# RUSH ENTERPRISES INC \TX\ (RUSHA) Informational only - not investment advice. CIK: 0001012019 SIC: 5500 Retail-Auto Dealers & Gasoline Stations SIC breadcrumb: [Retail Trade](/division/G/) > [SIC Major Group 55](/major-group/55/) > [SIC 5500 Retail-Auto Dealers & Gasoline Stations](/industry/5500/) Latest 10-K filed: 2026-02-25 SEC page: https://www.sec.gov/edgar/browse/?CIK=1012019 Filing source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001437749-26-005424 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001012019.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 7,434,195,000 USD | 2025 | verified | | Net income | 263,778,000 USD | 2025 | verified | | Assets | 4,430,536,000 USD | 2025 | verified | | Free cash flow | 462,008,000 USD | 2025 | computed | | Net margin | 3.55% | 2025 | computed | | Operating margin | 5.30% | 2025 | computed | | Revenue YoY | -4.75% | 2025 | computed | | ROE | 11.97% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | RUSHA | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 3.5% | 2.4% | 73 | 16 | | Operating margin | 5.3% | 4.2% | 75 | 13 | | Revenue growth | -4.7% | 4.6% | 7 | 16 | | FCF margin | 6.2% | 3.4% | 85 | 14 | | ROE | 12.0% | 12.5% | 40 | 16 | | ROA | 6.0% | 3.8% | 75 | 17 | | Liabilities / equity | 1.01 | 2.75 | 7 | 16 | | Current ratio | 1.40 | 1.09 | 79 | 15 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 5500 Retail-Auto Dealers & Gasoline Stations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 7434195000 | USD | 2025 | 2026-02-25 | | Net income | 263778000 | USD | 2025 | 2026-02-25 | | Assets | 4430536000 | USD | 2025 | 2026-02-25 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001012019.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 4,214,614,000 | 4,713,882,000 | 5,506,190,000 | 5,809,847,000 | 4,735,940,000 | 5,126,142,000 | 7,101,670,000 | 7,925,024,000 | 7,804,746,000 | 7,434,195,000 | | Net income | 40,582,000 | 172,129,000 | 139,062,000 | 141,583,000 | 114,887,000 | 241,415,000 | 391,382,000 | 347,055,000 | 304,153,000 | 263,778,000 | | Operating income | 80,728,000 | 148,709,000 | 202,851,000 | 216,405,000 | 154,605,000 | 309,036,000 | 506,113,000 | 512,381,000 | 468,090,000 | 393,756,000 | | Gross profit | 718,012,000 | 829,936,000 | 978,269,000 | 1,025,628,000 | 875,467,000 | 1,092,298,000 | 1,487,159,000 | 1,593,090,000 | 1,531,416,000 | 1,460,664,000 | | Diluted EPS | 1.00 | 4.20 | 2.30 | 2.51 | 2.04 | 2.78 | 4.57 | 4.15 | 3.72 | 3.27 | | Operating cash flow | 521,170,000 | 152,737,000 | 215,364,000 | 421,272,000 | 762,982,000 | 422,346,000 | 294,400,000 | 295,713,000 | 619,550,000 | 861,839,000 | | Capital expenditures | 196,965,000 | 209,917,000 | 238,260,000 | 293,493,000 | 136,200,000 | 167,177,000 | 243,060,000 | 368,881,000 | 433,047,000 | 399,831,000 | | Dividends paid | | 0.00 | 9,332,000 | 18,317,000 | 22,461,000 | 41,060,000 | 44,556,000 | 50,582,000 | 55,508,000 | 58,331,000 | | Share buybacks | 43,514,000 | 33,800,000 | 120,558,000 | 58,188,000 | 24,865,000 | 33,596,000 | 93,709,000 | 211,778,000 | 15,746,000 | 194,915,000 | | Assets | 2,603,047,000 | 2,890,139,000 | 3,201,350,000 | 3,407,329,000 | 2,985,393,000 | 3,119,977,000 | 3,821,066,000 | 4,364,241,000 | 4,617,547,000 | 4,430,536,000 | | Stockholders' equity | 862,825,000 | 1,040,373,000 | 1,066,928,000 | 1,159,493,000 | 1,268,037,000 | 1,466,749,000 | 1,744,491,000 | 1,870,879,000 | 2,141,549,000 | 2,203,229,000 | | Cash and cash equivalents | 82,026,000 | 124,541,000 | 131,726,000 | 181,620,000 | 312,048,000 | 148,146,000 | 201,044,000 | 183,725,000 | 228,131,000 | 212,645,000 | | Free cash flow | 324,205,000 | -57,180,000 | -22,896,000 | 127,779,000 | 626,782,000 | 255,169,000 | 51,340,000 | -73,168,000 | 186,503,000 | 462,008,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 0.96% | 3.65% | 2.53% | 2.44% | 2.43% | 4.71% | 5.51% | 4.38% | 3.90% | 3.55% | | Operating margin | 1.92% | 3.15% | 3.68% | 3.72% | 3.26% | 6.03% | 7.13% | 6.47% | 6.00% | 5.30% | | Return on equity | 4.70% | 16.54% | 13.03% | 12.21% | 9.06% | 16.46% | 22.44% | 18.55% | 14.20% | 11.97% | | Return on assets | 1.56% | 5.96% | 4.34% | 4.16% | 3.85% | 7.74% | 10.24% | 7.95% | 6.59% | 5.95% | | Liabilities / equity | 2.02 | 1.78 | 2.00 | 1.94 | 1.35 | 1.13 | 1.19 | 1.33 | 1.16 | 1.01 | | Current ratio | 1.12 | 1.17 | 1.13 | 1.14 | 1.32 | 1.32 | 1.31 | 1.35 | 1.45 | 1.40 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001012019.