PACCAR INC (PCAR) — payout ratio, three ways
Fiscal year ending 2025-12-31 · sector Industrials · computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 60.3% | The figure most screeners publish. |
| Operating cash flow | 51.3% | Before capital spending, so it understates the payout that free cash flow shows. |
| Free cash flow | 61.7% | What is left after maintaining the business. |
Spread between highest and lowest: 10 percentage points. Same filings, different denominators.
The arithmetic
- GAAP earnings — dividends declared per share $2.72 ÷ diluted EPS $4.51
- Operating cash flow — dividends paid $2,267.1m ÷ operating cash flow $4,415.8m
- Free cash flow — dividends paid $2,267.1m ÷ (operating cash flow $4,415.8m − capex $743.0m)
Where the figures came from
- 10-K filed 2026-02-18 · accession
0001193125-26-057025
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS $2.72 filed as declared, but dividends paid imply $4.30 — one of the two underlying facts is wrong. The filed per-share figure is used.
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.