PCAR 10-K & 10-Q changes, risk factors and insider trading
Paccar Inc. · Nasdaq · Motor Vehicles & Passenger Car Bodies · CIK 75362 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
Emissions Requirements and Reduction Targets. PACCAR’s operations and products are subject to extensive statutory and regulatory requirements governing greenhouse gas and non-greenhouse gas emissions. These include standards imposed by the U.S. Environmental Protection Agency (EPA), the European Union, U.S. state regulatory agencies (such as the California Air Resources Board), regulatory agencies in other international markets where the Company operates, and internationalsee in full comparisonaccords related to climate change including the Paris Agreement.accords. The primary laws and regulations are the EPA’s Greenhouse Gas Emissions Standards and Fuel Efficiency Standards for Medium and Heavy-Duty Engines and Vehicles, EPA’sCleanLowTruckNOxInitiative,Rule, the Regulation of the European Parliament and of the Council on the Monitoring and Reporting of CO2 Emissions from Fuel Consumption of New Heavy-Duty Vehicles, and the Heavy-Duty OmnibusRegulationRegulation,andEmergency Rulemaking and, subject to pending litigation, the Advanced Clean Truck (ACT) regulation of the California Air ResourcesBoard.Board (CARB). The EU regulations have set CO2 emission reduction targets and require a significant portion of vehicles sold to be zero or near zero emission. Not meeting these targets would result in significant fines by the EUcommission.Commission.TheCalifornia's ACT regulation, which has been adopted by several states, requires an increasing percentage of medium- and heavy-duty trucks sold into the state to be zero emission. CARB's authority to enact the ACT regulations has been revoked by the U.S. Congress and President; however, the revocation, is currently being challenged and the outcome is uncertain.
the success of the Company’s research and development programs customer demand for alternative powertrain vehicles advancements in battery-electric, hybrid, hydrogen fuel cell, and hydrogen combustion technology the cost of batteries, hydrogen fuel cells and liquid hydrogen global regulations requiring the use of alternative powertrain vehicles and/or providing incentives to facilitate the transition to alternative powertrain commercial vehicles investments in energy and power infrastructure (e.g., renewable power supply, electric charging services, hydrogen supply and distribution) in key markets, as well as the associated utility costs the ability of the supply chain to deliver components, including commodities and raw materials that are unique to alternative powertrain commercial vehicles the success of new and existing competitors in developing and selling alternative powertrain commercial vehiclessee in full comparisonThelitigationCompanyorbelievesactivismitsbycurrentcertainstrategies,regulators,programsshareholders,andenvironmentalresourcesgroupsareorsufficientotherto address changes in customer demand in the context of climate change and to meet its emissions reduction targets. If the Company is not successful in addressing the risks noted above, there may be a material adverse impact on its business, operations, and financial condition.stakeholders.
“The Company is deploying AI tools to reduce operational costs and enhance performance for the Company and its customers, including the use of AI in its predictive analytics technology to forecast and implement vehicle service parameters to improve vehicle uptime. The Company's business, financial condition and result of operations may eventually be adversely affected if it fails to integrate these rapidly developing technologies in a timely, cost-effective, compliant and responsible manner.”see in full comparison
“The Company believes its current strategies, programs and resources are sufficient to address changes in customer demand in the context of climate change and to meet its emissions reduction targets. If the Company is not successful in addressing the risks noted above, there may be a material adverse impact on its business, operations, and financial condition.”see in full comparison
The Company’s product planning is aligned with these statutory and regulatorysee in full comparisonrequirements, and uses a climate change scenario analysis to limit global warming to below 2°C.requirements. Even without legislation to reduce greenhouse gas emissions, PACCAR expects to continue to significantly invest in technologies to improve fuel efficiency for its customers, which wouldalsofurther reduce greenhouse gas emissions.
Informationsee in full comparisonTechnologyTechnology, Cybersecurity andCybersecurity.AI. The Company relies on information technology systems and networks, some of which are managed by third parties, to process, transmit and store electronic information, and to manage or support a variety of its business processes and activities. Some of the Company’s products include telematics which provide over-the-air software updates, advanced fleet management tools and real-time dataanalyticson driver and vehicle performance. These computer systems and networks may be subject to disruptions during the process of upgrading or replacing software, databases or components; power outages; hardware failures; computer viruses/malware; or outside parties attempting to disrupt the Company’s business or gain unauthorized access to the Company’s electronic data.The Company maintains a cybersecurity insurance policy and continues to invest in protections to guard against such events. Despite these safeguards, there remains a risk of system disruptions, unauthorized access and data loss.
Full comparison: every changed paragraph (8)
the success of the Company’s research and development programs customer demand for alternative powertrain vehicles advancements in battery-electric, hybrid, hydrogen fuel cell, and hydrogen combustion technology the cost of batteries, hydrogen fuel cells and liquid hydrogen global regulations requiring the use of alternative powertrain vehicles and/or providing incentives to facilitate the transition to alternative powertrain commercial vehicles investments in energy and power infrastructure (e.g., renewable power supply, electric charging services, hydrogen supply and distribution) in key markets, as well as the associated utility costs the ability of the supply chain to deliver components, including commodities and raw materials that are unique to alternative powertrain commercial vehicles the success of new and existing competitors in developing and selling alternative powertrain commercial vehicles Thelitigation Companyor believesactivism itsby currentcertain strategies,regulators, programsshareholders, andenvironmental resourcesgroups areor sufficientother to address changes in customer demand in the context of climate change and to meet its emissions reduction targets. If the Company is not successful in addressing the risks noted above, there may be a material adverse impact on its business, operations, and financial condition.stakeholders.
