Paccar (PCAR) FY2024 results: revenue $33.7 billion, down 4.2% on the year

Paccar Inc. (PCAR) reported revenue of $33.7 billion for fiscal 2024, the year ended 31 December 2024, down 4.2% on the year before. Net income was $4.2 billion, down 9.5%, and diluted earnings per share $7.90. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2025.

Revenue

$33.7 billion

-4.2% on the year

FY2017FY2024

Operating margin

n/a

FY2017FY2024

Net income

$4.2 billion

-9.5% on the year

FY2017FY2024

Diluted EPS

$7.90

-9.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	33,664	35,127	28,820	-4.2%
Cost of revenue	26,070	26,894	23,291	-3.1%
Gross profit	7,594	8,233	5,529	-7.8%
Gross margin	22.6%	23.4%	19.2%
Research and development	453	411	341	+10.2%
Selling, general and administrative	744	753	726	-1.2%
Pre-tax income	5,401	5,718	3,849	-5.5%
Income tax	1,239	1,117	837	+10.9%
Effective tax rate	22.9%	19.5%	21.8%
Net income	4,162	4,601	3,012	-9.5%
Net margin	12.4%	13.1%	10.4%
Diluted EPS	$7.90	$8.76	$5.75	-9.8%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	4,641	4,190	3,027	+10.8%
Capital expenditure	839	695	525	+20.7%
Free cash flow	3,802	3,495	2,502	+8.8%
Free cash flow margin	11.3%	9.9%	8.7%
Cash from investing	-4,487	-2,871	-2,033
Cash from financing	-123	1,102	305
Depreciation and amortisation	398	415	332	-4.0%
Share-based compensation	22.9	21.2	17.1	+8.0%
Buybacks	4.5	3.5	2.1	+28.6%
Dividends paid	2,288	1,519	1,005	+50.7%
Dividend per share	$4.17	$4.24	$2.80	-1.7%
Diluted shares, weighted	527m	525m	523m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	17,507	15,879	13,167	+10.3%
Debt	15,895	14,234	11,472	+11.7%
Other liabilities	10,017	10,710	8,637	-6.5%
Total liabilities and equity	43,419	40,823	33,276	+6.4%
Fixed assets	3,986	3,780	3,468	+5.4%
Goodwill	101	107	104	-6.2%
Cash and equivalents	7,061	7,182	4,691	-1.7%
Other assets	32,272	29,754	25,012	+8.5%
Total assets	43,419	40,823	33,276	+6.4%

10-K for the year ended 31 December 2024, filed 19 February 2025: the filing.