Financial Performance - Total revenue for Q2 2025 was $1,930,707, a decrease of 4.8% compared to $2,027,028 in Q2 2024[13] - Net income for Q2 2025 was $72,989, down 7.3% from $78,783 in Q2 2024[15] - Gross profit for the first half of 2025 was $737,431, a decline of 5.7% from $782,264 in the same period of 2024[13] - Net income for the six months ended June 30, 2025, was $133.606 million, compared to $150.272 million for the same period in 2024, representing a decrease of approximately 11%[21] - For the three months ended June 30, 2025, net income available to common shareholders was $72.4 million, compared to $78.7 million for the same period in 2024, representing a decrease of 4.4%[27] - Basic earnings per common share for the three months ended June 30, 2025, was $0.93, down from $1.01 in the same period of 2024, a decline of 7.9%[27] - The Company reported a segment operating income of $201.8 million for the six months ended June 30, 2025, compared to $235.1 million for the same period in 2024, a decline of 14.2%[38] Assets and Liabilities - Total assets increased to $4,715,774 as of June 30, 2025, compared to $4,617,547 at the end of 2024, reflecting a growth of 2.1%[11] - Current liabilities rose to $1,718,449, an increase of 4.1% from $1,650,119 at the end of 2024[11] - Total shareholders' equity increased to $2,175,031 as of June 30, 2025, compared to $2,161,903 at the end of 2024, reflecting a growth of 0.6%[11] - The balance of retained earnings decreased to $(253,317) as of June 30, 2025[18] Cash Flow and Investments - Cash flows from operating activities provided $381.162 million, significantly higher than $115.525 million in the prior year, indicating strong operational performance[21] - The company invested $222.275 million in property and equipment during the six months ended June 30, 2025, compared to $172.522 million in the same period of 2024, reflecting ongoing expansion efforts[21] - The net cash used in investing activities was $232.220 million, compared to $161.128 million in the prior year, highlighting the company's aggressive investment strategy[21] - Total cash, cash equivalents, and restricted cash at the end of the period was $211.106 million, up from $167.266 million at the end of the previous year[21] Shareholder Returns - The company declared dividends of $0.18 per common share for Q2 2025, compared to $0.17 in Q2 2024[13] - Cash dividends paid during the period totaled $28.930 million, slightly higher than $27.232 million in the same period of 2024, reflecting a commitment to returning value to shareholders[21] - The company repurchased common stock worth $86,143 during the period[18] - The company repurchased $117.082 million in common stock during the six months ended June 30, 2025, compared to $9.542 million in the same period of 2024, reflecting a significant increase in shareholder return initiatives[21] Segment Performance - Revenues from external customers for the Truck Segment for the three months ended June 30, 2025, were $1.93 billion, compared to $2.02 billion for the same period in 2024, a decrease of 4.8%[38] - Segment operating income for the Truck Segment for the three months ended June 30, 2025, was $109.6 million, down from $124.6 million in the same period of 2024, a decline of 12.0%[38] - Total capital expenditures for the Truck Segment for the three months ended June 30, 2025, were $125.1 million, compared to $100.0 million for the same period in 2024, an increase of 25.0%[38] - Commercial vehicle sales revenue for the six months ended June 30, 2025, was $2,322.3 million, down from $2,423.6 million in 2024, indicating a decline of about 4.2%[44] Stock-Based Compensation - Stock-based compensation related to stock options and employee stock purchase plan totaled $8,289[18] - Stock-based compensation expense related to employee equity awards and stock purchases increased to $22.003 million from $19.605 million year-over-year, indicating a focus on employee incentives[21] - Stock-based compensation expense for the three months ended June 30, 2025, was $7.2 million, an increase of 30.9% from $5.5 million in the same period of 2024[31] - As of June 30, 2025, the Company had $17.1 million of unrecognized compensation cost related to non-vested employee stock options[32] Tax and Regulatory Matters - The Company had unrecognized income tax benefits totaling $8.0 million as of June 30, 2025, which could impact the effective tax rate if recognized[40] - The Company does not anticipate significant changes in unrecognized tax benefits in the next 12 months[41] - The Company’s total income tax expense for the three months ended June 30, 2025, was $54.3 million, compared to $54.3 million in the same period of 2024, indicating no change[39] Acquisitions and Growth - The Company acquired 100% of Leeds Transit, Inc. on June 16, 2025, for approximately $25.6 million, enhancing its commercial vehicle dealership presence[54]
Rush Enterprises(RUSHB) - 2025 Q2 - Quarterly Report