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Paccar (PCAR) Q2 2025 earnings results (second quarter 2025)

10-Q filed Jul 31, 2025

Paccar (PCAR) reported revenue of $7.5B for the second quarter 2025 (Q2 2025), -14% from a year earlier and +0.9% from the quarter before. Operating margin was 12.4%, net earnings $724M (9.6% of revenue).

Revenue$7.5B
Year over year-14%
Quarter over quarter+0.9%
Operating margin12.4%
Net earnings$724M

Paccar, Q2 2025: revenue $7.5B (-14% year over year), operating margin 12.4%, net earnings $724M, operating cash flow $833M. The chart follows the revenue to costs, profit and cash.

Q2 2025AmountQ/QY/Y
Revenue$7.5B+0.9%-14%
Operating profit$932M+45%-36%
Net earnings$724M+43%-36%
Operating cash flow$833M-8%+89%
Free cash flow$611M+6%+178%

What changed

Revenue was $7.5B in Q2 2025, down 14% year over year and up 1% from the previous quarter. Truck Parts and Other was the largest line at 93% of revenue. Truck Parts and Other lost $1.3B year over year (down 16%), 103% of the total change.

Operating profit was $0.93B, a 12.4% margin (down 4.2 points year over year). Total costs fell 10% while revenue fell 14%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $0.72B, down 36% year over year. The effective tax rate was 22.3%.

Operating cash flow was $0.83B (up 89% year over year), 115% of net earnings. Non-cash charges added back $0.10B of depreciation and amortization and $3.9M of share-based compensation. Capital expenditures of $0.22B left free cash flow of $0.61B.

Questions

What was Paccar's revenue in the second quarter 2025?

Paccar (PCAR) reported revenue of $7.5B for the second quarter 2025 (Q2 2025), -14% from a year earlier and +0.9% from the quarter before.

Was Paccar profitable in the second quarter 2025?

Operating profit was $932M (12.4% of revenue) and net earnings $724M.

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Source: Paccar 10-Q on SEC EDGAR.