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 1.59 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.60 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 1.75 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,980,740,000 | 80,278,000 | 0.96 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 2,029,465,000 | 78,047,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,871,999,000 | 71,608,000 | 0.88 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 2,027,028,000 | 78,661,000 | 97.00 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 1,896,133,000 | 79,132,000 | 0.97 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,009,586,000 | 74,752,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 1,850,830,000 | 60,322,000 | 0.73 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 1,930,707,000 | 72,438,000 | 0.90 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 1,880,765,000 | 66,690,000 | 0.83 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 1,771,893,000 | 64,328,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 1,684,185,000 | 61,454,000 | 0.77 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 1,899,679,000 | 72,761,000 | 0.91 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from RUSHA's latest 10-K: [/company/RUSHA/business/](/company/RUSHA/business/). ## Risk Factors Verbatim Item 1A Risk Factors from RUSHA's latest 10-K: [/company/RUSHA/risk-factors/](/company/RUSHA/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926026588/rusha20260630_10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-07 Report date: 2026-06-30 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Certain statements contained in this Form 10-Q (or otherwise made by the Company or on the Company’s behalf from time to time in other reports, filings with the Securities and Exchange Commission (“SEC”), news releases, conferences, website postings or otherwise) that are not statements of historical fact constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act of 1934, as amended (the “Exchange Act”), notwithstanding that such statements are not specifically identified. Forward-looking statements include statements about the Company’s financial position, business strategy and plans and objectives of management of the Company for future operations. These forward-looking statements reflect the best judgments of the Company about the future events and trends based on the beliefs of the Company’s management as well as assumptions made by and information currently available to the Company’s management. Use of the words “may,” “should,” “continue,” “plan,” “potential,” “anticipate,” “believe,” “estimate,” “expect” and “intend” and words or phrases of similar import, as they relate to the Company or its subsidiaries or Company management, are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements reflect our current view of the Company with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those in such statements. Please read Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of certain of those risks. Other unknown or unpredictable factors could also have a material adverse effect on future results. Although the Company believes that its expectations are reasonable as of the date of this Form 10-Q, it can give no assurance that such expectations will prove to be correct. The Company does not intend to update or revise any forward-looking statements unless securities laws require it to do so, and the Company undertakes no obligation to publicly release any revisions to forward-looking statements, whether because of new information, future events or otherwise. The following comments should be read in conjunction with the Company’s consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q. Note Regarding Trademarks Commonly Used in the Company’s Filings Peterbilt® is a registered trademark of Peterbilt Motors Company. PACCAR® is a registered trademark of PACCAR, Inc. PacLease® is a registered trademark of PACCAR Leasing Corporation. International® is a registered trademark of International Motors, LLC (f/k/a Navistar, Inc.). Idealease is a registered trademark of Idealease, Inc. aka Idealease of North America, Inc. Blue Bird® is a registered trademark of Blue Bird Investment Corporation. IC Bus® is a registered trademark of IC Bus, LLC. Hino® is a registered trademark of Hino Motors, Ltd. Isuzu® is a registered trademark of Isuzu Motors Limited. Ford® is a registered trademark of Ford Motor Company. Cummins® is a registered trademark of Cummins, Inc. This report contains additional trade names or trademarks of other companies. Our use of such trade names or trademarks should not imply any