Rush Enterprises, Inc.

Rush reported second-quarter revenue of $1.9 billion, net income of $72.8 million, and diluted EPS of $0.91. Parts, service and collision center revenue was $605 million, up 1.5% year over year, and absorption was 130.8%. Rush Truck Leasing revenue was $94.8 million, up 1.9% year over year. U.S. Class 8 retail sales were 3,170 units, essentially flat year over year, and U.S. Class 4-7 commercial vehicle sales were 3,170 units, down 12.7% year over year. Management said it believes the second half of 2026 will be considerably stronger for Class 8 sales, with order intake and quoting activity improving, and said medium-duty sales should improve through the year and be roughly in line with 2025. The company also expects aftermarket to keep improving as fleet utilization rises and new truck deliveries ramp.

Rusty Rush struck an upbeat but measured tone, saying the first quarter likely marked the trough of the industry downturn and that Q2 showed encouraging signs of recovery. He emphasized stronger freight rates, better customer confidence, higher quoting activity, and improved truck orders, while also highlighting that Rush’s diversified model helped it perform well despite the cycle. Strategically, he framed the MCT refrigerated transport joint venture and recent acquisitions in Louisiana and Canada as part of a broader plan to grow into adjacent businesses and expand the company’s reach.

Steve Keller’s remarks were limited to forward-looking risk disclosures rather than financial commentary. On capital allocation, management highlighted the three-for-two stock split and the increase in the quarterly cash dividend to $0.14 per share, which Rusty Rush said reflects a commitment to returning capital while keeping a strong balance sheet. No additional CFO detail on cash, leverage, margins, or buybacks was provided in the transcript.

Analysts focused heavily on whether 2026 and 2027 could become a pre-buy cycle for Class 8 trucks ahead of emissions changes and potential nonconformance penalties. Rush said 2026 does not look like a true pre-buy because production is constrained, but he thinks 2027 could be stronger and may see some pre-buy behavior if customers prefer proven technology and OEMs phase in new systems. Questions also covered parts and service trends, where management said recovery is gradual, small unassigned accounts appear to have troughed, and July trends were continuing to improve. Another topic was the MCT refrigerated trailer joint venture and the Canadian acquisitions; Rush said these are not one-off deals, but part of a broader long-term push into adjacent markets and selected dealership growth.