Revenue growth has decelerated to -9.0% in 2026Q1, while operating margins have compressed to 4.9% as the company struggles to scale its fixed cost base against declining sales.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 7.27B | 7.43B | 7.8B | 7.93B | 7.1B | 5.13B | 4.74B | 5.81B | 5.51B | 4.71B | 4.21B | 4.98B | 4.73B | 3.38B | 3.09B | 2.58B | 1.5B | 1.24B | 1.65B | 2.03B | 2.35B | 1.86B | 1.09B | 815.33M | 757.15M | 784.28M | 897.43M | 808.36M | 612.8M | 399.4M | 343.7M |
| Revenue Growth % | -6.63% | -4.75% | -1.52% | 11.59% | 38.54% | 8.24% | -18.48% | 5.51% | 16.81% | 11.85% | -15.36% | 5.34% | 39.67% | 9.52% | 19.76% | 72.28% | 20.87% | -25.12% | -18.51% | -13.6% | 26.05% | 70.3% | 34.3% | 7.68% | -3.46% | -12.61% | 11.02% | 31.91% | 53.43% | 16.21% | 28.01% |
| Cost of Goods Sold | 5.89B | 6.04B | 6.27B | 6.33B | 5.61B | 4.03B | 3.86B | 4.78B | 4.53B | 3.88B | 3.5B | 4.19B | 3.97B | 2.81B | 2.59B | 2.16B | 1.21B | 1.01B | 1.36B | 1.68B | 2B | 1.58B | 909.84M | 662.08M | 615.94M | 634.98M | 738.39M | 671.35M | 508.2M | 334.6M | 289.1M |
| COGS % of Revenue | - | 81.31% | 80.38% | 79.9% | 79.06% | 78.69% | 81.51% | 82.35% | 82.23% | 82.39% | 82.96% | 84.24% | 84.01% | 83.1% | 83.8% | 83.6% | 80.98% | 81.84% | 82.07% | 82.66% | 85% | 84.84% | 83.09% | 81.2% | 81.35% | 80.96% | 82.28% | 83.05% | 82.93% | 83.78% | 84.11% |
| Gross Profit | 1.37B | 1.39B | 1.53B | 1.59B | 1.49B | 1.09B | 875.47M | 1.03B | 978.27M | 829.94M | 718.01M | 784.95M | 756.05M | 572.01M | 500.77M | 423.28M | 284.89M | 225.09M | 296.71M | 352.07M | 352.67M | 282.69M | 185.14M | 153.25M | 141.21M | 149.29M | 159.04M | 137.01M | 104.6M | 64.8M | 54.6M |
| Gross Margin % | 18.91% | 18.69% | 19.62% | 20.1% | 20.94% | 21.31% | 18.49% | 17.65% | 17.77% | 17.61% | 17.04% | 15.76% | 15.99% | 16.9% | 16.2% | 16.4% | 19.02% | 18.16% | 17.93% | 17.34% | 15% | 15.16% | 16.91% | 18.8% | 18.65% | 19.04% | 17.72% | 16.95% | 17.07% | 16.22% | 15.89% |
| Gross Profit Growth % | - | -9.27% | -3.87% | 7.12% | 36.15% | 24.77% | -14.64% | 4.84% | 17.87% | 15.59% | -8.53% | 3.82% | 32.17% | 14.23% | 18.31% | 48.58% | 26.57% | -24.14% | -15.72% | -0.17% | 24.75% | 52.69% | 20.81% | 8.53% | -5.42% | -6.13% | 16.08% | 30.98% | 61.42% | 18.68% | 26.39% |
| Operating Expenses | 990.01M | 996.18M | 1.06B | 1.08B | 983.5M | 784.69M | 720.86M | 809.12M | 775.72M | 681.12M | 639.04M | 663.13M | 614.46M | 480.26M | 386.74M | 325.52M | 243.22M | 216.1M | 243.94M | 255.6M | 242.94M | 199.15M | 151.07M | 133.14M | 120.31M | 133.28M | 137.43M | 101.88M | 80.6M | 53.6M | 43M |
| OpEx % of Revenue | - | 13.4% | 13.62% | 13.64% | 13.85% | 15.31% | 15.22% | 13.93% | 14.09% | 14.45% | 15.16% | 13.32% | 13% | 14.19% | 12.51% | 12.61% | 16.24% | 17.44% | 14.74% | 12.59% | 10.34% | 10.68% | 13.8% | 16.33% | 15.89% | 16.99% | 15.31% | 12.6% | 13.15% | 13.42% | 12.51% |
