RUSHA

This article first appeared on GuruFocus. Ronald Muhlenkamp (Trades, Portfolio), founder and president of Muhlenkamp & Company, Inc., recently submitted his 13F filing for the second quarter of 2026, revealing a strategic repositioning of his portfolio. Known for his patient, value-driven approach, Muhlenkamp typically holds stocks for an average of 10 years, focusing on companies with solid balance sheets and a return on equity capital (ROE) of 15% or better. His philosophy centers on the long-term "Business of Investing," where he believes stock prices eventually reflect underlying business values. This quarter, his most impactful move was the complete exit from MasTec Inc (NYSE:MTZ), a decision that carried a -3.63% impact on his portfolio. Is RUSHA fairly valued? Test your thesis with our free DCF calculator. Ronald Muhlenkamp (Trades, Portfolio) added a total of 1 stock to his portfolio during the second quarter of 2026: The most significant addition was iShares Silver Trust (SLV), with 12,550 shares, accounting for 0.19% of the portfolio and a total value of $671,050. This move signals a modest but notable interest in precious metals, aligning with his adaptive strategy to changing inflation and interest rate environments. Ronald Muhlenkamp (Trades, Portfolio) also increased stakes in a total of 14 stocks, with the most notable changes being: The most notable increase was NMI Holdings Inc (NASDAQ:NMIH), with an additional 2,339 shares, bringing the total to 368,558 shares. This adjustment represents a significant 0.64% increase in share count, a 0.03% impact on the current portfolio, and a total value of $15,144,050. The second largest increase was Berkshire Hathaway Inc (NYSE:BRK.B), with an additional 144 shares, bringing the total to 38,495 shares. This adjustment represents a 0.38% increase in share count and a total value of $19,262,510. Ronald Muhlenkamp (Trades, Portfolio) completely exited 2 holdings in the second quarter of 2026, as detailed below: MasTec Inc (NYSE:MTZ): Ronald Muhlenkamp (Trades, Portfolio) sold all 42,832 shares, resulting in a -3.63% impact on the portfolio. This was the single most impactful transaction of the quarter, reflecting a decisive move away from this infrastructure construction company. Alpha Architect Freedom 100 Emerging Markets ETF (FRDM): Ronald Muhlenkamp (Trades, Portfolio) liquidated all 236,825 shares, causing a -3.41% impact on the portfolio. This exit suggests a reduction in emerging market exposure, possibly due to valuation concerns or a shift in risk appetite. Ronald Muhlenkamp (Trades, Portfolio) also reduced positions in 7 stocks. The most significant changes include: Reduced Rush Enterprises Inc (NASDAQ:RUSHA) by 165,526 shares, resulting in a -33.25% decrease in shares and a -1.92% impact on the portfolio. The stock traded at an average price of $70.49 during the quarter and has returned 19.44% over the past 3 months and 53.06% year-to-date. This substantial trim may indicate profit-taking after a strong run. Reduced Rush Enterprises Inc (NASDAQ:RUSHB) by 4,788 shares, resulting in a -33.76% reduction in shares and a -0.05% impact on the portfolio. The stock traded at an average price of $69.62 during the quarter and has returned 25.27% over the past 3 months and 43.45% year-to-date. The parallel reduction in both share classes suggests a coordinated portfolio rebalancing. At the second quarter of 2026, Ronald Muhlenkamp (Trades, Portfolio)'s portfolio included 28 stocks. The top holdings included 7.03% in Rush Enterprises Inc (NASDAQ:RUSHA), 6.25% in Newmont Corp (NYSE:NEM), 6.22% in Agnico Eagle Mines Ltd (NYSE:AEM), 6.19% in EQT Corp (NYSE:EQT), and 5.95% in McKesson Corp (NYSE:MCK). The holdings are mainly concentrated in 7 of all 11 industries: Basic Materials, Financial Services, Technology, Energy, Industrials, Consumer Cyclical, and Healthcare. This diversification reflects Muhlenkamp's disciplined approach to balancing growth and value across sectors, while his recent movesparticularly the exit from MasTec and the addition of silverhighlight his responsiveness to market conditions and inflationary pressures.

