
The used market is less exposed to tariffs and regulatory uncertainty, which may help used truck pricing as well as customer demand.
Leading and rental
Rush 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 Q3 was $93.3 million, up 4.7% compared to Q3 2024. Rush says the leasing and rental segment is one of the most consistent and reliable revenue streams in the organization.
"Leasing and rental is less cyclical than commercial vehicle sales, which helps add some predictably to our business, particularly during periods of uncertainty in the commercial vehicle sales markets," Rush says. "Our full-service leasing operations are benefitting from a modernized fleet and disciplined cost management, and we expect that our leasing and rental operations will maintain their strength and stability through the remainder of 2025."
