Strong Full-Year and Quarterly Financial Results
2025 revenues of $7.4 billion and net income of $263.8 million ($3.27 per diluted share). Fourth-quarter 2025 revenues of ~$1.8 billion and net income of $64.3 million ($0.81 per diluted share).
Disciplined Capital Returns
Board approved cash dividend of $0.19 per share; returned $58 million to shareholders via dividends (a 5.6% increase vs. 2024); repurchased $193.5 million of common stock in 2025 and established a new repurchase authorization of up to $150 million through 12/31/2026.
Aftermarket Revenue Stability and Margin Maintenance
Aftermarket parts, service and collision center revenues totaled $2.5 billion (essentially flat vs. 2024). Fourth-quarter aftermarket revenue rose to $625.2 million from $606.3 million (+~3.1% YoY). Blended parts and service margin around 37% in Q4, consistent with recent levels.
Medium-Duty Outperformance and Market Share Gains
Company sold 12,285 new U.S. Class 4–7 vehicles in 2025 (down 8.5% YoY) while the U.S. market declined 15.6%, resulting in increased market share to 5.7%. In Canada, sold 993 Class 5–7 vehicles representing a 6.3% share.
Leasing and Rental Growth
Leasing and rental revenues totaled $369.6 million in 2025, up 4.1% vs. 2024; fourth-quarter lease and rental revenue increased 3.6% YoY, supported by a younger fleet and full-service operations.
Network Expansion and Strategic Investments
Expanded footprint via acquisition of IC Bus dealerships in Ontario (covering Ontario, Quebec, New Brunswick, Nova Scotia and PEI) and addition of a full-service Peterbilt dealership in Tennessee. Continued investments in mobile service (incremental ~$4 million depreciation vs. 2024) with mobile now ~mid-30s% of business.
Improving Demand Signals and Optimistic Outlook
Late-Q4 and early-2026 improvement in Class 8 quoting and order intake; ACT forecasting 111,300 new U.S. Class 8 retail sales in 2026. Management expects Q1 to be the trough and anticipates replacement demand to strengthen as fleet ages are elevated.