Rush Enterprises Inc \Tx\ (NASDAQ: RUSHA)

Rush Enterprises, Inc. is a full service integrated retailer of commercial vehicles and related services operating primarily in the United States and Ontario, Canada. The company conducts business through a network of commercial vehicle dealerships under the name Rush Truck Centers. As of December 31, 2025, Rush Enterprises, Inc. operated 126 franchised Rush Truck Centers across 23 states and maintained an 80% equity interest in Rush Truck Centres of Canada Limited, which operates 12 International dealerships and 2 IC Bus dealerships in Ontario and sells buses in additional Canadian provinces. Through these locations, the company offers retail sales of new and used commercial vehicles, aftermarket parts, service and repair facilities, financing, leasing and rental, and insurance products.

New commercial vehicle sales represent the largest revenue source, amounting to approximately $4,139.8 million or 55.7% of total revenues in 2025. Within new vehicle sales, Class 8 heavy duty truck sales contributed about $2,425.5 million, medium duty trucks about $1,271.1 million, bus sales about $239.4 million, and light duty trucks about $179.1 million. Aftermarket parts and service generated roughly $2,523.0 million, accounting for 33.9% of total revenues and 63.7% of gross profit. Vehicle leasing and rental produced approximately $369.6 million, representing 5.0% of total revenues. Used commercial vehicle sales added about $363.7 million, or 4.9% of total revenues. Finance and insurance products contributed approximately $21.1 million, or 0.3% of total revenues, and provide a high margin contribution to operating profit. The company also derives revenue from service contracts, with 3,733 vehicles under full service maintenance contracts as of year-end 2025.

The company operates through a single reportable segment, the Truck Segment.

• Truck Segment: This segment encompasses the operation of Rush Truck Centers, which sell new and used commercial vehicles, provide aftermarket parts, service and repair, offer financing and leasing arrangements, and distribute insurance products; it also includes the company's interests in Rush Truck Centres of Canada Limited and various ancillary businesses such as leasing fleets and specialty equipment upfitters.

Rush Enterprises, Inc. competes with dealerships representing other manufacturers such as Freightliner, Kenworth, Mack, and Volvo, as well as independent service centers, parts wholesalers, commercial vehicle wholesalers, rental service companies, and industrial auctioneers.

The company's competitive advantages stem from its strong brand recognition, extensive geographic footprint across multiple states and Canada, and a broad product lineup that includes numerous truck and bus brands. Additionally, Rush Enterprises leverages its integrated aftermarket capabilities, financing, and insurance offerings to provide a one stop solution that enhances customer loyalty and stabilizes earnings through less cyclical service revenues. These factors position the company as a leading player in the North American commercial vehicle distribution and services market.

The company serves a diverse customer base that includes national and regional truck fleets, corporations, local and state governments, and owner-operators. No single customer accounted for more than 10% of sales by dollar volume in 2025, indicating a broadly distributed revenue base. This diversification helps mitigate reliance on any individual client and supports stable demand across geographic and industry segments.