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10-Q – 2026-04-29 – pcar-20260331.htm
25.5 23.3 8.8 5.5 $ 44.1 $ 43.1 $ 18.3 $ 21.0 The provision for losses on receivables was $44.1 million in the first quarter of 2026 compared to $18.3 million in the first quarter of 2025, primarily due to a higher provision in Brasil and the U.S., reflecting an increase in 30+ days past due accounts. Net charge-offs increased to $43.1 million in the first quarter of 2026 from $21.0 million in the same period of 2025. Higher net charge-offs in Brasil reflected a decline in market conditions, including elevated interest rates. The increased charge-offs in the U.S. and Canada were driven by soft freight market conditions and included one large fleet customer, which was provisioned for previously. The Company modifies loans and finance leases as a normal part of its Financial Services operations. The Company may modify loans and finance leases for commercial reasons or for credit reasons. Modifications for commercial reasons are changes to contract terms for customers that are not considered to be in financial difficulty. Insignificant delays are modifications extending terms up to three months for customers experiencing some short-term financial stress, but not considered to be in financial difficulty. Modifications for credit reasons are changes to contract terms for customers considered to be in financial difficulty. The Company’s modifications typically result in granting more time to pay the contractual amounts owed and charging a fee and interest for the term of the modification. When considering whether to modify customer accounts for credit reasons, the Company evaluates the creditworthiness of the customers and modifies those accounts that the Company considers likely to perform under the modified terms. The post-modification balances of accounts modified during the three months ended March 31, 2026 and 2025 are summarized below: 2026 2025 ($ in millions) AMORTIZED COST BASIS % OF TOTAL PORTFOLIO* AMORTIZED COST BASIS % OF TOTAL PORTFOLIO* Commercial $ 45.0 1.2 % $ 79.2 2.2 % Insignificant delay 138.5 3.5 % 58.4 1.5 % Credit 224.3 5.8 % 49.8 1.4 % $ 407.8 10.5 % $ 187.4 5.1 % * Amortized cost basis immediately after modification as a percentage of ending retail portfolio, on an annualized basis. Modification activity increased to $407.8 million in the first three months of 2026 from $187.4 million in the same period of 2025. The decrease in modifications for Commercial reasons primarily reflects lower volumes of refinancing, primarily in the U.S. The increase related to Insignificant delay modifications reflects an increase in customers requesting payment relief for up to three months, primarily in the U.S. and Mexico. These customers were predominately not past due at the time of modification and at March 31, 2026. The increase in Credit modifications reflect higher volumes of contract modifications for customers experiencing financial difficulty in the U.S., Brasil and Mexico due to weak market conditions, including elevated interest rates in Brasil. The following table summarizes the Company’s 30+ days past due accounts: March 31 2026 December 31 2025 March 31 2025 Percentage of retail loan and lease accounts 30+ days past due: U.S. and Canada 1.8 % 1.8 % .8 % Europe 1.0 % 1.0 % .8 % Mexico, Australia, Brasil and other 4.9 % 4.6 % 2.4 % Worldwide 2.4 % 2.4 % 1.2 % - 40 - Accounts 30+ days past due was 2.4% at March 31, 2026 compared to 2.4% at December 31, 2025 and 1.2% at March 31, 2025. The percentage of past due accounts in the U.S. and Canada was 1.8% as of March 31, 2026 and included the effect of contract modifications for one large fleet customer. The increased percentage of past due accounts in Mexico, Australia and Brasil reflects a decline in all market conditions, including elevated interest rates in Brasil. The Company continues to focus on maintaining low past due balances. When the Company modifies a 30+ days past due account, the customer is then generally considered current under the revised contractual terms. Contract modifications, which were 30+ days past due and became current at the time of modification, were $116.1 million worldwide during the first quarter of 2026, $72.9 million during the fourth quarter of 2025 and $30.2 million during the first quarter of 2025. Had these accounts not been modified and continued to not make payments, the pro forma percentage of retail loan and lease accounts 30+ days past due would have been as follows: March 31 2026 December 31 2025 March 31 2025 Pro forma percentage of retail loan and lease accounts 30+ days past due: U.S. and Canada 2.5 % 2.1 % .8 % Europe 1.0 % 1.1 % .8 % Mexico, Australia, Brasil and other 6.3 % 5.8 % 3.1 % Worldwide 3.2 % 2.8 % 1.4 % The Company typically requires customers to pay current before granting modifications. The higher pro forma percentage of retail loan and lease accounts 30+ days past due at March 31, 2026 in Mexico, Australia, Brasil and other was primarily due to accounts modified in Brasil. A contract modification that improves the past due status reduces the probability of default. The effect of modifications