PACCAR INC
For the period ended Sep 30, 2026. Filed Oct 28, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 28, 2026
PCAR$101.98-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001193125-26-323642
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001193125-26-436124
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 171 current paragraphs.
49 unchanged; 97 reworded; 23 added; 23 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 23 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Third Quarter Financial Highlights:
Current report
Truck sales were $5.60 billion in 2026 compared to $4.38 billion in 2025, due to higher truck deliveries, primarily the U.S. and Canada and Mexico.
Current report
Financial Services revenues were $558.9 million in 2026 compared to $565.3 million in 2025.
Current report
Capital investments were $137.6 million in 2026 compared to $156.0 million in 2025.
Current report
First Nine Months Financial Highlights:
Current report
Parts sales were $5.24 billion in 2026 compared to $5.14 billion in 2025, primarily due to higher price realization in the U.S. and Canada and Europe and favorable currency translation effects.
Current report
Financial Services revenues were $1.65 billion in 2026 compared to $1.64 billion in 2025.
Current report
Capital investments were $411.8 million in 2026 compared to $549.0 million in 2025.
Current report
In October 2026, the Company unveiled its next generation transportation solution, PACCAR Connect, at the American Trucking Associations’ Management Conference & Exhibition in North Carolina. PACCAR Connect is a new state-of-the-art technology platform with an integrated vehicle display that brings together fleet telematics systems, PACCAR truck data, customer-specific productivity applications and Electronic Driver Logs. PACCAR Connect will be available in Kenworth and Peterbilt Class 8 trucks beginning in early 2027.
Current report
Average truck sales prices increased sales by $114.1 million, primarily due to higher price realization in all major markets, primarily in the U.S. and Canada and Australia.
Current report
Truck gross margin was 10.2% in the third quarter of 2026 compared to 5.8% in the same period of 2025 due to the factors noted above.
Current report
The mix of truck sales unit volume decreased revenues by $42.0 million and costs by $15.8 million, primarily reflecting lower truck deliveries in Mexico and Australia, partially offset by higher deliveries in the U.S. and Canada and Europe.
Current report
Average truck sales prices increased sales by $305.8 million, primarily due to higher price realization in all major markets.
Current report
Truck gross margin was 9.0% in the first nine months of 2026 compared to 8.2% in the same period of 2025 due to the factors noted above.
Current report
Average aftermarket parts sales prices increased sales by $53.2 million, primarily due to higher price realization in the U.S. and Canada and Europe.
Current report
The currency translation effect on sales and cost of sales primarily reflects an increase in the value of the Australian dollar and Brazilian real relative to the U.S. dollar, partially offset by a decline in the value of the euro and Canadian dollar relative to the U.S. dollar.
Current report
Parts gross margin was 28.5% in the third quarter of 2026 compared to 29.5% in the same period of 2025 due to the factors noted above.
Current report
Average aftermarket parts sales prices increased sales by $224.0 million, primarily due to higher price realization in the U.S. and Canada and Europe.
Current report
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Mexican peso, Brazilian real and Australian dollar.
Current report
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Brazilian real, Mexican peso and Australian dollar.
Current report
Average operating lease assets decreased revenues by $4.2 million and related depreciation and other expenses by $2.6 million due to unit volume of expiring leases exceeding new business volume for leased vehicles.
Current report
Average operating lease assets decreased revenues by $38.3 million and related depreciation and other expenses by $29.9 million due to unit volume of expiring leases exceeding new business volume for leased vehicles.
Current report
The effective tax rate for the third quarter of 2026 was 21.6% compared to 20.7% for the third quarter of 2025. The effective tax rate for the first nine months of 2026 was 22.3% compared to 21.6% for the same period of 2025. The increase in the third quarter was primarily due to lower benefits from R&D credits. For the first nine months, the lower 2025 effective tax rate also included a favorable effect from the EC-related charge in the first quarter of 2025.