Commercial vehicle retailer Rush Enterprises (NASDAQ:RUSH.A) met Wall Street’s revenue expectations in Q2 CY2026, but sales fell by 1.6% year on year to $1.9 billion. Its non-GAAP profit of $0.91 per share was 6.5% above analysts’ consensus estimates. Is now the time to buy RUSHA? Find out in our full research report (it’s free). Revenue: $1.9 billion vs analyst estimates of $1.89 billion (1.6% year-on-year decline, in line) Adjusted EPS: $0.91 vs analyst estimates of $0.85 (6.5% beat) Operating Margin: 5.1%, in line with the same quarter last year Market Capitalization: $6.10 billion Rush Enterprises delivered results in Q2 that aligned with Wall Street’s revenue expectations and outperformed on non-GAAP profit, prompting a positive market response. Management attributed the performance to early signs of recovery in freight markets, stronger new truck order activity, and stability in aftermarket services. CEO W. Marvin Rush noted, “Improving freight rates and customer confidence, increased quoting activity, and significantly stronger new truck order intake all contributed to better business conditions as the quarter progressed.” Strategic acquisitions in both the U.S. and Canada further expanded the company’s dealership network and presence in key regions. Looking forward, management’s guidance is shaped by expectations of continued improvement in truck deliveries, a gradual ramp in aftermarket demand, and the impact of upcoming emissions regulations. CEO W. Marvin Rush pointed to strong backlog levels and customer demand as signs of momentum into the second half of the year, while also highlighting a new joint venture in refrigerated transportation as a growth avenue. Management anticipates that the mix of proven and new engine technologies will smooth industry transitions, stating, “We believe the second half of 2026 will be considerably stronger than the first half with respect to Class 8 truck sales.” Management emphasized that steady execution and a diversified business mix helped the company capitalize on early industry recovery and mitigate ongoing headwinds. Aftermarket Recovery: Parts, service, and collision center revenues grew modestly, accounting for 64% of total gross profit. Management noted a gradual improvement in demand, especially among over-the-road fleet customers, with CEO Rush stating that deferred maintenance spending is beginning to normalize as freight activity picks up. Class 8 Truck Sales: While overall new Class 8 retail sales remained below typical replacement levels, Rush Enterprises increased its U.S. market share to 5.8% by maintaining disciplined inventory management and leveraging strong customer relationships, despite a broader market decline. Medium-Duty Segment Trends: Medium-duty commercial vehicle sales declined year over year due to order timing among large fleet customers, but management observed sequential improvement and expects sales to align with prior-year levels as the year progresses. Expansion Initiatives: The company expanded its dealership network with acquisitions in Louisiana and southwestern Ontario, and announced a joint venture with MCT Companies to enter the refrigerated transportation market, targeting adjacent growth opportunities. Leasing and Rental Stability: Rush Truck Leasing delivered steady revenue growth, supported by healthy demand for contract maintenance and rental services. The leasing business continues to act as a buffer against the cyclicality of vehicle sales, with management expecting further stability as manufacturing constraints emerge. Management expects that a combination of solid backlog, customer demand, and regulatory transitions will drive performance through the remainder of the year. Backlog and Replacement Cycle: The company’s backlog is at multi-year highs, with most large customer orders effectively sold out for the remainder of the year. Management views this as a foundation for sustained truck sales and service activity into 2027, especially as customers plan around new emissions regulations. Regulatory and Technology Transition: The upcoming 2027 federal emissions regulations and associated nonconformance penalties (NCPs) are expected to influence purchasing decisions. Management believes these changes will allow for a gradual phase-in of new engine technologies rather than a disruptive shift, supporting stable demand. Aftermarket and Small Fleet Recovery: Steady improvement in aftermarket parts and service revenue is anticipated as small fleet and independent customers return to normalized maintenance spending. Management sees this as a meaningful driver, given that small accounts represent roughly one-third of service business and had previously experienced multi-year declines. In the coming quarters, the StockStory team will be monitoring (1) the pace and sustainability of recovery in aftermarket services, particularly among smaller fleet customers; (2) the impact of dealership acquisitions and the refrigerated transport joint venture on network reach and revenue diversification; and (3) how evolving EPA regulations and possible production constraints shape new truck order trends. We will also watch for operating efficiency gains and further capital allocation actions. Rush Enterprises currently trades at $82.05, up from $78.82 just before the earnings. At this price, is it a buy or sell? 