is included in the Company’s historical loss information used to determine the allowance for credit losses. Modifications of accounts in prior quarters that were more than 30 days past due at the time of modification are included in past dues if they were not performing under the modified terms at March 31, 2026, December 31, 2025 and March 31, 2025. For certain modifications to customers experiencing financial difficulties that are at-risk at March 31, 2026 and December 31, 2025, the allowance for credit losses is based on the value of the underlying collateral or a discounted cash flow analysis The Company’s annualized pre-tax return on average total assets for Financial Services was 2.1% for the first quarter of 2026 and 2.2% for the same period of 2025. Other Included in Other is sales, income and expenses not attributable to a reportable segment. Other also includes non-service cost components of pension expense and certain corporate income and expenses. Other sales represent less than 1% of consolidated net sales and revenues for the first quarter of 2026 and 2025. Other SG&A decreased to $20.5 million for the first quarter of 2026 from $25.1 million for the first quarter of 2025. The decrease was primarily due to lower salary and related costs. For the first quarter of 2026, Other income before income taxes was $1.9 million compared to loss of $353.2 million in 2025, primarily due to the EC-related charge in the first quarter 2025 which is discussed in Note M of the consolidated financial statements. Investment income for the first quarter decreased to $80.4 million in 2026 compared to $83.8 million in 2025. The decrease was primarily due to lower investment yields from lower market interest rates in all major markets except Brasil, partially offset by an increase in average investment balances in all major markets except Mexico. - 41 - Income Taxes The effective tax rate for the first quarter of 2026 was 22.0% compared to 21.5% for the first quarter of 2025. Included in 2025 was the EC-related charge of $350.0 million, which lowered the effective tax rate. ($ in millions) Three Months Ended March 31, 2026 2025 Domestic income before taxes $ 473.6 $ 647.5 Foreign income (loss) before taxes 302.7 (4.4 ) Total income before taxes $ 776.3 $ 643.1 Domestic pre-tax return on revenues 12.9 % 15.3 % Foreign pre-tax return on revenues 9.8 % (.1 )% Total pre-tax return on revenues 11.5 % 8.6 % For the first quarter of 2026, domestic income before taxes and domestic pre-tax return on revenues decreased primarily due to lower Truck and Parts operation results. For the first quarter of 2025, foreign loss before taxes included the EC-related charge of $350.0 million, which also reduced foreign pre-tax return on revenues. LIQUIDITY AND CAPITAL RESOURCES: March 31 December 31 ($ in millions) 2026 2025 Cash and cash equivalents $ 5,644.8 $ 6,307.9 Marketable securities 3,213.5 3,207.7 $ 8,858.3 $ 9,515.6 The Company’s total cash and marketable securities at March 31, 2026 decreased $657.3 million from the balances at December 31, 2025. Total cash and marketable securities are primarily intended to provide liquidity while preserving capital. The change in cash and cash equivalents is summarized below: ($ in millions) Three Months Ended March 31, 2026 2025 Operating activities: Net income $ 605.3 $ 505.1 Net income items not affecting cash 102.6 259.7 Pension contributions (4.0 ) (6.5 ) Changes in operating assets and liabilities, net 267.9 152.0 Net cash provided by operating activities 971.8 910.3 Net cash used in investing activities (75.0 ) (392.6 ) Net cash used in financing activities (1,551.7 ) (2,134.7 ) Effect of exchange rate changes on cash and cash equivalents (8.2 ) 73.9 Net decrease in cash and cash equivalents (663.1 ) (1,543.1 ) Cash and cash equivalents at beginning of period 6,307.9 7,060.8 Cash and cash equivalents at end of period $ 5,644.8 $ 5,517.7 Operating activities: Cash provided by operations increased by $61.5 million to $971.8 million in the first three months of 2026 from $910.3 million in 2025. The increased operating cash flow reflects higher net income by $100.2 million and higher cash provided from net changes in operating assets and liabilities of $115.9 million, partially offset by lower cash provided from net income items not affecting cash of $157.1 million, primarily deferred income taxes. The net changes in operating assets and liabilities are mainly due to higher cash provided by wholesale receivables on new trucks in the financial services segment of $169.9 million and an increase in accounts payable and accruals of $78.5 million, partially offset by higher cash used for inventories of $62.7 million and a larger increase in trade and other receivables of $48.2 million. - 42 - Investing activities: Cash used in investing activities decreased by $317.6 million to $75.0 million in the first three months of 2026 from $392.6 million in 2025. The decrease in net cash used in investing activities primarily reflects lower net origination of retail loans and finance leases of $335.2 million and lower contributions to the joint venture of $44.7 million, partially offset