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As the Q3 earnings season comes to a close, it’s time to take stock of this quarter’s best and worst performers in the industrial distributors industry, including Rush Enterprises and its peers.

Supply chain and inventory management are themes that grew in focus after COVID wreaked havoc on the global movement of raw materials and components. Distributors that boast a reliable selection of products–everything from hardhats and fasteners for jet engines to ceiling systems–and quickly deliver goods to customers can benefit from this theme. While e-commerce hasn’t disrupted industrial distribution as much as consumer retail, it is still a real threat, forcing investment in omnichannel capabilities to better interact with customers. Additionally, distributors are at the whim of economic cycles that impact the capital spending and construction projects that can juice demand.

The 24 industrial distributors stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1% while next quarter’s revenue guidance was in line.

In light of this news, share prices of the companies have held steady as they are up 4.1% on average since the latest earnings results.

Rush Enterprises

Headquartered in Texas, Rush Enterprises (NASDAQ:RUSH.A) provides truck-related services and solutions, including sales, leasing, parts, and maintenance for commercial vehicles.

Rush Enterprises reported revenues of $1.88 billion, flat year on year. This print exceeded analysts’ expectations by 5.7%. Overall, it was an exceptional quarter for the company with an impressive beat of analysts’ EBITDA estimates and a solid beat of analysts’ revenue estimates.

“The commercial vehicle industry continued to face challenging operating conditions in the third quarter of 2025. Freight rates remain depressed and overcapacity continues to weigh on the market. In addition, while the industry gained some clarity regarding the tariffs that will be imposed on certain commercial vehicles and parts beginning November 1, economic uncertainty and regulatory ambiguity remains, especially with respect to engine emissions regulations. These factors are impacting our customers’ vehicle replacement decisions. On a positive note, we experienced modest gains in aftermarket revenue and light-duty vehicle sales. However, overall demand remained soft, particularly with respect to new heavy-duty and medium-duty commercial vehicle sales,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc.

Rush Enterprises achieved the biggest analyst estimates beat of the whole group. Unsurprisingly, the stock is up 17.1% since reporting and currently trades at $58.99.

Best Q3: Hudson Technologies

Founded in 1991, Hudson Technologies specializes in refrigerant services and solutions, providing refrigerant sales, reclamation, and recycling.

Hudson Technologies reported revenues of $74.01 million, up 19.5% year on year, outperforming analysts’ expectations by 2.7%. The business had a stunning quarter with a beat of analysts’ EPS and EBITDA estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 15.1% since reporting. It currently trades at $7.33.

Weakest Q3: Alta

Founded in 1984, Alta Equipment Group is a provider of industrial and construction equipment and services across the Midwest and Northeast United States.

Alta reported revenues of $422.6 million, down 5.8% year on year, falling short of analysts’ expectations by 8.4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue estimates and a significant miss of analysts’ adjusted operating income estimates.

Alta delivered the weakest performance against analyst estimates and slowest revenue growth in the group. Interestingly, the stock is up 3.2% since the results and currently trades at $6.06.

Read our full analysis of Alta’s results here.

DNOW

Spun off from National Oilwell Varco, DNOW provides distribution and supply chain solutions for the energy and industrial end markets.

DNOW reported revenues of $634 million, up 4.6% year on year. This print was in line with analysts’ expectations. It was a strong quarter as it also logged a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

The stock is down 7.1% since reporting and currently trades at $13.56.

Read our full, actionable report on DNOW here, it’s free.

United Rentals

Owning the largest rental fleet in the world, United Rentals provides equipment rental and related services to construction, industrial, and infrastructure industries.

United Rentals reported revenues of $4.23 billion, up 5.9% year on year. This number beat analysts’ expectations by 1.6%. More broadly, it was a mixed quarter as it also recorded a solid beat of analysts’ organic revenue estimates but a significant miss of analysts’ EPS estimates.

The stock is down 4.5% since reporting and currently trades at $946.86.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at industrial distributors stocks, starting with GATX .

Supply chain and inventory management are themes that grew in focus after COVID wreaked havoc on the global movement of raw materials and components. Distributors that boast a reliable selection of products–everything from hardhats and fasteners for jet engines to ceiling systems–and quickly deliver goods to customers can benefit from this theme. While e-commerce hasn’t disrupted industrial distribution as much as consumer retail, it is still a real threat, forcing investment in omnichannel capabilities to better interact with customers. Additionally, distributors are at the whim of economic cycles that impact the capital spending and construction projects that can juice demand.