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Commercial vehicle retailer Rush Enterprises (NASDAQ:RUSH.A) met Wall Street’s revenue expectations in Q2 CY2026, but sales fell by 1.6% year on year to $1.9 billion. Its GAAP profit of $0.91 per share was 6.5% above analysts’ consensus estimates. Is now the time to buy Rush Enterprises? Find out in our full research report. Revenue: $1.9 billion vs analyst estimates of $1.89 billion (1.6% year-on-year decline, in line) EPS (GAAP): $0.91 vs analyst estimates of $0.85 (6.5% beat) Operating Margin: 5.1%, in line with the same quarter last year Market Capitalization: $5.98 billion The Company’s Board of Directors declared a three-for-two stock split with respect to both the Company’s Class A and Class B common stock. The stock split will be effected in the form of a stock dividend payable on August 31, 2026, to shareholders of record as of August 11, 2026. Holders of the Company’s common stock will receive one additional share for each two shares of common stock held as of the record date. The stock split will increase the number of outstanding shares of Class A common stock from approximately 61,142,458 to approximately 91,713,687 and will increase the number of outstanding shares of Class B common stock from approximately 16,677,344 to approximately 25,016,016. Additionally, the Company’s Board of Directors declared a cash dividend of $0.14 per share of Class A and Class B common stock, to be paid on September 24, 2026, to all shareholders of record as of September 9, 2026. “We remain dedicated to returning capital to our shareholders, and we are pleased to announce a post-stock split cash dividend of $0.14 per share. After the stock split, this represents a 10.5% increase in the quarterly cash dividend paid to our shareholders compared to the prior quarterly dividend and is our tenth increase since we announced our intent to begin paying a quarterly cash dividend in July 2018 as part of our capital allocation strategy,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. Headquartered in Texas, Rush Enterprises (NASDAQ:RUSH.A) provides truck-related services and solutions, including sales, leasing, parts, and maintenance for commercial vehicles. A company’s long-term performance is an indicator of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Rush Enterprises grew its sales at a decent 7.7% compounded annual growth rate. Its growth was slightly above the average industrials company and shows its offerings resonate with customers. We at StockStory place the most emphasis on long-term growth, but within industrials, a half-decade historical view may miss cycles, industry trends, or a company capitalizing on catalysts such as a new contract win or a successful product line. Rush Enterprises’s recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 4.3% over the last two years. Rush Enterprises also breaks out the revenue for its most important segments, Vehicles and Aftermarket, which are 60.5% and 34% of revenue. Over the last two years, Rush Enterprises’s Vehicles revenue (new and used commercial trucks) averaged 24% year-on-year declines while its Aftermarket revenue (parts and services) averaged 20.6% declines. This quarter, Rush Enterprises reported a rather uninspiring 1.6% year-on-year revenue decline to $1.9 billion of revenue, in line with Wall Street’s estimates. Looking ahead, sell-side analysts expect revenue to grow 12.8% over the next 12 months, an improvement versus the last two years. This projection is commendable and suggests its newer products and services will catalyze better top-line performance. ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE. Rush Enterprises was profitable over the last five years but held back by its large cost base. Its average operating margin of 6.1% was weak for an industrials business. This result isn’t too surprising given its low gross margin as a starting point. Analyzing the trend in its profitability, Rush Enterprises’s operating margin decreased by 2 percentage points over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability. Rush Enterprises’s performance was poor no matter how you look at it - it shows that costs were rising and it couldn’t pass them onto its customers. This quarter, Rush Enterprises generated an operating margin profit margin of 5.1%, in line with the same quarter last year. This indicates the company’s cost structure has recently been stable. We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable. Rush Enterprises’s EPS grew at 9.9% compounded annual growth rate over the last five years, higher than its 7.7% annualized revenue growth. However, this alone doesn’t tell us much about its business quality because its operating margin didn’t improve. Diving into Rush Enterprises’s quality of earnings can give us a better understanding of its performance. A five-year view shows that Rush Enterprises has repurchased its stock, shrinking its share count by 7.7%. This tells us its EPS outperformed its revenue not because of increased operational efficiency but financial engineering, as buybacks boost per share earnings. Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business. For Rush Enterprises, its two-year annual EPS declines of 6% mark a reversal from its five-year trend. We hope Rush Enterprises can return to earnings growth in the future. In Q2, Rush Enterprises reported EPS of $0.91, up from $0.90 in the same quarter last year. This print beat analysts’ estimates by 6.5%. Over the next 12 months, Wall Street expects Rush Enterprises’s full-year EPS to grow 19.4% from $3.32 to $3.97. It was good to see Rush Enterprises beat analysts’ EPS expectations this quarter. We were also happy its revenue was in line with Wall Street’s estimates. Overall, this print had some key positives. The stock remained flat at $78.87 immediately after reporting. So do we think Rush Enterprises is an attractive buy at the current price? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it’s free.

