RUSH ENTERPRISES INC \TX\ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RUSH ENTERPRISES INC \TX\ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	4,714	5,506	5,810	4,736	5,126		7,102	7,925	7,805	7,434
Cost of revenue	3,884	4,528	4,784	3,860	4,034		5,615	6,332	6,273	5,974
Gross profit	830	978	1,026	875	1,092		1,487	1,593	1,531	1,461
Selling, general and administrative	631	705	754	665	731		928	1,022	996	996
Operating income	149	203	216	155	309		506	512	468	394
Interest expense	13.2	21.1	30.5	9.73	2.43		19.8	53.7	72	48.2
Interest income	0.89	1.38	1.68	0.71	0.66		0.64	0.78	1.17	1.92
Other non-operating income	0	0	1.93	6.13	6.42		22.3	2.6	0.58	-1.66
Pre-tax income	136	183	190	152	314		509	462	398	346
Income tax	-35.7	44.1	47.9	36.8	72.3		117	114	92.8	79.8
Income from continuing operations	172	139	142	115	241		391	347	304	264
Net income to minority interests				0	0		0.7	1.01	0.82	2.26
Net income	172	139	142	115	241	392	391	347	304	264
EBITDA	307	388	392	332	479		705	734	704	647
EPS, basic	1.93	1.57	1.71	1.39	2.88		4.71	4.28	3.85	3.37
EPS, diluted	1.87	1.53	1.67	1.36	2.78		4.57	4.15	3.72	3.27
Shares, basic (weighted)	89.2	88.3	82.5	82.3	83.8		83.1	81.1	79.1	78.4
Shares, diluted (weighted)	92.2	90.7	84.5	84.4	86.8		85.7	83.7	81.8	80.7
Dividend per share	0.00	0.11	0.23	0.27	0.27		0.53	0.62	0.70	0.74

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	125	132	182	312	148	201	184	228	213
Receivables	184	191	184	172	140	221	259	345	278
Inventory	1,033	1,340	1,326	858	1,020	1,429	1,801	1,788	1,534
Other current assets	12	10.5	20.7	14.9	16	16.6	15.8	19	54.7
Total current assets	1,375	1,688	1,713	1,358	1,324	1,868	2,260	2,390	2,091
Property, plant and equipment	1,160	1,184	1,280	1,204	1,278	1,369	1,488	1,616	1,695
Lease right-of-use assets		0	57.2	60.6	69	103	120	111	124
Goodwill	291	291	292	292	370	416	421	427	442
Long-term investments	6.38
Other non-current assets	57.7	38	65.5	71.2	78	65.7	75	73.3	78.9
Total assets	2,890	3,201	3,407	2,985	3,120	3,821	4,364	4,618	4,431
Accounts payable	108	127	134	111	122	172	162	244	231
Accrued liabilities	96.1	125	112	152	131	163	173	161	177
Deferred revenue	27.4	36.2	42.7	74.2	80.6	116	145	110	112
Short-term debt	145	162	189	142		0			0.13
Total current liabilities	1,172	1,493	1,507	1,027	1,004	1,429	1,673	1,650	1,492
Long-term debt	466	439	438	388	335	275	414	408	275
Lease liabilities		0	47.6	51.2	58	89	105	97.9	108
Other non-current liabilities	9.84	11.1	20.7	34.2	26.5	19.5	24.8	28.1	34.2
Total liabilities	1,850	2,134	2,248	1,717	1,653	2,058	2,474	2,456	2,205
Total debt	612	601	628	530	335	275	414	408	275
Paid-in capital	348	370	397	438	471	501	542	588	634
Retained earnings	813	942	1,066	832	1,032	1,378	1,450	1,699	1,904
Treasury stock	-121	-246	-304	-2.88	-36.9	-131	-120	-136	-331
Other comprehensive income		0	0.34	0.87	0.79	-4.13	-2.16	-9.29	-4.81
Shareholders' equity	1,040	1,067	1,159	1,268	1,467	1,744	1,871	2,142	2,203
Minority interests					0	18.5	19.5	20.4	22.6
Total equity	1,040	1,067	1,159	1,268	1,467	1,763	1,890	2,162	2,226
Total liabilities and equity	2,890	3,201	3,407	2,985	3,120	3,821	4,364	4,618	4,431

