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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Paccar
Paccar (PCAR) investor relations material
Paccar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Jan, 2026
Executive summary
2025 revenues reached $28.44 billion with adjusted net income of $2.64 billion, excluding a $264.5 million after-tax charge for EC-related claims, marking the fourth highest profit year and 87 consecutive years of profitability.
Fourth quarter revenues were $6.82 billion with net income of $557 million.
PACCAR Parts and Financial Services achieved record annual revenues and profits, contributing to a structurally stronger business.
Truck segment accounted for 68% of revenues, parts 24%, and financial services 8%.
Introduced next-generation battery-electric trucks and opened new facilities, including a parts distribution center in Calgary and an engine remanufacturing facility in Mississippi.
Financial highlights
Adjusted after-tax return on revenue was 9.3% for 2025; full-year after-tax return on revenues was 8.4%.
PACCAR Parts annual revenues rose to $6.87 billion, with pre-tax profits of $1.67 billion; fourth quarter revenues increased 4% to $1.74 billion.
PACCAR Financial Services posted record annual revenues of $2.21 billion and pre-tax income of $485.4 million.
Fourth quarter truck parts and other gross margins were 12%, with Q1 2026 gross margins expected to rise to 12.5%-13%; parts gross margin in Q4 was 29.5%.
Cash provided by operations totaled $4.42 billion; dividends declared were $1.43 billion.
Outlook and guidance
U.S. and Canadian Class 8 truck market forecast for 2026 is 230,000-270,000 vehicles; European above-16-ton truck market expected at 280,000-320,000 registrations; South American above-16-ton market forecasted at 100,000-110,000 trucks.
Parts sales projected to grow 4%-8% in 2026, with growth accelerating through the year.
Capital investments planned at $725 million-$775 million and R&D expenses at $450 million-$500 million for 2026.
Company remains structurally strong and positioned for future growth, emphasizing new truck models, parts growth, and global expansion.
Future impact of European litigation
AI's role in truck sales and parts management
PACCAR's tariff advantage in North America
How will competitor tariff pricing impact PACCAR's share?
PACCAR's strategy for EPA27 pre-buy demand
Future growth drivers beyond core segments
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Next Paccar earnings date
Investor Day 202610 Feb, 2026
Paccar
Next Paccar earnings date
Investor Day 202610 Feb, 2026
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Frequently asked questions
Commercial Trucks
PACCAR Inc. is an American company with multinational operations that designs and manufactures commercial trucks and equipment. This is done through three different subsidiaries: DAF, Kenworth, and Peterbilt. Besides its main operations within truck manufacturing, the company also distributes parts, various types of equipment, and financial services related to its principal business. The company is headquartered in Bellevue, Washington and its shares are listed on the Nasdaq.
An Amalgamation of Industry Giants
PACCAR's journey began in 1905 as the Seattle Car Manufacturing Company, founded by William Pigott Sr., specializing in railway and logging equipment. In 1928, it merged with Twohy Brothers to form the Pacific Car and Foundry Company, which enabled them to produce a broader range of products beyond rail cars, including trucks and truck parts. The transformation into a major player in the automotive and trucking industry began in the 1940s and 1950s with the acquisition of Kenworth and Peterbilt, two iconic names in truck manufacturing.
These acquisitions marked a significant shift towards specializing in heavy-duty trucks, and in 1972 the company rebranded to PACCAR. Over the years, PACCAR expanded globally while continuing to make acquisitions. Notably, it acquired the Netherlands-based DAF Trucks in 1996, allowing it to truly compete in Europe. Today, the company is one of the largest truck manufacturers in the world, together with names such as Volvo, Daimler, TATA, and several others.
Heavy Duty Trucks
PACCAR manufactures a wide variety of trucks through its subsidiaries Kenworth, Peterbilt, and DAF, each catering to different segments of the trucking market. Kenworth and Peterbilt are predominantly recognized for their heavy-duty trucks in North America, serving sectors like long-haul transportation, regional distribution, construction, and logging.
DAF in Europe
DAF, primarily operating in Europe, offers a range of trucks that include light, medium, and heavy-duty models. These trucks are tailored for different purposes, such as urban delivery, long-distance transport, and various industrial applications. Over the years, DAF has proven to be an important subsidiary in order to compete in the highly competitive European market.
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