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Wabash Natl Corp Financials

WNC
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wabash Natl Corp (WNC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 48 / 100
Financial Profile 48/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
67

Wabash Natl Corp has an operating margin of 19.9%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. This is up from -18.3% the prior year.

Growth
0

Wabash Natl Corp's revenue declined 20.8% year-over-year, from $1.9B to $1.5B. This contraction results in a growth score of 0/100.

Leverage
77

Wabash Natl Corp carries a low D/E ratio of 1.21, meaning only $1.21 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
23

Wabash Natl Corp's current ratio of 1.39 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 23/100, which could limit financial flexibility.

Cash Flow
23

While Wabash Natl Corp generated $11.7M in operating cash flow, capex of $24.7M consumed most of it, leaving -$13.0M in free cash flow. This results in a low score of 23/100, reflecting heavy capital investment rather than weak cash generation.

Returns
100

Wabash Natl Corp earns a strong 57.6% return on equity (ROE), meaning it generates $58 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from -150.4% the prior year.

Altman Z-Score Grey Zone
2.92

Wabash Natl Corp scores 2.92, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Piotroski F-Score Neutral
4/9

Wabash Natl Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality
0.06x

For every $1 of reported earnings, Wabash Natl Corp generates $0.06 in operating cash flow ($11.7M OCF vs $211.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage Safe
14.4x

Wabash Natl Corp earns $14.4 in operating income for every $1 of interest expense ($307.5M vs $21.3M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.5B
YoY-20.8%
5Y CAGR+0.8%
10Y CAGR-2.7%

Wabash Natl Corp generated $1.5B in revenue in fiscal year 2025. This represents a decrease of 20.8% from the prior year.

EBITDA
$366.2M
YoY+222.4%
10Y CAGR+5.3%

Wabash Natl Corp's EBITDA was $366.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 222.4% from the prior year.

Net Income
$211.5M
YoY+174.4%
10Y CAGR+7.3%

Wabash Natl Corp reported $211.5M in net income in fiscal year 2025. This represents an increase of 174.4% from the prior year.

EPS (Diluted)
$5.07
YoY+179.2%
10Y CAGR+13.0%

Wabash Natl Corp earned $5.07 per diluted share (EPS) in fiscal year 2025. This represents an increase of 179.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$13.0M
YoY-128.9%

Wabash Natl Corp generated -$13.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 128.9% from the prior year.

Cash & Debt
$31.9M
YoY-72.4%
5Y CAGR-31.9%
10Y CAGR-15.8%

Wabash Natl Corp held $31.9M in cash against $442.9M in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.32
YoY+0.0%
5Y CAGR+0.0%

Wabash Natl Corp paid $0.32 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding
40M
YoY-4.7%
5Y CAGR-4.9%
10Y CAGR-4.6%

Wabash Natl Corp had 40M shares outstanding in fiscal year 2025. This represents a decrease of 4.7% from the prior year.

Margins & Returns

Gross Margin
4.5%
YoY-9.1pp
5Y CAGR-6.3pp
10Y CAGR-10.4pp

Wabash Natl Corp's gross margin was 4.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 9.1 percentage points from the prior year.

Operating Margin
19.9%
YoY+38.2pp
5Y CAGR+25.7pp
10Y CAGR+11.0pp

Wabash Natl Corp's operating margin was 19.9% in fiscal year 2025, reflecting core business profitability. This is up 38.2 percentage points from the prior year.

Net Margin
13.7%
YoY+28.3pp
5Y CAGR+20.3pp
10Y CAGR+8.6pp

Wabash Natl Corp's net profit margin was 13.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 28.3 percentage points from the prior year.

Return on Equity
57.6%
YoY+208.0pp
5Y CAGR+81.6pp
10Y CAGR+33.9pp

Wabash Natl Corp's ROE was 57.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 208.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$5.9M
YoY-31.4%
5Y CAGR-23.1%
10Y CAGR+2.1%

Wabash Natl Corp invested $5.9M in research and development in fiscal year 2025. This represents a decrease of 31.4% from the prior year.

Share Buybacks
$33.8M
YoY-52.4%
5Y CAGR+12.3%
10Y CAGR-5.9%

Wabash Natl Corp spent $33.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 52.4% from the prior year.

Capital Expenditures
$24.7M
YoY-65.8%
5Y CAGR+4.2%
10Y CAGR+1.7%

Wabash Natl Corp invested $24.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 65.8% from the prior year.