endorsement or relationship with such companies 16 Table of Contents General Rush Enterprises, Inc. was incorporated in Texas in 1965 and consists of one reportable segment, the Truck Segment, and conducts business through its subsidiaries. Our principal offices are located at 555 IH 35 South, Suite 500, New Braunfels, Texas 78130. We are a full-service, integrated retailer of commercial vehicles and related services. The Truck Segment includes our operation of a network of commercial vehicle dealerships under the name “Rush Truck Centers.” Rush Truck Centers primarily sell commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, IC Bus and Blue Bird. Through our strategically located network of Rush Truck Centers, we provide one-stop service for the needs of our commercial vehicle customers, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products. Our Rush Truck Centers are principally located in high traffic areas throughout the United States and Ontario, Canada. Since commencing operations as a Peterbilt heavy-duty truck dealer in 1966, we have grown to operate over 160 franchised locations in 24 states. We own an 80% equity interest in Rush Truck Centres of Canada Limited (“RTC Canada”). RTC Canada currently owns and operates 17 International dealerships and 2 IC Bus dealerships in Ontario. RTC Canada also sells IC Buses in Quebec and the provinces of New Brunswick, Nova Scotia and Prince Edward Island. The operating results of RTC Canada are consolidated in the Consolidated Statements of Operations, the Statements of Comprehensive Income, the Consolidated Balance Sheets and commercial vehicle unit sales data.  Our business strategy consists of providing solutions to the commercial vehicle industry through our network of commercial vehicle dealerships. We offer an integrated approach to meeting customer needs by providing service, parts and collision repairs in addition to new and used commercial vehicle sales and leasing, plus financial services, vehicle upfitting, CNG fuel systems through our joint venture with Cummins and vehicle telematics products. We intend to continue to implement our business strategy, reinforce customer loyalty and remain a market leader by continuing to develop our Rush Truck Centers as we expand our product offerings and extend our dealership network through strategic acquisitions of new locations and opening new dealerships in our existing areas of operation to enable us to better serve our customers. Outlook A.C.T. Research Co., LLC (“A.C.T. Research”), a commercial vehicle industry data and forecasting service provider, currently forecasts new U.S. Class 8 retail truck sales to be 228,800 units in 2026, which would represent a 7.6% increase compared to 212,700 units in 2025. We believe that as freight markets continue to improve and our over-the-road customers maintain confidence in their business, demand for new Class 8 trucks will be stronger in the second half of the year. We expect our U.S. market share of new Class 8 truck sales to range between 6.1% and 6.5% in 2026 based on A.C.T. Research’s current forecast.  This market share percentage would result in the sale of approximately 14,000 to 15,000 new Class 8 trucks in 2026.  We expect to sell approximately 500 new Class 8 trucks in Canada in 2026. With respect to new U.S. Class 4 through 7 retail commercial vehicle sales, A.C.T. Research currently forecasts sales to be 207,575 units in 2026, which would represent a 4.5% decrease compared to 217,412 units in 2025. We believe that most medium-duty customers will remain cautious in 2026 and will look to replace vehicles rather than expand their fleets, although we do expect demand for new Class 4 through 7 commercial vehicles to improve throughout the remainder of the year. We expect our U.S. market share of new Class 4 through 7 commercial vehicle sales to range between 5.3% and 5.8% in 2026 based on A.C.T. Research’s current forecast.  This market share percentage would result in the sale of approximately 11,000 to 12,000 new Class 4 through 7 commercial vehicles in 2026.  We expect to sell approximately 850 new Class 5 through 7 commercial vehicles in Canada in 2026.  We expect to sell approximately 3,200 light-duty vehicles and approximately 7,500 used commercial vehicles in 2026, and we expect lease and rental revenue to increase approximately 2.5% during 2026, compared to 2025. With respect to our parts, service, and collision center (collectively referred to herein as “Aftermarket Products and Services”) operations, demand continued to improve as the second quarter progressed. While the aftermarket recovery is trailing the improvements we are seeing in the commercial vehicle sales market, we believe that our Aftermarket Products and Services revenues will improve in the second half of the year in comparison with the first half of 2026, with the potential for modest growth. 