Detailed financial statements for Rush Enterprises, Inc. (RUSHA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Rush Enterprises, Inc. is a prominent provider of commercial vehicles and associated services throughout the United States. Operating a vast network of dealerships known as Rush Truck Centers, the company offers a diverse selection of new commercial vehicles from renowned manufacturers such as Peterbilt, International, Hino, Ford, Isuzu, IC Bus, and Blue Bird.
Analysis Summary
Rush Enterprises, Inc. reported revenue of $7.43B in the most recent fiscal year, growing at a 5-year CAGR of 9.4%. Net income reached $263.8M, with a 18.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 18.8%, operating margin 5.1%, net margin 3.7%. Free cash flow grew at -1.8% CAGR over 5 years.
At $43.54 (closing price, October 29, 2026), RUSHA trades at a P/E of 13.87 and an ROE of 12.03%. Market capitalisation stands at $5.1B.
Balance sheet quality for RUSHA: current ratio of 1.4, net debt of $1.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $573.3M represents 217% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.21B | $4.71B | $5.51B | $5.81B | $4.74B | $5.13B | $7.10B | $7.93B | $7.80B | $7.43B |
| Cost of Revenue | $3.50B | $3.88B | $4.53B | $4.78B | $3.86B | $4.03B | $5.61B | $6.33B | $6.27B | $6.04B |
| Gross Profit | $718.0M | $829.9M | $978.3M | $1.03B | $875.5M | $1.09B | $1.49B | $1.59B | $1.53B | $1.39B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $587.8M | $631.1M | $705.2M | $753.7M | $665.3M | $731.3M | $927.8M | $1.02B | $995.6M | $996.2M |
| Operating Expenses | $639.0M | $681.1M | $775.7M | $809.1M | $720.9M | $784.7M | $983.5M | $1.08B | $1.06B | $996.2M |
| Operating Income | $80.7M | $148.7M | $202.9M | $216.4M | $154.6M | $309.0M | $506.1M | $512.4M | $468.1M | $393.3M |
| EBITDA | $244.8M | $306.8M | $389.3M | $392.0M | $338.8M | $477.1M | $702.8M | $736.9M | $705.9M | $646.9M |
| Interest Expense | $14.9M | $13.2M | $21.1M | $30.5M | $9.7M | $2.4M | $19.8M | $53.7M | $72.0M | $48.2M |
| Pre-tax Income | $66.4M | $136.4M | $183.2M | $189.5M | $151.7M | $313.7M | $509.3M | $462.1M | $397.8M | $345.9M |
| Income Tax | $25.9M | -$35.7M | $44.1M | $47.9M | $36.8M | $72.3M | $117.2M | $114.0M | $92.8M | $79.8M |
| Net Income | $40.6M | $172.1M | $139.1M | $141.6M | $114.9M | $241.4M | $391.4M | $347.1M | $304.2M | $263.8M |
| EPS | $0.69 | $1.93 | $2.30 | $2.59 | $1.40 | $2.88 | $4.71 | $4.28 | $3.85 | $3.37 |
| EPS (Diluted) | $0.67 | $2.77 | $2.30 | $2.53 | $2.00 | $4.17 | $4.57 | $4.15 | $3.72 | $3.27 |
| Shares Outstanding (Diluted) | 60.4 M | 62.0 M | 60.4 M | 56.1 M | 57.5 M | 57.9 M | 85.7 M | 83.7 M | 81.8 M | 80.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.77B | $1.68B | $1.90B | $2.11B |
| Gross Profit | $330.4M | $325.1M | $361.7M | $387.0M |
| Operating Income | $91.4M | $82.5M | $97.2M | $108.0M |
| EBITDA | $155.7M | $146.3M | $162.9M | $126.0M |
| Net Income | $64.3M | $61.5M | $72.8M | $78.0M |
| EPS | $0.83 | $0.79 | $0.93 | $0.67 |
| EPS (Diluted) | $0.81 | $0.77 | $0.91 | $0.65 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $82.0M | $124.5M | $131.7M | $181.6M | $312.0M | $148.1M | $201.0M | $183.7M | $228.1M | $212.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $166.4M | $171.1M | $203.5M | $183.7M | $172.5M | $114.2M | $190.9M | $259.4M | $354.9M | $289.4M |
