PACCAR reported strong annual revenues and net income in 2024,” said Preston Feight, chief executive officer. “PACCAR’s results reflect the enhanced profitability of the latest generation of DAF, Peterbilt and Kenworth trucks, record PACCAR Parts revenue and profit, and good financial services performance.
I am very proud of our employees and dealers who delivered outstanding trucks and transportation solutions to our customers. In 2025, PACCAR is celebrating the 120th anniversary of the company’s founding in 1905 by William Pigott.”
PACCAR achieved quarterly revenues of $7.91 billion in the fourth quarter of 2024, compared to the $9.08 billion reported in the same period in 2023. The company earned $872.0 million ($1.66 per diluted share) in the fourth quarter of 2024, compared to $1.42 billion ($2.70 per diluted share) earned in the fourth quarter of 2023. PACCAR achieved strong revenues of $33.66 billion in 2024, compared to revenues of $35.13 billion in 2023. The company earned $4.16 billion ($7.90 per diluted share) in 2024, compared to $4.60 billion ($8.76 per diluted share) in 2023. Included in 2023 was a $446.4 million after-tax, non-recurring charge related to civil litigation in Europe.1 Harrie Schippers, president and chief financial officer, noted, “PACCAR’s financial results in 2024 were the second best in company history.”
PACCAR Increases Regular Quarterly Dividend:
PACCAR declared cash dividends of $4.17 per share during 2024. This included a $3.00 per share year-end cash dividend paid on January 8, 2025. In December 2024, PACCAR announced a 10% increase to its regular quarterly cash dividend, to 33 cents per share, payable on March 5, 2025. “PACCAR has generated excellent financial results and shareholder returns for many years due to its premium quality vehicles, and strong performance by PACCAR Parts and PACCAR Financial Services,” shared Mark Pigott, executive chairman.
Global Truck Markets:
Kenworth and Peterbilt achieved excellent U.S. and Canada Class 8 retail sales market share of 30.7% in 2024. U.S. and Canada Class 8 truck industry retail sales were 268,000 units in 2024 and are estimated to be in a range of 250,000-280,000 trucks in 2025. “Infrastructure spending is driving steady demand for Kenworth and Peterbilt’s industry-leading vocational trucks,” said Laura Bloch, PACCAR senior vice president. “The less-than-truckload segment is also performing well.”
Kevin Baney, PACCAR executive vice president, added, “Kenworth, Peterbilt and DAF trucks deliver premium quality, industry-leading fuel efficiency and low operating costs to our customers. PACCAR is investing in the next generation of diesel and alternative powertrains, and aftermarket transportation solutions, that enable customers to achieve their operational and environmental goals.”
Harald Seidel, DAF president, said, “Customers appreciate the industry-leading fuel efficiency and driver comfort of DAF trucks. DAF trucks have a competitive advantage in the European truck market due to an innovative, aerodynamic design with a spacious, luxurious cab interior.” European above 16-tonne truck industry registrations were 316,000 trucks in 2024 and are estimated to be in the range of 270,000-300,000 trucks in 2025.
The South American above 16-tonne truck market was 119,000 vehicles in 2024 and is estimated to be in the range of 115,000-125,000 trucks in 2025. “Kenworth and DAF premium heavy-duty trucks deliver the durability and reliability required for the challenging operating environments of South America,” said Mike Dozier, PACCAR executive vice president.
PACCAR Parts Achieves Record Annual Revenues and Record Profits:
PACCAR Parts achieved quarterly pretax income of $428.2 million, compared to $432.4 million earned in the fourth quarter of 2023. Fourth quarter 2024 revenues were $1.67 billion compared to $1.61 billion reported in the fourth quarter of 2023. PACCAR Parts achieved record annual pre-tax income of $1.71 billion, compared to $1.70 billion earned in 2023. Annual revenues were a record $6.67 billion, four percent higher than the $6.41 billion achieved in 2023. Bryan Sitko, PACCAR vice president and PACCAR Parts general manager, said, “PACCAR Parts provides strong profitability through all phases of the business cycle. PACCAR Parts’ excellent long-term growth reflects the growing population of connected PACCAR vehicles with PACCAR MX engines, and the benefits of investments that increase customer vehicle uptime. These investments include new parts distribution centers (PDCs), Fleet Services, and Managed Dealer Inventory programs.”
PACCAR’s PDCs support over 2,000 DAF, Kenworth and Peterbilt dealer sales, parts and service locations, and more than 350 TRP stores. These independent, well-capitalized dealers provide excellent service to customers, complementing the premium quality of DAF, Kenworth and Peterbilt vehicles.
PACCAR opened its new, 240,000 square-foot PDC in Massbach, Germany, in November 2024. This PDC supports DAF’s growth in Germany, Europe’s largest truck market, by enhancing parts delivery to dealers and customers.