The Company believes its current strategies, programs and resources are sufficient to address changes in customer demand in the context of climate change and to meet its emissions reduction targets. If the Company is not successful in addressing the risks noted above, there may be a material adverse impact on its business, operations, and financial condition.
Information TechnologyTechnology, Cybersecurity and Cybersecurity.AI. The Company relies on information technology systems and networks, some of which are managed by third parties, to process, transmit and store electronic information, and to manage or support a variety of its business processes and activities. Some of the Company’s products include telematics which provide over-the-air software updates, advanced fleet management tools and real-time data analytics on driver and vehicle performance. These computer systems and networks may be subject to disruptions during the process of upgrading or replacing software, databases or components; power outages; hardware failures; computer viruses/malware; or outside parties attempting to disrupt the Company’s business or gain unauthorized access to the Company’s electronic data. The Company maintains a cybersecurity insurance policy and continues to invest in protections to guard against such events. Despite these safeguards, there remains a risk of system disruptions, unauthorized access and data loss.
The Company maintains a cybersecurity insurance policy and continues to invest in protections to guard against such events. Despite these safeguards, there remains a risk of system disruptions, unauthorized access and data loss. If the Company’s computer systems were to be damaged, disrupted or breached, it could impact data availability and integrity, result in a theft of the Company’s intellectual property or lead to unauthorized disclosure of confidential information of the Company’s customers, suppliers and employees. Security breaches could also result in a violation of U.S. and international privacy and other laws and subject the Company to various litigations and governmental proceedings. These events could have an adverse impact on the Company’s results of operations and financial condition, damage its reputation, disrupt operations and negatively impact competitiveness in the marketplace.
The Company is deploying AI tools to reduce operational costs and enhance performance for the Company and its customers, including the use of AI in its predictive analytics technology to forecast and implement vehicle service parameters to improve vehicle uptime. The Company's business, financial condition and result of operations may eventually be adversely affected if it fails to integrate these rapidly developing technologies in a timely, cost-effective, compliant and responsible manner.
Multinational Operations. The Company’s global operations are exposed to political, economic and other risks and events beyond its control in the countries in which the Company operates. The Company may be adversely affected by political instabilities, fuel shortages or interruptions in utility or transportation systems, natural calamities, recessions or slower economic growth, inflation, epidemics and pandemics, wars, geopolitical tensions and conflicts, terrorism and labor strikes. Changes in government monetary or fiscal policies and international trade policiespolicies, including tariffs, may impact demand for the Company’s products, financial results and competitive position. PACCAR’s global operations are subject to extensive trade, competition and anti-corruption laws and regulations that could impose significant compliance costs.
Emissions Requirements and Reduction Targets. PACCAR’s operations and products are subject to extensive statutory and regulatory requirements governing greenhouse gas and non-greenhouse gas emissions. These include standards imposed by the U.S. Environmental Protection Agency (EPA), the European Union, U.S. state regulatory agencies (such as the California Air Resources Board), regulatory agencies in other international markets where the Company operates, and international accords related to climate change including the Paris Agreement.accords. The primary laws and regulations are the EPA’s Greenhouse Gas Emissions Standards and Fuel Efficiency Standards for Medium and Heavy-Duty Engines and Vehicles, EPA’s CleanLow TruckNOx Initiative,Rule, the Regulation of the European Parliament and of the Council on the Monitoring and Reporting of CO2 Emissions from Fuel Consumption of New Heavy-Duty Vehicles, and the Heavy-Duty Omnibus RegulationRegulation, andEmergency Rulemaking and, subject to pending litigation, the Advanced Clean Truck (ACT) regulation of the California Air Resources Board.Board (CARB). The EU regulations have set CO2 emission reduction targets and require a significant portion of vehicles sold to be zero or near zero emission. Not meeting these targets would result in significant fines by the EU commission.Commission. TheCalifornia's ACT regulation, which has been adopted by several states, requires an increasing percentage of medium- and heavy-duty trucks sold into the state to be zero emission. CARB's authority to enact the ACT regulations has been revoked by the U.S. Congress and President; however, the revocation, is currently being challenged and the outcome is uncertain.
The Company’s product planning is aligned with these statutory and regulatory requirements, and uses a climate change scenario analysis to limit global warming to below 2°C.requirements. Even without legislation to reduce greenhouse gas emissions, PACCAR expects to continue to significantly invest in technologies to improve fuel efficiency for its customers, which would alsofurther reduce greenhouse gas emissions.
Management's Discussion & Analysis (MD&A)
New heading “RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES:”
Largest changes
“The recent U.S. Environmental Protection Agency announcement reaffirmed the EPA27 NOx limit and could eliminate changes to extended warranty requirements and useful life requirements on new emissions systems. The Company's results could be impacted by changes in tariff policy, including the expected U.S. Supreme Court ruling on the International Emergency Economic Power Acts (IEEPA) tariffs, emissions regulations and improving freight fundamentals.”see in full comparison
Average cost per truck increased cost of sales bysee in full comparison$557.1$962.2 million, primarily reflecting higherraw materialregulatory andlaborothercosts,truckpartiallycontent,offsetincreasedbytarifflowercostswarrantyandcosts.product support accruals.
