Paccar: demand improving despite cost volatility

In Q1 2026 Paccar saw its first instance of operating margin growth after nine consecutive quarters of decline, though the 10.0% figure was still 1.9pts below last year’s. The first three months show some evidence of a turnaround, but a 8.9% drop in revenue and 17.5% dip in deliveries stretches Chief Executive Preston Feight’s characterisation of the results as “good”.