Here’s what you need to know:
- Rush Enterprises’ revenues were down 9% but net income was up 2% in the first quarter of 2026.
- The majority of the company’s profit, 66.1%, came from aftermarket products and services.
- Chairman, CEO and President Rusty Rush says market conditions should continue to improve throughout the year.
Rush Enterprises saw a 9% drop in revenues in the first quarter of 2026, according to earnings released Wednesday. Net income, however, was up around 2% to $61.5 million, and the company also announced an agreement to buy several Peterbilt dealerships.
"Our first quarter financial results reflect the continued impact of the prolonged freight recession and resulting decrease in demand for new commercial vehicles, which led to lower overall revenues," Chairman, CEO and President W.M. "Rusty" Rush says. "However, we were able to deliver improved earnings per share compared to the first quarter of 2025 and maintain profitability through diligent expense management and the consistency of our aftermarket and leasing and rental businesses. Our aftermarket operations once again provided stability, while our leasing and rental business continued to grow and generate recurring revenue, demonstrating the resilience of our diversified business model and our ability to generate cash and return value to our shareholders even in a challenging operating environment."
Rush Enterprises expands network
Rush Enterprises also grew its network in the first quarter, signing an agreement to purchase Peterbilt dealerships in south Louisiana, a Peterbilt dealership in McComb, Miss., and a TRP location in Columbia, Miss.
The company expects to complete the acquisition and begin operating the locations as Rush Truck Centers in the next few months.
"This acquisition reflects our continued focus on expanding our network in strategic markets and broadening the solutions we offer our customers," Rush says. "By growing our footprint, we believe we are strengthening our ability to support customers, capture market share and position the company for long-term growth."
Commercial vehicle sales
Rush says the first quarter saw freight rates improve, miles driven increasing and customer sentiment improving. With that, he says, orders are up.
"However, new commercial vehicle sales during the first quarter were at historically low levels across the industry, reflecting the prolonged impact of the multiyear freight recession, excess capacity and broader economic uncertainty," Rush says.
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Rush Enterprises sold 2,964 new Class 8 trucks in the U.S. in Q1, down 6% year over year, but still 7.2% of the total U.S. Class 8 market. In Canada, Rush sold 71 new Class 8 trucks in the quarter, or 1.5% of the new Class 8 market in that country.
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"Industry conditions for new commercial vehicle sales remained challenging in the first quarter, with industry-wide retail sales at their lowest levels since 2020 with respect to new Class 8 truck sales and 2015 with respect to new Class 4-7 commercial vehicle sales," Rush says. "Despite the difficult operating conditions, we were able to significantly outperform the market in new Class 8 truck sales. Our performance during the first quarter was driven by strong execution, appropriate inventory levels and the diversity of our customer base."
Rush sold 2,035 medium duty trucks in the first quarter, down 36.5% year over year. That's about 4.1% of the U.S. market. In Canada, it sold 134 medium duty trucks, about 4.1% of the market.
Normally, Rush says, medium duty fleets place orders in the fourth quarter for vehicles to be delivered in the coming year. But last year, that activity moved to the first quarter 2026.
"Given the level of quoting, ordering and general customer engagement that we have experienced since the beginning of the year, we expect our medium-duty sales to improve as the year progresses and to be roughly in line with our sales during 2025," Rush says.
The company saw used truck sales tick up 5.4% year over year to 1,865 units sold in the first quarter. Rush says demand increased late in the quarter as spot rates went up and capacity tightened. He looks for the momentum to continue.
"Overall, we expect commercial vehicle sales to improve gradually beginning in the second quarter with a more meaningful recovery in the second half of the year," Rush says. "As customer confidence returns and vehicle replacement cycles resume, we believe we are well positioned to capture increased demand."
Aftermarket products and services
Rush Enterprises says aftermarket products and services made up 66.1% of the company's total gross profit in the first quarter. Parts, service and collision center revenues hit $627.2 million, up 1.3% year over year.
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"Our aftermarket business delivered solid first-quarter performance despite continued softness across much of the industry," Rush says. "While demand remained subdued in several customer segments, we achieved modest growth, reflecting the strength of our customer relationships and our focus on expanding our customer base. Although macroeconomic factors have continued to pressure aftermarket demand, we are beginning to see encouraging indicators of improving market conditions, including increases in both freight activity and miles driven, which we believe will support higher parts and service demand as deferred maintenance is addressed."
Rush attributes much of the company's success to strategic initiatives in the aftermarket, including enhanced inspection processes, improved parts delivery operations and an emphasis on customer uptime. He expects aftermarket demand to improve throughout the year as fleet utilization increases and customers reinvest in equipment.
Leasing and rental
Rush Enterprise's leasing and rental revenue was up 2.2% year over year n the first quarter of 2026 to $92.3 million. Rush says customers are looking to replace aging equipment and position themselves ahead of anticipated cost increases from engine emissions regulations, keeping full-service leasing growing.
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"While rental demand remained below historical levels, we saw improvement as the quarter progressed and expect utilization to continue to increase throughout the year," Rush says. "We believe our leasing and rental business will remain a stable contributor to our financial performance and continue to strengthen as market conditions improve."