“The Company's truck and parts products have been negatively affected since March 2025 by import tariffs imposed by the U.S. government and actions taken by other countries. While the Company has taken mitigating actions to reduce the impact, the ongoing impact from import tariffs on truck order intake and profit margins remains unfavorable. The Company's North American truck factories are optimally located to operate under the new Section 232 truck tariffs that began in November 2025. …”see in full comparison
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to future results of operations or financial position and any other statement that does not relate to any historical or current fact. Such statements are based on currently available operating, financial and other information and are subject to risks and uncertainties that may affect actual results. Risks and uncertainties include, but are not limited to: a significant decline in industry sales; competitive pressures; reduced market share; reduced availability of or higher prices for fuel; increased safety, emissions, or other regulations or tariffs resulting in higher costs and/or sales restrictions; currency or commodity price fluctuations; lower used truck prices; insufficient or under-utilization of manufacturing capacity; supplier interruptions; insufficient liquidity in the capital markets; fluctuations in interest rates; changes in the levels of the Financial Services segment new business volume due to unit fluctuations in new PACCAR truck sales or reduced market shares; changes affecting the profitability of truck owners and operators; price changes impacting truck sales prices and residual values; insufficient supplier capacity or access to raw materials and components, including semiconductors; labor disruptions; shortages of commercial truck drivers; increased warranty costs; cybersecurity risks to the Company’s information technology systems; use of artificial intelligence and machine learning in business processes; pandemics; climate-related risks; global conflicts; litigation, includingsee in full comparisonEuropean Commission (EC)settlement-related claims; or legislative and governmental regulations. A more detailed description of these and other risks is included under the heading Part I, Item 1A, “Risk Factors” and in Note L in the Notes to Consolidated Financial Statements of this Annual Report on Form 10-K.
“Adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $2.64 billion ($5.01 per diluted share). After-tax return on beginning equity (ROE) was 13.6% in 2025, which includes the $264.5 million after-tax charge related to civil litigation in Europe in the first quarter of this year. Excluding the after-tax charge, adjusted ROE (non-GAAP) was 15.1%. This compares to an ROE of 26.2% in 2024. See Reconciliation of GAAP to Non-GAAP Financial Measures on page 31.”see in full comparison
Full comparison: every changed paragraph (110)
PACCAR is a global technology company whose Truck segment includes the design and manufacture of high-quality light-, medium- and heavy-duty commercial trucks. In the U.S. and Canada, trucks are sold under the Kenworth and Peterbilt nameplates, in Europe, under the DAF nameplate and in Mexico, Australia and South America, under the Kenworth and DAF nameplates. The Parts segment includes the distribution of aftermarket parts for trucks and related commercial vehicles. The Company’s Financial Services segment derives its earnings primarily from financing or leasing PACCAR products in North America, Europe, Australia and South America. The Company’s Other business included the manufacturing and marketing of industrial winches through October 31, 2024, when PACCAR sold its industrial winch business.
Truck sales were $19.37 billion in 2025 compared to $24.84 billion in 2024 compareddue to $26.85lower billiontruck deliveries in 2023all frommajor lower revenues in Europe and the U.S. and Canada.markets.
Parts sales were $6.67 billion in 2024 compared to $6.41 billion in 2023, reflecting higher price realization in all markets.
Financial Services revenues were $2.10 billion in 2024 compared to $1.81 billion in 2023, primarily due to portfolio growth and higher portfolio yields.
In 2024, PACCAR earned net income for the 86th consecutive year. Net income was $4.16 billion ($7.90 per diluted share) in 2024 compared to $4.60 billion ($8.76 per diluted share) in 2023.
After-tax return on beginning equity (ROE) was 26.2% in 2024 compared to 34.9% in 2023. Equity increased 10.3% from $15.88 billion in 2023 to a record $17.51 billion in 2024.
CapitalParts investmentssales were $795.8$6.87 millionbillion in 20242025 compared to $698.3$6.67 millionbillion in 2023.2024, reflecting higher sales in the U.S. and Canada and Europe.
Financial Services revenues were $2.21 billion in 2025 compared to $2.10 billion in 2024, primarily due to higher interest income driven by retail portfolio growth and higher portfolio yields.
In 2025, PACCAR earned net income for the 87th consecutive year. Net income was $2.38 billion ($4.51 per diluted share) in 2025 compared to $4.16 billion ($7.90 per diluted share) in 2024.
Adjusted net income (non-GAAP), excluding a $264.5 million after-tax charge related to civil litigation in Europe, was $2.64 billion ($5.01 per diluted share). After-tax return on beginning equity (ROE) was 13.6% in 2025, which includes the $264.5 million after-tax charge related to civil litigation in Europe in the first quarter of this year. Excluding the after-tax charge, adjusted ROE (non-GAAP) was 15.1%. This compares to an ROE of 26.2% in 2024. See Reconciliation of GAAP to Non-GAAP Financial Measures on page 31.
Capital investments were $728.5 million in 2025 compared to $795.8 million in 2024.
Kenworth constructed a 46,000 square-foot robotic chassis paint facility in Chillicothe, Ohio. PACCAR also completed a new $35 million, 50,000 square-foot engine remanufacturing facility and is enhancing its existing engine factory in Columbus, Mississippi. PACCAR is also enhancing its other engine facility in the Netherlands. PACCAR opened a new 180,000 square-foot Parts Distribution Center (PDC) in Calgary, Canada, to enhance parts delivery to dealers and customers in the region.
PACCAR opened its new, 240,000 square-foot Parts Distribution Center (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.
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 $22.41$22.80 billion. PFS issued $3.65$3.12 billion in medium-term notes during 20242025 to support new business volume and market share growth and repay maturing debt.
The Company's truck and parts products have been negatively affected since March 2025 by import tariffs imposed by the U.S. government and actions taken by other countries. While the Company has taken mitigating actions to reduce the impact, the ongoing impact from import tariffs on truck order intake and profit margins remains unfavorable. 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. The Company manufactures its trucks for U.S. customers in its Ohio, Texas, and Washington state factories.