Revenues of $1.9 billion, net income of $72.8 million Earnings per diluted share of $0.91 Absorption ratio 130.8% Board declares three-for-two stock split with respect to both Class A and Class B common stock Board declares a post-stock split cash dividend of $0.14 per share of Class A and Class B common stock, representing a 10.5% increase Company announces acquisitions expanding network and signing joint venture agreement with MCT Companies, a Carrier Transicold dealer NEW BRAUNFELS, Texas, July 28, 2026 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (Nasdaq: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced that for the quarter ended June 30, 2026, the Company achieved revenues of $1.900 billion and net income of $72.8 million, or $0.91 per diluted share, compared with revenues of $1.931 billion and net income of $72.4 million, or $0.90 per diluted share, in the quarter ended June 30, 2025. The Company’s Board of Directors declared a three-for-two stock split with respect to both the Company’s Class A and Class B common stock. The stock split will be effected in the form of a stock dividend payable on August 31, 2026, to shareholders of record as of August 11, 2026. Holders of the Company’s common stock will receive one additional share for each two shares of common stock held as of the record date. The stock split will increase the number of outstanding shares of Class A common stock from approximately 61,142,458 to approximately 91,713,687 and will increase the number of outstanding shares of Class B common stock from approximately 16,677,344 to approximately 25,016,016. Additionally, the Company’s Board of Directors declared a cash dividend of $0.14 per share of Class A and Class B common stock, to be paid on September 24, 2026, to all shareholders of record as of September 9, 2026. “We remain dedicated to returning capital to our shareholders, and we are pleased to announce a post-stock split cash dividend of $0.14 per share. After the stock split, this represents a 10.5% increase in the quarterly cash dividend paid to our shareholders compared to the prior quarterly dividend and is our tenth increase since we announced our intent to begin paying a quarterly cash dividend in July 2018 as part of our capital allocation strategy,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc. “I am proud of the results our team delivered during the second quarter. As I mentioned at the end of April, we believe the first quarter represented the trough of the extended industry downcycle, and during the second quarter we continued to see signs of gradual improvement in market conditions. While the recovery remains in its early stages, improving freight rates, improving customer sentiment, increased commercial vehicle quoting activity and significantly higher order intake all contributed to better business conditions as the quarter progressed,” said Rush. “Our diversified business model once again demonstrated its resilience while our team's ability to execute allowed us to capitalize on improving market conditions, meet our customers’ growing demand and deliver solid financial results. Orders for new commercial vehicles increased significantly as the quarter progressed and used truck sales remained strong. Although we expect the recovery to be gradual, we are encouraged by increased order activity, strengthening market fundamentals and improved customer confidence, all of which we believe position Rush Enterprises for a strong second half of the year. We will continue to focus on our long-term strategic initiatives and disciplined expense management while also delivering exceptional service to our customers,” Rush continued. Strategic Growth and Expansion During the second quarter, the Company completed its acquisition of five Peterbilt dealerships in Baton Rouge, Houma, Lafayette, Lake Charles and New Orleans, Louisiana, expanding the Rush Truck Centers network and strengthening its presence throughout the Gulf Coast region. The Company also expanded its Canadian operations through the acquisition of five commercial vehicle dealerships in southwestern Ontario, further enhancing its ability to serve customers in one of Canada's largest transportation markets. On July 23, the Company announced that it signed an agreement to form a 50 percent-owned joint venture with MCT Companies, one of the largest Carrier Transicold dealer groups in the United States. Subject to customary closing conditions, the parties expect the transaction to close during the third quarter of 2026. Following the closing, the joint venture will operate MCT Companies' network of 17 Carrier Transicold full-service dealerships and 3 mobile service locations strategically located across the refrigerated freight market in California, Nebraska, Kansas, North Carolina, South Carolina and Virginia, establishing Rush Enterprises’ presence in the refrigerated transportation segment through its investment in the joint venture and complementing its core commercial vehicle dealership operations. "We continue to search for and invest in opportunities that strengthen Rush Enterprises and advance our long-term growth strategy," Rush stated. "Completing our Louisiana acquisition, expanding our presence in Canada and announcing our planned joint venture with MCT Companies represent important steps in our strategy. Together, these initiatives broaden our geographic reach, expand the range of solutions we provide our customers and demonstrate our ability to execute on our strategy of enhancing our growth opportunities by acquiring or investing in businesses that are adjacent to the commercial vehicle industry, positioning us to deliver greater value to both customers and shareholders over the long term," Rush continued. Aftermarket Products and Services Aftermarket products and services accounted for approximately 64.0% of the Company’s total gross profit in the second quarter of 2026, with parts, service and collision center revenues totaling $645.7 million, up 1.5% compared to the second quarter of 2025. The Company achieved a quarterly absorption ratio of 130.8% in the second quarter of 2026, compared to 135.5% in the second quarter of 2025. “Demand for parts and services improved gradually as the quarter progressed, particularly among over-the-road fleets, reflecting healthier freight markets, improving fleet sentiment and the gradual return of maintenance activity as more miles are driven,” Rush said. “While the aftermarket