17 Table of Contents Critical Accounting Estimates The preparation of our interim unaudited consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and the related disclosures of contingent assets and liabilities in our interim unaudited consolidated financial statements and accompanying notes. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. We evaluate our estimates, judgments, and assumptions on an ongoing basis, and while we believe that our estimates, judgments and assumptions are reasonable, they are based upon information available at the time. Actual results might differ from these estimates under different assumptions or conditions. Our significant accounting policies are discussed in Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" under the heading "Critical Accounting Policies and Estimates" in our Form 10-K. There were no material changes to our significant accounting policies. Results of Operations The following discussion and analysis includes our historical results of operations for the three months and six months periods ended June 30, 2026 and 2025. The following table sets forth certain financial data as a percentage of total revenues for the periods indicated: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1012019/000143774926005424/rusha20251231_10k.htm Complete FY 2025 MD&A: /company/RUSHA/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-25 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Overview We are a full-service, integrated retailer of commercial vehicles and related services. We operate one segment - the Truck Segment. The Truck Segment operates a network of commercial vehicle dealerships primarily under the name “Rush Truck Centers.” Most Rush Truck Centers are a franchised dealer for commercial vehicles manufactured by Peterbilt, International, Hino, Ford, Isuzu, Blue Arc, Battle Motors, IC Bus or Blue Bird. Through our strategically located network of Rush Truck Centers, we provide one-stop service for the needs of our commercial vehicle customers. We offer an integrated approach to meeting customer needs by providing service, parts and collision repairs in addition to new and used commercial vehicle sales, leasing, insurance and financial services, vehicle upfitting, CNG fuel systems through our joint venture with Cummins and vehicle telematics products. Our goal is to continue to serve as the premier service solutions provider to the end-users of commercial vehicles. Our strategic efforts to achieve this goal include continuously expanding our portfolio of Aftermarket Products and Services, broadening the diversity of our commercial vehicle product offerings and extending our network of Rush Truck Centers. Our commitment to provide innovative solutions to service our customers’ needs continues to drive our strong Aftermarket Products and Services revenues. Our Aftermarket Products and Services include a wide range of capabilities and products such as providing parts, service and collision repairs at certain of our Rush Truck Centers, a fleet of mobile service units, technicians who work in our customers’ facilities, a proprietary line of commercial vehicle parts and accessories, vehicle upfitting, a broad range of diagnostic and analysis capabilities, a suite of telematics products and assembly services for specialized bodies and equipment. Aftermarket Products and Services accounted for 63.7% of our total gross profits in 2025. Stock Split On July 25, 2023, the Board declared a 3-for-2 stock split of the Company’s Class A common stock and Class B common stock, which was effected in the form of a stock dividend. On August 28, 2023, the Company distributed one additional share of stock for every two shares of Class A common stock, par value $0.01 per share, and Class B common stock, par value $0.01 per share, held by shareholders of record as of August 7, 2023. All share and per share data in this Form 10-K have been adjusted and restated to reflect the stock split as if it occurred on the first day of the earliest period presented. Summary of 2025 Our results of operations for the year ended December 31, 2025, are summarized below as follows: [[GREPCENT_TABLE]] [["","\u25cf","Our gross revenues totaled $7,434.2 million, a 4.7% decrease from gross revenues of $7,804.7 million in 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Gross profit decreased $70.8 million, or 4.6%, compared to 2024. Gross profit as a percentage of sales remained at 19.6% in 2025, compared to 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our new Class 8 heavy-duty unit sales decreased 17.4%, compared to 2024, and accounted for 5.8% of the total U.S. market and 1.4% of the total Canadian market."