Company file · PCAR
Paccar
Paccar's revenue fell 15.5% in FY2025, to $28.4B, and net income fell 42.9% to $2.4B
Revenue fell 15.5% to $28.4B in FY2025, from $33.7B in FY2024. Net income fell 42.9% to $2.4B. Truck Parts and Other was the largest product or service, at 92% of revenue.
Key facts
Paccar (Nasdaq: PCAR) reported revenue of $28.4B for fiscal 2025, the year ended Dec 31, 2025, down 15.5% from fiscal 2024. Net income was $2.4B, down 42.9%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $7.9B, up 19.0% from the same quarter a year earlier, and net income was $848M. The largest piece by product or service was Truck Parts and Other, at 92% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 18, 2026
Source: 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By product or service, FY2025
Source: 10-K FY2025, XBRL breakdown
By product or service in FY2025: Truck Parts and Other (92%) and Financial Services (8%), as shares of total revenue. Total revenue was $28.4B.
Source: 10-K FY2025
By region, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Paccar 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By product or service
Source: Paccar 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue in the quarter ended Sep 30, 2026 was $7.9B, up 19.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $848M, up 43.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Financial Services revenue grew 5.2% in FY2025 to $2.2B. 10-K, FY2025
The bear case
- Revenue fell 15.5% in FY2025 to $28.4B, from $33.7B a year earlier. 10-K, FY2025
- Net income fell 42.9% in FY2025 to $2.4B, from $4.2B. 10-K, FY2025
- Operating cash flow fell 4.9% in FY2025 to $4.4B. 10-K, FY2025
- Truck Parts and Other revenue fell 16.9% in FY2025 to $26.2B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Paccar is in the construction machinery & heavy transportation equipment industry, part of the industrials sector. The SEC files it under Motor Vehicles & Passenger Car Bodies.
The full description of Paccar's business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the construction machinery & heavy transportation equipment industry. They are not a summary of Paccar’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $35.1B | $33.7B | $28.4B |
| Net income | $4.6B | $4.2B | $2.4B |
| Operating cash flow | $4.2B | $4.6B | $4.4B |
| Diluted shares | 525M | 527M | 527M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- The cash flow statement
- Risk factors (Item 1A)
- Remaining performance obligations (RPO)
- Debt-to-equity ratio
- Market cap and enterprise value
- Dividends paid vs. declared
- Subsequent events
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
What we left out
- Cash: the company's filing data doesn't carry a consistent cash total for the years shown, so it isn't shown.
- Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 29, 2026 | Jun 30, 2026 |
| 10-Q | Apr 29, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 18, 2026 | Apr 28, 2026 |
| 10-K | Feb 18, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Paccar
How does Paccar make money?
Paccar's revenue was $28.4B in fiscal 2025. By product or service in FY2025: Truck Parts and Other (92%) and Financial Services (8%), as shares of total revenue. Total revenue was $28.4B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What was Paccar's revenue in fiscal 2025?
$28.4B of revenue for the fiscal year ended Dec 31, 2025, down 15.5% from $33.7B in fiscal 2024. Fiscal 2023 was $35.1B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
Is Paccar profitable?
Paccar reported net income of $2.4B for fiscal 2025, down 42.9% from $4.2B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $848M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.
What did Paccar report in its latest quarterly filing?
Revenue was $7.9B in the quarter ended Sep 30, 2026, up 19.0% from $6.7B a year earlier. Net income was $848M, up 43.6% from $590M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
What are the main risks Paccar faces?
Paccar's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the construction machinery & heavy transportation equipment industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these Paccar numbers come from?
From Paccar's own SEC filings: the 10-K for fiscal 2025 (filed Feb 18, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Paccar
- Citadel Advisors: 1,282,773 shares, reported value $154.1M at Jun 30, 2026 (+85.6% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Gates Foundation Trust: 1,000,000 shares, reported value $120.1M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 946,107 shares, reported value $113.6M at Jun 30, 2026 (+21.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Millennium Management: 209,112 shares, reported value $25.1M at Jun 30, 2026 (−88.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 208,754 shares, reported value $25.1M at Jun 30, 2026 (−10.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in PCAR
- The editor holds no position in Paccar (PCAR). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell PCAR from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 4, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold PCAR, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| PaccarPCAR | FY2025 | $28.4B | −15.5% | $2.4B |
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
| CumminsCMI | FY2025 | $33.7B | −1.3% | $3.0B |
| WabtecWAB | FY2025 | $11.2B | +7.5% | $1.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.