Rush Enterprises' 2025 Earnings Impacted by Soft Demand, CEO Expects Rebound

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Rush Enterprises, a New Braunfels-based commercial truck and equipment company, reported annual revenue of $7.4 billion in 2025, down almost 5% from 2024, as uncertainty over tariffs and emissions regulations weighed on demand. The company's net income attributable to Rush Enterprises fell more than $40 million, or 13%, to $263.8 million in 2025. However, CEO Rusty Rush is optimistic about the remainder of the year, expecting that as fleets age and maintenance needs increase, replacement demand will grow, particularly for medium-duty commercial vehicles.

Why it matters

Rush Enterprises is a major player in the commercial truck and equipment industry, and its financial performance is a barometer for the overall health of the sector. The company's struggles in 2025 due to regulatory and trade policy uncertainty highlight the challenges facing the industry, but its optimism for the future suggests that the market may be poised for a rebound.

The details

Rush Enterprises reported that its commercial trucking customers held off on making investments in their fleets as they waited to see how trade policy and emissions rules would affect them, while their freight rates also remained under pressure due to excess capacity. This led to a decline in demand, particularly for new trucks in the over-the-road segment, as well as a more difficult aftermarket environment. Despite these challenges, the company remained disciplined, generated strong cash flow, managed expenses effectively, and continued investing in the long-term growth of its business.

• Rush Enterprises reported annual revenue of $7.4 billion in 2025, down almost 5% from 2024.
• In the fourth quarter of 2025, revenue dropped nearly 12% to $1.8 billion, while profit was down nearly 14%, from $74.8 million in the fourth quarter of 2024 to $64.3 million.

What they’re saying

What’s next

Rush Enterprises expects that as fleets age and maintenance needs increase, replacement demand will grow during the year, particularly with medium-duty commercial vehicles, which should boost commercial vehicle sales and aftermarket conditions moving into the second quarter.