| Inventory | $840.3M | $1.03B | $1.34B | $1.33B | $858.3M | $1.02B | $1.43B | $1.80B | $1.79B | $1.53B |
| Total Current Assets | $1.11B | $1.38B | $1.69B | $1.71B | $1.36B | $1.32B | $1.87B | $2.26B | $2.39B | $2.09B |
| Property, Plant & Equipment | $1.14B | $1.16B | $1.18B | $1.34B | $1.26B | $1.35B | $1.47B | $1.61B | $1.73B | $1.82B |
| Goodwill | $290.2M | $291.4M | $291.4M | $292.1M | $292.1M | $370.3M | $416.4M | $420.7M | $427.5M | $441.6M |
| Intangible Assets | $59.4M | $57.7M | $38.0M | $15.9M | $14.0M | $14.1M | $12.3M | $12.3M | $12.0M | 0 |
| Total Assets | $2.60B | $2.89B | $3.20B | $3.41B | $2.99B | $3.12B | $3.82B | $4.36B | $4.62B | $4.43B |
| Accounts Payable | $97.8M | $107.9M | $127.5M | $133.7M | $110.7M | $122.3M | $171.7M | $162.1M | $244.0M | $230.8M |
| Short-term Debt | $792.1M | $940.8M | $1.20B | $1.22B | $690.0M | $630.7M | $933.2M | $1.14B | $1.08B | $971.8M |
| Total Current Liabilities | $993.1M | $1.17B | $1.49B | $1.51B | $1.03B | $1.00B | $1.43B | $1.67B | $1.65B | $1.49B |
| Long-term Debt | $472.5M | $466.4M | $439.2M | $438.4M | $388.0M | $334.9M | $275.4M | $414.0M | $408.4M | $382.5M |
| Total Liabilities | $1.74B | $1.85B | $2.13B | $2.25B | $1.72B | $1.65B | $2.06B | $2.47B | $2.46B | $2.20B |
| Retained Earnings | $640.4M | $812.6M | $942.3M | $1.07B | $831.9M | $1.03B | $1.38B | $1.45B | $1.70B | $1.90B |
| Total Equity | $862.8M | $1.04B | $1.07B | $1.16B | $1.27B | $1.47B | $1.74B | $1.87B | $2.14B | $2.20B |
| Total Debt | $1.35B | $1.47B | $1.69B | $1.77B | $1.22B | $1.15B | $1.44B | $1.81B | $1.73B | $1.55B |
| Net Debt | $1.27B | $1.35B | $1.56B | $1.59B | $907.9M | $1.00B | $1.23B | $1.63B | $1.51B | $1.34B |
| Working Capital | $118.3M | $202.9M | $194.6M | $205.2M | $330.9M | $320.9M | $439.1M | $587.0M | $739.6M | $599.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $242.0M | $212.6M | $239.7M | $264.9M |
| Total Assets | $4.55B | $4.43B | $4.52B | $4.66B |
| Total Liabilities | $2.32B | $2.20B | $2.22B | $2.31B |
| Total Equity | $2.21B | $2.20B | $2.27B | $2.33B |
| Total Debt | $1.52B | $1.55B | $1.44B | $1.49B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $40.6M | $172.1M | $139.1M | $141.6M | $114.9M | $241.4M | $392.1M | $347.1M | $305.0M | $266.0M |
| Depreciation & Amortization | $157.6M | $158.0M | $185.1M | $175.5M | $177.3M | $169.5M | $199.1M | $221.1M | $236.1M | $252.8M |
| Stock-based Compensation | $12.9M | $15.6M | $18.1M | $19.0M | $19.4M | $22.2M | $25.3M | $30.4M | $30.4M | 0 |
| Change in Working Capital | $295.0M | -$130.9M | -$132.6M | $60.7M | $495.9M | -$17.8M | -$299.4M | -$310.6M | $29.1M | $395.5M |
| Operating Cash Flow | $521.2M | $152.7M | $215.4M | $421.3M | $763.0M | $422.3M | $294.4M | $295.7M | $619.5M | $973.1M |
| Capital Expenditure | -$197.0M | -$209.9M | -$238.3M | -$293.5M | -$136.2M | -$167.2M | -$243.1M | -$368.9M | -$433.0M | -$399.8M |
| Acquisitions | -$681,000 | -$2.2M | -$2.2M | -$32.7M | 0 | -$269.3M | $6.7M | -$16.1M | -$16.4M | -$24.3M |
| Stock Repurchased | -$43.5M | -$33.8M | -$120.6M | -$58.2M | -$24.9M | -$33.6M | -$93.7M | -$211.8M | -$15.7M | -$194.9M |
| Dividends Paid | 0 | 0 | -$9.3M | -$18.3M | -$22.5M | -$41.1M | -$44.6M | -$50.6M | -$55.5M | -$58.3M |
| Free Cash Flow | $324.2M | -$57.2M | -$22.9M | $127.8M | $626.8M | $255.2M | $51.3M | -$73.2M | $186.5M | $573.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $367.8M | $112.9M | $87.1M | $133.3M |