WNC Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $321.5M-15.8% $381.6M-16.8% $458.8M+20.5% $380.9M-8.6% $416.8M-10.2% $464.0M-15.7% $550.6M+6.9% $515.3M
Cost of Revenue N/A $365.9M-12.3% $417.4M+15.3% $361.9M N/A $408.0M-11.5% $461.0M+5.0% $438.8M
Gross Profit -$6.2M-139.5% $15.7M-62.1% $41.4M+117.9% $19.0M-55.8% $43.0M-23.3% $56.0M-37.5% $89.7M+17.3% $76.4M
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A $479.1M+1310.3% $34.0M-7.4% $36.7M
Operating Income N/A $57.6M+1313.3% -$4.8M-101.5% $314.6M N/A -$433.0M-1089.5% $43.8M+48.0% $29.6M
Interest Expense N/A $5.4M+1.2% $5.3M+5.6% $5.0M N/A $5.0M+0.2% $4.9M-0.8% $5.0M
Income Tax N/A $11.6M+532.0% -$2.7M-103.4% $78.1M N/A -$108.4M-1209.8% $9.8M+52.1% $6.4M
Net Income -$49.9M-224.8% $40.0M+516.9% -$9.6M-104.2% $230.9M+22521.5% -$1.0M+99.7% -$330.2M-1240.2% $29.0M+59.4% $18.2M
EPS (Diluted) $-1.23-226.8% $0.97+521.7% $-0.23-104.3% $5.36+26900.0% $-0.02+99.7% $-7.53-1276.6% $0.64+64.1% $0.39

WNC Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $1.2B-13.2% $1.3B-1.9% $1.4B-2.8% $1.4B+0.3% $1.4B-3.0% $1.5B+8.7% $1.3B-2.8% $1.4B
Current Assets $419.1M-30.6% $603.5M-3.3% $623.9M-5.1% $657.6M+10.6% $594.5M-7.0% $639.5M-0.7% $644.0M-6.3% $687.5M
Cash & Equivalents $31.9M-65.2% $91.7M+59.6% $57.4M-29.1% $81.0M-29.8% $115.5M+41.1% $81.8M+5.9% $77.3M-33.3% $115.8M
Inventory $181.2M-17.5% $219.5M-13.1% $252.5M-9.4% $278.6M+7.7% $258.8M-0.7% $260.6M-4.5% $272.9M-2.0% $278.6M
Accounts Receivable $119.9M-18.6% $147.2M-22.4% $189.7M+10.5% $171.7M+19.3% $143.9M-39.7% $238.7M-1.9% $243.2M-1.8% $247.7M
Goodwill $191.2M-2.8% $196.6M0.0% $196.7M0.0% $196.7M+4.4% $188.4M0.0% $188.4M0.0% $188.4M0.0% $188.4M
Total Liabilities $802.6M-13.7% $929.8M-6.0% $989.6M-2.0% $1.0B-17.3% $1.2B-2.6% $1.3B+59.1% $788.5M-5.3% $832.3M
Current Liabilities $302.3M-32.4% $447.2M+20.1% $372.4M-10.3% $415.4M+34.7% $308.4M-9.1% $339.3M+4.9% $323.4M-12.3% $368.6M
Long-Term Debt $442.9M+4.8% $422.7M-3.4% $437.5M+4.8% $417.3M+5.1% $397.1M0.0% $397.0M0.0% $396.8M0.0% $396.6M
Total Equity $367.4M-12.3% $418.7M+8.7% $385.2M-4.6% $403.8M+113.9% $188.8M-5.8% $200.5M-63.6% $550.4M+0.8% $546.1M
Retained Earnings $303.6M-14.9% $357.0M+11.5% $320.3M-3.8% $333.1M+215.3% $105.6M-4.0% $110.0M-75.2% $443.7M+5.9% $418.9M

WNC Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow -$57.4M-167.4% $85.2M+638.1% -$15.8M-5721.3% -$272K-100.3% $80.9M+89.1% $42.8M+288.1% $11.0M+163.3% -$17.4M
Capital Expenditures $4.5M-14.7% $5.3M-15.2% $6.2M-28.4% $8.7M-59.3% $21.3M+46.7% $14.6M-14.9% $17.1M-10.9% $19.2M
Free Cash Flow -$61.9M-177.5% $79.9M+462.3% -$22.1M-145.9% -$9.0M-115.1% $59.5M+111.0% $28.2M+564.1% -$6.1M+83.4% -$36.6M
Investing Cash Flow -$18.4M+30.5% -$26.5M-89.6% -$14.0M+58.7% -$33.8M+3.8% -$35.2M-116.4% -$16.2M+32.9% -$24.2M-26.2% -$19.2M
Financing Cash Flow $16.1M+165.8% -$24.5M-495.3% $6.2M+1828.8% -$358K+97.0% -$12.1M+45.0% -$22.0M+13.2% -$25.3M+5.8% -$26.9M
Dividends Paid $3.2M-1.4% $3.3M-2.9% $3.4M-12.3% $3.9M+11.4% $3.5M-1.8% $3.5M-2.5% $3.6M-12.7% $4.2M
Share Buybacks $666K-89.2% $6.2M-40.7% $10.4M-36.8% $16.5M+91.0% $8.6M-53.1% $18.4M-15.0% $21.7M-2.0% $22.1M

