Paccar (PCAR) FY2022 results: revenue $28.8 billion, up 22.5% on the year

Paccar Inc. (PCAR) reported revenue of $28.8 billion for fiscal 2022, the year ended 31 December 2022, up 22.5% on the year before. Net income was $3.0 billion, up 61.4%, and diluted earnings per share $5.75. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$28.8 billion

+22.5% on the year

FY2015FY2022

Operating margin

n/a

FY2015FY2022

Net income

$3.0 billion

+61.4% on the year

FY2015FY2022

Diluted EPS

$5.75

+61.1% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	28,820	23,522	18,728	+22.5%
Cost of revenue	23,291	n/a	n/a
Gross profit	5,529	n/a	n/a
Gross margin	19.2%	n/a	n/a
Research and development	341	n/a	n/a
Selling, general and administrative	726	n/a	n/a
Pre-tax income	3,849	2,396	1,662	+60.6%
Income tax	837	531	360	+57.7%
Effective tax rate	21.8%	22.2%	21.7%
Net income	3,012	1,866	1,301	+61.4%
Net margin	10.4%	7.9%	6.9%
Diluted EPS	$5.75	$3.57	$2.50	+61.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,027	2,187	2,987	+38.4%
Capital expenditure	525	559	550	-6.1%
Free cash flow	2,502	1,628	2,437	+53.7%
Free cash flow margin	8.7%	6.9%	13.0%
Cash from investing	-2,033	-1,363	-1,876
Cash from financing	305	-883	-1,808
Depreciation and amortisation	332	270	250	+23.0%
Share-based compensation	17.1	14.7	13.0	+16.3%
Buybacks	2.1	1.5	42.1	+40.0%
Dividends paid	1,005	708	1,240	+41.9%
Dividend per share	$2.80	n/a	n/a
Diluted shares, weighted	523m	523m	521m	+0.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	13,167	11,594	10,533	+13.6%
Debt	11,472	10,432	10,853	+10.0%
Other liabilities	8,637	7,484	7,063	+15.4%
Total liabilities and equity	33,276	29,509	28,450	+12.8%
Fixed assets	3,468	3,398	3,270	+2.1%
Goodwill	104	111	119	-5.9%
Cash and equivalents	4,691	3,428	3,540	+36.8%
Inventory	n/a	1,976	n/a
Other assets	25,012	20,596	21,521	+21.4%
Total assets	33,276	29,509	28,450	+12.8%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.