| Selling, General & Admin | 990.01M | 996.18M | 995.59M | 1.02B | 927.84M | 731.34M | 665.26M | 753.75M | 705.23M | 631.05M | 587.78M | 619.27M | 573.67M | 450.34M | 361.73M | 306.27M | 227.47M | 199.5M | 228.06M | 240.66M | 230.06M | 188.67M | 141.95M | 124.21M | 111.72M | 121.63M | 123.85M | 93.5M | 75.8M | 50.6M | 40.6M |
| SG&A % of Revenue | - | 13.4% | 12.76% | 12.89% | 13.06% | 14.27% | 14.05% | 12.97% | 12.81% | 13.39% | 13.95% | 12.44% | 12.14% | 13.31% | 11.7% | 11.87% | 15.19% | 16.1% | 13.78% | 11.85% | 9.79% | 10.12% | 12.96% | 15.23% | 14.76% | 15.51% | 13.8% | 11.57% | 12.37% | 12.67% | 11.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 67.74M | 58.99M | 55.66M | 53.35M | 55.6M | 55.37M | 70.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 384.1M | 393.34M | 468.09M | 512.38M | 506.11M | 309.04M | 154.6M | 216.41M | 202.85M | 148.71M | 80.73M | 121.28M | 141.74M | 91.75M | 114.2M | 97.34M | 41.67M | 9.31M | 52.78M | 96.47M | 109.72M | 83.54M | 34.08M | 20.11M | 20.89M | 16.02M | 21.61M | 35.13M | 24M | 11.2M | 11.6M |
| Operating Margin % | 5.29% | 5.29% | 6% | 6.47% | 7.13% | 6.03% | 3.26% | 3.72% | 3.68% | 3.15% | 1.92% | 2.44% | 3% | 2.71% | 3.7% | 3.77% | 2.78% | 0.75% | 3.19% | 4.75% | 4.67% | 4.48% | 3.11% | 2.47% | 2.76% | 2.04% | 2.41% | 4.35% | 3.92% | 2.8% | 3.38% |
| Operating Income Growth % | - | -15.97% | -8.64% | 1.24% | 63.77% | 99.89% | -28.56% | 6.68% | 36.41% | 84.21% | -33.43% | -14.44% | 54.48% | -19.66% | 17.32% | 133.61% | 347.31% | -82.35% | -45.29% | -12.08% | 31.34% | 145.15% | 69.41% | -3.71% | 30.43% | -25.88% | -38.48% | 46.37% | 114.29% | -3.45% | 23.4% |
| EBITDA | 594.16M | 646.19M | 704.19M | 733.52M | 705.26M | 478.53M | 331.95M | 391.89M | 387.97M | 306.66M | 238.35M | 266.21M | 268.19M | 185.24M | 187.49M | 154.27M | 87.59M | 50.01M | 91.28M | 132.27M | 136.8M | 104.55M | 50M | 35.66M | 36.74M | 32.17M | 35.19M | 43.51M | 28.8M | 14.2M | 14M |
| EBITDA Margin % | 8.18% | 8.69% | 9.02% | 9.26% | 9.93% | 9.34% | 7.01% | 6.75% | 7.05% | 6.51% | 5.66% | 5.35% | 5.67% | 5.47% | 6.07% | 5.98% | 5.85% | 4.04% | 5.52% | 6.51% | 5.82% | 5.61% | 4.57% | 4.37% | 4.85% | 4.1% | 3.92% | 5.38% | 4.7% | 3.56% | 4.07% |
| EBITDA Growth % | -8.22% | -8.24% | -4% | 4.01% | 47.38% | 44.16% | -15.29% | 1.01% | 26.52% | 28.66% | -10.46% | -0.74% | 44.78% | -1.2% | 21.53% | 76.14% | 75.13% | -45.21% | -30.99% | -3.31% | 30.85% | 109.1% | 40.23% | -2.94% | 14.19% | -8.57% | -19.12% | 51.07% | 102.82% | 1.43% | 23.89% |
| D&A (Non-Cash Add-back) | 210.07M | 252.84M | 236.1M | 221.14M | 199.15M | 169.5M | 177.35M | 175.48M | 185.12M | 157.95M | 157.63M | 144.94M | 126.45M | 93.49M | 73.29M | 56.93M | 45.92M | 40.7M | 38.51M | 35.8M | 27.07M | 21.01M | 15.92M | 15.54M | 15.85M | 16.16M | 13.58M | 8.38M | 4.8M | 3M | 2.4M |