Removed paragraphs (23)
Previous report
Second Quarter Financial Highlights:
Previous report
Truck sales were $5.25 billion in 2026 compared to $5.24 billion in 2025.
Previous report
Financial Services revenues were $549.7 million in 2026 compared to $547.7 million in 2025.
Previous report
Capital investments were $138.7 million in 2026 compared to $221.1 million in 2025.
Previous report
First Six Months Financial Highlights:
Previous report
Parts sales were $3.46 billion in 2026 compared to $3.41 billion in 2025, primarily from higher sales in Europe.
Previous report
Financial Services revenues were $1.09 billion in 2026 compared to $1.08 billion in 2025.
Previous report
Capital investments were $274.2 million in 2026 compared to $393.0 million in 2025.
Previous report
In the second quarter of 2026, Peterbilt unveiled the Freedom 250 Special Edition Model 589 truck, honoring America's historic 250 th birthday. This truck delivers the superior quality and pride of ownership that Peterbilt customers expect, with a red, white and blue design that celebrates freedom and the open road. Also in the second quarter, DAF Trucks was named 'Truck Manufacturer of the Year' by British Motor Trader magazine at its Commercial Industry Awards ceremony in the U.K.
Previous report
Average truck sales prices increased sales by $86.8 million, primarily due to higher price realization in the U.S. and Canada.
Previous report
Truck gross margin was 9.4% in the second quarter of 2026 compared to 8.7% in the same period of 2025 due to the factors noted above.
Previous report
Truck sales volume decreased revenues by $1.11 billion and costs by $913.3 million, primarily reflecting lower truck deliveries.
Previous report
Average truck sales prices increased sales by $191.7 million, primarily due to higher price realization in the U.S. and Canada.
Previous report
The currency translation effect on sales and cost of sales primarily reflects an increase in the value of the euro, Australian dollar, Canadian dollar and Brazilian real relative to the U.S. dollar.
Previous report
Truck gross margin was 8.3% in the first six months of 2026 compared to 9.2% in the same period of 2025 due to the factors noted above.
Previous report
Average aftermarket parts sales prices increased sales by $69.3 million, primarily due to higher price realization in the U.S. and Canada and Europe.
Previous report
Average aftermarket parts sales prices increased sales by $170.8 million, primarily due to higher price realization in the U.S. and Canada and Europe.
Previous report
Parts gross margin was 29.7% in the first six months of 2026 compared to 30.3% in the same period of 2025 due to the factors noted above.
Previous report
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Mexican peso and Brazilian real.
Previous report
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Mexican peso and Brazilian real.
Previous report
Average operating lease assets decreased $80.2 million (excluding foreign exchange effects), which decreased revenues by $13.7 million and related depreciation and other expenses by $10.8 million.
Previous report
Average operating lease assets decreased $111.9 million (excluding foreign exchange effects), which decreased revenues by $34.1 million and related depreciation and other expenses by $27.3 million.
Previous report
The effective tax rate for the second quarter of 2026 was 23.4% compared to 22.3% for the second quarter of 2025. The effective tax rate for the first six months of 2026 was 22.8% compared to 22.0% for the same period of 2025. The increase in both periods was primarily attributable to a shift in the geographic mix of pre-tax earnings, with a greater proportion of earnings generated in foreign jurisdictions with higher statutory tax rates.
Reworded paragraphs (97)
Previous wording
Worldwide net sales and revenues were $14.32 billion in 2026 compared to $14.95 billion in 2025, primarily due to lower truck revenues, partially offset by higher parts and financial services revenues.
Current wording
Worldwide net sales and revenues were $7.94 billion in 2026 compared to $6.67 billion in 2025, primarily due to higher truck revenues.
Previous wording
Parts sales were $1.75 billion in 2026 compared to $1.72 billion in 2025, primarily from higher sales in Europe.
Current wording
Parts sales were $1.78 billion in 2026 compared to $1.72 billion in 2025, primarily due to higher sales in all major markets.
