Financial Performance - For Q3 2025, Rush Enterprises reported revenues of $1.881 billion, a 0.8% decrease from $1.896 billion in Q3 2024, and net income of $66.7 million, or $0.83 per diluted share, down from $79.1 million, or $0.97 per diluted share in the same period last year[1][17] - Total revenue for Q3 2025 was $1,880,765, a decrease of 0.7% compared to $1,896,133 in Q3 2024[30] - Net income attributable to Rush Enterprises, Inc. for Q3 2025 was $66,690, down 15.7% from $79,132 in Q3 2024[30] - Gross profit for Q3 2025 was $374,752, compared to $379,041 in Q3 2024, reflecting a slight decline[30] - Net income attributable to Rush Enterprises, Inc. for the twelve months ended September 2025 was $274,202,000, a decrease from $307,448,000 in September 2024, representing a decline of approximately 10.5%[35] - Adjusted EBITDA (Non-GAAP) for the twelve months ended September 2025 was $425,994,000, down from $472,169,000 in September 2024, reflecting a decrease of about 9.7%[35] Sales and Market Conditions - New U.S. Class 8 retail truck sales totaled 54,078 units in Q3 2025, down 18.9% year-over-year, with the company selling 3,120 new Class 8 trucks, a decrease of 11.0% compared to Q3 2024[9][10] - New Class 4 through 7 retail commercial vehicle sales decreased by 17.4% year-over-year, with the company selling 2,979 units, a decline of 8.3% compared to Q3 2024[11][12] - The company expects continued challenges in aftermarket conditions for the remainder of the year, with weak demand anticipated due to ongoing industry headwinds[8] - The company remains cautiously optimistic about potential recovery in truck sales in the second half of 2026, contingent on stable emission laws and market conditions[10] Dividends and Shareholder Returns - The company declared a cash dividend of $0.19 per share, to be paid on December 12, 2025, to shareholders of record as of November 12, 2025[1][6] - The company declared dividends of $0.19 per common share in Q3 2025, up from $0.18 in Q3 2024[30] - The company repurchased $9.2 million of its common stock during the quarter, totaling $130.6 million of the $200.0 million authorized by the Board[19] Assets and Liabilities - Total assets as of September 30, 2025, were $4,553,062, a decrease from $4,617,547 as of December 31, 2024[28] - Total debt (GAAP) as of September 30, 2025, was $1,395,920, down from $1,815,461 in 2024[34] - Adjusted total debt (non-GAAP) was $3,458 as of September 30, 2025, compared to $3,985 in 2024[34] - Cash and cash equivalents increased to $242,005 as of September 30, 2025, from $185,073 in 2024[34] - Total Rush Enterprises, Inc. shareholders' equity (GAAP) as of September 2025 was $2,214,499,000, an increase from $2,083,145,000 in September 2024, representing a growth of about 6.3%[37] Operational Efficiency - Aftermarket products and services accounted for approximately 63.7% of total gross profit, with revenues of $642.7 million, up 1.5% compared to Q3 2024[5][18] - Lease and rental revenue increased by 4.7% to $93.3 million in Q3 2025, highlighting the strength of Rush Truck Leasing as a consistent revenue stream[15] - The absorption ratio for Q3 2025 was 129.3%, compared to 132.6% in Q3 2024, indicating effective management of service and parts operations[5][6] - The absorption ratio for Q3 2025 was 129.3%, slightly lower than 132.6% in Q3 2024[32] Cash Flow and Investments - Free cash flow (Non-GAAP) for the twelve months ended September 2025 was $691,999,000, a significant increase from a negative $72,111,000 in September 2024[36] - Net cash provided by operations (GAAP) for the twelve months ended September 2025 was $1,139,643,000, compared to $311,922,000 in September 2024, indicating a substantial increase of approximately 264%[36] - The acquisition of property and equipment for the twelve months ended September 2025 was $447,644,000, compared to $384,033,000 in September 2024, showing an increase of approximately 16.6%[36] - The company made acquisitions of L&RF assets totaling $344,016,000 for the twelve months ended September 2025, compared to $285,404,000 in September 2024, reflecting an increase of approximately 20.5%[36] Interest and Debt Management - The company reported an interest expense of $53,064,000 for the twelve months ended September 2025, down from $70,603,000 in September 2024, indicating a reduction of about 25%[35] - Adjusted net debt (cash) (Non-GAAP) as of September 2025 was $(393,459,000), compared to $(181,088,000) in September 2024, indicating an increase in cash position[37] - Adjusted invested capital (Non-GAAP) as of September 2025 was $1,821,040,000, a slight decrease from $1,902,057,000 in September 2024, reflecting a decline of approximately 4.3%[37]
Rush Enterprises(RUSHB) - 2025 Q3 - Quarterly Results