| EBIT | 382.42M | 394.02M | 469.84M | 515.75M | 503.66M | 307.6M | 161.45M | 216.51M | 204.23M | 148.81M | 87.22M | 121.82M | 141.98M | 91.75M | 114.22M | 97.36M | 41.79M | 7.67M | 48.91M | 96.47M | 109.72M | 83.54M | 34.08M | 20.11M | 20.89M | 16.02M | 21.09M | 35.13M | 24M | 11.2M | 11.6M |
| Net Interest Income | -39.73M | -46.23M | -70.86M | -52.92M | -19.12M | -1.77M | -9.01M | -28.81M | -19.68M | -12.31M | -14.28M | -13.47M | -11.2M | -10.69M | -13.02M | -7.16M | -5.36M | -5.7M | -7.23M | -14.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 1.92M | 1.17M | 777K | 639K | 657K | 713K | 1.68M | 1.38M | 891K | 621K | 490K | 239K | 0 | 0 | 0 | 127K | 54K | 2.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 39.73M | 48.15M | 72.02M | 53.69M | 19.76M | 2.43M | 9.73M | 30.49M | 21.06M | 13.2M | 14.9M | 13.96M | 11.44M | 10.69M | 13.02M | 7.16M | 5.49M | 5.75M | 9.87M | 14.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -41.4M | -47.48M | -70.28M | -50.32M | 3.21M | 4.65M | -2.88M | -26.88M | -19.68M | -12.31M | -14.28M | -13.47M | -11.2M | -10.69M | -13.02M | -7.16M | -5.36M | -6.1M | -7.69M | -14.67M | -15.66M | -12.4M | -5.33M | -4.36M | -6.34M | -10.58M | -15.55M | -8.19M | -6M | -2.5M | -3.1M |
| Pretax Income | 342.69M | 345.87M | 397.81M | 462.06M | 509.33M | 313.68M | 151.72M | 189.52M | 183.17M | 136.4M | 66.45M | 107.8M | 130.54M | 81.06M | 101.18M | 90.18M | 36.3M | 3.22M | 45.09M | 81.8M | 94.06M | 71.14M | 28.75M | 15.75M | 14.55M | 5.44M | 5.54M | 26.94M | 18M | 8.7M | 8.5M |
| Pretax Margin % | 4.72% | 4.65% | 5.1% | 5.83% | 7.17% | 6.12% | 3.2% | 3.26% | 3.33% | 2.89% | 1.58% | 2.16% | 2.76% | 2.39% | 3.27% | 3.49% | 2.42% | 0.26% | 2.72% | 4.03% | 4% | 3.81% | 2.63% | 1.93% | 1.92% | 0.69% | 0.62% | 3.33% | 2.94% | 2.18% | 2.47% |
| Income Tax | 75.59M | 79.83M | 92.84M | 114M | 117.24M | 72.27M | 36.84M | 47.94M | 44.11M | -35.73M | 25.87M | 41.75M | 50.59M | 31.84M | 38.73M | 34.96M | 11.74M | -2.67M | 16.22M | 30.31M | 35.27M | 26.51M | 11.57M | 6.3M | 5.82M | 2.17M | 2.22M | 10.78M | 7.2M | 3.3M | 2.3M |
| Effective Tax Rate % | 22.06% | 23.08% | 23.34% | 24.67% | 23.02% | 23.04% | 24.28% | 25.3% | 24.08% | -26.2% | 38.93% | 38.73% | 38.75% | 39.28% | 38.28% | 38.77% | 32.33% | -82.96% | 35.98% | 37.05% | 37.5% | 37.27% | 40.26% | 40% | 40% | 39.99% | 39.99% | 40% | 40% | 37.93% | 27.06% |
| Net Income | 264.91M | 263.78M | 304.15M | 347.06M | 391.38M | 241.41M | 114.89M | 141.58M | 139.06M | 172.13M | 40.58M | 66.05M | 79.96M | 49.22M | 62.45M | 55.21M | 31.28M | 5.88M | 28.86M | 51.49M | 58.79M | 44.63M | 16.92M | 8.83M | -1.74M | 3.26M | 3.33M | 16.17M | 10.8M | 5.4M | 6.2M |
