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PACCAR INCPCAR

Sector
Automotive
Industry
Motor Vehicles & Passenger Car Bodies
Exchange
Nasdaq

Stock Price $PCAR

Latest filings

You are here#38 of 57 in Industrials by market cap

Filing record · 2016–202610-K1110-Q328-K87

PCAR filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 87 current reports (8-K) between 2016 and 2026.

  1. FY2017 annual report10-K · Feb ’18Feb ’18
  2. Leadership change8-K · Apr ’21Apr ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $28.44B
YoY changeLargest recent move−26.8%in FY20Latest −15.5%

1 older move runs past ±50% (largest +58.9%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All PCAR Financial Metrics46 metrics

Income Statement13

Balance Sheet14

Cash Flow14

Per Share5

02—Overview

PACCAR INC Financial Overview 2021–2025

Updated Jul 10, 2026

PACCAR absorbed a sharp cyclical contraction in FY2025, with worldwide net sales and revenues plunging 15.5% to $28.44 billiona as heavy-duty truck deliveries slowed across all major markets. Beneath this headline decline lies the central investment thesis: PACCAR’s core manufacturing business is highly cyclical, but its expanding aftermarket Parts and Financial Services segments provide a durable profitability floor that cushions extreme delivery volatility.

The company’s top-line trajectory highlights this cycle, as revenue grew from $23.52 billionb in FY2021 to a peak of $35.13 billion in FY2023, before retreating to $28.44 billion in FY2025. While the Truck segment’s gross margin compressed to 7.5% in FY2025—down from 13.9% the prior year due to lower volumes and tariff costs—the aftermarket business proved resilient. The Parts segment expanded by 3% to reach $6.87 billion in FY2025, and Financial Services revenue posted a 5% increase to $2.21 billion driven by portfolio growth and higher yields.

Even with a $350.0 millionc pre-tax litigation charge dragging down the bottom line, PACCAR generated $2.38 billion in net income during FY2025. The market recognized this structural stability, pricing the stock at $109.51 and valuing the equity at 24.3x earnings at the close of FY2025. Refusing to pause innovation during a downturn, PACCAR deployed $728.5 million for capital expenditures and $445.5 million in R&D expenses in FY2025 to advance zero-emission powertrains and autonomous systems.

Recent Developments (Q4 2025 and Q1 2026)

PACCAR expanded profitability in Q1 2026 despite shrinking top-line volume. First-quarter net income surged 19.8% to $605.3 milliond, even as worldwide net sales and revenues contracted 8.9% to $6.78 billion. This revenue decline stemmed from a 17% drop in global truck deliveries, pushing Truck segment income before taxes down 52% to $176.2 million. High-margin segments offset this weakness, with Q1 2026 Parts sales rising 1% to $1.71 billion and Financial Services revenue growing 2.7% to $542.2 million. Corporate leadership shifted as Executive Vice President C. Michael Dozier retired on April 1, 2026.

Bulls argue PACCAR can grow bottom-line profits during a delivery downturn, highlighting structural margin resilience. Bears note that shrinking unit volumes and rising tariff costs pose significant headwinds, suggesting the equity is richly priced at 26.2x earnings as of the April 29, 2026 reporting date.

What to watch: heavy-duty truck delivery volumes in North America; adjusted manufacturing timelines for the Amplify Cell Technologies battery joint venture.

