Rush Enterprises reported Q2 revenues of $1.9 billion with net income of $72.8 million, showing signs of recovery in the commercial vehicle market through improved freight rates, increased order intake and strategic acquisitions that expand geographic reach and service offerings.
- Q2 Financial Performance: $1.9 billion in revenues and $72.8 million net income, with market conditions improving gradually throughout the quarter.
- Aftermarket Division Strength: Accounted for 64% of total gross profit with $645.7 million in parts, service and collision center revenues, up 1.5% year-over-year.
- Future Outlook: Expecting considerably stronger second half of 2026 with healthy demand for used trucks, leasing services, and continued aftermarket growth.
Rush Enterprises reported second quarter revenues of $1.9 billion — slightly lower than last year — and a net income of $72. 8 million, slightly higher than last year.
"I am proud of the results our team delivered during the second quarter," said W.M. "Rusty" Rush, chairman, CEO and president. "We believe the first quarter represented the trough of the extended industry downcycle, and during the second quarter, we continued to see signs of gradual improvement in market conditions. While the recovery remains in its early stages, improving freight rates, improving customer sentiment, increased commercial vehicle quoting activity and significantly higher order intake all contributed to better business conditions as the quarter progressed."
Strategic growth and expansion in Q2
Rush completed its acquisition of five Peterbilt dealerships in Louisiana in the second quarter, expanding the Rush Truck Centers network in the Gulf Coast.
At the end of the quarter, it also signed an agreement with MCT Companies for a joint venture to operate MCT's network of 17 Carrier Transicold full-service dealerships and three mobile service locations.
"We continue to search for and invest in opportunities that strengthen Rush Enterprises and advance our long-term growth strategy," Rush said. "Completing our Louisiana acquisition, expanding our presence in Canada and announcing our planned joint venture with MCT Companies represent important steps in our strategy. Together, these initiatives broaden our geographic reach, expand the range of solutions we provide our customers and demonstrate our ability to execute on our strategy of enhancing our growth opportunities by acquiring or investing in businesses that are adjacent to the commercial vehicle industry, positioning us to deliver greater value to both customers and shareholders over the long term."
Commercial vehicle sales
Rush sold 3,172 new Class 8 trucks in the U.S. in the quarter, down 0.2% compared to last year. The sales accounted for 5.8% of the new U.S. Class 8 market. In Canada, Rush sold 117 new Class 8 trucks, or 1.8% of the market.
"Industry-wide retail sales of new Class 8 trucks remained below normal replacement levels during the second quarter, but we were pleased with our performance given the challenging business environment," Rush said. "Our ability to maintain essentially flat Class 8 truck sales while the broader market declined compared to the second quarter of 2025 allowed us to increase market share. ... More importantly, customer quoting activity and order intake improved significantly as the quarter progressed, reinforcing our belief that the recovery we anticipated earlier this year is beginning to take shape."
[RELATED: Commercial truck sales down 11% YTD through June]
Rush sold 3,165 new Class 4-7 commercial vehicles in the second quarter, 12.7% less than in Q2 2025 and 5.7% of the total new U.S. medium-duty market. In Canada, it sold 217 Class 5-7 commercial vehicles or 5.1% of the new Canadian medium-duty market.
"Our medium-duty business continued to improve during the second quarter, although our year over year sales comparison was impacted by the timing of both orders and deliveries to several of our larger fleet customers," Rush said. "Sales strengthened considerably as the quarter progressed, particularly in June, and our Ready-to-Roll inventory program continues to differentiate us in the marketplace as demand for medium-duty trucks increases."
Rush sold 1,788 used commercial vehicles, up 4.3% from Q2 2025.
[RELATED: Used truck sales, pricing rise in June, ACT says]
"Used truck demand continued to improve during the second quarter, with activity strengthening as the quarter progressed and June representing our strongest month of the year," Rush said. "Improving freight rates and healthier market conditions are supporting customer demand, particularly among buyers seeking a cost-effective alternative to new equipment ... . While financing remains a challenge for some customers, we believe the combination of higher new truck prices and the approaching 2027 federal emissions regulations will continue to make quality used trucks an attractive option."
Aftermarket products and services
This division accounted for 64% of Rush's total gross profit in the second quarter. Parts, service and collision center revenues totaled $645.7 million, up 1.5% compared to the second quarter of 2025.
"Demand for parts and services improved gradually as the quarter progressed, particularly among over-the-road fleets, reflecting healthier freight markets, improving fleet sentiment and the gradual return of maintenance activity as more miles are driven," Rush said. "While the aftermarket recovery is trailing the improvement we are seeing in commercial vehicle sales and quoting activity, we are encouraged by the positive momentum in our aftermarket business and believe those trends signal continued improvement throughout the remainder of the year."
Leasing and rentals
Revenue from leasing and rentals was $94.8 million in the second quarter, up 1.9% compared to 2025.
"Our leasing and rental business delivered another quarter of steady growth, reflecting the continued strength of our full-service leasing operations," Rush says. "Leasing and rental remains one of the most consistent contributors to our financial performance and its stable revenue model helps offset some of the cyclicality we experience in new commercial vehicle sales."
Looking ahead
Rush says the diversified business model of his company allowed it to capitalize as the market improved this year. He continues to see signs of improvement and although he expects a gradual recovery, Rush is encouraged by increased orders, strengthening fundamentals and improved customer confidence.
"We expect our aftermarket business to continue improving as fleet utilization increases and new commercial vehicle deliveries accelerate, which historically has generated additional service and parts opportunities as customers upfit new vehicles and prepare to sell the commercial vehicles they are replacing," Rush said. "We remain focused on operational efficiency, increasing our managed and national accounts, and delivering exceptional service to our customers. We believe our aftermarket business is well positioned to benefit as commercial vehicle market conditions continue to strengthen."
Rush expects a "considerably stronger" second half of 2026 in Class 8 sales. He also expects healthy demand for used trucks and leasing and rental services.
"As new commercial vehicle orders increase across the industry, manufacturers may eventually reach capacity constraints, which historically supports leasing and rental activity," Rush said. He said the leasing and rental business is well positioned to deliver stable growth.
"We believe our continued focus on operational excellence and growth has helped us improve our quality of earnings and invest in our future," Rush said. "Our second quarter results reflect the strength of Rush Enterprises' diversified business model and our team's disciplined execution during a period when commercial vehicle market conditions began to improve."