recovery is trailing the improvement we are seeing in commercial vehicle sales and quoting activity, we are encouraged by the positive momentum in our aftermarket business and believe those trends signal continued improvement throughout the remainder of the year,” he continued. “Looking ahead, we expect our aftermarket business to continue improving as fleet utilization increases and new commercial vehicle deliveries accelerate, which historically has generated additional service and parts opportunities as customers upfit new vehicles and prepare to sell the commercial vehicles they are replacing,” Rush stated. “We remain focused on operational efficiency, increasing our managed and national accounts, and delivering exceptional service to our customers. We believe our aftermarket business is well positioned to benefit as commercial vehicle market conditions continue to strengthen,” he added. Commercial Vehicle SalesNew U.S. Class 8 retail truck sales totaled 54,718 units in the second quarter of 2026, down 6.7% compared to the second quarter of 2025, according to ACT Research. The Company sold 3,172 new Class 8 trucks in the U.S. during the second quarter, a decrease of 0.2% compared to the same time period in 2025, and accounted for 5.8% of the new U.S. Class 8 truck market. ACT Research forecasts U.S. retail sales of new Class 8 trucks to total 228,800 units in 2026, a 7.6% increase compared to 2025. The Company sold 117 new Class 8 trucks in Canada during the second quarter of 2026 and accounted for 1.8% of the new Canadian Class 8 truck market. “Industry-wide retail sales of new Class 8 trucks remained below normal replacement levels during the second quarter, but we were pleased with our performance given the challenging business environment,” said Rush. “Our ability to maintain essentially flat Class 8 truck sales while the broader market declined compared to the second quarter of 2025 allowed us to increase market share. We believe our performance reflects the strength of our customer relationships, our diversified customer base and our disciplined approach to inventory management. More importantly, customer quoting activity and order intake improved significantly as the quarter progressed, reinforcing our belief that the recovery we anticipated earlier this year is beginning to take shape,” he continued. “Looking ahead, we believe the second half of 2026 will be considerably stronger than the first half of the year with respect to Class 8 truck sales,” Rush stated. “Improving freight rates, stronger fleet profitability and increasing customer confidence are supporting higher quoting activity and order intake, and we continue to see customers planning equipment purchases ahead of the 2027 emissions regulations. While we expect the industry's overall recovery to remain gradual, we believe Rush Enterprises is well positioned to capitalize on improving Class 8 demand throughout the remainder of the year,” he explained.New U.S. Class 4-7 retail commercial vehicle sales totaled 55,284 units in the second quarter of 2026, a decrease of 5.0% compared to the second quarter of 2025, according to ACT Research. The Company sold 3,165 new Class 4-7 medium-duty commercial vehicles in the U.S. during the quarter, a decrease of 12.7% compared to the second quarter of 2025, and accounted for 5.7% of the total new U.S. Class 4-7 commercial vehicle market. ACT Research forecasts U.S. retail sales for new Class 4 through 7 commercial vehicles to be approximately 207,575 units in 2026, a decrease of 4.5% compared to 2025. The Company sold 217 Class 5-7 commercial vehicles in Canada during the second quarter of 2026, accounting for 5.1% of the new Canadian Class 5-7 commercial vehicle market. “Our medium-duty business continued to improve during the second quarter, although our year-over-year sales comparison was impacted by the timing of both orders and deliveries to several of our larger fleet customers,” Rush said. “Sales strengthened considerably as the quarter progressed, particularly in June, and our Ready-to-Roll inventory program continues to differentiate us in the marketplace as demand for medium-duty trucks increases. While ACT Research expects the broader medium-duty market to remain challenging in 2026, we believe our growing backlog, anticipated deliveries and available inventory position us well as customer demand continues to improve throughout the remainder of the year,” he noted. The Company sold 1,788 used commercial vehicles in the second quarter of 2026, an increase of 4.3% compared to the second quarter of 2025. “Used truck demand continued to improve during the second quarter, with activity strengthening as the quarter progressed and June representing our strongest month of the year,” Rush stated. “Improving freight rates and healthier market conditions are supporting customer demand, particularly among buyers seeking a cost-effective alternative to new equipment, and we believe our disciplined approach to used truck inventory and pricing continues to serve us well as market conditions normalize. While financing remains a challenge for some customers, we believe the combination of higher new truck prices and the approaching 2027 federal emissions regulations will continue to make quality used trucks an attractive option. As a result, we expect demand for used trucks to remain healthy throughout the remainder of the year,” he added. Leasing and Rental Leasing and Rental revenue in the second quarter of 2026 was $94.8 million, up 1.9% compared to the second quarter of 2025. “Our leasing and rental business delivered another quarter of steady growth, reflecting the continued strength of our full-service leasing operations,” Rush said. “Leasing and rental remains one of the most consistent contributors to our financial performance, and its stable revenue model helps offset some of the cyclicality we experience in new commercial vehicle sales,” he continued. “Looking ahead, we continue to see healthy demand for our leasing and rental services as fleets replace aging equipment. As new commercial vehicle orders increase across the industry, manufacturers may eventually reach capacity constraints, which historically supports leasing and rental activity,” Rush added. “Combined with improving rental utilization and continued growth in our contract maintenance business, we believe that our leasing and rental business is well positioned to continue to deliver stable growth and make a meaningful