PCAR · CIK 0000075362
What PACCAR INC told the SEC could break it.
PACCAR's sharpest exposure is its dependence on a handful of named critical suppliers: it states plainly that losing supply from Cummins, Eaton, ZF or Magna would interrupt truck production and have a material effect on results, with no quick substitute. Semiconductors are a second supply chokepoint — an essential component on which both PACCAR and its Tier-1 suppliers depend, so a chip shortage would ripple across production and aftermarket parts. Trade policy compounds the cost side: tariff costs are explicitly named among the drivers of a $962.2 million increase in its average truck cost of sales and a $213.7 million rise in aftermarket parts costs in fiscal 2025, with ongoing uncertainty including a pending Supreme Court ruling on IEEPA tariffs.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- Cummins, Eaton, ZF, and Magna — loss of supply from any one would have material effect on truck productionhigh
PACCAR explicitly discloses that a loss of supply from Cummins, Eaton, ZF, or Magna would have a material effect on its truck production results; these four named companies are singled out as critical suppliers whose loss cannot be quickly substituted.
“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.”
SEC filing →As of 2026
Regulatory & policy
- US tariff costs — contributing to $962M truck cost increase and $213.7M parts cost increase in FY2025medium
Tariff costs are explicitly named as a driver of PACCAR's $962.2M increase in average truck cost of sales and the $213.7M increase in aftermarket parts direct costs in FY2025; tariff policy uncertainty (including pending IEEPA Supreme Court ruling) creates ongoing exposure.
“Average cost per truck increased cost of sales by $962.2 million, primarily reflecting higher regulatory and other truck content, increased tariff costs and product support accruals.”
SEC filing →As of 2026
Supplier concentration
- semiconductors — essential component for truck production sourced from various unnamed suppliersmedium
Semiconductors are an essential component in PACCAR's truck production and aftermarket parts, and both PACCAR and its Tier-1 suppliers depend on semiconductor availability; supply disruption would impact production across the supply chain.
“The Company and its suppliers rely on semiconductors as an essential component in the production of its trucks and aftermarket parts. The Company and its suppliers source semiconductors from various suppliers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“Since commencing operations as a Peterbilt heavy-duty truck dealer in 1966, we have grown to operate 126 franchised Rush Truck Centers in 23 states.”
Cited →
Its suppliers
Allison Transmission Holdings, Inc.
“Our top three customers, Daimler AG, PACCAR Inc. and Traton SE, accounted for approximately 18%, 11% and 10%, respectively, of our net sales during 2025.”
Cited →“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.”
Cited →Mayville Engineering Company, Inc.
“For the year ended December 31, 2025, PACCAR Inc. and John Deere accounted for 13.6% and 10.0% of net sales, respectively.”
Cited →“Our largest customer is PACCAR, Inc. Worldwide sales to this customer were approximately $ 4.4 billion, $ 5.4 billion and $ 5.5 billion for the years ended December 31, 2025, 2024 and 2023, representing 13 percent, 16 percent and 16 percent, respectively, of our consolidated net sales.”
Cited →ZF Friedrichshafen AG
“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.”
Cited →Core Molding Technologies, Inc.
“PACCAR 11% 13% 10% No N/A”
Cited →“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.”
Cited →“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.”
Cited →Atmus Filtration Technologies Inc.
“We have significant customer concentration, with Cummins, PACCAR and the Traton Group respectively accounting for approximately 18.8% , 16.3% and 11.5% of our net sales for the year ended December 31, 2025.”
Cited →
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