Previous wording
Net income was $752.0 million ($1.43 per diluted share) in 2026 compared to $723.8 million ($1.37 per diluted share) in 2025.
Current wording
Net income was $847.5 million ($1.61 per diluted share) in 2026 compared to $590.0 million ($1.12 per diluted share) in 2025.
Previous wording
Research and development (R&D) expenses were $114.3 million in 2026 compared to $112.9 million in 2025.
Current wording
Research and development (R&D) expenses were $108.9 million in 2026 compared to $111.0 million in 2025.
Previous wording
Worldwide net sales and revenues were $7.55 billion in 2026 compared to $7.51 billion in 2025.
Current wording
Worldwide net sales and revenues were $22.26 billion in 2026 compared to $21.62 billion in 2025, primarily due to higher truck revenues.
Previous wording
Truck sales were $9.78 billion in 2026 compared to $10.47 billion in 2025, due to lower truck deliveries in all major markets except Europe.
Current wording
Truck sales were $15.38 billion in 2026 compared to $14.85 billion in 2025, due to higher truck deliveries, primarily in Europe and the U.S. and Canada.
Previous wording
Net income was $1.36 billion ($2.57 per diluted share) in 2026 compared to $1.23 billion ($2.33 per diluted share) in 2025. In 2025, adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $1.49 billion ($2.83 per diluted share). See Reconciliation of GAAP to Non-GAAP Financial Measures on page 53.
Current wording
Net income was $2.20 billion ($4.18 per diluted share) in 2026 compared to $1.82 billion ($3.45 per diluted share) in 2025. In 2025, adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $2.08 billion ($3.95 per diluted share). See Reconciliation of GAAP to Non-GAAP Financial Measures on page 54.
Previous wording
Research and development (R&D) expenses were $223.4 million in 2026 compared to $228.3 million in 2025.
Current wording
Research and development (R&D) expenses were $332.3 million in 2026 compared to $339.3 million in 2025.
Previous wording
The PACCAR Financial Services (PFS) group of companies has operations covering four continents and 26 countries. The global breadth of PFS and its rigorous credit application process support a portfolio of loans and leases with total assets of $22.27 billion. PFS issued $1.38 billion in medium-term notes during the first six months of 2026 to support new business volume and market share growth and repay maturing debt.
Current wording
The PACCAR Financial Services (PFS) group of companies has operations covering four continents and 26 countries. The global breadth of PFS and its rigorous credit application process support a portfolio of loans and leases with total assets of
Previous wording
Truck industry heavy-duty retail sales in the U.S. and Canada in 2026 are expected to be 230,000 to 270,000 units compared to 232,800 in 2025. In Europe, 2026 truck industry registrations for over 16-tonne vehicles are expected to be 290,000 to 330,000 units compared to 297,000 in 2025. In South America, heavy-duty truck industry registrations in 2026 are projected to be 100,000 to 110,000 units compared to 115,000 in 2025.
Current wording
Truck industry heavy-duty retail sales in the U.S. and Canada in 2026 are expected to be 240,000 to 260,000 units compared to 232,800 in 2025. Estimates for the U.S. and Canada truck industry heavy-duty retail sales in 2027 are in the range 240,000 to 280,000 units. In Europe, 2026 truck industry registrations for over 16-tonne vehicles are expected to be 300,000 to 320,000 units compared to 297,000 in 2025. The European truck registrations in the above 16-tonne truck market for 2027 are projected to be comparable to 2026 units. In South America, heavy-duty truck industry registrations in 2026 are projected to be 100,000 to 105,000 units compared to 115,000 in 2025, and increase to a range of 105,000 to 115,000 units for 2027.
Previous wording
The Company has taken mitigating actions to reduce the impact from import tariffs on truck order intake. The Company's North American truck factories are optimally located to operate under the new Section 232 truck tariffs that began in November 2025. The Company’s tariff exposure is minimized by producing trucks locally for the United States, Canada and Mexico. On February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). This decision resulted in tariff relief and recovery of certain amounts previously paid.