03—Filings

Recent SEC Filings

  1. 8-KPACCAR INC 8-K Report, Financial Results (Jul 28, 2026)PACCAR reported second-quarter 2026 net income of $752.0 million ($1.43 per diluted share), up 3.9% from $723.8 million ($1.37) a year earlier and about 24% above the first quarter of 2026, according to management. Net sales and financial services revenues were $7.55 billion, roughly flat year over year ($7.51 billion). Quarterly growth was driven by the Truck segment, where pre-tax income rose to $360.5 million from $308.8 million even as global deliveries slipped to 38,700 units from 39,300. Management attributed the improvement to strong orders, higher freight rates, and a build-rate increase during the quarter. The first-half comparison is distorted by a prior-year charge. First-half 2026 net income was $1.36 billion ($2.57 per diluted share), versus $1.23 billion ($2.33) in the first half of 2025, which included a $264.5 million after-tax EC-related litigation charge. Excluding that charge, the prior-year adjusted figure was $2.83 per diluted share, so underlying first-half earnings declined about 9%. First-half revenues fell to $14.32 billion from $14.95 billion, and first-half truck deliveries dropped to 71,800 units from 79,400, a decline of about 10%. Parts remained a stable earnings base with record quarterly revenue of $1.75 billion and pre-tax income of $417.0 million, while PACCAR Financial Services earned $124.1 million pre-tax. Balance-sheet and cash-flow data show a company returning capital while holding a strong liquidity position. Cash and marketable securities declined to $8.67 billion from $9.25 billion at year-end 2025, with first-half dividend payments of $1.09 billion and net debt reduction of $907 million. Stockholders' equity rose to $20.3 billion. Management reiterated 2026 capital expenditure guidance of $700-750 million and R&D guidance of $450-480 million, and the company's A+/A1 credit ratings were highlighted. The filing contains no explicit full-year earnings or delivery guidance beyond the industry market size estimates.
  2. 8-KPACCAR INC 8-K Report, Executive Changes (May 1, 2026)PACCAR INC (PCAR) filed an 8-K report on May 1, 2026, detailing key decisions made at its Compensation Committee meeting on April 27, 2026, and outcomes from its annual stockholder meeting held on April 28, 2026. The Compensation Committee approved Long Term Performance Cash Awards (LTIP Cash Awards) for the 2023-2025 cycle, recalculating the total compensation for Named Executive Officers. Notably, CEO R. P. Feight's total compensation, including these awards, reached $19,453,009. Additionally, the filing provides the CEO pay ratio for 2025, which stands at 198 to 1, with the CEO's compensation at $19,453,009 and the median employee's at $98,350. The annual meeting saw the re-election of directors, with overwhelming support for most nominees, although one nominee, M. A. Schulz, received a significantly lower "For" vote. Stockholders also provided advisory approval for executive compensation and ratified the independent auditors, both receiving majority support.
  3. 8-KPACCAR INC 8-K Report, Financial Results (Apr 28, 2026)PACCAR reported first-quarter 2026 consolidated revenue of $6.78 billion, down about 9% from $7.44 billion a year earlier. Net income rose to $605.3 million ($1.15 per diluted share) from $505.1 million ($0.96), but the prior-year figure included a $264.5 million after-tax charge for European civil litigation (EC-related claims). Excluding that charge, prior-year adjusted net income was $769.6 million ($1.46 per share), so underlying earnings declined by roughly 21%. Management described the quarter as showing sequential improvement and a positive inflection in the U.S. and Canada truck market, with production backlog rising on stronger demand. The decline was concentrated in the truck business. Truck pretax income fell to $176.2 million from $364.9 million, and truck deliveries dropped 17.5% to 33,100 units from 40,100, driven by a 20% decline in U.S. and Canada deliveries. European deliveries grew about 8% to 11,200 units. PACCAR Parts was steady, with revenue of $1.71 billion (up slightly) and pretax income of $402.3 million (down from $426.5 million). PACCAR Financial Services pretax income was $115.5 million versus $121.1 million, although segment revenue rose to $542.2 million. Total pretax income increased to $776.3 million from $643.1 million, largely because the prior-year period carried the litigation charge. The balance sheet remained strong, with stockholders' equity of $19.76 billion, up from $19.26 billion at year-end 2025. Operating cash flow was $971.8 million, and dividend payments fell sharply to $909.4 million from $1.75 billion a year earlier. Cash and marketable securities in the truck business declined to $8.60 billion from $9.25 billion. For 2026, PACCAR guided to capital expenditures of $725-775 million and R&D of $450-500 million, and projected industry retail sales of 230,000-270,000 Class 8 trucks in U.S. and Canada, 280,000-320,000 above-16-tonne trucks in Europe, and 100,000-110,000 in South America. The release contains no new quantitative earnings guidance beyond these market and spending ranges.
  4. 8-KPACCAR INC 8-K Report, Financial Results (Jan 27, 2026)PACCAR reported fourth-quarter 2025 results on January 27, 2026, with revenue of $6.82 billion, down from $7.91 billion a year earlier, and net income of $556.9 million ($1.06 per diluted share), down from $872.0 million ($1.66). Full-year 2025 revenue was $28.44 billion, and net income was $2.38 billion ($4.51 per diluted share). That figure includes a $264.5 million after-tax ($350.0 million pre-tax) charge for European civil litigation (EC-related claims) recorded in the first quarter. Excluding the charge, adjusted net income was $2.64 billion ($5.01 per diluted share), which the company calls the fourth-best year in its 120-year history. The truck segment's weakness is the main drag: Q4 truck pretax income was $94.6 million versus $502.9 million a year earlier, and full-year truck pretax income fell to $870.8 million from $2,852.6 million. The company's other segments held up better. PACCAR Parts reached record revenue of $6.87 billion for the year, though pretax income slipped to $1.67 billion, and PACCAR Financial Services posted record revenue and pretax income of $485.4 million, up 11%. Management expects a recovery in 2026. The company cites clearer U.S. tariff policy under Section 232 and EPA emissions rules that it says reduce uncertainty for buyers. Industry guidance for 2026 is 230,000 to 270,000 U.S. and Canada Class 8 retail sales (2025: 233,000), 280,000 to 320,000 European trucks above 16 tonnes (2025: 298,000), and 100,000 to 110,000 South American trucks (2025: 115,000). PACCAR also guided to $725 million to $775 million in 2026 capital spending and $450 million to $500 million in R&D. Capital spending was $728 million and R&D was $446 million in 2025. The company's balance sheet remains strong, with $9.25 billion in truck, parts and other cash and marketable securities, stockholders' equity of $19.26 billion, and an A+/A1 credit rating. Dividends declared were $2.72 per share for 2025, including a $1.40 year-end payment made on January 7, 2026.
  5. 8-KPACCAR INC 8-K Report, Executive Changes (Jan 16, 2026)PACCAR Inc (PCAR) has announced a significant executive transition effective April 1, 2026. C. Michael Dozier, Executive Vice President, will retire after a distinguished 37-year career with the company. This departure marks the end of an era for a long-standing executive. Simultaneously, PACCAR is implementing strategic leadership changes to fill the void and drive future growth. The company is promoting W. Lance Walters, currently Assistant Vice President, to Vice President. He will be taking on expanded responsibilities overseeing PACCAR's operations in Australia, Mexico, and South America. Additionally, Raja Shembekar, currently Vice President, will shift focus to international business development. These appointments indicate a strategic realignment of key leadership roles to support global expansion and operational efficiency.
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04—See also

Related Companies

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