The recent U.S. Environmental Protection Agency announcement reaffirmed the EPA27 NOx limit and could eliminate changes to extended warranty requirements and useful life requirements on new emissions systems. The Company's results could be impacted by changes in tariff policy, including the expected U.S. Supreme Court ruling on the International Emergency Economic Power Acts (IEEPA) tariffs, emissions regulations and improving freight fundamentals.
In 2025,2026, average earning assets are expected to be comparable to 2024.2025. The used truck market has normalizedbeen improving, which is reflected in NorthPFS' America,quarterly butresults remainsthis soft in Europe.year. 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.
PACCAR's excellent long-term profits, strong balance sheet and consistent focus on quality have enabled the Company to invest $8.6$9.2 billion in new and expanded facilities, innovative products and new technologies during the past decade. Capital investments in 20252026 are expected to be $700$725 to $800$775 million, and R&D is expected to be $460$450 to $500 million. PACCAR is investing in itsnext truckgeneration factories,clean including expansions at Kenworth Chillicothe, Ohio, PACCAR Mexico,diesel and thealternative DAFpowertrains, truckintegrated assemblyconnected plantvehicle inservices, Eindhoven,flexible Netherlands.manufacturing Investmentscapabilities inand PACCAR'sautonomous globaland engineadvanced driver assistance systems that create value for customers. The Company is embedding artificial intelligence across its business includeto additionaldrive manufacturinginnovation, profitable growth and remanufacturingenhanced capacity.performance for the Company's customers. In addition to the capital and R&D investments, the Company expects to investcontinue another $400 to $700 millioninvesting in its U.S.-based battery joint venture, Amplify Cell Technologies.
* In 2023,2025, Other includes a $600.0$350.0 million non-recurring charge related to civil litigation in Europe (EC-related claims) in the first quarter 2023.2025. In 2024, Other includes a $14.0 million gain on sale of the winch business.
The following provides an analysis of the results of operations for the Company’s three reportable segments - Truck, Parts and Financial Services. Where possible, the Company has quantified the impact of factors identified in the following discussion and analysis. In cases where it is not possible to quantify the impact of factors, the Company lists them in estimated order of importance. Factors for which the Company is unable to specifically quantify the impact include market demand,demand and impact from tariffs, fuel prices, freight tonnage and economic conditions affecting the Company’s results of operations.
Worldwide new truck deliveries decreased in 20242025 compared to 2023,2024, primarily due toreflecting lower deliveriesretail demand in Europe.all major markets.
In 2024,2025, industry retail sales in the heavy-duty market in the U.S. and Canada decreasedwas 232,800 units compared to 268,100 units from 297,000 units in 2023.2024. The Company’s heavy-duty truck retail market share was 30.7%29.9% in 20242025 compared to 29.5%30.7% in 2023.2024. The medium-duty market was 88,400 units in 2025 compared to 110,400 units in 2024 compared to 105,300 units in 2023.2024. The Company’s medium-duty market share was 18.0%15.9% in 20242025 compared to 14.5%18.0% in 2023.2024.
The over 16‑tonne16-tonne truck market in Europe in 20242025 decreased to 316,100297,000 units from 343,300316,100 units in 2023,2024, and DAF’s market share was 14.4%13.5% in 20242025 compared to 15.6%14.4% in 2023.2024. The 6 to 16‑tonne16-tonne market was 40,900 units in 2025 and 50,900 units in 2024 and 46,800 units in 2023.2024. DAF’s market share in the 6 to 16-tonne market in 20242025 was 9.5%9.7% compared to 9.1%9.5% in 2023.2024.
The over 16‑tonne16-tonne truck market in Brasil in 20242025 increasedwas 86,700 units compared to 97,700 units from 82,100 units in 2023,2024, and DAF Brasil's market share was 9.9%8.6% in 20242025 compared to 10.2%9.9% in 2023.2024.
The Company’s worldwide truck net sales and revenues decreased to $19.37 billion in 2025 from $24.84 billion in 2024 from $26.85 billion in 2023 primarily due to lower truck unit deliveries in Europe.all major markets from lower retail demand. Truck segment income before income taxes and pre-tax return on revenues decreased primarily due to lower truck unit deliveries in Europeall andmajor markets from lower retail demand, reflecting economic conditions as well as higher tariff costs resulting from current trade policies primarily in the U.S. and Canada, partially offset by higher truck unit deliveries in Mexico and South America.
Truck sales volume decreased revenues by $2,107.6$5,333.6 million and costs by $1,650.0$4,489.9 million, primarily reflecting lower truck deliveries in Europeall andmajor the U.S. and Canada, partially offset by higher truck deliveries in Mexico and Brasil.markets.
Average truck sales prices increaseddecreased sales by $155.6$306.2 millionmillion, fromprimarily modestdue to lower price realization, primarilyrealization in the U.S. and Canada, MexicoCanada and Australia.Europe, reflecting an increased competitive environment, partially offset by tariff price increases in the U.S.
Average cost per truck increased cost of sales by $557.1$962.2 million, primarily reflecting higher raw materialregulatory and laborother costs,truck partiallycontent, offsetincreased bytariff lowercosts warrantyand costs.product support accruals.
Factory overhead and other indirect costs increaseddecreased $18.6$188.6 million, primarily due to higherlower labor costs, primarily offset by lower utilitiesmaintenance costs and factory supplies.supplies from lower truck build rates.