Current wording
The Company has taken mitigating actions to reduce the impact from import tariffs on truck order intake. The Company’s tariff exposure is minimized by producing trucks locally for the United States, Canada and Mexico. On February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). This decision resulted in tariff relief and recovery of certain amounts previously paid.
Previous wording
The U.S. Environmental Protection Agency's July 2026 notice of proposed rulemaking (NPRM) reaffirmed the EPA 27 NOx emissions limits with proposed revisions to certain compliance requirements, including extended warranty periods, useful life requirements and other provisions. These revisions are intended to ensure technology readiness of new emissions powertrains and mitigate the costs of compliance associated with the useful life and warranty.
Current wording
The U.S. Environmental Protection Agency's (EPA) July 2026 notice of proposed rulemaking (NPRM) reaffirmed the EPA 27 NOx emissions limits with proposed revisions to certain compliance requirements, including extended warranty periods, useful life requirements and other provisions. These revisions are intended to ensure technology readiness of new emissions powertrains and mitigate the costs of compliance associated with the useful life and warranty. A final decision on the NPRM by the EPA is expected in the fourth quarter of 2026.
Previous wording
In 2026, PACCAR Parts sales are expected to increase 3-5% compared to 2025, depending on the economic conditions.
Current wording
In 2026, PACCAR Parts sales are expected to increase around 3% compared to 2025, depending on economic conditions. In 2027, PACCAR Parts sales are expected to increase 3-6% from 2026 levels, depending on economic conditions.
Previous wording
In 2026, average earning assets are expected to be comparable to 2025. The used truck market is improving. If freight transportation conditions decline due to a weaker economy, then past due accounts, truck repossessions and credit losses would likely increase from the current levels and new business volume and average earning assets would likely decline.
Current wording
In 2026, average earning assets are expected to be comparable to 2025. The used truck market is improving. If freight transportation conditions decline due to a weaker economy, then past due accounts, truck repossessions and credit losses would likely increase from the current levels and new business volume and average earning assets would likely decline. In 2027, average earning assets are expected to be similar to 2026 levels.
Previous wording
Capital investments in 2026 are expected to be $700 to $750 million and R&D is expected to be $450 to $480 million. The Company continues to invest in next generation clean diesel, hybrid and battery-electric powertrains, integrated connected vehicle services, and expanded manufacturing capabilities.
Current wording
Capital investments in 2026 are expected to be $650 to $700 million and R&D is expected to be $440 to $460 million. In 2027, capital investments are projected to be $650 to $700 million and R&D is expected to be $460 to $500 million. The Company continues to invest in next generation clean diesel, hybrid and battery-electric powertrains, integrated connected vehicle services, growing its parts business and enhancing its manufacturing capabilities.
Previous wording
The Company’s results of operations for the three and six months ended June 30, 2026 and 2025 are presented below.
Current wording
The Company’s results of operations for the three and nine months ended September 30, 2026 and 2025 are presented below.
Previous wording
The Company’s Truck segment accounted for 70% and 68% of revenues in the second quarter and the first six months of 2026, respectively, compared to 70% in both the second quarter and the first six months of 2025.
Current wording
The Company’s Truck segment accounted for 71% and 69% of revenues in the third quarter and the first nine months of 2026, respectively, compared to 66% and 68% in the third quarter and the first nine months of 2025, respectively.
Previous wording
Worldwide new truck deliveries decreased in the second quarter of 2026 compared to the same period of 2025, primarily reflecting lower retail demand in the U.S and Canada, partially offset by improved demand in Europe and Mexico. New truck deliveries in first six months of 2026 decreased compared to the same period of 2025, reflecting lower retail demand in all major markets except Europe.