| Net Margin % | 3.65% | 3.55% | 3.9% | 4.38% | 5.51% | 4.71% | 2.43% | 2.44% | 2.53% | 3.65% | 0.96% | 1.33% | 1.69% | 1.45% | 2.02% | 2.14% | 2.09% | 0.47% | 1.74% | 2.54% | 2.5% | 2.39% | 1.54% | 1.08% | -0.23% | 0.42% | 0.37% | 2% | 1.76% | 1.35% | 1.8% |
| Net Income Growth % | -9.55% | -13.27% | -12.36% | -11.33% | 62.12% | 110.13% | -18.86% | 1.81% | -19.21% | 324.15% | -38.56% | -17.39% | 62.46% | -21.2% | 13.12% | 76.5% | 431.65% | -79.62% | -43.94% | -12.41% | 31.73% | 163.8% | 91.6% | 606.25% | -153.46% | -1.89% | -79.43% | 49.69% | 100% | -12.9% | -22.5% |
| Net Income (Continuing) | 267.1M | 266.04M | 304.97M | 348.06M | 392.08M | 241.41M | 114.89M | 141.58M | 139.06M | 172.13M | 40.58M | 66.05M | 79.96M | 49.22M | 62.45M | 55.21M | 24.57M | 5.88M | 28.86M | 51.49M | 58.79M | 44.63M | 17.18M | 9.45M | 8.73M | 3.26M | 3.33M | 16.17M | 10.8M | 5.4M | 6.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 22.84M | 22.61M | 20.35M | 19.54M | 18.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 3.32 | 3.27 | 3.72 | 4.15 | 4.57 | 4.17 | 2.00 | 2.53 | 2.30 | 2.77 | 0.67 | 1.07 | 1.30 | 0.81 | 1.04 | 0.94 | 0.55 | 0.10 | 0.51 | 0.89 | 1.04 | 0.80 | 0.38 | 0.27 | -0.02 | 0.07 | 0.21 | 1.02 | 0.73 | 0.37 | 0.33 |
| EPS Growth % | -7.54% | -12.1% | -10.36% | -9.19% | 9.59% | 108.5% | -20.95% | 10% | -16.97% | 313.43% | -37.38% | -17.69% | 60.49% | -22.12% | 10.64% | 70.91% | 450% | -80.39% | -42.7% | -14.42% | 30% | 110.53% | 40.74% | 1234.45% | -134.95% | -67.57% | -79.41% | 39.73% | 97.3% | 12.12% | -40% |
| EPS (Basic) | - | 3.37 | 3.85 | 4.28 | 4.71 | 2.88 | 1.40 | 2.59 | 2.30 | 1.93 | 0.69 | 0.73 | 0.89 | 0.56 | 0.72 | 0.65 | 0.37 | 0.07 | 0.51 | 0.60 | 0.70 | 0.55 | 0.39 | 0.28 | -0.02 | 0.07 | 0.21 | 0.71 | 0.73 | 0.37 | 0.33 |
| Diluted Shares Outstanding | 79.87M | 80.73M | 81.82M | 83.72M | 85.73M | 57.91M | 57.46M | 56.05M | 60.44M | 62.04M | 60.45M | 61.67M | 61.65M | 60.88M | 60.05M | 58.5M | 56.86M | 56.19M | 56.87M | 57.77M | 56.75M | 55.97M | 44.77M | 32.85M | 73.17M | 47.87M | 15.75M | 15.79M | 14.84M | 14.62M | 18.84M |
| Basic Shares Outstanding | 77.39M | 78.38M | 79.06M | 81.09M | 83.1M | 55.96M | 55.41M | 54.67M | 60.44M | 59.77M | 59.22M | 60.7M | 60.03M | 59.21M | 58.41M | 57.33M | 56.08M | 55.72M | 56.56M | 57.33M | 56.45M | 54.86M | 43.88M | 31.55M | 70.86M | 47.87M | 15.75M | 15.75M | 14.84M | 14.62M | 18.84M |
| Dividend Payout Ratio | - | 22.11% | 18.25% | 14.57% | 11.38% | 17.01% | 19.55% | 12.94% | 6.71% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 164.52% |
Cyclical freight volume sensitivity
According to the latest quarterly income statements, RUSHA's top-line growth has decelerated to -9.0% in 2026Q1, marking a sustained period of negative year-over-year performance that suggests the post-pandemic demand cycle for heavy-duty commercial vehicles has likely reached a definitive inflection point toward a cooling phase.