Extended warranties, operating leases and other increased revenues by $61.5$41.2 million primarily due to a higher volumeportfolio of extended warranty and repair and maintenance (R&M) contracts, extended warrantycontracts and higher dealer support services. The increase in cost of sales byof $106.3$80.0 million reflects the higher costswarranty from extended warranty,and R&M contracts, dealer support servicescontracts and lowerhigher used truck results.costs, primarily in Europe.
The currency translation effect on sales and cost of sales primarily reflects aan declineincrease in the value of the Brazilian real, Canadian dollar, Mexican peso and Australian dollareuro relative to the U.S. dollar, partially offset by the increasedecrease in value of the euroBrazilian real, Canadian dollar and Australian dollar relative to the U.S. dollar.
Truck selling, general and administrative (SG&A) expenses in 2024 decreased to $254.2 million from $278.5 million in 2023. The decrease was primarily due to lower sales and marketing expenses and professional expenses. As a percentage of sales, Truck SG&A was 1.0% in 2024 and 1.0% in 2023.
The Company’s Parts segment accounted for 20% of revenues in 2024 compared to 18% in 2023.
The Company’s worldwide parts net sales and revenues increased to $6.67 billion in 2024 from $6.41 billion in 2023 primarily due to higher sales in all markets.
The major factors for the Parts segment changes in net sales and revenues, cost of sales and revenues and gross margin between 2024 and 2023 are as follows:
Aftermarket parts sales volume increased by $89.8 million and related cost of sales increased by $81.2 million, primarily reflecting higher sales volume in all markets except the U.S. and Canada.
Average aftermarket parts sales prices increased sales by $161.6 million, primarily due to price realization in Europe and the U.S. and Canada.
Average aftermarket parts direct costs increased $143.9 million due to higher material costs, primarily in the U.S. and Europe, and higher delivery costs.
Warehouse and other indirect costs increased $14.2 million primarily due to higher salaries and related expenses.
The currency translation effect on sales and cost of sales primarily reflects a decrease in the value of the Brazilian real, Canadian dollar and Australian dollar relative to the U.S. dollar, partially offset by an increase in the value of the euro relative to the U.S. dollar.
Parts gross margin was 30.9% in 2024 compared to 31.9% in 2023 due to the factors noted above.
PartsTruck SG&A expenseexpenses in 20242025 increaseddecreased to $246.4$237.7 million from $238.0$254.2 million in 2023.2024. The increasedecrease was primarily due to higherlower salaries and related expenses, lower professional fees and lower travel and entertainment expenses, partially offset by lowerhigher sales and marketing costs.expenses. As a percentage of sales, PartsTruck SG&A was 3.7%1.2% in 20242025 and 3.7%1.0% in 2023.2024.
The Company’s Financial ServicesParts segment accounted for 6%24% of revenues in 20242025 compared to 5%20% in 2023.2024.
New loan and lease volume increased to a record $7.50 billion in 2024 from $7.21 billion in 2023. The increase in new loan and finance lease volume reflected higher finance market share of new PACCAR truck sales, primarily in the U.S. and Canada and Brasil. The increase in equipment on operating lease volume reflected higher market demand and a higher amount financed per truck in all major markets. The effect of currency translation decreased new loan and lease volume by $85.7 million, primarily due to a decrease in the value of the Brazilian real and Mexican peso relative to the U.S. dollar. PFS finance market share of new PACCAR truck sales was 25.0% in 2024 compared to 24.0% in 2023.
PFS revenues increased to $2.10 billion in 2024 from $1.81 billion in 2023. The increase was primarily driven by portfolio growth in all markets except Europe. The effects of currency translation decreased PFS revenues by $23.5 million in 2024, primarily due to a decrease in the value of foreign currencies relative to the U.S. dollar, primarily the Brazilian real and Mexican peso.
PFS income before income taxes decreased to $435.6 million in 2024 from $540.3 million in 2023, primarily due to lower operating lease margins, reflecting lower results on returned lease assets, partially offset by higher finance margins from a higher asset portfolio and higher portfolio yields. The effect of currency translation decreased PFS income before income taxes by $8.7 million in 2024, primarily due to a decrease in the value of the Brazilian real and Mexican peso relative to the U.S. dollar.
Included in Financial Services, Other assets on the Company’s Consolidated Balance Sheets are used trucks held for sale, net of impairments, of $396.5 million at December 31, 2024 and $309.8 million at December 31, 2023. These trucks are primarily units returned from matured operating leases in the ordinary course of business, and also include trucks acquired from repossessions, through acquisitions of used trucks in trades related to new truck sales and trucks returned from residual value guarantees (RVGs).
The Company recognized losses on used trucks, excluding repossessions, of $59.0 million in 2024 compared to gains of $43.5 million in 2023, including $40.3 million of losses on multiple unit transactions in 2024 compared to $12.3 million in 2023. Used truck losses related to repossessions, which are recognized as credit losses, were $9.8 million in 2024 and $4.6 million in 2023.
The major factors for the changes in interest and fees, interest and other borrowing expenses and finance margin between 2024 and 2023 are outlined below:
AverageThe financeCompany’s receivablesworldwide parts net sales and revenues increased $2.84to $6.87 billion (excludingin foreign2025 exchangefrom effects),$6.67 increasing interest and fees by $208.9 millionbillion in 2024,2024 primarily due to higher average loan, finance lease and dealer wholesale balancessales in the U.S. and Canada, MexicoCanada and Brasil.Europe.
The major factors for the Parts segment changes in net sales and revenues, cost of sales and revenues and gross margin between 2025 and 2024 are as follows:
Aftermarket parts sales volume decreased by $143.1 million and related cost of sales decreased by $69.6 million. The decrease in parts sales and costs reflects lower sales volume, primarily Europe and Mexico.
