# PACCAR Inc. (PCAR) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PCAR/thesis · /stocks/PCAR/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PCAR/fundamental

## Navigation

- Overview: /stocks/PCAR
- Financials (this page): /stocks/PCAR/financials
- Thesis: /stocks/PCAR/thesis
- Investment Memo: /stocks/PCAR/memo
- Coverage universe: /stocks