Risk Sleuth
PCAR · 10-K filed 18 Feb 2026 · year to 31 Dec 2025

PACCAR

27 named things its latest annual report says its results depend on, each in the company's own words. 14 of them are also named by other companies we've read.

Customers

Commercial trucking companies and owner/operators

insures or lends to · 51% of total assetsnamed as a risk
PFS accounted for 8% of total net sales and revenues and 51% of total assets in 2025.Business (Item 1)

Independent dealers

earns from
Substantially all trucks are sold to independent dealers.Business (Item 1)

Suppliers

Renault V.I.

depends on · approximately 2% of consolidated revenuesnamed as a risk
The Company’s DAF subsidiary purchases fully assembled cabs from a competitor, Renault V.I., for its European light-, medium-duty product line pursuant to a joint product development and long-term supply contract.Business (Item 1)

Cummins Inc.

depends onnamed as a risk
A loss of supply from Cummins, Eaton, ZF or Magna, and the resulting interruption in the production of trucks, would have a material effect on the Company’s results.Business (Item 1)

Also named by CAT, USAC

Eaton Corporation Plc

depends onnamed as a risk
The Company purchased a significant portion of its transmissions from Eaton Corporation Plc. (Eaton) and ZF Friedrichshafen AG (ZF).Business (Item 1)

Also named by CMI, VRT

ZF Friedrichshafen AG

depends onnamed as a risk
The Company purchased a significant portion of its transmissions from Eaton Corporation Plc. (Eaton) and ZF Friedrichshafen AG (ZF).Business (Item 1)

Also named by ALSN

Magna International Inc.

depends onnamed as a risk
The Company also purchased a significant portion of North America stampings used for cabs from Magna International Inc. (Magna).Business (Item 1)

Partners and platforms

Battery manufacturing joint venture (Cummins, Daimler Trucks, EVE Energy)

21-gigawatt hour (GWh)
PACCAR, Cummins, Daimler Trucks and EVE Energy have partnered to produce state-of-the-art commercial vehicle batteries in a 21-gigawatt hour (GWh) factory in Marshall County, Mississippi.Business (Item 1)

Other companies

Euro

exposed to its price · $96.8named as a risk
The Company enters into foreign currency exchange contracts to hedge its exposure to exchange rate fluctuations of foreign currencies, particularly the Canadian dollar, the euro, the British pound, the Australian dollar, the Brazilian real and the Mexican peso (see Note P for additional information concerning these hedges).Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Commercial paper and medium-term notes markets

depends onnamed as a risk
If the markets for commercial paper, medium-term notes and bank debt do not provide the necessary liquidity in the future, the Financial Services segment may experience increased costs or may have to limit its financing of retail and wholesale assets.Risk factors (Item 1A)

Places

U.S. and Canada Class 8 truck market

earns from · 29.9% of retail sales
The Company’s share of the U.S. and Canadian Class 8 market was 29.9% of retail sales in 2025, and the Company’s medium-duty market share was 15.9%.Business (Item 1)

European heavy-duty truck market

earns from · 13.5% share
In 2025, DAF had a 13.5% share of the European heavy-duty market and a 9.7% share of the light/medium-duty market.Business (Item 1)

Netherlands

operates in
PACCAR competes in the European light/medium market with DAF COE trucks assembled in the United Kingdom (U.K.) by Leyland, one of PACCAR’s wholly owned subsidiaries, and participates in the European heavy market with DAF COE trucks assembled in the Netherlands and the U.K.Business (Item 1)

Also named by ANET, BKNG, CACI, COO, CROX, GILD

Columbus, Mississippi

operates in
The Company also manufactures engines at its Columbus, Mississippi facility.Business (Item 1)

Also named by STLD

Commodities and inputs

Steel

exposed to its price · approximately 85% of the cost of new trucksnamed as a risk
The Company’s costs for trucks consist primarily of material costs, which are influenced by the price of commodities such as steel, copper, aluminum and petroleum.Business (Item 1)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Copper

exposed to its pricenamed as a risk
The Company’s costs for trucks consist primarily of material costs, which are influenced by the price of commodities such as steel, copper, aluminum and petroleum.Business (Item 1)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Aluminum

exposed to its pricenamed as a risk
The Company’s costs for trucks consist primarily of material costs, which are influenced by the price of commodities such as steel, copper, aluminum and petroleum.Business (Item 1)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Petroleum

exposed to its pricenamed as a risk
The Company’s costs for trucks consist primarily of material costs, which are influenced by the price of commodities such as steel, copper, aluminum and petroleum.Business (Item 1)

Also named by BBW, LULU, TSCO

Used truck prices

exposed to its pricenamed as a risk
A decline in the Company’s truck unit sales or a decrease in used truck prices are also factors which may affect the Company’s Financial Services segment.Risk factors (Item 1A)

Semiconductors

depends on
The Company and its suppliers rely on semiconductors as an essential component in the production of its trucks and aftermarket parts.Business (Item 1)

Also named by AAPL, AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO and 16 more

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk
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.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

California Air Resources Board (CARB)

subject tonamed as a risk
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.Risk factors (Item 1A)

Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more

National Highway Traffic Safety Administration (NHTSA)

subject to
As a manufacturer of highway trucks, the Company is subject to the National Traffic and Motor Vehicle Safety Act and Federal Motor Vehicle Safety Standards promulgated by the National Highway Traffic Safety Administration as well as environmental laws and regulations in the United States, and is subject to similar regulations in all countries where it has operations and where its trucks are distributed.Business (Item 1)

Also named by CTOS, DORM, F, GM, PATK, PII, THO, TSLA

Laws and programs

EPA Low NOx Rule

subject tonamed as a risk
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 Low NOx 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 Regulation and, subject to pending litigation, the Advanced Clean Truck (ACT) regulation of the California Air Resources Board.Business (Item 1)

EPA Greenhouse Gas Emissions and Fuel Efficiency Standards for Medium and Heavy-Duty Engines and Vehicles

subject tonamed as a risk
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 Low NOx 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 Regulation and, subject to pending litigation, the Advanced Clean Truck (ACT) regulation of the California Air Resources Board.Business (Item 1)

EU Heavy-Duty Vehicle CO2 Emission Standards

subject tonamed as a risk
Not meeting these targets would result in significant fines by the EU Commission.Risk factors (Item 1A)

California Advanced Clean Trucks (ACT) regulation

subject tonamed as a risk
California'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.Risk factors (Item 1A)