Average aftermarket parts sales prices increased sales by $307.3 million, primarily due to price realization in the U.S. and Canada as well as tariff cost increases in the U.S.
Average aftermarket parts direct costs increased $213.7 million due to higher material costs and higher tariff costs, primarily in the U.S.
Warehouse and other indirect costs increased $46.1 million, primarily due to higher indirect costs, including depreciation expense.
Average debt balances increased $2.25 billion (excluding foreign exchange effects), increasing interest and other borrowing costs by $107.9 million in 2024, reflecting higher funding requirements for portfolio growth in loans, finance leases and dealer wholesale receivables.
Higher portfolio yields (7.3% in 2024 compared to 6.7% in 2023) increased interest and fees by $96.7 million. The higher portfolio yields were primarily due to higher market rates in all markets except Brasil.
Higher borrowing rates (4.7% in 2024 compared to 3.9% in 2023) increased interest and other borrowing expenses by $113.1 million and were primarily due to higher debt market rates in all markets except Brasil.
The currency translation effectseffect reflecton sales and cost of sales primarily reflects an increase in the value of the euro relative to the U.S. dollar, partially offset by a decrease in the value of foreignthe currenciesAustralian dollar and Canadian dollar relative to the U.S. dollar, primarily the Brazilian real and Mexican peso.dollar.
Parts gross margin was 29.9% in 2025 compared to 30.9% in 2024 due to the factors noted above.
What changed in the latest 10-Q
Risk Factors
For information regarding risk factors, refer to Part I, Item 1A as presented in the 2025 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors during the three months ended June 30, 2026.
Full comparison: every changed paragraph (1)
For information regarding risk factors, refer to Part I, Item 1A as presented in the 2025 Annual Report on Form 10-K. There have been no material changes in the Company’s risk factors during the three months ended MarchJune 31,30, 2026.
Management's Discussion & Analysis (MD&A)
New heading “First Six Months Financial Highlights:”
Largest changes
“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.”see in full comparison
“Included in Financial Services Other assets on the Company’s Consolidated Balance Sheets are used trucks held for sale, net of impairments, of $354.0 million at March 31, 2026 and $389.4 million at December 31, 2025. These trucks are primarily units returned from matured operating leases in the ordinary course of business, and also include trucks acquired from repossessions or through acquisitions of used trucks in trades related to new truck sales and trucks returned from RVGs.”see in full comparison
“Included in Financial Services Other assets on the Company’s Consolidated Balance Sheets are used trucks held for sale, net of impairments, of $318.6 million at June 30, 2026 and $389.4 million at December 31, 2025. These trucks are primarily units returned from matured operating leases in the ordinary course of business, and also include trucks acquired from repossessions or through acquisitions of used trucks in trades related to new truck sales and trucks returned from RVGs.”see in full comparison
“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.”see in full comparison
“Net income was $605.3 million ($1.15 per diluted share) in 2026 compared to $505.1 million ($.96 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 $769.6 million ($1.46 per diluted share). See Reconciliation of GAAP to Non-GAAP Financial Measures on page 45.”see in full comparison
Full comparison: every changed paragraph (157)
FirstSecond Quarter Financial Highlights:
Worldwide net sales and revenues were $6.78 billion in 2026 compared to $7.44 billion in 2025, primarily due to lower truck revenues, partially offset by higher parts and financial services revenues.
Truck sales were $4.53 billion in 2026 compared to $5.23 billion in 2025, due to lower truck deliveries in all major markets except Europe.
PartsWorldwide net sales and revenues were $1.71$7.55 billion in 2026 compared to $1.69$7.51 billion in 2025.
Financial Services revenues were $542.2 million in 2026 compared to $528.0 million in 2025.
Net income was $605.3 million ($1.15 per diluted share) in 2026 compared to $505.1 million ($.96 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 $769.6 million ($1.46 per diluted share). See Reconciliation of GAAP to Non-GAAP Financial Measures on page 45.
CapitalTruck investmentssales were $135.5$5.25 millionbillion in 2026 compared to $171.9$5.24 millionbillion in 2025.
ResearchParts and development (R&D) expensessales were $109.1$1.75 millionbillion in 2026 compared to $115.4$1.72 millionbillion in 2025.2025, primarily from higher sales in Europe.
Financial Services revenues were $549.7 million in 2026 compared to $547.7 million in 2025.
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.
Capital investments were $138.7 million in 2026 compared to $221.1 million in 2025.
Research and development (R&D) expenses were $114.3 million in 2026 compared to $112.9 million in 2025.
First Six Months Financial Highlights:
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.
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.
Parts sales were $3.46 billion in 2026 compared to $3.41 billion in 2025, primarily from higher sales in Europe.
Financial Services revenues were $1.09 billion in 2026 compared to $1.08 billion in 2025.
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.
Capital investments were $274.2 million in 2026 compared to $393.0 million in 2025.
Research and development (R&D) expenses were $223.4 million in 2026 compared to $228.3 million in 2025.
In the second quarter of 2026, Peterbilt unveiled the Freedom 250 Special Edition Model 589 truck, honoring America's historic 250th 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.
Kenworth recently unveiled the new Kenworth C580 truck in the heavy-duty vocational segment. The C580 is designed to meet the most demanding vocational applications, such as mining and off-highway petroleum field work. DAF Trucks expanded its range of battery-electric trucks to include multiple axle tractor and rigid models for specific vocational applications such as construction. The new chassis models are available for the XD and XF Electric, which recently won the International Truck of the Year 2026, and for the larger XG and XG+ Electric, which feature the most spacious cabs in the European truck market.