contribution to our overall financial performance in the years ahead,” he concluded. Financial Highlights In the second quarter of 2026, the Company’s gross revenues totaled $1.900 billion, a 1.6% decrease from $1.931 billion in the second quarter of 2025. Net income for the quarter was $72.8 million, or $0.91 per diluted share, compared to net income of $72.4 million, or $0.90 per diluted share, in the quarter ended June 30, 2025. Aftermarket products and services revenues were $645.7 million in the second quarter of 2026, compared to $636.3 million in the second quarter of 2025. The Company delivered 3,289 new heavy-duty trucks, 3,382 new medium-duty commercial vehicles, 907 new light-duty commercial vehicles and 1,788 used commercial vehicles during the second quarter of 2026, compared to 3,259 new heavy-duty trucks, 3,803 new medium-duty commercial vehicles, 703 new light-duty commercial vehicles and 1,715 used commercial vehicles during the second quarter of 2025. Rush Truck Leasing operates 70 PacLease and Idealease franchises across the United States and Ontario, Canada with more than 10,000 trucks in its lease and rental fleet and more than 2,200 trucks under contract maintenance agreements. Lease and rental revenue increased 1.9% in the second quarter of 2026 compared to the second quarter of 2025. During the second quarter of 2026, the Company repurchased $5.5 million of its common stock pursuant to its stock repurchase plan and has repurchased a total of $5.5 million of the $150.0 million authorized by the Company’s Board of Directors. In addition, the Company paid a cash dividend of $14.8 million during the second quarter. “We are proud of our ability to generate solid earnings and return value to our shareholders, while maintaining a strong cash position and balance sheet despite difficult industry conditions over the past few years. Further, we believe our continued focus on operational excellence and growth opportunities has helped us improve our quality of earnings and invest in our future,” Rush said. “Our second quarter results reflect the strength of Rush Enterprises' diversified business model and our team's disciplined execution during a period when commercial vehicle market conditions began to improve,” Rush said. “We remain committed to creating long-term value for our shareholders through disciplined capital allocation, including strategic investments in our business, returning capital through dividends and share repurchases, and maintaining a strong balance sheet,” he added. “Finally, I want to thank our employees for their unwavering commitment to our customers and to one another. Their professionalism, dedication and focus on operational excellence continue to distinguish Rush Enterprises throughout the industry. On behalf of our Board of Directors and leadership team, I sincerely appreciate their hard work and the important role they play in delivering value for our customers, shareholders and the communities we serve,” Rush concluded. Conference Call Information Rush Enterprises will host its quarterly conference call to discuss earnings for the second quarter of 2026 on July 29, 2026, at 10 a.m. Eastern/9 a.m. Central. The call can be heard live via the Internet at: http://investor.rushenterprises.com/events.cfm Participants may register for the call at: https://register-conf.media-server.com/register/BI030c1199c7fb4699a4181094d3a3be52While not required, it is recommended that you join the event 10 minutes prior to the start. For those who cannot listen to the live broadcast, the webcast replay will be available at:http://investor.rushenterprises.com/events.cfm. Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 160 locations in 24 states and Ontario, Canada. These vehicle centers, strategically located in high-traffic areas on or near major highways throughout the United States and Ontario, Canada, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs – from sales of new and used vehicles to aftermarket parts, service and body shop operations plus financing, insurance, and leasing and rental solutions. Rush Enterprises' operations also provide CNG fuel systems (through its investment in Cummins Clean Fuel Technologies, Inc.), telematics products and other vehicle technologies, as well as vehicle modification and up-fitting, chrome accessories and tires. For more information, please visit us at www.rushtruckcenters.com and www.rushenterprises.com, on X @rushtruckcenter, Facebook.com/rushtruckcenters and www.linkedin.com/company/rushenterprises-inc. Certain statements contained in this release, including those concerning current and projected market conditions, sales forecasts, market share forecast and anticipated demand for the Company’s services, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, inflation and the interest rate environment, increased fuel prices as a result of the conflict in Iran, governmental regulation and supervision, including engine emission regulations, U.S. and global trade policies, product introductions and acceptance, changes in industry practices, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission, including in our annual report on Form 10-K for the fiscal year ended December 31, 2025. In addition, the declaration and payment of cash dividends and authorization of future share repurchase programs remains at the sole discretion of the Company’s Board of Directors and the issuance of future dividends and authorization of future share repurchase programs will depend upon the Company’s financial results, cash requirements, future prospects, applicable law and other factors that may be deemed relevant by the Company’s Board of Directors. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual business and financial results and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events. -Tables and Additional Information to Follow- RUSH ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In Thousands, Except Shares and Per Share Amounts)(Unaudited) RUSH ENTERPRISES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In Thousands, Except Per Share Amounts)(Unaudited) This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Adjusted Net Income, Adjusted Total Debt, Adjusted Net (cash) Debt, EBITDA, Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow and Adjusted Invested Capital, which exclude certain items disclosed in the attached financial tables. Please note that all non-GAAP financial measures are provided on an unaudited basis. The Company provides reconciliations of these measures to the most directly comparable GAAP measures. Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have the same information available to them that management uses to assess the Company’s operating performance and capital structure. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies. Absorption RatioManagement uses several performance metrics to evaluate the performance of its 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 the parts, service and collision center 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, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit. Management uses “Adjusted Total Debt” to reflect the Company’s estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and “Adjusted Net (Cash) Debt” to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company’s balance sheet. The FPNP is used to finance the Company’s new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes. Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring vehicles financed as collateral through a banking institution or the vendor’s financing arm and is required to be repaid as the collateral is sold. The Company has the capacity to finance all of its new and used inventory under its lines of credit established for these purposes but may choose to only partially finance them depending on business conditions and its management of cash and interest expense. The Company’s lease and rental fleet inventory are either: (i) leased to customers under long-term lease arrangements; or (ii) to a lesser extent, dedicated to the Company’s rental business. In both cases, the lease and rental payments received fully cover the capital costs of the lease and rental fleet (i.e., the interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes that excluding the FPNP and L&RFD from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Total Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s consolidated balance sheet in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. The Company presents EBITDA and Adjusted EBITDA, for the twelve months ended for each period presented, as additional information about its operating results. The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP and the L&RFD to EBITDA is consistent with management’s presentation of Adjusted Total Debt, in each case reflecting management’s view of interest expense associated with the FPNP and L&RFD as an operating expense of the Company, and provides management with supplemental information regarding operating results and assists investors in performing analysis that is consistent with financial models developed by management and research analysts. “EBITDA” and “Adjusted EBITDA” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. “Free Cash Flow” and “Adjusted Free Cash Flow” are key financial measures of the Company’s ability to generate cash from operating its business. Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by operating activities. For purposes of deriving Adjusted Free Cash Flow from the Company’s operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities, as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts scheduled principal payments on fixed rate notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; (v) subtracts lease and rental fleet purchases that are included in acquisition of property and equipment and not financed under the lines of credit for cash and interest expense management purposes; and (vi) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business. “Free Cash Flow” and “Adjusted Free Cash Flow” are both presented so that investors have the same financial data that management uses in evaluating the Company’s cash flows from operating activities. “Free Cash Flow” and “Adjusted Free Cash Flow” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company’s consolidated statement of cash flows in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. “Adjusted Invested Capital” is a key financial measure used by the Company to calculate its return on invested capital. For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation. The Company believes this approach provides management with a more accurate picture of the Company’s leverage profile and capital structure and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP financial measures. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. Contact:                                                         Rush Enterprises, Inc., New Braunfels Steven L. Keller, 830-302-5226

Commercial vehicle retailer Rush Enterprises (NASDAQ:RUSH.A) will be announcing earnings results this Tuesday afternoon. Here’s what to look for. Rush Enterprises missed analysts’ revenue expectations last quarter, reporting revenues of $1.68 billion, down 9% year on year. It was a slower quarter for the company, with a beat of analysts’ EPS estimates. Is Rush Enterprises a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Rush Enterprises’s revenue to decline 2% year on year, improving from the 4.8% decrease it recorded in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Rush Enterprises rarely misses Wall Street’s revenue estimates. Looking at Rush Enterprises’s peers in the industrial distributors segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Richardson Electronics delivered year-on-year revenue growth of 27.6%, beating analysts’ expectations by 19.6%, and United Rentals reported revenues up 11.8%, topping estimates by 4.9%. Richardson Electronics traded up 20.6% following the results while United Rentals was also up 10.1%. Read our full analysis of Richardson Electronics’s results here and United Rentals’s results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the industrial distributors stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 3.5% on average over the last month. Rush Enterprises is up 5.8% during the same time and is heading into earnings with an average analyst price target of $85 (compared to the current share price of $76.57). WHILE YOU’RE HERE: The Next Palantir? One satellite company captures images of every point on Earth. Every single day. The Pentagon wants it. Hedge funds are using it to beat earnings. You’ve probably never heard of it. This is what the early days of Palantir looked like before it became a giant. Same playbook. Different technology. If you missed Palantir, you need to see this. Claim The Stock Ticker for Free HERE.

