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PACCAR Inc
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NASDAQ: PCAR Industrials Infra 🔎 Screen
S&P 500 Nasdaq 100
$56.8B
Market Cap
24.3
P/E
14.64
PEG
9.7%
ROCE
12.9%
ROE
0.82
D/E
10.8%
OPM
-21.2%
% from 52W High
59
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for PCAR including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
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About

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Australia, Mexico, Europe, Central and South America, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods; and diesel engine products. It sells its trucks through a network of independent dealers under the Kenworth, Peterbilt, and DAF nameplates. The Parts segment distributes aftermarket parts for trucks and related commercial vehicles. The Financial Services segment conducts full-service leasing operations under the PacLease trade name, as well as provides finance and leasing products and services to customers and dealers. This segment offers equipment financing and administrative support services for its franchisees; retail loan and leasing services for small, medium, and large commercial trucking companies, as well as independent owners/operators and other businesses; and truck inventory financing services to independent dealers. In addition, this segment offers loans and leases directly to customers for the acquisition of trucks and related equipment; and operates its own full-service lease outlets. The company manufactures and markets industrial winches under the Braden, Carco, and Gearmatic nameplates. PACCAR Inc was founded in 1905 and is headquartered in Bellevue, Washington.

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⭐ Superinvestors Holding PCAR
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 123.1K $14.2M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$7.55B
+0.5% YoY
Net Income
$752.0M
+3.9% YoY
Diluted EPS
$1.43
+4.4% YoY
PACCAR Parts Revenue
$1.75B
+1.7% YoY
What Went Right
  • Net income rose 24% sequentially to $752M, with truck/parts gross margin up from 13.1% to 14.4%.
  • PACCAR Parts set a record quarter with $1.75B revenue and $417M pre-tax income.
  • Q2 truck deliveries increased to 38,700 units, and Q3 is guided higher to ~42,000 units.
What to Watch
  • Supplier constraints delayed a few hundred U.S. deliveries into Q3 as production ramps.
  • EPA 2027 rule is still a proposal; the $6,000-$7,000 non-conformance fee is a pass-through and could affect mix.
  • Q3 margin is guided roughly flat at 14.5% due to mix shift toward fleet trucks and parts ratio dilution.
Management Guidance
  • No explicit revenue guidance; Q3 deliveries guided to ~42,000 units.
  • Q3 truck/parts gross margin forecast at 14.5%, with further improvement in Q4.
  • Full-year 2026 U.S./Canada retail market ~250,000 units; Europe ~310,000; South America 100,000-110,000.
  • PACCAR Parts full-year sales growth expected 3%-5%.
  • Full-year capital investments planned at $700-$750M and R&D at $450-$480M.
Investor Lens
The thesis is stronger after this call given margin expansion, record parts revenue and a more constructive EPA regulatory path for 2027. Local-for-local production is delivering net tariff benefits, while improving freight conditions support rising build rates through H2 2026. The key watch items are supplier constraints and the final shape of the EPA rule, but management's confidence in a healthy 2027 market is encouraging.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2: net income $752M, record parts revenues $1.75B
Revenue
Consolidated revenues were $7.55B, up slightly from $7.51B in Q2 2025. Record PACCAR Parts revenue of $1.75B contributed, while global truck deliveries rose sequentially to 38,700 units.
Profitability
Net income was $752.0M, or $1.43 per diluted share, versus $723.8M ($1.37) in the year-ago quarter and up 24% from Q1 2026. First-half 2026 net income was $1.36B versus $1.23B in the prior year.
Margins
Truck, parts and other gross margin expanded from 13.1% in Q1 to 14.4% in Q2, helped by favorable price/cost and local-for-local production. Parts gross margin was 29.8%, and management guided Q3 gross margin to 14.5% with further improvement in Q4.
Balance Sheet
Q2 cash generated from operations was $700.8M; capital investments were $138.7M and R&D spending was $114.3M in the quarter. First-half cash from operations was $1.67B, with capex of $274.2M and R&D of $223.4M.
Key Risks
Supplier constraints delayed a few hundred U.S. deliveries into Q3, a risk as build rates ramp. The EPA 2027 rule remains in proposed form, with a $6,000-$7,000 non-conformance fee expected to be a pass-through and potential mix influence. Tariff costs were net favorable in Q2, but tariff dynamics remain an ongoing cost/offset variable.
Outlook
Q3 deliveries are guided to ~42,000 units with gross margin of 14.5%, increasing in Q4. Management expects a strong second half with U.S./Canada market around 250,000 units for 2026 and parts sales growth of 3%-5%.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-28
Q2 saw revenues of $7.5B and net income of $752M, up 24% sequentially, driven by strong truck and record parts performance. Gross margin improved to 14.4%, with further gains expected. Regulatory clarity and robust demand support a positive outlook for the rest of 2026.
Q1 2026 Q1 2026 2026-04-28
Q1 saw $6.8B revenue and $605M net income, with gross margin up to 13.1% and further gains expected as volumes rise. Truck, parts, and financial services all performed strongly, and order visibility is high into Q3/Q4. Margins and demand are forecast to improve sequentially.
Q4 2025 Q4 2025 2026-01-27
Fourth quarter and full-year results set new records for revenues and profits, with strong performance from parts and financial services. Regulatory clarity and tariff changes position the business for margin and market share gains in 2026.
Q3 2025 Q3 2025 2025-10-21
Q3 2025 saw $6.7B revenue and $590M net income, with record parts revenue and strong financial services. Tariff headwinds peaked in October but are expected to ease, supporting margin and earnings growth into 2026. Order books are 60–70% full, and market share remains strong.
Q2 2025 Q2 2025 2025-07-22
Q2 saw strong revenues and record parts performance, with robust financial services and disciplined cost control. Tariff and regulatory uncertainties persist, but guidance remains positive for parts growth and 2026 outlook, supported by capital investments and regulatory clarity.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
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Information Sources:
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