Current wording
Worldwide new truck deliveries increased in the third quarter of 2026 compared to the same period of 2025, reflecting higher retail demand primarily in the U.S. and Canada and Mexico. New truck deliveries in first nine months of 2026 were comparable to the same period of 2025, reflecting improved demand in the U.S. and Canada and Europe.
Previous wording
In the first six months of 2026, industry retail sales in the heavy-duty market in the U.S. and Canada were 104,800 units compared to 120,800 units in the same period of 2025. The Company’s heavy-duty truck retail market share was 29.6% in the first six months of 2026 compared to 30.4% in the first six months of 2025. The medium-duty market was 50,800 units in the first six months of 2026 compared to 54,300 units in the same period of 2025. The Company’s medium-duty market share was 12.3% in the first six months of 2026 compared to 14.0% in the first six months of 2025. In 2026, the U.S. and Canada medium-duty market size and the Company's share for the prior-year periods have been revised, consistent with the third-party data provider.
Current wording
In the first nine months of 2026, industry retail sales in the heavy-duty market in the U.S. and Canada were 170,800 units compared to 180,300 units in the same period of 2025. The Company’s heavy-duty truck retail market share was 29.3% in the first nine months of 2026 compared to 30.3% in the first nine months of 2025. The medium-duty market was 77,800 units in the first nine months of 2026 compared to 77,700 units in the same period of 2025. The Company’s medium-duty market share was 12.5% in the first nine months of 2026 compared to 14.2% in the first nine months of 2025. In 2026, the U.S. and Canada medium-duty market size and the Company's share for the prior-year periods have been revised, consistent with the third-party data provider.
Previous wording
The over 16‑tonne truck market in Europe in the first six months of 2026 was 165,000 units compared to 151,100 units in the first six months of 2025. DAF over 16‑tonne market share was 13.6% in the first six months of 2026 compared to 14.2% in the same period of 2025. The 6 to 16‑tonne market in the first six months of 2026 was 18,300 units compared to 19,900 units in the same period of 2025. DAF market share in the 6 to 16-tonne market in the first six months of 2026 was 9.2% compared to 9.9% in the same period of 2025.
Current wording
The over 16‑tonne truck market in Europe in the first nine months of 2026 was 234,200 units compared to 218,300 units in the first nine months of 2025. DAF over 16‑tonne market share was 13.4% in the first nine months of 2026 compared to 13.6% in the same period of 2025. The 6 to 16‑tonne market in the first nine months of 2026 was 27,500 units compared to 29,700 units in the same period of 2025. DAF market share in the 6 to 16-tonne market in the first nine months of 2026 was 9.2% compared to 9.7% in the same period of 2025.
Previous wording
The over 16-tonne truck market in Brasil in the first six months of 2026 was 37,200 units compared to 41,700 units in the same period of 2025. DAF Brasil market share for the first six months of 2026 was 7.6% compared to 9.4% in the same period of 2025.
Current wording
The over 16-tonne truck market in Brasil in the first nine months of 2026 was 61,300 units compared to 63,900 units in the same period of 2025. DAF Brasil market share for the first nine months of 2026 was 7.6% compared to 9.1% in the same period of 2025.
Previous wording
The Company’s worldwide truck net sales and revenues in the second quarter of 2026 were comparable to the same period of 2025. Revenue for the first six months decreased to $9.78 billion in 2026 from $10.47 billion in 2025, primarily due to lower truck unit deliveries from lower retail demand in all major markets except Europe.
Current wording
The Company’s worldwide truck net sales and revenues in the third quarter increased to $5.60 billion in 2026 from $4.38 billion in 2025, primarily due to higher truck unit deliveries in all major markets except Australia. Revenue for the first nine months increased to $15.38 billion in 2026 from $14.85 billion in 2025, primarily due to higher truck unit deliveries in Europe and the U.S. and Canada.
Previous wording
In the second quarter of 2026, Truck segment income before income taxes and pre-tax return on revenues increased compared to the same period of 2025, primarily due to higher price realization and lower tariff costs. Truck segment income before income taxes and pre-tax return on revenues for the first six months of 2026 decreased from the same period of 2025, primarily due to lower truck unit deliveries from lower retail demand.
