PACCAR manufactures Kenworth, Peterbilt and DAF commercial trucks, supplies aftermarket parts, and finances and leases vehicles through PACCAR Financial Services.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-017900 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-023145 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-057025 | Feb 18, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
PACCAR’s second-quarter 2026 recovery is encouraging, but does not yet establish a broad recovery in first-half profitability. Quarterly revenue was $7.547 billion and GAAP net income was $752.0 million, both above the prior-year quarter. First-half earnings also rose on a GAAP basis, but remained below the prior-year comparison after excluding its European litigation charge. Truck volumes weakened, Parts sales growth relied on pricing and currency, and financing credit losses increased. Cash and securities provide a substantial liquidity buffer, although financing operations still depend on borrowing markets and customer collections. Product investment, the battery joint venture and unresolved European claims remain capital demands or uncertainties. This overview reflects the supplied reporting through the July 29, 2026 filing, not subsequent outcomes.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-28
Truck sales establish the vehicle population that supports replacement-parts demand and financing opportunities. In 2025, Truck, Parts and Financial Services represented 68%, 24% and 8% of revenue, respectively; Financial Services nevertheless held 51% of assets. Parts depends on fleet age and utilization, while financing depends on funding costs, customer repayments and used-truck values. These businesses diversify earnings sources without removing exposure to trucking conditions. Reported segment profits also reflect allocations of certain Truck costs to Parts.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The April 28 release reported first-quarter revenue of $6.777 billion and GAAP net income of $605.3 million. Earnings exceeded the litigation-depressed prior-year result but were below its $769.6 million company-adjusted result. The July 28 release then reported second-quarter revenue of $7.547 billion versus $7.511 billion and net income of $752.0 million versus $723.8 million. Management’s 24% earnings-growth headline was sequential, not year over year. The diluted share count increased slightly, so share-count reduction did not drive EPS improvement.
For the six months ended June 30, revenue fell to $14.323 billion from $14.952 billion. GAAP net income rose to $1.357 billion from $1.229 billion, but the 2025 comparator included a $264.5 million after-tax litigation charge. Excluding only that charge produces company-defined non-GAAP income of $1.493 billion—above the 2026 result. This is a limited adjustment, not proof that every unusual item has been removed.
First-half truck deliveries were 71,800 versus 79,400. Europe partly offset weaker North American and other-market shipments, while heavy-duty market shares declined in North America, Europe and Brazil. Pricing and currency supported Truck revenue, but lower volume and higher direct costs reduced first-half profit. Parts revenue increased to $3.457 billion, yet pretax profit fell to $819.3 million from $843.0 million: pricing and currency outweighed adverse volume/mix, while lower-margin direct shipments and higher material and warehouse costs pressured margins. Financial Services benefited from cheaper funding and better returned-truck economics, but higher credit provisions reduced first-half pretax profit.
Sources: EX-99.1 · 2026-04-28 · EX-99.1 · 2026-07-28 · 10-Q · 2026-06-30
First-half operating cash flow declined to $1.673 billion from $1.744 billion as working-capital demands increased and wholesale receivables released less cash. PACCAR paid $292.6 million for property, plant and equipment, purchased $417.1 million of operating-lease equipment, and paid $1.094 billion in dividends. Dividend payments include prior-period declarations and are not the same as dividends declared during the half. Retail financing originations and collections appear in investing activities, so operating cash flow minus PP&E payments does not measure cash remaining after all finance-business funding.
The July outlook projected 2026 capital investment of $700–750 million and R&D expense of $450–480 million, below April’s respective $725–775 million and $450–500 million ranges. These are forecasts, not completed spending. The separate Amplify battery venture remains a funding dependency: PACCAR owns 30%, uses equity-method accounting, and reports a maximum required contribution of $830 million. The interim reports $412.5 million cumulatively contributed and no first-half 2026 contributions, but its reconciliation to the annual contribution figures remains unresolved. Future funding timing and a revised production timetable are not established.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-04-28 · EX-99.1 · 2026-07-28 · 10-K · 2025-12-31
At June 30, 2026, consolidated cash was $5.575 billion and marketable securities were $3.260 billion; Financial Services borrowings were $14.696 billion. PACCAR also reported $4 billion of undrawn committed facilities: $1.50 billion expiring in May 2027 and $1.25 billion each in June 2029 and June 2031. Other arrangements had $1.33 billion unused. Borrowing capacity is not cash or unconditional funding. Ratings, market access and the timing of customer collections remain important, and covenant headroom and exact draw conditions are not established. Renewal of the Mexican funding program, due to expire in August 2026, was only intended in the July filing.
Sources: 10-Q · 2026-06-30
First-half credit provisions increased to $83.5 million from $47.5 million, and net charge-offs rose to $88.0 million from $45.9 million. Reported delinquency improved to 2.2% from 2.4% at year-end, but payments, modifications and charge-offs all contributed; non-accrual receivables increased to $510.7 million from $377.5 million. Better reported arrears therefore do not establish broadly improved credit quality. Warranty estimates, guaranteed truck repurchases and concentrated component suppliers add exposure to future costs and used-truck values.
A significant majority of European civil claimants have settled, but litigation and appeals continue. The $600 million pretax charge in 2023 and $350 million charge in 2025 are historical expenses, not new 2026 charges or disclosed current cash payments. Remaining liability and settlement-payment timing are not separately quantified. PACCAR also reported relief and recovery of some IEEPA tariffs, without quantifying the benefit; this did not establish elimination of separate Section 232 tariffs. July EPA changes were proposed, not final.
Management attributed stronger sequential production to orders and improving freight rates, but did not quantify current backlog. Its July industry forecasts were 230,000–270,000 North American Class 8 sales, 290,000–330,000 European above-16-tonne registrations and 100,000–110,000 South American heavy-duty registrations. Parts growth was forecast at 3–5%, depending on economic conditions. These are conditional market and business expectations, not guaranteed PACCAR deliveries; weaker freight conditions could raise repossessions and losses.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31 · EX-99.1 · 2026-07-28
USD 28.4448 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 28.4448 bn | -15.5% |
| 2024 | USD 33.6638 bn | -4.2% |
| 2023 | USD 35.1274 bn | — |
Revenue from external customers after intersegment eliminations, including Financial Services.
Sources: 10-K · 2025-12-31
USD 2.3758 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.3758 bn | -42.9% |
| 2024 | USD 4.162 bn | -9.5% |
| 2023 | USD 4.6008 bn | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 4.4158 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.4158 bn | -4.9% |
| 2024 | USD 4.6409 bn | 10.8% |
| 2023 | USD 4.19 bn | — |
Consolidated operating cash flow, including dealer financing of Company inventory; retail financing originations and collections are investing flows.
Sources: 10-K · 2025-12-31
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