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Our new Class 4 through 7 medium-duty unit sales (including buses) decreased 4.8%, compared to 2024, and accounted for 5.7% of the total U.S. market and 6.3% of the total Canadian market."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","New light-duty truck unit sales increased 42.9% in 2025, compared to 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Used truck unit sales decreased 1.9% in 2025, compared to 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Aftermarket Products and Services revenues increased $7.2 million, or 0.3%, to $2,523.2 million, compared to $2,516.0 million in 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Lease and rental revenues increased $14.6 million, or 4.1%, to $369.6 million, compared to $354.9 million in 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Selling, General and Administrative (\u201cSG&A\u201d) expenses increased $0.6 million, or 0.1%, to $996.2 million, compared to $995.6 million in 2024."]] [[/GREPCENT_TABLE]] [[GREPCENT_TABLE]] [["","\u25cf","Net interest expense decreased $24.6 million, or 34.7%, in 2025, compared to $70.9 million in 2024."]] [[/GREPCENT_TABLE]] 31 Table of Contents 2026 Outlook According to A.C.T. Research Co., LLC (“A.C.T. Research”), a commercial vehicle industry data and forecasting service provider, new U. S. Class 8 truck retail sales are estimated to total 211,300 units in 2026, a 0.6% decrease compared to 212,707 units sold in 2025. We expect our U.S. market share of new Class 8 truck sales to range between 5.8% and 6.3% in 2026. This market share percentage would result in the sale of 12,200 to 13,300 new Class 8 trucks in 2026. We expect to sell approximately 500 additional new Class 8 trucks in Canada in 2026. According to A.C.T. Research, new U. S. Class 4 through 7 commercial vehicle retail sales are estimated to total 218,225 units in 2026, a 0.3% increase compared to 217,412 units sold in 2025. We expect our U.S. market share of new Class 4 through 7 commercial vehicle sales to range between 5.8% and 6.3% in 2026. This market share percentage would result in the sale of 12,600 to 13,700 new Class 4 through 7 commercial vehicles in 2026. We expect to sell approximately 900 additional new Class 5 through 7 commercial vehicles in Canada in 2026. We expect to sell approximately 2,500 to 3,000 light-duty vehicles and 6,500 to 7,500 used commercial vehicles in 2026. We expect lease and rental revenue to increase approximately 3.0% during 2026, compared to 2025. In 2026, we expect demand for Aftermarket Products and Services to remain relatively weak through the first quarter. However, we are optimistic that freight markets will improve in 2026 and that demand will pick up as the year progresses. We believe that an improved freight market, along with our continued focus on growing our national account customer base and our focus on other aftermarket strategic initiatives, will result in aftermarket revenue growth this year. Key Performance Indicator Absorption Ratio. Management uses several performance metrics to evaluate the performance of our commercial vehicle dealerships and considers Rush Truck Centers’ “absorption ratio” to be of critical importance. Absorption ratio is calculated by dividing the gross profit from our Aftermarket Products and Services departments by the overhead expenses of all of a dealership’s departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory. When 100% absorption is achieved, all of the gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit. Our commercial vehicle dealerships achieved a 130.7% absorption ratio for the year ended December 31, 2025, and 132.2% absorption ratio for the year ended December 31, 2024. Critical Accounting Estimates Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates. We believe the following accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements. The Company’s significant accounting policies are disclosed in Note 2 of the Notes to Consolidated Financial Statements. Inventory Reserves Inventories are stated at the lower of cost or net realizable value. Cost is determined by specific identification of new and used commercial vehicle inventory. The estimated net realizable value of new and used commercial inventory is determined based on an analysis of historical sales trends, the impact of market trends and economic conditions, and forecasts of future demand. Our historical estimates of these costs and the related provisions have not differed materially from actual results. However, unforeseen adverse future economic and market conditions could result in our actual results differing materially from our estimates. 