PACCAR stock trades on fundamentals as 2025 results frame 2026

PACCAR Inc. (ISIN US6937181088) stock remains anchored in its 2025 operating base, with revenue of $27.9 billion and net income of $4.2 billion reported for fiscal 2025. The company said net sales and financial services revenues reached $27.9 billion in 2025, compared with $33.2 billion in 2024, while diluted earnings per share were $4.18, according to PACCAR.

Revenue fell from 2024

PACCAR reported 2025 truck deliveries of 159,100 units, down from 183,800 in 2024, which shows how sharply the cycle cooled over the year. The same report put the companys gross profit at $6.8 billion in 2025, against $8.3 billion in 2024, giving investors a clear comparison across two full years.

Operating cash flow added another reference point: PACCAR generated $3.1 billion in cash from operations in 2025, after $4.4 billion in 2024. That drop matters because it followed lower industry demand and weaker truck pricing, while the company still kept full-year profitability above $4 billion.

Margin still matters

For investors, the margin profile is the key number in a softer freight backdrop. PACCAR said its 2025 pretax profit was $5.3 billion, versus $6.7 billion in 2024, and its financial services pretax profit reached $844.6 million in 2025, compared with $839.6 million a year earlier.

The comparison is mixed but useful: industrial earnings moved lower, while the finance arm held near the prior year level. That combination leaves the stock more dependent on truck demand, pricing discipline, and the next phase of North American replacement demand than on financing gains alone.

Kennworth and Peterbilt

PACCARs product strength still runs through Kenworth and Peterbilt, two brands that help the group defend share when replacement demand improves. In 2025, the company also reported $908.1 million of research and development expense, up from $865.9 million in 2024, showing continued spending on new trucks and powertrains.

The same annual report said capital expenditures were $589.2 million in 2025, versus $560.0 million in 2024. That level of investment supports the product cycle, even as the company navigates a lower-volume environment.

Capital return remains large

PACCAR also kept returning cash to shareholders, with dividends declared of $1.28 per share in 2025, up from $1.24 in 2024. The company ended 2025 with total assets of $42.2 billion and shareholders equity of $13.9 billion, two balance-sheet markers that help frame the stock before the next earnings update.

For a trucking group, those numbers matter more than headlines. The 2025 base already shows a business that stayed profitable, but the year-on-year declines in revenue, deliveries, gross profit, and operating cash flow point to a cycle that still needs stronger freight conditions to reaccelerate.

Price and market value

PACCAR stock is tied to those earnings trends and to the next market re-rating around freight demand. The latest annual report figures give the clearest current reference, because they show $27.9 billion in revenue, $4.2 billion in net income, and 159,100 truck deliveries in fiscal 2025.