PACCAR Inc.

PCAR
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.8B
Q1 2026
TTM ROIC
8.4%
FY2025 · NOPAT / Invested Capital (Consolidated, including Financial Services); Invested Capital = Total Equity + Total Debt - Excess Cash · WACC ~8.75% · Moat spread +-0.35pp

Financial Snapshot

ticker: PCAR step: 04 generated: 2026-05-12 source: quick-research

PACCAR Inc (PCAR) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $28.8B $35.1B $33.7B -4%
Gross Margin ~14.5% ~16.2% ~15.8% -0.4pp
Operating Margin ~11.5% ~14.1% ~13.2% -0.9pp
Net Income $3.06B $4.60B $4.16B -10%
EPS (diluted) $5.82 $8.76 $7.97 -9%

Note: FY2023 was a peak year driven by record truck demand and post-COVID supply normalization. FY2024 decline reflects the beginning of a Class 8 truck cycle downturn.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$4.5B
Free Cash Flow ~$3.7B
Cash & Equivalents ~$5.5B
Total Debt ~$17.0B (primarily Financial Services)

Note: ~$14B of debt is in the captive Financial Services segment (retail/wholesale financing); industrial net cash position is positive.

Key Ratios (approximate)

  • P/E: ~13x (FY2024) | EV/EBITDA: ~9x | FCF Yield: ~5%
  • Revenue Growth (FY2024): -4% | FCF Margin (industrial): ~11%
  • Dividend Yield: ~3.5% (regular + special dividends)

Growth Profile

PACCAR operates in the highly cyclical Class 8 truck market, where FY2025 deliveries are tracking ~144,200 vs. 185,300 in FY2024 (-22%). However, the Parts segment (FY2024: $6.67B, a record) and Financial Services segment ($2.21B net revenues) provide counter-cyclical earnings stability. Long-term growth drivers include fleet electrification, ADAS/autonomy adoption, and expanding the dealer network in growth markets. The company maintains a net cash position in its industrial operations and has never cut its regular dividend.

Forward Estimates

  • FY2025E Revenue: ~$27-29B (consensus) — reflecting truck delivery decline partially offset by Parts record and Financial Services growth
  • FY2025E EPS: ~$5.50-6.50 (consensus) — down materially from FY2024 peak on volume deleverage
  • FY2026E: Potential recovery if Class 8 demand stabilizes; EPA 2027 emission regulations expected to drive pre-buy cycle

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $PCAR.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/pcar/financials/md · → thesis · → memo