by a decrease in net cash provided for in the settlement of a net investment hedge presented in Other, net in the Company's Consolidated Statements of Cash Flows. Financing activities: Cash used in financing activities was $1,551.7 million for the first three months of 2026, $583.0 million lower than the $2,134.7 million used in 2025, reflecting lower cash dividends and lower net borrowing activities. In the first three months of 2026, the Company paid $909.4 million in dividends compared to $1.75 billion in 2025. Cash used in net borrowing activities was $679.9 million in 2026, $274.0 million higher than the $405.9 million in 2025. The effect of exchange rate changes on cash decreased cash and cash equivalents by $8.2 million in the first three months of 2026, reflecting a decrease in the value of foreign currencies relative to the U.S. dollar, primarily the euro. In the first three months of 2025, an increase in the value of foreign currencies relative to the U.S. dollar, primarily the euro, the British pound and Brazilian real, increased cash and cash equivalents by $73.9 million. Credit Lines and Other The Company has line of credit arrangements of $5.62 billion, of which $5.25 billion were unused at March 31, 2026. Included in these arrangements are $4.00 billion of committed bank facilities, of which $1.50 billion expires in June 2026, $1.25 billion expires in June 2028 and $1.25 billion expires in June 2030. The Company intends to extend or replace these credit facilities on or before expiration to maintain facilities of similar amounts and duration. These credit facilities are maintained primarily to provide backup liquidity for commercial paper borrowings and maturing medium-term notes. There were no borrowings under the committed bank facilities for the three months ended March 31, 2026. On December 4, 2018, PACCAR’s Board of Directors approved the repurchase of up to $500.0 million of the Company’s outstanding common stock without an expiration. The objective of the repurchase is to return value to PACCAR shareholders. As of March 31, 2026, the Company has repurchased $128.4 million of shares under this plan. There were no repurchases made under this plan during the first three months of 2026. Truck, Parts and Other The Company provides funding for working capital, capital expenditures, R&D, dividends, stock repurchases and other business initiatives and commitments primarily from cash provided by operations. Management expects this method of funding to continue in the future. Investments for manufacturing property, plant and equipment in the first three months of 2026 was $134.9 million compared to $170.7 million for the same period of 2025. Over the past decade, the Company’s combined investments in worldwide capital projects and R&D totaled $9.22 billion and have significantly increased the operating capacity and efficiency of its facilities and enhanced the quality and operating efficiency of the Company’s premium products. In 2026, total capital investments are expected to be $725 to $775 million and R&D is expected to be $450 to $500 million. The Company is increasing its investment in next generation internal combustion, hybrid and battery-electric powertrains, integrated connected vehicle services, advanced manufacturing capabilities, and the Company's autonomous vehicle platform. 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. Financial Services The Company funds its financial services activities primarily from collections on existing finance receivables and borrowings in the capital markets. The primary sources of borrowings in the capital markets are commercial paper and medium-term notes issued in the public markets and, to a lesser extent, bank loans. In November 2024, the Company’s U.S. finance subsidiary, PACCAR Financial Corp. (PFC), filed a shelf registration under the Securities Act of 1933. In April 2026, the Company issued $150.0 million of medium-term notes under this registration. The total amount of medium-term notes outstanding for PFC as of March 31, 2026 was $7.60 billion. The registration expires in November 2027 and does not limit the principal amount of debt securities that may be issued during that period. - 43 - As of March 31, 2026, the Company’s European finance subsidiary, PACCAR Financial Europe, had €1.05 billion available for issuance under a €2.50 billion medium-term note program listed on the Euro MTF Market of the Luxembourg Stock Exchange. This program renews annually and expires in May 2026. The Company intends to renew this program in the second quarter of 2026. In August 2021, the Company's Mexican subsidiary, PACCAR Financial Mexico, registered a 10.00 billion Mexican peso program with the Comision Nacional Bancaria y de Valores to issue medium-term notes and commercial paper. The registration expires in August 2026 and limits the amount of commercial paper (up to one year) to 5.00 billion Mexican pesos. At March 31, 2026, 5.80 billion Mexican pesos were available for issuance. In August 2018, the Company’s Australian subsidiary, PACCAR Financial Pty. Ltd. (PFPL Australia), established a medium-term note program. The program does not