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 $22.35$22.27 billion. PFS issued $400.0$1.38 millionbillion in medium-term notes during the first threesix months of 2026 to support new business volume and market share growth and repay maturing debt.
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, the 2026 truck industry registrations for over 16-tonne vehicles are expected to be 280,000290,000 to 320,000330,000 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.
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. The Company manufactures its trucks for U.S. customers in its Ohio, Texas, and Washington state factories. Further onOn February 20, 2026, the United States Supreme Court issued a decision invalidating tariffs imposed under the International Emergency Economic Powers Act (IEEPA). This decision mayresulted providein tariff relief and the potential recovery of certain amounts previously paid.
The U.S. Environmental Protection AgencyAgency's announcementJuly 2026 notice of proposed rulemaking (NPRM) reaffirmed the EPA27EPA 27 NOx limit.emissions Itlimits couldwith makeproposed changesrevisions to certain compliance requirements, including extended warranty requirements,periods, useful life requirements orand other modificationsprovisions. These revisions are intended to ensure technology readiness of new emissions systems.powertrains and mitigate the costs of compliance associated with the useful life and warranty.
In 2026, average earning assets are expected to be comparable to 2025. The used truck market has begunis 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.
Capital investments in 2026 are expected to be $725$700 to $775$750 million and R&D is expected to be $450 to $500$480 million. PACCARThe isCompany increasingcontinues itsto investmentinvest in next generation internalclean combustion,diesel, hybrid and battery-electric powertrains, integrated connected vehicle services, advancedand expanded manufacturing capabilities, and the Company's autonomous vehicle platform.capabilities.
In addition to the capital and R&D investments, the Company expects to continue investing in its U.S.-based battery joint venture, Amplify Cell Technologies. During the first quarter, expectations on electric vehicle demand in the commercial vehicle market continued to change. As a result, the Company and its joint venture partners agreed to finish building out the facility, and adjust the timing for installing the manufacturing capacity. As a result of these changes the production start date will be extended. See discussion in Note A.
The Company’s results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025 are presented below.
* In 2025, Other includes a $350.0 million charge related to civil litigation in Europe (EC-related claims). in the first quarter 2025.
The Company’s Truck segment accounted for 67%70% and 68% of revenues in the firstsecond quarter and the first six months of 20262026, respectively, compared to 70% in both the second quarter and the first quartersix months of 2025.
Worldwide new truck deliveries decreased in the firstsecond 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.
In the first threesix months of 2026, industry retail sales in the heavy-duty market in the U.S. and Canada waswere 44,900104,800 units compared to 56,600120,800 units in the same period of 2025. The Company’s heavy-duty truck retail market share was 29.4%29.6% in the first threesix months of 2026 compared to 29.1%30.4% in the first threesix months of 2025. The medium-duty market was 22,50050,800 units in the first threesix months of 2026 compared to 26,00054,300 units in the same period of 2025. The Company’s medium-duty market share was 12.8%12.3% in the first threesix months of 2026 compared to 14.5%14.0% in the first threesix 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.
The over 16‑tonne truck market in Europe in the first threesix months of 2026 was 79,800165,000 units compared to 72,000151,100 units in the first threesix months of 2025. DAF over 16‑tonne market share was 13.1%13.6% in the first threesix months of 2026 compared to 14.0%14.2% in the same period of 2025. The 6 to 16‑tonne market in the first threesix months of 2026 was 8,80018,300 units compared to 9,70019,900 units in the same period of 2025. DAF market share in the 6 to 16-tonne market in the first threesix months of 2026 was 9.6%9.2% compared to 10.7%9.9% in the same period of 2025.
The over 16-tonne truck market in Brasil in the first threesix months of 2026 was 16,90037,200 units compared to 21,50041,700 units in the same period of 2025. DAF Brasil market share for the first threesix months of 2026 was 9.2%7.6% compared to 9.6%9.4% in the same period inof 2025.
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 quartersix months decreased to $4.53$9.78 billion in 2026 from $5.23$10.47 billion in 2025, primarily due to lower truck unit truck deliveries from lower retail demand.demand in all major markets except Europe.
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.
In the first quarter of 2026, Truck segment income before income taxes and pre-tax return on revenues decreased primarily due to lower truck unit deliveries from lower retail demand, reflecting economic conditions as well as higher tariff costs resulting from current trade policies, primarily in the U.S.
The major factors for the Truck segment changes in net sales and revenues, cost of sales and revenues and gross margin between the three months ended MarchJune 31,30, 2026 and 2025 are as follows:
Average cost per truck increased cost of sales by $162.3$27.3 million, primarily reflecting higher material, truck content, tariffcontent and labor costs, partially offset by lower tariff and product support cost.costs.
Extended warranties, operating leases and other increased revenues by $12.9$4.6 million, primarily due to higher volume of R&M and extended warranty contracts and R&M contracts. The increasedecrease in cost of sales by $1.8$26.4 million reflects higher costs from R&M contracts partially offset by lower extended warranty costs in the U.S. and Canada.Canada and lower used truck costs in Europe, partially offset by higher costs from R&M contracts.
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.
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.
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:
Truck sales volume decreased revenues by $1.11 billion and costs by $913.3 million, primarily reflecting lower truck deliveries.
Average truck sales prices increased sales by $191.7 million, primarily due to higher price realization in the U.S. and Canada.
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.
Factory overhead and other indirect costs decreased $14.4 million, primarily due to lower overhead costs from lower truck build rates.
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.
Truck gross margin was 7.0%8.3% in the first quartersix months of 2026 compared to 9.7%9.2% in the same period of 2025 due to the factors noted above.
