RUSH ENTERPRISES INC \TX\

Listed Company

RUSHBCIK 0001012019NasdaqLarge AcceleratedRetail-Auto Dealers & Gasoline StationsTexasFY ends Dec 31

Period

FY 2025

Revenue

$7.43B

Net Income

$263.78M

Total Assets

$4.43B

Equity

$2.20B

Shares Out

—

Op. Cash Flow

$861.84M

Business

RUSH ENTERPRISES INC \TX\ is a full-service, integrated retailer of commercial vehicles and related services operating through its subsidiaries. It offers new and used commercial vehicle sales, aftermarket parts, service and collision repairs, vehicle leasing and rental, financing and insurance products, vehicle upfitting, CNG fuel systems via a joint venture, and telematics solutions. The company operates a single Truck Segment organized as a network of Rush Truck Centers, Rush Truck Leasing and several specialty businesses. Its dealerships and leasing locations serve customers across multiple U.S. states and Ontario, Canada through company-owned, leased, other and franchised locations.

Summary from filing dated 2025-02-24

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-11-30
Revenue	7,065	7,450	7,571	6,779	—
Lease and rental sales	370	355	354	322	—
Total revenue	7,434	7,805	7,925	7,102	—
Lease and rental sales	267	256	248	222	—
Total cost of products sold	5,974	6,273	6,332	5,615	—
Gross profit	1,461	1,531	1,593	1,487	—
Selling, general and administrative expense	996	996	1,022	928	—
Depreciation and amortization	71	69	60	56	—
Gain on sale of assets	412,000	809,000	843,000	2	—
Operating income	394	468	512	506	—
Other income (loss)	−2	583,000	3	22	—
Interest income	2	1	777,000	639,000	—
Interest expense	−48	−72	−54	—	—
Total interest expense, net	−46	−71	−53	−19	—
Income before taxes	346	398	462	509	—
Income tax provision	80	93	114	117	—
Net income	266	305	348	392	392
Less: Net income attributable to noncontrolling interest	2	817,000	1	703,000	—
Net income attributable to Rush Enterprises, Inc.	264	304	347	391	—
Basic (in dollars per share)	3.37	3.85	4.28	4.71	—
Diluted (in dollars per share)	3.27	3.72	4.15	4.57	—
Dividends declared per common share (in dollars per share)	0.74	0.7	0.62	0.53	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-01-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash, cash equivalents and restricted cash	213	228	—	184	201
Accounts receivable, net	278	345	—	259	259
Notes receivable from affiliate	12	10	—	—	—
Inventories, net	1,534	1,788	—	1,801	1,429
Prepaid expenses and other	55	19	—	16	17
Total current assets	2,091	2,390	—	2,260	1,868
Property and equipment, net	1,695	1,616	—	1,488	1,369
Operating lease right-of-use assets, net	124	111	—	120	103
Goodwill, net	442	427	—	421	416
Other assets, net	79	73	—	75	66
Total assets	4,431	4,618	—	4,364	3,821
Floor plan notes payable	918	1,081	1,081	1,140	933
Current maturities of long-term debt	127,000	—	—	—	—
Current maturities of finance lease obligations	35	38	—	36	29
Current maturities of operating lease obligations	19	16	—	17	15
Trade accounts payable	231	244	—	162	172
Customer deposits	112	110	—	145	116
Accrued expenses	177	161	—	173	163
Total current liabilities	1,492	1,650	—	1,673	1,429
Long-term debt, net of current maturities	275	408	—	414	275
Finance lease obligations, net of current maturities	88	92	—	98	93
Operating lease obligations, net of current maturities	108	98	—	105	89
Other long-term liabilities	34	28	—	25	19
Deferred income taxes, net	208	179	—	160	152
Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2024 and 2023	0	0	—	0	0
Common stock, par value $.01 per share; 105,000,000 Class A shares and 35,000,000 Class B shares authorized; 60,115,093 Class A shares and 16,437,909 Class B shares outstanding in 2025; and 62,604,986 Class A shares and 16,662,633 Class B shares outstanding in 2024	835,000	824,000	—	806,000	572,000
Additional paid-in capital	634	588	—	542	501
Treasury stock, at cost: 4,586,791 Class A shares and 2,352,163 Class B shares in 2025; and 1,387,013 Class A shares and 1,783,806 Class B shares in 2024	−331	−136	—	−120	−131
Retained earnings	1,904	1,699	—	1,450	1,378
Accumulated other comprehensive (loss)	−5	−9	—	−2	−4
Total Rush Enterprises, Inc. shareholders equity	2,203	2,142	—	1,871	1,744
Noncontrolling interest	23	20	—	20	19
Total shareholders equity	2,226	2,162	—	1,890	1,763
Total liabilities and shareholders equity	4,431	4,618	—	4,364	3,821

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	253	236	221	199	169
Gain on sale of property and equipment, net	−412,000	−809,000	−843,000	−2	−1
Stock-based compensation expense related to stock options and employee stock purchases	32	30	30	25	22
Provision for deferred income tax expense	29	20	8	4	14
Change in accounts receivable, net	73	−87	−38	−75	32
Change in inventories, net	355	85	−298	−325	−34
Change in prepaid expenses and other, net	−35	−3	862,000	1	−252,000
Change in trade accounts payable	−14	82	−11	31	12
Draws (payments) in floor plan notes payable trade, net	−113	—	—	—	—
Change in customer deposits	2	−35	29	34	3
Change in accrued expenses	16	−12	7	33	−31
Other, net	−2	−441,000	−850,000	−5	−6
Net cash provided by operating activities	862	620	296	294	422
Acquisition of property and equipment	−400	−433	−369	−243	−167
Proceeds from the sale of property and equipment	8	9	2	7	3
Change in notes receivable from affiliate	−2	−10	—	—	—
Business acquisition, net of cash	−24	−16	−16	−21	−269
Other	1	4	−4	−12	157,000
Net cash used in investing activities	−417	−446	−387	−241	−433
Draws (payments) on floor plan notes payable non-trade, net	−69	−54	205	274	119
Proceeds from long-term debt	1,117	1,845	1,429	958	260
Principal payments on long-term debt	−1,253	−1,847	−1,292	−1,084	−455
Principal payments on finance lease obligations	−18	−17	−18	−15	−14
Proceeds from issuance of shares relating to employee stock options and employee stock purchases	16	25	18	13	18
Taxes paid related to net share settlement of equity awards	−1	−10	−7	−9	−7
Payments of cash dividends	−58	−56	−51	−45	−41
Common stock repurchased	−195	−16	−212	−94	−34
Net cash provided (used in) by financing activities	−460	−129	74	−690,000	−153
Net (decrease) increase in cash, cash equivalents and restricted cash	−16	45	−17	53	−164
Effect of exchange rate on cash	141,000	−246,000	36,000	118,000	0
Interest	54	78	56	22	22
Income taxes paid, net	78	76	107	102	102
Assets acquired under finance leases	31	31	43	34	29

Filings

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