The consistent negative revenue growth over the past several quarters indicates that the company is struggling to maintain volume in its primary vehicle sales segment. This trend suggests that the broader freight market environment is exerting significant pressure on fleet renewal cycles, which may continue to weigh on top-line results until macroeconomic conditions stabilize.
As reported in financial filings, the company has maintained a gross margin of 19.3% in 2026Q1, demonstrating a surprising degree of structural stability despite the broader revenue contraction that has plagued the commercial vehicle dealership sector throughout the most recent fiscal periods.
The ability to sustain gross margins near the 19% level suggests that the high-margin parts and service business is effectively offsetting the lower-margin volatility inherent in new truck sales. Investors should monitor whether this margin resilience can persist if the current revenue decline accelerates further into the next fiscal year.
Based on the provided income statement data, operating margins have compressed from 6.3% in 2024Q3 to 4.9% in 2026Q1, indicating that the company is experiencing difficulty in scaling its fixed cost base efficiently as top-line revenue continues to trend downward across its national dealership network.
The decline in operating margin suggests that the company's fixed overhead, including facility costs and technician labor, is becoming a larger burden relative to the shrinking revenue base. This trend warrants further investigation into management's ability to right-size the cost structure without compromising the service capacity that drives long-term profitability.
Analysis of the reported figures reveals that stock-based compensation remains a recurring line item, with quarterly expenses reaching as high as $13.7 million in 2025Q1, which may obscure the underlying cash-generating capability of the core dealership operations when evaluating net income performance.
The presence of significant stock-based compensation suggests that reported EPS may be slightly inflated relative to cash-based earnings metrics. Investors should carefully assess the impact of these non-cash charges on the overall quality of earnings, particularly as the company navigates a period of cyclical revenue contraction.
While the company's service-heavy model is often cited as a defensive moat, the recent -9.0% revenue decline in 2026Q1 suggests that the business remains highly vulnerable to the cyclicality of the freight industry, potentially challenging the narrative that the parts business provides a permanent earnings floor.
Short-term observers may argue that the current margin profile is unsustainable if the freight market enters a deeper, more prolonged downturn. The reliance on high-margin service work may not be sufficient to protect the bottom line if fleet owners significantly reduce their maintenance spending in response to lower freight volumes.
Quick answers to the most common questions about buying RUSHA stock.
For fiscal year 2025, Rush Enterprises, Inc. (RUSHA) reported total revenue of $7.43B. This represents a 2063.0% increase compared to $343.7M in 1996.
Rush Enterprises, Inc. (RUSHA) is profitable, generating $263.8M in net income for the fiscal year ending 2025 with a net profit margin of 3.5%.
Rush Enterprises, Inc. (RUSHA) reported an operating income of $393.3M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Rush Enterprises, Inc. (RUSHA) generated $1.39B in gross profit for the year, representing a gross profit margin of 18.7%. This demonstrates the company's core pricing power and production efficiency.