| Capital Expenditure | -$96.6M | -$330.7M | -$66.0M | -$82.3M |
| Free Cash Flow | $271.2M | -$217.8M | $21.1M | $51.0M |
| Dividends Paid | -$14.8M | -$14.6M | -$15.3M | -$15.2M |
| Stock-based Compensation | $4.8M | $4.9M | 0 | $6.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +11.8% | +16.8% | +5.5% | -18.5% | +8.2% | +38.5% | +11.6% | -1.5% | -4.7% | |
| Net Income Growth (YoY) | +324.2% | -19.2% | +1.8% | -18.9% | +110.1% | +62.1% | -11.3% | -12.4% | -13.3% | |
| EPS Growth (YoY) | +179.7% | +19.2% | +12.6% | -45.9% | +105.7% | +63.5% | -9.1% | -10.0% | -12.5% | |
| Shares Change (YoY) | +2.6% | -2.6% | -7.3% | +2.5% | +0.8% | +48.0% | -2.3% | -2.3% | -1.3% | |
| FCF Growth (YoY) | -117.6% | +60.0% | +658.1% | +390.5% | -59.3% | -79.9% | -242.5% | +354.9% | +207.4% | |
| Gross Margin | 17.0% | 17.6% | 17.8% | 17.7% | 18.5% | 21.3% | 20.9% | 20.1% | 19.6% | 18.7% |
| Operating Margin | 1.9% | 3.2% | 3.7% | 3.7% | 3.3% | 6.0% | 7.1% | 6.5% | 6.0% | 5.3% |
| EBITDA Margin | 5.8% | 6.5% | 7.1% | 6.7% | 7.2% | 9.3% | 9.9% | 9.3% | 9.0% | 8.7% |
| Net Margin | 1.0% | 3.7% | 2.5% | 2.4% | 2.4% | 4.7% | 5.5% | 4.4% | 3.9% | 3.5% |
| FCF Margin | 7.7% | -1.2% | -0.4% | 2.2% | 13.2% | 5.0% | 0.7% | -0.9% | 2.4% | 7.7% |
| Effective Tax Rate | 38.9% | -26.2% | 24.1% | 25.3% | 24.3% | 23.0% | 23.0% | 24.7% | 23.3% | 23.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.36 | $-0.92 | $-0.38 | $2.28 | $10.91 | $4.41 | $0.60 | $-0.87 | $2.28 | $7.10 |
| Dividends Per Share | $0.00 | $0.00 | $0.15 | $0.33 | $0.39 | $0.71 | $0.52 | $0.60 | $0.68 | $0.72 |
| Shares Outstanding (Basic) | 59.2 M | 59.8 M | 60.4 M | 54.7 M | 55.4 M | 56.0 M | 83.1 M | 81.1 M | 79.1 M | 78.4 M |
What to look at in Consumer Cyclical companies
- 5y avg operating margin (Cycle average) — Look at the cycle average, not the current year (peak or trough).
- Inventory turnover (>=4x/year) — Healthy retail rotates inventory fast. A drop signals weak demand.
- 5y avg ROIC (>=12%) — Cyclicals with avg ROIC >12% are structural winners.
- Net debt / EBITDA (peak) (<3x trough) — In cyclicals debt kills in recessions.
- Current Ratio (>1.5x) — Survives 12-18 months without operating cash.
- Altman Z-Score (>2.99 safe) — Bankruptcy model — key in cyclicals sensitive to recessions.
Profitability
| Return on Equity | 12.03% |
| Return on Invested Capital | 7.21% |
| Return on Assets | 5.84% |
| Gross Margin | 18.80% |
| Operating Margin | 5.07% |
| Net Margin | 3.70% |
Financial Health
| Debt / Equity | 0.62 |
| Current Ratio | 1.44 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.50 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.70 | 7.80 | 4.44 | 5.32 | 13.15 | 8.59 | 4.93 | 7.83 | 9.49 | 10.67 |
| P/B | 0.65 | 0.86 | 0.58 | 0.65 | 0.80 | 0.94 | 1.11 | 1.45 | 1.35 | 1.28 |
| P/S | 0.13 | 0.19 | 0.11 | 0.13 | 0.22 | 0.27 | 0.27 | 0.34 | 0.37 | 0.38 |
| Gross Margin | 17.0% | 17.6% | 17.8% | 17.7% | 18.5% | 21.3% | 20.9% | 20.1% | 19.6% | 18.7% |
| Operating Margin | 1.9% | 3.2% | 3.7% | 3.7% | 3.3% | 6.0% | 7.1% | 6.5% | 6.0% | 5.3% |
| Net Margin | 1.0% | 3.7% | 2.5% | 2.4% | 2.4% | 4.7% | 5.5% | 4.4% | 3.9% | 3.5% |
Related companies: PAG · AN · GPI · OPLN · SAH
Explore sector: Consumer Cyclical · Auto - Dealerships
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