Current wording
In the third quarter and the first nine months of 2026, Truck segment income before income taxes and pre-tax return on revenues increased primarily due to higher price realization and lower tariff costs.
Previous wording
Truck sales volume decreased revenues by $141.7 million and costs by $86.7 million, primarily reflecting lower truck deliveries.
Current wording
Truck sales volume increased revenues by $1,071.7 million and costs by $897.5 million, primarily reflecting higher truck deliveries in all major markets except Australia.
Previous wording
Average cost per truck increased cost of sales by $189.6 million, primarily reflecting higher material, truck content and labor costs, partially offset by lower tariff and product support costs.
Current wording
Average cost per truck decreased cost of sales by $21.1 million, primarily reflecting lower tariff and product support costs, partially offset by higher material costs and higher freight costs.
Previous wording
Factory overhead and other indirect costs decreased $7.2 million, primarily due to lower overhead costs from lower truck build rates.
Current wording
Factory overhead and other indirect costs increased $34.4 million, primarily due to higher overhead costs from higher truck build rates.
Previous wording
Extended warranties, operating leases and other increased revenues by $17.5 million, primarily due to higher volume of R&M and extended warranty contracts. The decrease in cost of sales by $24.6 million reflects lower extended warranty costs in the U.S. and Canada and lower used truck costs in Europe, partially offset by higher costs from R&M contracts.
Current wording
Extended warranties, operating leases and other increased revenues by $36.0 million, primarily due to higher volume of R&M contracts in Europe and higher dealer support services in the U.S. and Canada. The decrease in cost of sales of $1.6 million reflects lower extended warranty costs in the U.S. and Canada, partially offset by higher costs from R&M contracts in Europe and higher costs from dealer support services in the U.S and Canada.
Previous wording
The currency translation effect on sales and cost of sales primarily reflects an increase in the value of the euro, Australian dollar, and Brazilian real relative to the U.S. dollar.
Current wording
The currency translation effect on sales and cost of sales primarily reflects a decline in the value of the euro and Canadian dollar relative to the U.S. dollar, partially offset by an increase in the value of the Australian dollar and Brazilian real relative to the U.S. dollar.
Previous wording
The major factors for the Truck segment changes in net sales and revenues, cost of sales and revenues and gross margin between the six months ended June 30, 2026 and 2025 are as follows:
Current wording
The major factors for the Truck segment changes in net sales and revenues, cost of sales and revenues and gross margin between the nine months ended September 30, 2026 and 2025 are as follows:
Previous wording
Average cost per truck increased cost of sales by $27.3 million, primarily reflecting higher material, truck content and labor costs, partially offset by lower tariff and product support costs.
Current wording
Average cost per truck increased cost of sales by $168.5 million, primarily reflecting higher material, truck content and labor costs, partially offset by lower tariff and product support costs.
Previous wording
Factory overhead and other indirect costs decreased $14.4 million, primarily due to lower overhead costs from lower truck build rates.
Current wording
Factory overhead and other indirect costs increased $20.0 million, primarily due to higher overhead costs from higher truck build rates.
Previous wording
Extended warranties, operating leases and other increased revenues by $4.6 million, primarily due to higher volume of R&M and extended warranty contracts. The decrease in cost of sales by $26.4 million reflects lower extended warranty costs in the U.S. and Canada and lower used truck costs in Europe, partially offset by higher costs from R&M contracts.
Current wording
Extended warranties, operating leases and other increased revenues by $53.5 million, primarily due to higher volume of R&M and extended warranty contracts. The decrease in cost of sales by $26.2 million reflects lower extended warranty and used truck costs, partially offset by higher costs from R&M contracts in Europe.
