Paccar (PCAR) FY2023 results: revenue $35.1 billion, up 21.9% on the year

Paccar Inc. (PCAR) reported revenue of $35.1 billion for fiscal 2023, the year ended 31 December 2023, up 21.9% on the year before. Net income was $4.6 billion, up 52.8%, and diluted earnings per share $8.76. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$35.1 billion

+21.9% on the year

FY2016FY2023

Operating margin

n/a

FY2016FY2023

Net income

$4.6 billion

+52.8% on the year

FY2016FY2023

Diluted EPS

$8.76

+52.3% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	35,127	28,820	23,522	+21.9%
Cost of revenue	26,894	23,291	n/a	+15.5%
Gross profit	8,233	5,529	n/a	+48.9%
Gross margin	23.4%	19.2%	n/a
Research and development	411	341	n/a	+20.4%
Selling, general and administrative	753	726	n/a	+3.7%
Pre-tax income	5,718	3,849	2,396	+48.6%
Income tax	1,117	837	531	+33.5%
Effective tax rate	19.5%	21.8%	22.2%
Net income	4,601	3,012	1,866	+52.8%
Net margin	13.1%	10.4%	7.9%
Diluted EPS	$8.76	$5.75	$3.57	+52.3%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	4,190	3,027	2,187	+38.4%
Capital expenditure	695	525	559	+32.4%
Free cash flow	3,495	2,502	1,628	+39.7%
Free cash flow margin	9.9%	8.7%	6.9%
Cash from investing	-2,871	-2,033	-1,363
Cash from financing	1,102	305	-883	+261.5%
Depreciation and amortisation	415	332	270	+24.9%
Share-based compensation	21.2	17.1	14.7	+24.0%
Buybacks	3.5	2.1	1.5	+66.7%
Dividends paid	1,519	1,005	708	+51.1%
Dividend per share	$4.24	$2.80	n/a	+51.4%
Diluted shares, weighted	525m	523m	523m	+0.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	15,879	13,167	11,594	+20.6%
Debt	14,234	11,472	10,432	+24.1%
Other liabilities	10,710	8,637	7,484	+24.0%
Total liabilities and equity	40,823	33,276	29,509	+22.7%
Fixed assets	3,780	3,468	3,398	+9.0%
Goodwill	107	104	111	+3.2%
Cash and equivalents	7,182	4,691	3,428	+53.1%
Inventory	n/a	n/a	1,976
Other assets	29,754	25,012	20,596	+19.0%
Total assets	40,823	33,276	29,509	+22.7%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.