Daimler Truck Holding AG (DTGHF)

How it makes money

Revenue is booked when a truck or bus is delivered to a dealer or fleet customer, so it tracks the industry-wide replacement cycle for commercial vehicles rather than steady consumption. A smaller, steadier stream comes from financial services — loans and leases on the vehicles Daimler Truck itself sold — and from parts and service, which holds up better than new-vehicle sales when the market slows.

Revenue by segment

Truck orders follow freight volumes and haulage rates: when shippers have more goods to move and can charge more for it, fleets buy new trucks; when freight demand slumps, as it did through 2025, orders can fall for several quarters even after the freight market itself starts to recover, because fleets first work through excess capacity.

Key risks

• Prolonged freight-market downturn — The company reported that the 2025 freight recession lasted longer than it had anticipated, with North American heavy-duty unit sales down sharply year over year, showing how quickly a soft freight market can cut into truck demand.
• US tariff exposure — Daimler Truck recorded roughly €250 million of tariff-related costs in 2025, concentrated in North America, which by the company's own account cut its return on sales by more than a full percentage point.
• Regional concentration and market cyclicality — North America and Europe together account for the large majority of unit sales, so a downturn in either region — as seen with the 6% decline in the European heavy-duty market in 2025 — has an outsized effect on group results.