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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 (PCAR) investor relations material
Paccar Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Q2 2025 net sales and revenues were $7.51B, down from $8.77B in Q2 2024, with net income of $723.8M ($1.37 per share), impacted by a $350M pre-tax European litigation charge; adjusted net income for H1 2025 was $1.49B.
Truck deliveries in Q2 2025 totaled 39,300 units, down from 48,400 in Q2 2024, with over 90% of U.S. trucks produced domestically.
PACCAR Parts achieved record quarterly revenues of $1.72B and pre-tax profit of $417M, with strong financial services performance.
Investments continue in new truck models, electrification, advanced manufacturing, and technology-enabled aftermarket solutions.
Ongoing policy clarity on tariffs and emissions, and regulatory changes, are expected to influence future demand and order timing.
Financial highlights
Q2 2025 truck sales were $5.24B (down from $6.58B), parts sales $1.72B (up from $1.66B), and financial services revenues $547.7M (up from $509.8M).
Q2 2025 diluted EPS was $1.37, down from $2.13 in Q2 2024; H1 2025 adjusted EPS was $2.83.
Q2 2025 truck segment pre-tax income was $308.8M (5.9% margin), parts pre-tax income $416.5M (24.2% margin), and financial services pre-tax income $123.2M.
Cash and marketable securities at June 30, 2025 totaled $8.28B; operating cash flow for H1 2025 was $1.74B.
Q2 2025 after-tax return on revenues was 9.6%, down from 12.8% in Q2 2024.
Outlook and guidance
2025 U.S. and Canada Class 8 truck industry retail sales expected at 230,000–260,000 units; Europe above-16-ton market at 270,000–300,000 units; South America above-16-ton at 90,000–100,000 units.
Parts sales expected to increase 2–6% in 2025, with strong demand and higher ship days in Europe.
Capital investments for 2025 projected at $750M–$800M; R&D at $450M–$480M.
Financial Services average earning assets projected to rise 4–6% in 2025.
Truck and industry demand are expected to decline in 2025 due to economic and policy factors.
Assess impact of tariffs on North American market.
Explain DAF's increased fuel efficiency.
How will PFS's Poland center impact used truck sales?
How will IEEPA/Section 232 trade policies clarify market?
What's driving the reacceleration in the Parts business?
How does the 'big beautiful bill' affect order season?
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Next Paccar earnings date
Q3 202521 Oct, 2025
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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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