Rush Enterprises reported third quarter 2026 earnings of $2.1 billion in revenue with $78 million net income, driven by a 24.4% increase in Class 8 truck sales and strong aftermarket activity. The company is gaining market share as the commercial vehicle industry recovers from an extended downturn, with management expecting continued improvement in the fourth quarter.
- Rush delivered $2.1 billion in Q3 revenue with $78 million net income, reflecting solid growth compared to the prior year
- Aftermarket products and services generated 62.8% of total gross profit, with parts, service and collision revenues up 5.8% year-over-year to $679.9 million
- Used vehicle sales rose 5.5% year-over-year to 1,913 units as customers sought alternatives amid limited new truck availability and anticipated 2027 price increases
Rush Enterprises saw strong Class 8 deliveries in the quarter, it says, pushing it to revenues of $2.1 billion with a net income of $78 million.
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"I am proud of our team and the results we achieved during the third quarter," says W.M. "Rusty" Rush, chairman, CEO and president of Rush Enterprises. "We delivered solid growth in revenues and earnings compared to the same period last year, primarily due to increased new truck deliveries and aftermarket activity. We believe that our results reflect the continued improvement of freight markets following the extended industry downcycle, and we expect that improvement to continue in the fourth quarter."
New commercial vehicle sales
New U.S. Class 8 retail truck sales totaled 59,616 units in the third quarter of 2026, up 10.2% year over year, with Rush selling 3,880 of them in the U.S. That's an increase of 24.4% year over year and accounts for 6.5% of the new U.S. Class 8 market.
"Our Class 8 truck sales increased substantially during the third quarter, outpacing the industry and allowing us to gain market share," Rush says. "Our over-the-road customer segment was the primary driver of that improvement, as stronger freight rates and our customers' need to replace aging equipment supported demand."
In Canada, Rush sold 114 new Class 8 trucks during the third quarter, which is 1.7% of the new Canadian Class 8 truck market.
Rush says quoting and new order activity has slowed recently as the industry pauses before the EPA's final 2027 emissions rules.
"Until the rules are finalized, manufacturer pricing for 2027 may continue to be fluid, which will likely ressult in customers delaying purchasing decisions," he says. "On a positive note, while the timing of future orders for commercial vehicles remains uncertain, we believe that industry demand for new Class 8 trucks is still healthy and that orders will pick up shortly after the EPA finalizes its rules."
In Classes 4-7, Rush sold 3,265 new units in the U.S. That's 9.6% more, year over year, or 6.1% of the U.S. market. The company sold 554 Class 5-7 commercial vehicles in Canada in the third quarter, which is 13.7% of the market in that country.
"Our medium-duty sales continued to strengthen during the third quarter, driven in large part by increased deliveries to our larger fleet customers that had delayed their purchases until the second half of 2026," Rush says. "We were pleased to grow sales and outperform the market in a quarter when overall industry sales ere essentially flat. Our ready-to-roll inventory also positioned us to meet customer demand as manufacturers' capacity to accept additional orders became more limited."
Used commercial vehicle sales
Rush says it sold 1,913 used commercial vehicles in the third quarter. That's up 5.5% year over year.
"Used truck demand remained healthy during the third quarter, with sales increasing both year over year and sequentially," Rush says. "Smaller fleets continued to seek used equipment as limited availability of new trucks and anticipated price increases for new 2027 model year vehicles made used vehicles an attractive alternative."
Financing is improving as well, Rush says, as lenders became more willing to extend credit even with higher interest rates.
"Additionally, we experienced less seasonal slowdown than we typically see in used truck demand," Rush says.
Aftermarket products and services
This division account for about 62.8% of Rush Enterprises' total gross profit in the third quarter. Parts, service and collision center revenues totaled $679.9 million, up 5.8% year over year.
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"We were encouraged by improved aftermarket demand during the third quarter," Rush says. "We experienced growth across all customer segments, with energy and wholesale customers representing the fastest-growing segments. While the aftermarket recovery has not been as robust as the increase in demand for new commercial vehicles, we saw positive signs of improved aftermarket demand among smaller, local customers as well."
Leasing and rental
Revenue from Rush's leasing and rental fleet hit $98.2 million in the quarter, up 5.3% year over year.
"Our leasing and rental business delivered improved results during the third quarter, led by higher rental utilization and stronger rental profitability," Rush says. "Full-service leasing also continued to grow, and improved operating costs contributed to our performance."
The company also added vehicles under contract maintenance in the quarter, generating additional service business.
Rush operates 72 PacLease and Idealease franchises in the U.S. and Canada with more than 10,000 trucks in the lease and rental fleet and more than 2,400 trucks under contract maintenance agreements.
Growth and expansion
In the third quarter, Rush announced a joint venture with MCT Companies, one of the largest Carrier Transicold dealers in the U.S.
"Our investment in MCT Companies marks our entrance into the refrigerated transportation sector and represents another step in our strategy to become the total solutions provider to the commercial vehicle industry," Rush says. "Our strategic growth initiatives are focused on supporting the growth of MCT's business, continuing to pursue expansion opportunities within our existing markets and acquiring or investing in businesses that are adjacent to the commercial vehicle industry."
Outlook
Rush says the company is bullish on the commercial vehicle market. In Class 8 sales, he sees healthy demand for new trucks and says he expects orders to pick up shortly after the EPA finalizes emissions rules.
The company foresees some challenge in the medium-duty market.
"We remain positive about our medium-duty sales opportunities int he fourth quarter and into early 2027, although production delays and limited availability from certain of the manufacturers we represent may present challenges," Rush says. "In order to address these potential challenges, we increased our inventory during the third quarter to get in front of potential production constraints. We believe our strategy will provide us with a competitive advantage and allow us to serve customers who need medium-duty equipment in the near term."
With new truck prices expected to rise, used demand should also stay strong, Rush says, with new commercial truck deliveries sparking more trade-ins to meet customer demand. The same could be said for leasing and rental business, but that may soften in the first quarter of the new year, Rush says, as many customers opted to buy new equipment ahead of price hikes.
"Our priorities include adding new lease customers, expanding our contract maintenance customer base and selectively growing our rental fleet as demand supports it," he says. "We believe these opportunities position Rush Truck Leasing to continue to be an important contributor to our overall performance."
Aftermarket activity should also continue to improve, Rush predicts, as backlogged new trucks roll in, generating opportunities for the company.
"We remain focused on executing on certain of our aftermarket strategic initiatives, which include improving operating efficiency and expanding our relationships with local customers through a more disciplined approach to account management," Rush says. "We believe these efforts will help us capture additional aftermarket business and meet more of our customers' ongoing maintenance and repair needs."
