PACCAR designs and manufactures heavy- and medium-duty commercial trucks under three nameplates: Kenworth and Peterbilt in North America, and DAF in Europe and other international markets. The core business is Class 8 heavy-duty trucking, where Kenworth and Peterbilt together held roughly 30% of U.S. and Canadian retail sales in FY25, and DAF held roughly 13.5% of the European heavy-duty market. Trucks are built to customer specifications and sold through a network of over 2,000 independent dealers globally. PACCAR operates three segments: Trucks (~68% of revenues), Parts (~24%), and Financial Services (~8%). The Parts business distributes aftermarket components through 21 global distribution centers to dealers and TRP stores across 99 countries, and management highlights this segment as a stable, high-margin earnings contributor throughout the truck cycle. PACCAR Financial Services provides retail loans, finance leases, and full-service leasing under the PacLease brand in 26 countries, earning a spread between customer lending rates and PACCAR's own borrowing costs. Truck segment profitability is driven by unit volume, pricing, and material costs, which represent roughly 80-85% of cost of goods sold. PACCAR argues its trucks are differentiated by fuel efficiency, driver comfort, and low total cost of ownership. Longer-term, PACCAR is investing in parts distribution expansion, connected truck services, battery-electric trucks, and autonomous vehicle partnerships, while also expanding DAF's presence in South America.