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	172	139	142	115	241	392	392	348	305	266
Depreciation and amortization	158	185	175	177	169		199	221	236	253
Stock-based compensation	15.6	18.1	19	19.4	22.2		25.3	30.4	30.4	31.7
Deferred income tax	-62.2	6	23	-37.9	14		4.26	7.6	19.8	28.8
Change in receivables	-29.4	-7.75	19.8	11.2	32.3		-74.6	-38.3	-87.1	73.2
Change in inventory	-147	-255	81.7	537	-33.6		-325	-298	85.1	355
Cash from operations	153	215	421	763	422		294	296	620	862
Capital expenditures	-210	-238	-293	-136	-167		-243	-369	-433	-400
Acquisitions	-2.18	0	-10.2	0	-269		-20.8	-16.1	-16.4	-24.3
Cash from investing	-207	-227	-320	-127	-433		-241	-387	-446	-417
Debt issued	153	157	210	157	260		958	1,429	1,845	1,117
Debt repaid	-145	-167
Stock issued	24.8	5.7	11.1	23.5	18.3		13.3	18	25.4	16.3
Share buybacks	-33.8	-121	-58.2	-24.9	-33.6		-93.7	-212	-15.7	-195
Dividends paid	0	-9.33	-18.3	-22.5	-41.1		-44.6	-50.6	-55.5	-58.3
Cash from financing	96.3	19.1	-50.9	-505	-153		-0.69	74	-129	-460
Net change in cash	42.5	7.19	49.9	130	-164		52.8	-17.4	44.7	-15.6
Free cash flow	-57.2	-22.9	128	627	255		51.3	-73.2	187	462
Interest paid	34.1	42.8	57.4	38.8	22.2		21.7	56.4	78.3	53.9
Income taxes paid	31.3	28.7	42.4	36.4	102		102	107	76	77.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $47.97 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.7%	Gross profit / revenue.
Operating margin	5.1%	Operating income / revenue.
EBITDA margin	7.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.7%	Pre-tax income / revenue.
Net margin	3.7%	Net income / revenue.
FCF margin	4.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.3%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	13.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.5%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-4.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-15.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-8.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-8.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-2.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-13.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-12.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-12.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	43.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	147.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	108.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.7%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.8%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	2.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	-4.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.45x	Current assets / current liabilities.
Quick ratio	0.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.12x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	6.1%	Total debt / total assets.
Liabilities / assets	49.5%	Total liabilities / total assets.
Net debt	$17.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.2x	Operating income / interest expense.
Working capital	$713.7M	Current assets - current liabilities.
Tangible book value	$2.33B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.55x	Revenue / average total assets.
Fixed asset turnover	4.28x	Revenue / average property, plant and equipment.
Inventory turnover	3.44x	Cost of revenue / average inventory.
Days inventory	106 days	365 x average inventory / cost of revenue.
Receivables turnover	23.8x	Revenue / average receivables.
Days sales outstanding	15 days	365 x average receivables / revenue.
Days payables	19 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	103 days	Days inventory + days sales outstanding - days payables.
FCF conversion	131.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	48.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$90.21	Revenue / diluted weighted shares.
FCF per share	$4.34	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.41	Cash from operations / diluted weighted shares.
Book value per share	$29.06	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$29.06	Tangible book value / shares outstanding.
Cash per share	$3.30	(Cash + short-term investments) / shares outstanding.
Payout ratio	22.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.2%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.73B	Share price x shares outstanding.
Enterprise value	$3.75B	Market cap + total debt - cash - short-term investments.
P/E	14.1x	Market cap / net income. Only when net income is positive.
P/S	0.52x	Market cap / revenue.
P/B	1.60x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.60x	Market cap / tangible book value, when positive.
P/FCF	10.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.54x	Market cap / cash from operations, when positive.
EV/Sales	0.52x	Enterprise value / revenue.
EV/EBIT	10.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	6.98x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.3%	Free cash flow / market cap.
Earnings yield	7.1%	Net income / market cap (the inverse of P/E).
Dividend yield	1.6%	Dividends paid over the period / market cap.
Shareholder yield	1.6%	(Dividends paid + share buybacks) / market cap.

What was RUSH ENTERPRISES INC \TX\'s revenue in fiscal 2025?

RUSH ENTERPRISES INC \TX\ reported revenue of $7.43B for fiscal 2025, 4.7% lower than the year before.

Was RUSH ENTERPRISES INC \TX\ profitable in fiscal 2025?

Yes. Net income was $263.8M, a net margin of 3.5%.

How much free cash flow did RUSH ENTERPRISES INC \TX\ generate in fiscal 2025?

Cash from operations of $861.8M minus capital expenditures of $399.8M left free cash flow of $462.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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