limit the principal amount of debt securities that may be issued under the program. The total amount of medium-term notes outstanding for PFPL Australia as of March 31, 2026 was 900.0 million Australian dollars. In May 2021, the Company’s Canadian subsidiary, PACCAR Financial Ltd. (PFL Canada), established a medium-term note program. The program does not limit the principal amount of debt securities that may be issued under the program. There were no borrowings under this program as of March 31, 2026. In December 2021, the Company’s Brazilian subsidiary, Banco PACCAR S.A., established a lending program with the local development bank, Banco Nacional de Desenvolvimento Economico e Social (BNDES), for qualified customers to receive preferential conditions and generally market interest rates. The program is limited to 2.43 billion Brazilian reais and has 1.19 billion Brazilian reais outstanding as of March 31, 2026. The Brazilian subsidiary also established a Letra Financeira (LF) program in May 2024 and the program does not limit the principal amount of debt securities that may be issued under the program. The total amount of medium-term notes outstanding as of March 31, 2026 was 500.0 million Brazilian reais. The Company believes its cash balances and investments, collections on existing finance receivables, committed bank facilities and current investment-grade credit ratings of A+/A1 will continue to provide it with sufficient resources and access to capital markets at competitive interest rates and therefore contribute to the Company maintaining its liquidity and financial stability. In the event of a decrease in the Company’s credit ratings or a disruption in the financial markets, the Company may not be able to refinance its maturing debt in the financial markets. In such circumstances, the Company would be exposed to liquidity risk to the degree that the timing of debt maturities differs from the timing of receivable collections from customers. The Company believes its various sources of liquidity, including committed bank facilities, would continue to provide it with sufficient funding resources to service its maturing debt obligations. - 44 - RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES: This Form 10-Q includes “adjusted net income (non-GAAP)” and “adjusted net income per diluted share (non-GAAP)”, which are financial measures that are not in accordance with U.S. generally accepted accounting principles (“GAAP”), since they exclude a charge for EC-related claims. These measures differ from the most directly comparable measures calculated in accordance with GAAP and may not be comparable to similarly titled non-GAAP financial measures used by other companies. Adjustment for the EC-related claims relates to a pre-tax charge of $350.0 million ($264.5 million after-tax) for estimable total costs recorded in Interest and other expenses (income), net in the first quarter 2025. The Company utilizes these non-GAAP measures to allow investors and management to evaluate operating trends by excluding a significant charge that is not representative of company performance. Reconciliations from the most directly comparable GAAP measures to adjusted net income (non-GAAP) and adjusted net income per diluted shares (non-GAAP) are as follows: Three Months Ended ($ in millions, except per share amounts) March 31, 2025 Net income $ 505.1 EC-related claims, net of taxes 264.5 Adjusted net income (non-GAAP) $ 769.6 Per diluted share Net income $ .96 EC-related claims, net of taxes .50 Adjusted net income (non-GAAP) $ 1.46 - 45 - FORWARD-LOOKING STATEMENTS: 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, including EC settlement-related claims; or legislative and governmental regulations. A more detailed description of these and other risks is included under the headings Part I, Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and in Part II, Item 1, “Legal Proceedings” and Part II, Item 1A, “Risk Factors” of this Quarterly Report on Form 10-Q. - 46 - ITEM 3. QUANTITATIVE AND QUALITATI VE DISCLOSURES ABOUT MARKET RISK There were no material changes in the Company’s market risk during the three months ended March 31, 2026. For additional information, refer to Item 7A as presented in the 2025 Annual Report on Form 10‑K. ITEM 4. CONTROLS AND PROCEDURES The Company’s management, with the participation of the Principal Executive Officer and Principal Financial Officer, conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)) as of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report. There have been no changes in the Company’s internal controls over financial reporting that occurred during the fiscal quarter covered by this quarterly report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. - 47 - PART II – OTHE R INFORMATION ITEM 1. LEGAL PROCEEDINGS Refer to Note M – “Commitments and Contingencies” in the Notes to Consolidated Financial Statements (Part I, Item 1) for discussion on litigation matters, which is incorporated by reference herein. ITEM 1A. RI SK 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 March 31, 2026. ITEM 2. UNREGISTERED SALES OF EQUI TY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES For Items 2(a) and (b), there was no reportable information for the three months ended March 31, 2026. (c) Issuer purchases of equity securities. On December 4, 2018, PACCAR’s Board of Directors approved the repurchase of up to $500.0 million of the Company’s outstanding common stock. As of March 31, 2026, the Company has repurchased $128.4 million of shares under this plan. There were no repurchases made under this plan during the first three months of 2026. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. MINE SAFETY DISCLOSURES Not applicable. ITEM 5. OTHER INFORMATION None of the Company’s directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s quarter ended March 31, 2026, as such terms are defined under Item 408(a) of Regulation S-K. - 48 - ITEM 6. EXHIBITS Any exhibits filed herewith are listed in the accompanying index to exhibits. INDEX TO EXHIBITS Exhibit Number Exhibit Description Form Date of First Filing Exhibit Number File Number (3) (i) Articles of Incorporation: Amended and Restated Certificate of Incorporation of PACCAR Inc 8-K May 4, 2018 3(i) 001-14817 Certificate of Amendment of the Amended and Restated Certificate of Incorporation of PACCAR Inc 8-K April 24, 2020 3(i) 001-14817 Certificate of Amendment of the Amended and Restated Certificate of Incorporation of PACCAR Inc 8-K April 29, 2022 3(i) 001-14817 (ii) Bylaws: Seventh Amended and Restated Bylaws of PACCAR Inc 8-K July 26, 2022 3(ii) 001-14817 (4) Instruments defining the rights of security holders, including indentures**: (a) Indenture for Senior Debt Securities dated as of November 20, 2009 between PACCAR Financial Corp. and U.S. Bank Trust Company, National Association (as a successor to The Bank of New York Mellon Trust Company, N.A. ) S-3 November 20, 2009 4.1 333-163273 (b) Forms of Medium-Term Note, Series P (PACCAR Financial Corp.) S-3 November 2, 2018 4.2 and 4.3 333-228141 (c) Forms of Medium-Term Note, Series Q (PACCAR Financial Corp.) S-3 November 1, 2021 4.3 and 4.4 333-260663 (d) Forms of Medium-Term Note, Series R (PACCAR Financial Corp.) S-3 November 7, 2024 4.4 and 4.5 333-283056 (e) Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated July 13, 2022 10-Q August 2, 2022 4(h) 001-14817 (f) Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated July 17, 2024 10-Q October 30, 2024 4(h) 001-14817 (g) Terms and Conditions of the Notes applicable to the €2,500,000,000 Medium Term Note Programme of PACCAR Financial Europe B.V. set forth in the Information Memorandum dated May 8, 2025 10-Q July 31, 2025 4(j) 001-14817 (h) Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 10-K February 19, 2020 4(j) 001-14817 (10) Material Contracts: (a) PACCAR Inc Amended and Restated Supplemental Retirement Plan 10-K February 27, 2009 10(a) 001-14817 (b) Amended and Restated Deferred Compensation Plan 10-Q May 10, 2012 10(b) 001-14817 (c) Third Amended and Restated PACCAR Inc Restricted Stock and Deferred Compensation Plan for Non-Employee Directors 10-Q May 2, 2024 10(d) 001-14817 (d) Form of Deferred Restricted Stock Unit Grant Agreement for Non-Employee Directors 10-Q July 31, 2024 10(e) 001-14817 ** Pursuant to the Instructions to Exhibits, certain instruments defining the rights of holders of long-term debt securities of the Company and its wholly owned subsidiaries are not filed because the total amount of securities authorized under any such instrument does not exceed 10 percent of the Company’s total assets. The Company will file copies of such instruments upon request of the Commission. - 49 - Exhibit Number Exhibit Description Form Date of First Filing Exhibit Number File Number (e) Form of Restricted Stock Grant Agreement for Non-Employee Directors 10-Q July 31, 2024 10(f) 001-14817 (f) PACCAR Inc Senior Executive Yearly Incentive Compensation Plan 10-K February 18, 2026 10(f) 001-14817 (g) PACCAR Inc Long Term Incentive Plan 10-K February 18, 2026 10(g) 001-14817 (h) PACCAR Inc Long Term Incentive Plan, Form of Stock Option Agreement 10-K February 19, 2025 10(h) 001-14817 (i) PACCAR Inc Long Term Incentive Plan, Form of Restricted Stock Award Agreement 10-K February 18, 2026 10(i) 001-14817 (j) PACCAR Inc Long Term Incentive Plan, Form of Restricted Stock Unit Agreement 10-K February 18, 2026 10(j) 001-14817 (k) PACCAR Inc Savings Investment Plan, Amendment and Restatement effective September 1, 2016 10-Q November 4, 2016 10(q) 001-14817 (31) Rule 13a-14(a)/15d-14(a) Certifications: (a) Certification of Principal Executive Officer* (b) Certification of Principal Financial Officer* (32) Section 1350 Certifications: Certification pursuant to rule 13a-14(b) and section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. section 1350)* (101.INS) Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. (101.SCH) Inline XBRL Taxonomy Extension Schema Document* (104) Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)* * filed herewith - 50 - SIGNA TURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PACCAR Inc (Registrant) Date April 29, 2026 By /s/ B. J. Poplawski B. J. Poplawski Senior Vice President and Chief Financial Officer (Principal Financial Officer) - 51 -