Paccar (PCAR) Q4 FY2025 earnings: revenue $6.8 billion, down 13.7% on the year

Paccar Inc. (PCAR) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, down 13.7% on the same quarter a year earlier. Net income was $557 million, down 36.1% on the year, and diluted earnings per share $1.06. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$6.8 billion

-13.7% on the year · +2.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$557 million

-36.1% on the year · -5.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.06

-36.1% on the year · -5.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 3 kept.

Fourth-quarter revenue and profit declined: Fourth-quarter revenue was $6.82 billion against $7.91 billion a year earlier. Net income was $556.9 million, or $1.06 per diluted share, against $872.0 million, or $1.66.
Full-year net income and adjusted net income: 2025 net income was $2.38 billion, or $4.51 per diluted share, including a non-recurring European civil litigation charge. Adjusted net income was $2.64 billion, or $5.01 per diluted share, with after-tax return on revenues of 8.4%.
Truck segment pretax profit dropped sharply: Truck segment pretax profit was $94.6 million in the fourth quarter, against $502.9 million a year earlier. For 2025 it was $870.8 million, against $2,852.6 million in 2024.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	6,821	6,672	7,908	+2.2%	-13.7%
Cost of revenue	5,505	5,345	6,196	+3.0%	-11.2%
Gross profit	1,316	1,326	1,712	-0.8%	-23.1%
Gross margin	19.3%	19.9%	21.6%
Research and development	106	111	115	-4.3%	-7.9%
Selling, general and administrative	195	180	187	+8.0%	+3.9%
Pre-tax income	705	744	1,149	-5.2%	-38.7%
Income tax	148	154	277	-3.6%	-46.6%
Effective tax rate	21.0%	20.7%	24.1%
Net income	557	590	872	-5.6%	-36.1%
Net margin	8.2%	8.8%	11.0%
Diluted EPS	$1.06	$1.12	$1.66	-5.4%	-36.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,144	1,528	1,446	-25.1%	-20.8%
Capital expenditure	190	166	233	+14.5%	-18.6%
Free cash flow	954	1,362	1,212	-29.9%	-21.3%
Free cash flow margin	14.0%	20.4%	15.3%
Cash from investing	-754	-503	-1,732
Cash from financing	-395	-262	643
Depreciation and amortisation	101	206	98.2	-51.0%	+2.7%
Share-based compensation	3.7	2.8	3.4	+32.1%	+8.8%
Buybacks	0.9	0.2	0.0	+350.0%
Dividends paid	173	173	157	0.0%	+10.2%
Dividend per share	n/a	$0.33	n/a
Diluted shares, weighted	527m	527m	527m	+0.0%	+0.0%
Shares outstanding at period end	526m	525m	525m	+0.1%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	19,264	19,369	17,507	-0.5%	+10.0%
Debt	15,636	15,851	15,895	-1.4%	-1.6%
Other liabilities	9,436	8,981	10,017	+5.1%	-5.8%
Total liabilities and equity	44,336	44,201	43,419	+0.3%	+2.1%
Fixed assets	4,505	n/a	3,986		+13.0%
Goodwill	114	n/a	101		+13.4%
Cash and equivalents	6,308	6,304	7,061	+0.1%	-10.7%
Other assets	33,409	37,897	32,272	-11.8%	+3.5%
Total assets	44,336	44,201	43,419	+0.3%	+2.1%

Questions

What was Paccar's revenue in Q4 FY2025?

Paccar (PCAR) reported revenue of $6.8 billion for Q4 FY2025, the quarter ended 31 December 2025, down 13.7% on the same quarter a year earlier.

How much did Paccar earn in Q4 FY2025?

Net income for Q4 FY2025 was $557 million, down 36.1% on the year, and diluted earnings per share $1.06.

When did Paccar report Q4 FY2025 results?

Paccar filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	6,686	6,473	7,159	7,059	8,130	8,473	8,881	8,696	9,077	8,744	8,772	8,240	7,908	7,442	7,510	6,672	6,821	6,776	7,547	7,936
Cost of revenue	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	6,674	6,772	6,428	6,196	5,891	5,995	5,345	5,505	5,416	5,989	6,311
Gross profit	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2,070	2,000	1,812	1,712	1,551	1,515	1,326	1,316	1,360	1,558	1,626
Gross margin	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	24%	23%	22%	22%	21%	20%	20%	19%	20%	21%	20%
R&D	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	106	117	115	115	115	113	111	106	109	114	109
SG&A	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	187	184	186	187	182	179	180	195	189	180	168
Pre-tax income	651	771	922	980	1,176	919	1,568	1,589	1,641	1,534	1,461	1,256	1,149	643	932	744	705	776	982	1,081
Tax rate	21%	22%	22%	21%	22%	20%	22%	23%	14%	22%	23%	23%	24%	21%	22%	21%	21%	22%	23%	22%
Net income	511	600	720	769	921	734	1,221	1,228	1,417	1,195	1,123	972	872	505	724	590	557	605	752	848
Net margin	8%	9%	10%	11%	11%	9%	14%	14%	16%	14%	13%	12%	11%	7%	10%	9%	8%	9%	10%	11%
Diluted EPS	$0.99	$1.15	$1.38	$1.47	$1.76	$1.40	$2.33	$2.34	$2.70	$2.27	$2.13	$1.85	$1.66	$0.96	$1.37	$1.12	$1.06	$1.15	$1.43	$1.61
Operating cash flow	1,036	459	638	681	1,249	685	976	1,343	1,187	1,469	440	1,286	1,446	910	833	1,528	1,144	972	701	848
Capital expenditure	178	138	128	127	131	139	168	190	198	191	220	194	233	165	222	166	190	147	145	137
Free cash flow	859	321	510	554	1,118	546	807	1,153	989	1,278	220	1,092	1,212	745	611	1,362	954	825	555	711
Buybacks	0.0	1.9	0.0	0.1	0.1	3.0	0.0	0.1	0.4	4.0	0.0	0.5	0.0	4.3	30.7	0.2	0.9	4.8	0.0	0.8
Dividends paid	118	639	118	118	129	1,105	131	141	141	1,816	157	157	157	1,747	173	173	173	909	184	184
Shares outstanding	521m	522m	522m	522m	523m	523m	523m	523m	524m	524m	524m	524m	525m	525m	525m	525m	526m	526m	526m	527m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.