32 Table of Contents Purchase Price Allocation, Intangible Assets and Goodwill Purchase price allocation for business combinations and asset acquisitions requires the use of accounting estimates and judgments to allocate the purchase price to the identifiable tangible and intangible assets acquired and liabilities assumed based on their respective fair values. We determine whether substantially all the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If so, the single asset or group of assets, as applicable, is not a business. If not, we determine whether the single asset or group of assets, as applicable, meets the definition of a business. In connection with our business combinations, we record certain intangible assets, including franchise rights. We periodically review the estimated useful lives and fair values of our identifiable intangible assets, taking into consideration any events or circumstances that might result in a diminished fair value or revised useful life. The excess purchase price over the fair value of assets acquired is recorded as goodwill. We assess goodwill for impairment annually in the fourth quarter, or whenever events or changes in circumstances indicate an impairment may have occurred. If impaired, the carrying values of the assets are written down to fair value using Level 3 inputs. See Note 2 – Significant Accounting Policies for further discussion of Level 3 fair value. Accounting for Income Taxes Management’s judgment is required to determine the provisions for income taxes and to determine whether deferred tax assets will be realized in full or in part. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. When it is more likely than not that all or some portion of specific deferred income tax assets will not be realized, a valuation allowance must be established for the amount of deferred income tax assets that are determined not to be realizable. Accordingly, the facts and financial circumstances impacting deferred income tax assets are reviewed quarterly and management’s judgment is applied to determine the amount of valuation allowance required, if any, in any given period. Tax authorities periodically audit our income tax returns. These audits include questions regarding our tax filing positions, including the timing and amount of deductions. In evaluating the exposures associated with our various tax filing positions, we adjust our liability for unrecognized tax benefits and income tax provision in the period in which an uncertain tax position is effectively settled, the statute of limitations expires for the relevant taxing authority to examine the tax position or when more information becomes available. Our liability for unrecognized tax benefits contains uncertainties because ma [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/RUSHA/mda/fy2025/ All MD&A years: /company/RUSHA/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/RUSHA/mda/fy2024/): filed 2025-02-24; accession 0001437749-25-004794 (https://www.sec.gov/Archives/edgar/data/1012019/000143774925004794/rusha20241231_10k.htm) - [FY 2023 MD&A](/company/RUSHA/mda/fy2023/): filed 2024-02-23; accession 0001437749-24-005362 (https://www.sec.gov/Archives/edgar/data/1012019/000143774924005362/rusha20231231_10k.htm) - [FY 2022 MD&A](/company/RUSHA/mda/fy2022/): filed 2023-02-23; accession 0001437749-23-004391 (https://www.sec.gov/Archives/edgar/data/1012019/000143774923004391/rusha20221231_10k.htm) - [FY 2021 MD&A](/company/RUSHA/mda/fy2021/): filed 2022-02-24; accession 0001437749-22-004355 (https://www.sec.gov/Archives/edgar/data/1012019/000143774922004355/rusha20211231_10k.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 5500 Retail-Auto Dealers & Gasoline Stations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/RUSHA.md · JSON record: /company/RUSHA.json · verified financials: /company/RUSHA/financials.json / /company/RUSHA/financials.csv · machine TOC for the whole site: /llms.txt