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.
Truck SG&A expenses in the first quarter of 2026 increased to $61.4 million from $57.3 million in the first quarter of 2025, primarily due to higher sales and marketing expenses and higher currency translation effects, partially offset by lower salaries and related expenses and lower professional fees.
As a percentage of sales, Truck SG&A was 1.4% in the first quarter of 2026 compared to 1.1% in the first quarter of 2025.
The Company’s Parts segment accounted for 25% of revenues in the first quarter 2026 compared to 23% in the first quarter of 2025.
The Company’s worldwide parts net sales and revenues for the first quarter increased to $1.71 billion in 2026 from $1.69 billion in 2025. The decrease in the U.S. and Canada mainly reflects a softer retail market. The increase in Europe primarily reflects an increase in the value of the euro relative to the U.S. dollar.
The major factors for the changes in Parts segment net sales and revenues, cost of sales and revenues and gross margin between the three months ended March 31, 2026 and 2025 are as follows:
Aftermarket parts sales volume decreased by $128.5 million and related cost of sales decreased by $65.7 million primarily due to lower sales volume in the U.S. and Canada and a higher mix of lower margin direct ship sales.
Average aftermarket parts sales prices increased sales by $101.5 million, primarily due to price realization in the U.S. and Canada and Europe.
Average aftermarket parts direct costs increased $55.9 million due to higher material costs, primarily in the U.S. and Canada and Europe and higher tariff costs, primarily in the U.S.
PCAR insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 4 filings (4 insiders, 1 trade date, 56,842 shares, about $7.6M). Net open-market shares: -56,842 (purchases minus sales); net value about -$7.6M.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-02 | Walton Michael K |
Other | 20 | $122.13 | $2.4K |
| 2026-09-02 | Walters William Lance |
Other | 75 | $122.13 | $9.2K |
| 2026-09-02 | Rich John N |
Other | 4 | $122.13 | $460 |
| 2026-09-02 | Pigott Mark C |
Other | 501 | $122.13 | $61.2K |
| 2026-09-02 | Baney Kevin D |
Other | 17 | $122.13 | $2.1K |
| 2026-09-02 | Gryniewicz Craig R |
Other | 22 | $122.13 | $2.6K |
| 2026-09-02 | Bolgar Paulo Henrique |
Other | 3 | $122.13 | $318 |
| 2026-09-02 | Bloch Laura J |
Other | 7 | $122.13 | $868 |
| 2026-09-02 | Poplawski Brice J |
Other | 53 | $122.13 | $6.4K |
| 2026-09-02 | Feight R Preston |
Other | 50 | $122.13 | $6.2K |
| 2026-07-31 | Bolgar Paulo Henrique |
Open-market sale | 2,897 | $133.90 | $387.9K |
| 2026-07-31 | Poplawski Brice J |
Option exercise | 1,970 | $71.95 | $141.7K |
| 2026-07-31 | Poplawski Brice J |
Open-market sale | 1,970 | $132.50 | $261.0K |
| 2026-07-31 | Walters William Lance |
Option exercise | 1,000 | $43.71 | $43.7K |
| 2026-07-31 | Walters William Lance |
Open-market sale | 1,000 | $133.50 | $133.5K |
| 2026-07-31 | Feight R Preston |
Option exercise | 70,519 | $71.95 | $5.1M |
| 2026-07-31 | Feight R Preston |
Open-market sale | 50,975 | $133.07 | $6.8M |
| 2026-06-03 | Walton Michael K |
Other | 21 | $114.38 | $2.4K |
| 2026-06-03 | Poplawski Brice J |
Other | 56 | $114.38 | $6.4K |
| 2026-06-03 | Walters William Lance |
Other | 80 | $114.38 | $9.1K |
| 2026-06-03 | Rich John N |
Other | 4 | $114.38 | $460 |
| 2026-06-03 | Baney Kevin D |
Other | 18 | $114.38 | $2.1K |
| 2026-06-03 | Bolgar Paulo Henrique |
Other | 3 | $114.38 | $317 |
| 2026-06-03 | Bloch Laura J |
Other | 8 | $114.38 | $866 |
| 2026-06-03 | Feight R Preston |
Other | 54 | $114.38 | $6.1K |
| 2026-06-03 | Gryniewicz Craig R |
Other | 23 | $114.38 | $2.6K |
| 2026-06-03 | Pigott Mark C |
Other | 534 | $114.38 | $61.0K |
| 2026-05-08 | Niekamp Cynthia A |
Option exercise | 6,981 | — | — |
| 2026-05-08 | Niekamp Cynthia A |
Shares withheld for tax | 105 | $114.31 | $12.0K |
Well-known investors holding PCAR (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 1,282,773 | $154.1M | 0.09% | Added 86% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 1,197,211 | $143.7M | 0.05% | Reduced 7% |
| Gates Foundation Trust | 2026-06-30 | 1,000,000 | $120.1M | 0.35% | No change |
| Bridgewater Associates | 2026-06-30 | 946,107 | $113.6M | 0.47% | Added 22% |
| Millennium Management (Israel Englander) | 2026-06-30 | 209,112 | $25.1M | 0.02% | Reduced 88% |
| Two Sigma Investments | 2026-06-30 | 208,754 | $25.1M | 0.02% | Reduced 11% |
| D. E. Shaw & Co. | 2026-06-30 | 137,338 | $16.5M | 0.01% | Reduced 35% |
| Renaissance Technologies | 2026-06-30 | 123,116 | $14.2M | — | Sold out |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 36,948 | $4.4M | 0.01% | Added 1% |