Short answer
Paccar (PCAR) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $28.4B (−15.5% year over year) and net income of $2.4B.
- Top risk flagged: Regulatory risk from EPA’s Low NOx Rule and California’s Advanced Clean Truck (ACT) regulation under litigation with uncertain outcome
FY2025 key financial metrics · XBRL
- Revenue
- $28.4B
- −15.5% YoY
- Net income
- $2.4B
- −42.9% YoY
- EPS (diluted)
- $4.51
- −42.9% YoY
- ROE
- 12.3%
- −11.4 pp YoY
- Operating cash flow
- $4.4B
- −4.9% YoY
Source: XBRL data from the Paccar (PCAR) FY2025 10-K on SEC EDGAR. USD.
Paccar FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, manufacture, and distribution of heavy-duty trucks and related parts
- No new products, services, or segments introduced or emphasized in this year's filing
- Continued adherence to corporate governance and compliance including Code of Ethics and insider trading policies
- Independent auditor Ernst & Young LLP retained for 2026 audit services
- Proxy statement for April 28, 2026 meeting incorporated extensively by reference across multiple governance and compensation disclosures
Management Discussion & Analysis
- Revenue $28.44B in 2025, down 16% YoY from $33.66B; Truck down 22% to $19.37B, Parts up 3% to $6.87B, Financial Services up 5% to $2.21B
- Operating margin Truck 7.5% vs 13.9% in 2024; Parts margin 29.9% vs 30.9%; Financial Services pre-tax return on revenues 2.1% vs 2.0%
- Best performing segment Parts: income before taxes $1.67B with 24.3% margin; Worst Truck income $871M with 4.5% margin, down 69% YoY
- Cash flow: Operating cash $4.42B, Investing cash outflow $2.27B, Financing cash outflow $3.08B; Dividends paid $2.27B; Capex reduced, lower equipment acquisitions
- Outlook/risk: Truck demand weakness persists; litigation charge $350M in Other segment; rising provision for losses and past due accounts in Financial Services; dividend continuation but no guarantee
Risk Factors
- Regulatory risk from EPA’s Low NOx Rule and California’s Advanced Clean Truck (ACT) regulation under litigation with uncertain outcome
- Geopolitical exposure to fuel shortages, natural calamities, and labor strikes in North America and Europe markets
- Supply chain vulnerability due to shortages of alternative powertrain components and increased demand exceeding supplier capacity
- Competitive threat from rivals advancing battery-electric, hybrid, hydrogen fuel cell, and hydrogen combustion commercial vehicles
- Financial Services segment credit risk from potential customer loan defaults despite collateral secured by equipment
Generated from the filing text; verify against the original. How to read a 10-K
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