Previous wording
Truck SG&A expenses in the second quarter of 2026 decreased to $50.0 million from $54.7 million in the same period of 2025, primarily due to lower salaries and related expenses and lower professional fees. For the first six months of 2026, Truck SG&A of $111.4 million was comparable to $112.0 million in the same period of 2025, as lower salaries and related expenses and lower professional fees were mostly offset by higher sales and marketing expenses and currency translation effects.
Current wording
Truck SG&A expenses in the third quarter of 2026 decreased to $43.4 million from $63.3 million in the same period of 2025. For the first nine months of 2026, Truck SG&A of $154.8 million decreased from $175.3 million in the same period of 2025. The decrease in both periods was primarily due to lower salaries and related expenses as well as lower sales and marketing expenses.
Previous wording
As a percentage of sales, Truck SG&A was 1.0% and 1.1% in the three and six months ended June 30, 2026, respectively, which is consistent with the same periods of 2025.
Current wording
As a percentage of sales, Truck SG&A was .8% and 1.0% in the three and nine months ended September 30, 2026 compared to 1.4% and 1.2% in the three and nine months ended September 30, 2025, respectively.
Previous wording
The Company’s Parts segment accounted for 23% and 24% of revenues in the second quarter and the first six months of 2026, respectively, compared to 23% in both the second quarter and the first six months of 2025.
Current wording
The Company’s Parts segment accounted for 22% and 24% of revenues in the third quarter and the first nine months of 2026, respectively, compared to 26% and 24% in the third quarter and the first nine months of 2025, respectively.
Previous wording
The Company’s worldwide parts net sales and revenues for the second quarter increased to $1.75 billion in 2026 from $1.72 billion in 2025. For the first six months, worldwide parts net sales and revenues increased to $3.46 billion in 2026 from $3.41 billion in 2025. The increase in both periods was primarily due to higher sales in Europe and favorable currency translation effects, partially offset by lower sales in the U.S. and Canada.
Current wording
The Company’s worldwide parts net sales and revenues for the third quarter increased to $1.78 billion in 2026 from $1.72 billion in 2025, primarily due to higher sales in all major markets. For the first nine months, worldwide parts net sales and revenues increased to $5.24 billion in 2026 from $5.14 billion in 2025, primarily due to higher price realization and favorable currency translation effects, partially offset by lower sales volume.
Previous wording
Aftermarket parts sales volume decreased by $187.4 million and related cost of sales decreased by $78.4 million primarily due to lower sales volume in the U.S. and Canada and a higher mix of lower margin direct ship sales.
Current wording
Aftermarket parts sales volume increased by $.4 million and related cost of sales increased by $32.6 million primarily due to lower margin direct ship sales, partially offset by lower sales volume in the U.S. and Canada.
Previous wording
Average aftermarket parts direct costs increased $10.9 million due to higher material costs, primarily in the U.S. and Canada and Europe, partially offset by lower tariff costs and higher supplier rebates in the U.S.
Current wording
Average aftermarket parts direct costs increased $10.2 million due to higher material costs, primarily in Europe.
Previous wording
Warehouse and other indirect costs increased $12.0 million, primarily due to higher indirect costs, including warehouse expansion costs.
Current wording
Warehouse and other indirect costs increased $11.1 million, primarily due to higher indirect costs, including warehouse expansion costs.
Previous wording
The major factors for the changes in Parts segment net sales and revenues, cost of sales and revenues and gross margin between the six months ended June 30, 2026 and 2025 are as follows:
Current wording
The major factors for the changes in Parts segment net sales and revenues, cost of sales and revenues and gross margin between the nine months ended September 30, 2026 and 2025 are as follows:
Showing the first 40 of 97 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
$22.48 billion. PFS issued $2.38 billion in medium-term notes during the first nine months of 2026 to support new business volume and market share growth and repay maturing debt.
Current report — wording carried from elsewhere
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Mexican peso.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
The currency translation effects reflect an increase in the value of foreign currencies relative to the U.S. dollar, primarily the Mexican peso and the euro.