WNC Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin -1.9%-6.0pp 4.1%-4.9pp 9.0%+4.0pp 5.0%-5.3pp 10.3%-1.8pp 12.1%-4.2pp 16.3%+1.4pp 14.8%
Operating Margin N/A 15.1%+16.2pp -1.0%-83.6pp 82.6% N/A -93.3%-101.3pp 8.0%+2.2pp 5.7%
Net Margin -15.5%-26.0pp 10.5%+12.6pp -2.1%-62.7pp 60.6%+60.9pp -0.3%+70.9pp -71.2%-76.4pp 5.3%+1.7pp 3.5%
Return on Equity -13.6%-23.1pp 9.6%+12.0pp -2.5%-59.7pp 57.2%+57.7pp -0.5%+164.1pp -164.7%-169.9pp 5.3%+1.9pp 3.3%
Return on Assets -4.3%-7.2pp 3.0%+3.7pp -0.7%-17.0pp 16.3%+16.4pp -0.1%+22.6pp -22.7%-24.9pp 2.2%+0.8pp 1.3%
Current Ratio 1.39+0.0 1.35-0.3 1.68+0.1 1.58-0.3 1.93+0.0 1.88-0.1 1.99+0.1 1.87
Debt-to-Equity 1.21+0.2 1.01-0.1 1.14+0.1 1.03-1.1 2.10+0.1 1.98+1.3 0.720.0 0.73
FCF Margin -19.3%-40.2pp 20.9%+25.8pp -4.8%-2.4pp -2.4%-16.6pp 14.3%+8.2pp 6.1%+7.2pp -1.1%+6.0pp -7.1%

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Frequently Asked Questions

Wabash Natl Corp (WNC) reported $1.5B in total revenue for fiscal year 2025. This represents a -20.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Wabash Natl Corp (WNC) revenue declined by 20.8% year-over-year, from $1.9B to $1.5B in fiscal year 2025.

Yes, Wabash Natl Corp (WNC) reported a net income of $211.5M in fiscal year 2025, with a net profit margin of 13.7%.

Wabash Natl Corp (WNC) reported diluted earnings per share of $5.07 for fiscal year 2025. This represents a 179.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wabash Natl Corp (WNC) had EBITDA of $366.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Wabash Natl Corp (WNC) had $31.9M in cash and equivalents against $442.9M in long-term debt.

Wabash Natl Corp (WNC) had a gross margin of 4.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Wabash Natl Corp (WNC) had an operating margin of 19.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Wabash Natl Corp (WNC) had a net profit margin of 13.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Wabash Natl Corp (WNC) paid $0.32 per share in dividends during fiscal year 2025.

Wabash Natl Corp (WNC) has a return on equity of 57.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Wabash Natl Corp (WNC) generated -$13.0M in free cash flow during fiscal year 2025. This represents a -128.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Wabash Natl Corp (WNC) generated $11.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Wabash Natl Corp (WNC) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Wabash Natl Corp (WNC) invested $24.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Wabash Natl Corp (WNC) invested $5.9M in research and development during fiscal year 2025.

Yes, Wabash Natl Corp (WNC) spent $33.8M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Wabash Natl Corp (WNC) had 40M shares outstanding as of fiscal year 2025.

Wabash Natl Corp (WNC) had a current ratio of 1.39 as of fiscal year 2025, which is considered adequate.

Wabash Natl Corp (WNC) had a debt-to-equity ratio of 1.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Wabash Natl Corp (WNC) had a return on assets of 18.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Wabash Natl Corp (WNC) has an Altman Z-Score of 2.92, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Wabash Natl Corp (WNC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Wabash Natl Corp (WNC) has an earnings quality ratio of 0.06x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Wabash Natl Corp (WNC) has an interest coverage ratio of 14.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Wabash Natl Corp (WNC) scores 48 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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