Paccar (PCAR) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $7,936.5M, up 19% YoY, and net income was $847.5M, up 44%; diluted EPS was $1.61 versus $1.12.

• Truck deliveries rose to 40,100 from 31,900; Q4 deliveries are forecast at 41,000–43,000 as suppliers ramp production.

• Nine-month revenue was $22,259.7M and net income was $2,204.8M; 2025 adjusted net income excluding the litigation charge was $2,083.4M.

Financial highlights

• Q3 Truck, Parts and Other revenue was $7.38B; Financial Services revenue was $558.9M.

• Nine-month operating cash flow was $2,520.3M versus $3,271.5M; cash and marketable securities totaled $9,238.2M at September 30, 2026.

• Nine-month cash generation was $2.5B, exceeding net income; prior-year cash flow included an atypical decline in wholesale dealer flooring inventory.

• Q3 capital investments were $137.6M and R&D expense was $108.9M.

Outlook and guidance

• Q4 truck deliveries are forecast at 41,000–43,000; Truck, Parts and Other gross margin is expected at 14%–15%.

• 2027 U.S./Canada Class 8 market forecast is 240,000–280,000 units; Europe above 16 tonnes is expected at 300,000–320,000 and South America at 105,000–115,000.

• 2026 parts sales are forecast to grow 3%–5%; 2027 parts sales are expected to rise 3%–6%, depending on economic conditions.

• Capital expenditure and R&D guidance: 2026 $650M–$700M and $440M–$460M; 2027 $650M–$700M and $460M–$500M, respectively.