The 24 industrial distributors stocks we track reported a mixed Q3. As a group, revenues beat analysts’ consensus estimates by 1.1% while next quarter’s revenue guidance was in line.

While some industrial distributors stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 3.1% since the latest earnings results.

GATX

Originally founded to ship beer, GATX provides leasing and management services for railcars and other transportation assets globally.

GATX reported revenues of $439.3 million, up 8.4% year on year. This print exceeded analysts’ expectations by 0.8%. Despite the top-line beat, it was still a softer quarter for the company with a significant miss of analysts’ EBITDA and EPS estimates.

The market was likely pricing in the results, and the stock is flat since reporting. It currently trades at $172.81.

Best Q3: Richardson Electronics

Founded in 1947, Richardson Electronics is a distributor of power grid and microwave tubes as well as consumables related to those products.

Richardson Electronics reported revenues of $54.61 million, up 1.6% year on year, outperforming analysts’ expectations by 6%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

Richardson Electronics delivered the biggest analyst estimates beat among its peers. The market seems content with the results as the stock is up 1.6% since reporting. It currently trades at $10.79.

Weakest Q3: Alta

Founded in 1984, Alta Equipment Group is a provider of industrial and construction equipment and services across the Midwest and Northeast United States.

Alta reported revenues of $422.6 million, down 5.8% year on year, falling short of analysts’ expectations by 8.4%. It was a disappointing quarter as it posted a significant miss of analysts’ revenue and adjusted operating income estimates.

Alta delivered the weakest performance against analyst estimates and slowest revenue growth in the group. As expected, the stock is down 17.2% since the results and currently trades at $4.86.

Read our full analysis of Alta’s results here.

Custom Truck One Source

Inspired by a family gas station, Custom Truck One Source is a distributor of trucks and heavy equipment.

Custom Truck One Source reported revenues of $482.1 million, up 7.8% year on year. This print lagged analysts' expectations by 1.5%. Zooming out, it was actually a strong quarter as it recorded a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

Custom Truck One Source scored the highest full-year guidance raise among its peers. The stock is down 11.6% since reporting and currently trades at $5.96.

Read our full, actionable report on Custom Truck One Source here, it’s free for active Edge members.

DNOW

Spun off from National Oilwell Varco, DNOW provides distribution and supply chain solutions for the energy and industrial end markets.

DNOW reported revenues of $634 million, up 4.6% year on year. This result was in line with analysts’ expectations. Overall, it was a strong quarter as it also logged a beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.

The stock is down 6.1% since reporting and currently trades at $13.71.

Read our full, actionable report on DNOW here, it’s free for active Edge members.

What Happened?

Shares of energy and industrial distributor DNOW jumped 8.7% in the afternoon session after Susquehanna upgraded its rating on the stock to Positive from Neutral. 

The firm set a price target of $16.00 for the company. The upgrade followed the completion of the MRC acquisition. According to the analyst, the deal positioned Now Inc. as a "more formidable energy and industrials solutions provider." This was due to a broader and more diversified range of product offerings in its main markets, which gave the firm a stronger competitive footing.

The shares closed the day at $13.35, up 7.4% from previous close.

Is now the time to buy DNOW? Access our full analysis report here.

What Is The Market Telling Us

DNOW’s shares are quite volatile and have had 17 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 15 days ago when the stock dropped 8.1% on the news that the company reported third-quarter 2025 financial results that showed a significant drop in profitability, sparking investor concern. Although the company's earnings per share of $0.26 surpassed analyst forecasts, other key figures pointed to weakness. Revenue came in at $634 million, slightly short of the anticipated $635.13 million. More significantly, the company's net profit margin fell sharply to 3.4% from 9.5% in the same period of the previous year. Additionally, the company's free cash flow margin also declined, dropping to 6.2% from 11.9% in the same quarter of the previous year. These signs of contracting profitability appeared to outweigh the positive earnings surprise for investors.

DNOW is up 3.4% since the beginning of the year, but at $13.39 per share, it is still trading 23.9% below its 52-week high of $17.59 from February 2025. Investors who bought $1,000 worth of DNOW’s shares 5 years ago would now be looking at an investment worth $2,216.