Here's what you need to know
- As expected given the weak freight market, Rush's revenues dropped about 5%.
- CEO and President W.M. "Rusty" Rush expects the market to improve, starting in the second quarter of 2026.
- More than 60% of Rush's profits came from aftermarket products and operations.
Rush Enterprises, the company that operates the largest network of commercial vehicle dealerships in North America, reported revenues were down about 5% in 2025.
"Throughout 2025, freight rates remained depressed, there was uncertainty with respect to U.S. trade policy and engine emissions regulations and excess capacity remained int he market, all of which contributed to weak demand for new commercial vehicles, particularly among large, over-the-road fleets. All of these factors also contributed to a challenging aftermarket sales environment," says CEO and President W.M. "Rusty" Rush. "However, we saw improvement in Class 8 quoting activity and order intake late in the fourth quarter and overall demand for new commercial vehicles continues to improve in the first quarter of 2026."
Rush says increased clarity on tariffs and EPA regulations has allowed fleets to begin planning for their replacement needs.
"As we look forward into 2026, we expect industry conditions to remain challenging in the first quarter, but we are cautiously optimistic about the remainder of the year. Our customers' fleets are aging beyond historic norms, maintenance needs are increasing and we are beginning to see signs that freight markets may be improving. While we cannot control the pace of a market recovery, I assure you that we are ready to execute and capitalize on opportunities as they emerge," Rush says.
For the full year 2025, Rush Enterprises reported revenues of $7.4 billion and a net income of $263.8 million. These numbers are down slightly from 2024.
Commercial vehicle sales
New Class 8 truck sales were down 14% from 2024 numbers, totaling 212,707, the company says, citing ACT Research numbers. Rush accounted for 5.8% of the new U.S. Class 8 trucks, it says, selling 12,432 or 17% fewer than in 2024. In Canada, it sold 338 new Class 8 trucks, about 1.4% of the market in that country.
"Throughout 2025, retail sales of new Class 8 trucks remained weak as over-the-road carriers continued to contend with depressed freight rates, excess industry capacity and uncertainty around tariffs, emissions regulations and general economic conditions," Rush says. "These factors led many large fleets to continue to delay vehicle replacement decisions. However, despite the difficult operating conditions impacting our over-the-road customers, our sales to vocational and public sector customers remained relatively stable and helped offset some of the weakness that was pervasive in the over-the-road segment, underscoring the value of our diversified customer base."
Rush says he expects sales to pick up throughout 2026 starting in the second quarter.
Class 4-7 commercial vehicle sales were also down on the year. Rush sold 12,285 new medium-duty commercial vehicles, a decrease of 8.5% year over year, accounting for 5.7% of the U.S. market. In Canada, it sold 993 medium-duty trucks, or about 6.3% of that country's market.
"While the medium-duty market softened in 2025, we once again outperformed the industry and increased market share," Rush says. "Demand remained relatively stable across vocational, public sector and leasing customers, and we believe our Ready-to-Roll strategy continued to differentiate us by allowing customers to quickly put work-ready vehicles into service."
Rush sold 6,977 used trucks last year, a 1.9% decrease from 2024.
"Used truck demand softened modestly in 2025 as customers continued to navigate a challenging freight and financing environment," Rush says. "While market conditions were more difficult late in the year, we believe used truck pricing has stabilized and as freight rates improve and pre-buy activity ahead of future emissions regulations increases, we expect used truck sales volumes to improve in 2026 and we believe that increased demand will provide opportunities for more favorable pricing dynamics."
Aftermarket products and services
The majority of Rush's profits — 63.7% — came from aftermarket products and services in 2025. Parts, service and collision center revenues were up 0.3% to $2.5 billion.
"We delivered stable aftermarket revenues and maintained a strong absorption ratio," Rush says. "Our success was driven by growth in key customer segments such as public sector and medium-duty leasing, and the successful execution of certain of our strategic initiatives focused on improving dwell times, parts delivery operations and the overall customer experience."
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Rush says the company has deliberately built a business focused on the aftermarket as well as truck sales, which has helped temper earnings volatility in the truck sales cycle.
"Given our recent investments in certain strategic initiatives focused on mobile service, planned maintenance programs and operational efficiency, we believe our aftermarket business is well positioned to benefit as market conditions improve," Rush says.
Leasing and rental
Leasing and rental revenue was up 4.1% in 2025 to $369.6 million.
"While rental utilization remained below historical averages, our full-service lease portfolio continued to grow, supported by strong customer demand and a modernized fleet," Rush says. "Full-service leasing provides a stable, less cyclical revenue stream for the company, and with a strong pipeline and lower operating costs due to newer vehicles being added to the fleet in recent years, this business is positioned to remain a strong contributor to our overall financial performance in 2026."
