PACCAR INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PACCAR INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	17,033	19,456	23,496	25,600	18,729	23,522	28,820	35,127	33,664	28,445
Cost of revenue							23,291	26,894	26,070	22,737
Gross profit							5,529	8,233	7,594	5,708
Research and development							341	411	453	446
Selling, general and administrative							726	753	744	736
Other non-operating income								-520	114	-284
Pre-tax income	1,130	2,173	2,810	3,099	1,662	2,396	3,849	5,718	5,401	3,024
Income tax	609	498	615	711	360	531	837	1,117	1,239	648
Net income	522	1,675	2,195	2,388	1,301	1,866	3,012	4,601	4,162	2,376
EPS, basic	1.00	3.18	4.18	4.60	2.50	3.58	5.76	8.78	7.92	4.52
EPS, diluted	0.99	3.18	4.17	4.59	2.50	3.57	5.75	8.76	7.90	4.51
Shares, basic (weighted)	0	526	525	519	520	522	523	524	525	526
Shares, diluted (weighted)	0	528	526	520	521	523	523	525	527	527
Dividend per share							2.80	4.24	4.17	2.72

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,916	2,365	3,436
Inventory						1,976
Property, plant and equipment	2,260	2,464	2,481	2,884	3,270	3,398	3,468	3,780	3,986	4,505
Lease right-of-use assets				36.9	39.9	35.8	42.9	70.9	70.4	61.8
Goodwill	103	117	112	109	119	111	104	107	101	114
Total assets	20,639	23,440	25,482	28,361	28,450	29,509	33,276	40,823	43,419	44,336
Other non-current liabilities						1,488
Total liabilities	13,861	15,390	16,890	18,655	17,727	17,915	20,108	24,945	25,912	25,072
Paid-in capital	70.1	123	69.4	61.4	88.5	142	196	269	345	379
Retained earnings	7,485	8,369	9,275	10,399	11,005	12,026	13,402	15,780	17,751	18,696
Treasury stock		0
Other comprehensive income	-1,128	-794	-1,099	-1,100	-1,050	-921	-953	-694	-1,113	-337
Shareholders' equity	6,778	8,051	8,593	9,706	10,533	11,594	13,167	15,879	17,507	19,264
Total equity	6,778	8,051	8,593	9,706	10,533	11,594	13,167	15,879	17,507	19,264
Total liabilities and equity	20,639	23,440	25,482	28,361	28,260	29,509	33,276	40,823	43,419	44,336

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	522	1,675	2,195	2,388	1,301	1,866	3,012	4,601	4,162	2,376
Depreciation and amortization	302	321	338	322	250	270	332	415	398	398
Stock-based compensation	13.1	12.7	13.2	15.1	13	14.7	17.1	21.2	22.9	24.1
Deferred income tax	30.9	-174	17.5	70.8	0.4	-209	-208	-304	-79.3	333
Change in inventory	64.1	-150	-333	24.6	-51.9	-628	-273	-351	42.5	296
Change in payables	-8.6	334	529	-27.6	-53.6	693	840	376	279	-433
Cash from operations	2,301	2,716	2,992	2,860	2,987	2,187	3,027	4,190	4,641	4,416
Capital expenditures	-375	-423	-458	-574	-550	-559	-525	-695	-839	-743
Purchases of investments	-1,032	-970	-616	-851	-842	-903	-888	-967	-2,069	-1,785
Sales and maturities of investments	1,305	780	932	716	598	727	718	804	1,103	1,448
Cash from investing	-1,564	-1,965	-1,931	-2,207	-1,876	-1,363	-2,033	-2,871	-4,487	-2,267
Debt issued	1,995	1,670	2,340	2,504	2,150	2,101	3,172	3,085	3,891	3,146
Debt repaid	-1,625	-1,897	-1,755	-1,790	-1,899	-2,337	-2,266	-2,233	-2,473	-2,836
Stock issued	29.4	40	19.7	60.9	53.8	38.4	35.8	51.7	52	43.6
Share buybacks	-70.5		-354	-110	-42.1	-1.5	-2.1	-3.5	-4.5	-36.1
Dividends paid	-829	-558	-804	-1,139	-1,240	-708	-1,005	-1,519	-2,289	-2,267
Cash from financing	-824	-394	71.1	83.4	-1,809	-883	305	1,102	-123	-3,082
Exchange rate effect	-13.7	91.6	-61.5
Net change in cash	-101	449	1,071	739	-636	-111	1,263	2,491	-121	-753
Free cash flow	1,926	2,292	2,535	2,286	2,437	1,628	2,502	3,495	3,802	3,673
Interest paid	108	127	167	204	165	105	169	397	572	693
Income taxes paid	499	661	608	586	374	761	932	1,499	1,319	646

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $111.31 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	20.0%	Gross profit / revenue.
Pre-tax margin	11.5%	Pre-tax income / revenue.
Net margin	9.0%	Net income / revenue.
FCF margin	13.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.6%	Cash from operations / revenue.
Effective tax rate	21.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.7%	Net income / average total assets.
R&D / revenue	1.6%	Research and development expense / revenue.
SG&A / revenue	2.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.3%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-15.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-24.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	-42.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-42.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-3.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-34.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-1.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	10.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	53.8%	Total liabilities / total assets.
Tangible book value	$20.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.63x	Revenue / average total assets.
FCF conversion	147.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$52.72	Revenue / diluted weighted shares.
FCF per share	$7.01	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.23	Cash from operations / diluted weighted shares.
Book value per share	$38.52	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$38.52	Tangible book value / shares outstanding.
Payout ratio	57.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	39.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$58.59B	Share price x shares outstanding.
Enterprise value	$58.59B	Market cap + total debt - cash - short-term investments.
P/E	23.4x	Market cap / net income. Only when net income is positive.
P/S	2.11x	Market cap / revenue.
P/B	2.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.88x	Market cap / tangible book value, when positive.
P/FCF	15.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.5x	Market cap / cash from operations, when positive.
EV/Sales	2.11x	Enterprise value / revenue.
EV/FCF	15.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.3%	Free cash flow / market cap.
Earnings yield	4.3%	Net income / market cap (the inverse of P/E).
Dividend yield	2.5%	Dividends paid over the period / market cap.
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.

What was PACCAR INC's revenue in fiscal 2025?

PACCAR INC reported revenue of $28.44B for fiscal 2025, 15.5% lower than the year before.

Was PACCAR INC profitable in fiscal 2025?

Yes. Net income was $2.38B, a net margin of 8.4%.

How much free cash flow did PACCAR INC generate in fiscal 2025?

Cash from operations of $4.42B minus capital expenditures of $743.0M left free cash flow of $3.67B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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