In April 2026, Rush Enterprises, Inc. reported first-quarter results showing revenue of US$1.68 billion and net income of US$61.45 million, with both basic and diluted earnings per share from continuing operations rising year over year. On the same day, the Board also declared a quarterly cash dividend of US$0.19 per share for Class A and Class B stock, underscoring the company’s willingness to return cash to shareholders despite the revenue decline. We’ll now examine how stronger earnings alongside a maintained US$0.19 dividend payment may influence Rush Enterprises’ investment narrative. This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality. To own Rush Enterprises, you need to believe in its role as a scaled commercial truck dealer that can balance cyclical vehicle sales with steadier parts and service income. The latest quarter shows higher earnings per share despite lower revenue, which modestly supports the near term catalyst of aftermarket resilience. However, it does little to reduce the biggest current risk that prolonged weak freight conditions or regulatory uncertainty could still weigh on new truck demand and margins. The Board’s decision to hold the quarterly dividend at US$0.19 per share is the most relevant announcement here, because it sits alongside slightly higher net income in a weaker revenue quarter. For investors focused on near term catalysts, that pairing highlights how Rush is currently supporting shareholder returns while its parts and service, leasing and other higher margin operations help offset pressure from softer truck sales and industry wide production cuts. But even with resilient earnings, investors should not ignore the risk that a prolonged freight slump could still pressure Rush’s truck volumes and pricing... Read the full narrative on Rush Enterprises (it's free!) Rush Enterprises' narrative projects $9.0 billion revenue and $375.5 million earnings by 2029. Uncover how Rush Enterprises' forecasts yield a $78.67 fair value, a 8% upside to its current price. Before this update, the most optimistic analysts were modeling earnings of about US$441.0 million by 2029 and counting on stronger aftermarket and leasing growth, which is clearly a more upbeat view than the consensus narrative and may need revisiting now that Q1 earnings rose while revenue slipped. Explore another fair value estimate on Rush Enterprises - why the stock might be worth just $78.67! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your Rush Enterprises research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. Our free Rush Enterprises research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Rush Enterprises' overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: Capitalize on the AI infrastructure supercycle with our selection of the 37 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. Invest in the nuclear renaissance through our list of 91 elite nuclear energy infrastructure plays powering the global AI revolution. AI is about to change healthcare. These 33 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include RUSHA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Release Date: April 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rush Enterprises Inc (NASDAQ:RUSHA) reported revenues of $1.68 billion in the first quarter, with a net income of $61.5 million, or $0.77 per diluted share. The company declared a quarterly cash dividend of $0.19 per share, demonstrating a commitment to returning value to shareholders. Despite a challenging market, Rush Enterprises Inc (NASDAQ:RUSHA) maintained profitability through strong performance in its aftermarket leasing and rental businesses. The company signed an agreement to acquire Peterborough dealerships in southern Louisiana and Mississippi, indicating strategic growth and expansion. Rush Enterprises Inc (NASDAQ:RUSHA) captured a 7.2% market share in Class 8 truck sales, showcasing effective execution and inventory management. The commercial vehicle market remains tough, with industry-wide retail sales for new trucks at historically low levels. The freight recession, excess capacity, and general economic uncertainty continue to impact the market negatively. Class 4 through 7 truck sales experienced the worst demand since 2015, affecting overall sales performance. Service revenue was down, impacting the company's margin mix as service typically has higher margins than parts. There is ongoing uncertainty regarding new emissions regulations, which could affect future demand and pricing dynamics. Warning! GuruFocus has detected 18 Warning Signs with DKL. Is RUSHA fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide an update on the uncertainty surrounding the emissions regulations and how it affects your expectations for the year? A: Rusty Rush, Chairman, CEO, and President: The emissions regulations are still not finalized, which creates uncertainty. However, we know changes are coming, and this has spurred customers to increase order activity. We expect to have more clarity in the next 45 to 60 days. Despite the uncertainty, customer optimism is rising due to supply-side contractions and improving freight rates. Q: How do you see the parts and service volumes evolving given the current market conditions? A: Rusty Rush, Chairman, CEO, and President: Historically, when truck sales decline, parts and service don't necessarily increase because customers tighten their budgets. However, as business conditions improve, we expect parts and service volumes to rise. We've seen gradual improvements month over month, and we anticipate this trend to continue as customer optimism grows. Q: Could you break down the expected recovery in commercial vehicle sales between heavy-duty and medium-light duty trucks? A: Rusty Rush, Chairman, CEO, and President: Medium-duty sales are expected to recover more quickly due to their significant drop in Q1. Heavy-duty sales weren't as severely impacted, but we anticipate a 15% increase in Q2. Overall, we expect gradual improvement throughout the year, with medium-duty potentially returning to flat year-over-year. Q: How do you view the recent order strength and its sustainability in the coming months? A: Rusty Rush, Chairman, CEO, and President: While recent order strength may have been overstated by one OEM, we believe there is genuine strength in order intake. As long as external factors like geopolitical issues don't interfere, we expect solid order intake to continue. The backlog remains strong, and we anticipate sustained demand driven by emissions regulations and improving business conditions. Q: Can you discuss your cost management strategies, particularly regarding SG&A expenses? A: Rusty Rush, Chairman, CEO, and President: We anticipated Q1 to be challenging and implemented cost management measures across the organization. SG&A expenses only increased by 2% sequentially, which is better than historical trends. This was achieved through disciplined expense management and contributions from the entire organization. We aim to maintain this discipline while preparing for a potential growth environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript.