Wabash Announces Second Quarter 2025 Results

Rhea-AI Summary

Wabash (NYSE:WNC) reported challenging second quarter 2025 results with revenue of $458.8 million, down 16.7% year-over-year. The company posted a GAAP operating loss of $4.8 million and adjusted operating loss of $0.1 million, including a $5 million impact from a legal verdict. GAAP EPS was $(0.23), or $(0.15) on an adjusted basis.

The company's total backlog stood at $1.0 billion, reflecting cautious customer spending. Due to muted demand and economic uncertainty, Wabash reduced its 2025 outlook, now expecting revenue of $1.6 billion and adjusted EPS of $(1.15). The Transportation Solutions segment saw a 19.7% revenue decline, while Parts & Services grew 8.8% year-over-year.

Management expressed cautious optimism for 2026, anticipating a potential return to growth based on early customer discussions and industry forecasts.

Positive

• Parts & Services segment revenue increased by 8.8% year-over-year to $59.7 million
• Q2 revenue of $458.8 million beat the midpoint of outlook range
• Company expects to maintain near breakeven free cash flow for 2025
• Early discussions suggest potential return to growth in 2026

Negative

• Revenue declined 16.7% year-over-year
• GAAP operating loss of $4.8 million and adjusted operating loss of $0.1 million
• 2025 revenue outlook reduced to $1.6 billion from previous guidance
• Transportation Solutions segment revenue dropped 19.7% year-over-year
• $5 million loss impact from legal verdict and related expenses

Insights

Financial Analyst

Wabash reported disappointing Q2 results with reduced guidance, showing challenges in a weakening trailer market despite some cost containment efforts.

Wabash's Q2 results reveal significant headwinds in the transportation equipment market. Revenue of $458.8 million beat the company's outlook but still declined 16.7% year-over-year. More concerning is the company's swing to a loss, with a GAAP operating loss of $4.8 million and adjusted operating loss of $0.1 million, excluding a $5 million legal verdict expense.

The financial metrics paint a challenging picture:

• EPS: GAAP loss of $(0.23) per share; adjusted loss of $(0.15) per share
• Gross margin: 9.0%, showing significant compression
• Backlog: $1.0 billion, reflecting cautious customer ordering

Most alarming is the downward revision in guidance. Management reduced their 2025 revenue outlook to $1.6 billion and adjusted EPS to a range of $(1.30) to $(1.00), indicating worsening market conditions. The Transportation Solutions segment shows particular weakness with revenue down 19.7% and an operating margin turning negative at -3.1%.

The bright spot is the Parts & Services segment, which grew revenue by 8.8% year-over-year to $59.7 million while maintaining 15.2% operating margins. This demonstrates the company's aftermarket business provides some stability amid cyclical downturns.

Management commentary confirms industry forecasters continue revising trailer demand downward, with 2025 shipments expected to fall below basic replacement demand. This cyclical downturn appears to be deepening, though management expresses cautious optimism about potential recovery in 2026 based on early customer discussions.

Despite the earnings challenges, management expects to be near free cash flow breakeven for 2025 (excluding TaaS investments), suggesting reasonable liquidity management during this downturn.

• Quarterly revenue of $459 million - beating midpoint of outlook range on modestly stronger than expected shipments. Parts & Services generated positive revenue growth sequentially and year-over-year.
• GAAP operating loss of $5 million or Non-GAAP adjusted operating loss of $0.1 million; Excludes impact of $5 million in expenses associated with the legal verdict.
• Quarterly GAAP EPS of $(0.23) or Non-GAAP adjusted EPS of $(0.15). Beating Expectations due to slightly higher revenue and cost containment actions throughout the quarter.
• Total backlog of $1.0 billion ending Q2; Market environment continues to be challenging as economic concerns and uncertainty remain.
• 2025 revenue outlook reduced to $1.6B, Non-GAAP adjusted EPS outlook reduced to $(1.15), excluding impact in connection with the legal verdict.
  

LAFAYETTE, Ind., July 25, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended June 30, 2025.

The Company's net sales for the second quarter of 2025 were $458.8 million, reflecting a 16.7% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $41.4 million, equivalent to 9.0% of sales. GAAP operating loss amounted to $4.8 million as the company recognized a $5 million loss in connection with the appeal bond and contingent interest expense associated with the legal verdict. Non-GAAP adjusted operating loss was $0.1 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.23) or $(0.15) on a Non-GAAP adjusted basis.

As of June 30, 2025, total Company backlog stood at approximately $1.0 billion, as customers continue to take a wait-and-see approach to capital spending.

For the full-year ending December 31, 2025, the Company reduced its revenue outlook to roughly $1.6 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(1.30) to $(1.00).

“Turning to the broader market environment, demand remains muted across the trailer industry. Industry forecasters have continued to revise their outlook downward, and recent updates now suggest that 2025 shipment volumes will fall well below basic replacement demand," explained Yeagy. "For now, we’ve undertaken a reassessment of 2025 and now expect midpoints of $1.6 billion in revenue and ($1.15) of adjusted EPS. Even with the revised guidance, we still expect to be near free cash flow breakeven for 2025, excluding our capital investments in Trailers as a Service. While our order book for 2026 is not yet open, we’re actively engaged in conversations with customers and preparing quotes for next year’s demand. Based on those early discussions and current industry forecasts, we’re cautiously optimistic that 2026 will reflect a return to growth."

Business Segment Highlights

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release.

		Wabash National Corporation
Three Months Ended June 30,			2025				2024
New Units Shipped
Trailers			8,640				9,245
Truck bodies			3,190				3,925
		Transportation Solutions								Parts & Services
Three Months Ended June 30,			2025				2024				2025				2024
		(Unaudited, dollars in thousands)
Net sales		$	400,214			$	498,705			$	59,744			$	54,901
Gross profit		$	28,600			$	74,689			$	12,800			$	14,969
Gross profit margin			7.1	%			15.0	%			21.4	%			27.3	%
Income from operations		$	12,518			$	56,918			$	9,060			$	12,087
Income from operations margin			3.1	%			11.4	%			15.2	%			22.0	%

During the second quarter, Transportation Solutions generated net sales of $400.2 million, a decrease of 19.7% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $12.5 million, representing 3.1% of sales.

Parts & Services' net sales for the second quarter were $59.7 million, an increase of 8.8% compared to the prior year quarter. Operating income for the quarter amounted to $9.1 million, or 15.2% of sales.

Non-GAAP Measures

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.

Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating (loss) income to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net (loss) income and diluted net (loss) income per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.

Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to income from operations, the most comparable GAAP financial measure, is included in the tables following this release.

Information reconciling any forward-looking Adjusted Operating (Loss) Income, Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted Diluted EPS, Free Cash Flow, Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort.

Second Quarter 2025 Conference Call

Wabash will discuss its results during its quarterly investor conference call on Friday, July 25, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation.

About

Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You^®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com.

Safe Harbor Statement

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the risks related to the Missouri product liability action and the unfavorable jury verdict, the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - dollars in thousands)
	June 30, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	57,423			$	115,484
Accounts receivable, net		189,729				143,946
Inventories, net		252,454				258,825
Prepaid expenses and other		124,315				76,233
Total current assets		623,921				594,488
Property, plant, and equipment, net		327,905				339,247
Goodwill		196,650				188,441
Deferred income taxes		8,124				94,873
Intangible assets, net		68,866				74,445
Investment in unconsolidated entities		7,250				7,250
Other assets		143,318				112,785
Total assets	$	1,376,034			$	1,411,529
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt	$	—			$	—
Accounts payable		178,385				146,738
Other accrued liabilities		194,006				161,671
Total current liabilities		372,391				308,409
Long-term debt		437,493				397,142
Other non-current liabilities		179,696				516,152
Total liabilities		989,580				1,221,703
Commitments and contingencies
Noncontrolling interest		1,237				996
Wabash National Corporation stockholders’ equity:
Common stock 200,000,000 shares authorized, $0.01 par value, 41,089,374 and 42,882,308 shares outstanding, respectively		787				781
Additional paid-in capital		694,843				689,216
Retained earnings		320,288				105,633
Accumulated other comprehensive loss		(202	)			(3,229	)
Treasury stock at cost, 37,601,698 and 35,253,489 common shares, respectively		(630,499	)			(603,571	)
Total Wabash National Corporation stockholders' equity		385,217				188,830
Total liabilities, noncontrolling interest, and equity	$	1,376,034			$	1,411,529

WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars in thousands, except per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net sales	$	458,816			$	550,610			$	839,706			$	1,065,886
Cost of sales		417,416				460,952				779,303				899,782
Gross profit		41,400				89,658				60,403				166,104
General and administrative expenses		37,009				33,969				(267,676	)			70,642
Selling expenses		6,339				7,936				12,718				14,978
Amortization of intangible assets		2,789				2,993				5,578				6,149
Impairment and other, net		14				997				(17	)			997
(Loss) income from operations		(4,751	)			43,763				309,800				73,338
Other income (expense):
Interest expense		(5,308	)			(4,948	)			(10,334	)			(9,936	)
Other, net		(33	)			1,572				1,581				3,181
Other expense, net		(5,341	)			(3,376	)			(8,753	)			(6,755	)
Loss from unconsolidated entity		(2,203	)			(1,415	)			(4,045	)			(2,901	)
(Loss) income before income tax expense		(12,295	)			38,972				297,002				63,682
Income tax (benefit) expense		(2,692	)			9,768				75,409				16,191
Net (loss) income		(9,603	)			29,204				221,593				47,491
Net (loss) income attributable to noncontrolling interest		(14	)			246				241				366
Net (loss) income attributable to common stockholders	$	(9,589	)		$	28,958			$	221,352			$	47,125
Net (loss) income attributable to common stockholders per share:
Basic	$	(0.23	)		$	0.65			$	5.24			$	1.04
Diluted	$	(0.23	)		$	0.64			$	5.21			$	1.03
Weighted average common shares outstanding (in thousands):
Basic		41,753				44,896				42,231				45,139
Diluted		41,753				45,365				42,458				45,751
Dividends declared per share	$	0.08			$	0.08			$	0.16			$	0.16

WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars in thousands)
	Six Months Ended June 30,
		2025				2024
Cash flows from operating activities
Net income	$	221,593			$	47,491
Adjustments to reconcile net income to net cash used in operating activities
Depreciation		23,524				20,306
Amortization of intangibles		5,578				6,149
Net loss on sale of property, plant and equipment		21				—
Deferred income taxes		86,749				(3,763	)
Stock-based compensation		5,623				6,618
Non-cash interest expense		494				478
Loss from unconsolidated entity		4,045				2,901
Impairment		(20	)			—
Changes in operating assets and liabilities
Accounts receivable		(45,783	)			(60,258	)
Inventories		6,371				(5,291	)
Prepaid expenses and other		(18,767	)			995
Accounts payable and accrued liabilities		40,079				(25,292	)
Other, net		(345,613	)			3,278
Net cash used in operating activities		(16,106	)			(6,388	)
Cash flows from investing activities
Cash payments for capital expenditures		(14,925	)			(36,288	)
Expenditures for revenue generating assets		(20,885	)			—
Proceeds from the sale of assets		40				—
Acquisition, net of cash acquired		(1,666	)			—
Notes receivable issued to unconsolidated entity		(10,350	)			(7,100	)
Net cash used in investing activities		(47,786	)			(43,388	)
Cash flows from financing activities
Proceeds from exercise of stock options		11				7
Dividends paid		(7,251	)			(7,775	)
Borrowings under revolving credit facilities		40,904				431
Payments under revolving credit facilities		(904	)			(431	)
Debt issuance costs paid		(1	)			(5	)
Stock repurchases		(26,928	)			(43,834	)
Distribution to noncontrolling interest		—				(603	)
Net cash provided by (used in) financing activities		5,831				(52,210	)
Cash and cash equivalents:
Net decrease in cash and cash equivalents		(58,061	)			(101,986	)
Cash and cash equivalents at beginning of period		115,484				179,271
Cash and cash equivalents at end of period	$	57,423			$	77,285
Supplemental disclosures of cash flow information:
Cash paid for interest	$	9,666			$	9,394
Net cash paid for income taxes	$	174			$	23,664
Period end balance of payables for property, plant, and equipment	$	2,501			$	5,474

WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands)
		Wabash National Corporation
Three Months Ended June 30,			2025				2024
Units Shipped
New trailers			8,640				9,245
New truck bodies			3,190				3,925
Used trailers			30				20
Three Months Ended June 30,		Transportation Solutions				Parts & Services				Corporate and Eliminations				Consolidated
2025
New Trailers		$	312,931			$	—			$	(771	)		$	312,160
Used Trailers			—				1,120				—				1,120
Components, parts and service			—				32,755				—				32,755
Equipment and other			87,283				25,869				(371	)			112,781
Total net external sales		$	400,214			$	59,744			$	(1,142	)		$	458,816
Gross profit		$	28,600			$	12,800			$	—			$	41,400
Income (loss) from operations		$	12,518			$	9,060			$	(26,329	)		$	(4,751	)
Adjusted income (loss) from operations1		$	12,518			$	9,060			$	(21,716	)		$	(138	)
2024
New Trailers		$	383,145			$	—			$	(681	)		$	382,464
Used Trailers			—				1,144				—				1,144
Components, parts and service			—				34,453				—				34,453
Equipment and other			115,560				19,304				(2,315	)			132,549
Total net external sales		$	498,705			$	54,901			$	(2,996	)		$	550,610
Gross profit		$	74,689			$	14,969			$	—			$	89,658
Income (loss) from operations		$	56,918			$	12,087			$	(25,242	)		$	43,763
Adjusted income (loss) from operations1		$	56,918			$	12,087			$	(25,242	)		$	43,763

¹ Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.

WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands)
		Wabash National Corporation
Six Months Ended June 30,			2025				2024
Units Shipped
New trailers			14,930				17,745
New truck bodies			6,190				7,615
Used trailers			65				35
Six Months Ended June 30,		Transportation Solutions				Parts & Services				Corporate and Eliminations				Consolidated
2025
New Trailers		$	563,976			$	—			$	(18,441	)		$	545,535
Used Trailers			—				2,620				—				2,620
Components, parts and service			—				64,257				—				64,257
Equipment and other			183,041				44,822				(569	)			227,294
Total net external sales		$	747,017			$	111,699			$	(19,010	)		$	839,706
Gross profit		$	37,014			$	23,389			$	—			$	60,403
Income from operations		$	2,720			$	15,970			$	291,110			$	309,800
Adjusted income (loss) from operations1		$	2,720			$	15,970			$	(46,277	)		$	(27,587	)
2024
New Trailers		$	749,303			$	—			$	(1,501	)		$	747,802
Used Trailers			—				2,488				—				2,488
Components, parts and service			—				70,083				—				70,083
Equipment and other			219,830				31,564				(5,881	)			245,513
Total net external sales		$	969,133			$	104,135			$	(7,382	)		$	1,065,886
Gross profit		$	137,800			$	28,304			$	—			$	166,104
Income (loss) from operations		$	101,173			$	22,607			$	(50,442	)		$	73,338
Adjusted income (loss) from operations1		$	101,173			$	22,607			$	(50,442	)		$	73,338

¹ Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.

WABASH NATIONAL CORPORATION SEGMENT AND COMPANY FINANCIAL INFORMATION (Unaudited - dollars in thousands)
Adjusted Operating (Loss) Income1	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Transportation Solutions
Income from operations	$	12,518			$	56,918			$	2,720			$	101,173
Adjustments:
N/A		—				—				—				—
Adjusted operating income		12,518				56,918				2,720				101,173
Parts & Services
Income from operations		9,060				12,087				15,970				22,607
Adjustments:
N/A		—				—				—				—
Adjusted operating income		9,060				12,087				15,970				22,607
Corporate
(Loss) income from operations		(26,329	)			(25,242	)			291,110				(50,442	)
Adjustments:
Missouri legal matter		4,613				—				(337,387	)			—
Adjusted operating loss		(21,716	)			(25,242	)			(46,277	)			(50,442	)
Consolidated
(Loss) income from operations		(4,751	)			43,763				309,800				73,338
Adjustments:
Missouri legal matter		4,613				—				(337,387	)			—
Adjusted operating (loss) income	$	(138	)		$	43,763			$	(27,587	)		$	73,338

¹ Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods.

WABASH NATIONAL CORPORATION RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited - dollars in thousands, except per share amounts)
Adjusted EBITDA1:	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net (loss) income	$	(9,603	)		$	29,204			$	221,593			$	47,491
Income tax (benefit) expense		(2,692	)			9,768				75,409				16,191
Interest expense		5,308				4,948				10,334				9,936
Depreciation and amortization		14,070				13,719				29,102				26,455
Stock-based compensation		2,374				3,372				5,623				6,618
Missouri legal matter		4,613				—				(337,387	)			—
Impairment and other, net		14				997				(17	)			997
Other, net		33				(1,572	)			(1,581	)			(3,181	)
Loss from unconsolidated entity		2,203				1,415				4,045				2,901
Adjusted EBITDA	$	16,320			$	61,851			$	7,121			$	107,408

Adjusted Net (Loss) Income Attributable to Common Stockholders2:	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net (loss) income attributable to common stockholders	$	(9,589	)		$	28,958			$	221,352			$	47,125
Adjustments:
Missouri legal matter		4,613				—				(337,387	)			—
Tax effect of aforementioned items		(1,163	)			—				85,090				—
Adjusted net (loss) income attributable to common stockholders	$	(6,139	)		$	28,958			$	(30,945	)		$	47,125

Adjusted Diluted (Loss) Earnings Per Share2:	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Diluted (loss) earnings per share	$	(0.23	)		$	0.64			$	5.21			$	1.03
Adjustments:
Missouri legal matter		0.11				—				(7.95	)			—
Tax effect of aforementioned items		(0.03	)			—				2.01				—
Adjusted diluted (loss) earnings per share	$	(0.15	)		$	0.64			$	(0.73	)		$	1.03
Weighted average diluted shares outstanding (in thousands)		41,753				45,365				42,458				45,751

¹ Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance.

² Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.

WABASH NATIONAL CORPORATION RECONCILIATION OF FREE CASH FLOW1 (Unaudited - dollars in thousands)
	Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net cash (used in) provided by operating activities	$	(15,834	)		$	11,022			$	(16,106	)		$	(6,388	)
Cash payments for capital expenditures		(6,227	)			(17,103	)			(14,925	)			(36,288	)
Expenditures for revenue generating assets		(741	)			—				(20,885	)			—
Free cash flow1	$	(22,802	)		$	(6,081	)		$	(51,916	)		$	(42,676	)

¹ Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

WABASH NATIONAL CORPORATION RECONCILIATION OF ADJUSTED SEGMENT EBITDA1 AND ADJUSTED SEGMENT EBITDA MARGIN1 (Unaudited - dollars in thousands)
	Transportation Solutions								Parts & Services
Three Months Ended June 30,		2025				2024				2025				2024
Income from operations	$	12,518			$	56,918			$	9,060			$	12,087
Depreciation and amortization		11,686				12,089				1,265				516
Adjusted segment EBITDA	$	24,204			$	69,007			$	10,325			$	12,603
Adjusted segment EBITDA margin		6.0	%			13.8	%			17.3	%			23.0	%
	Transportation Solutions								Parts & Services
Six Months Ended June 30,		2025				2024				2025				2024
Income from operations	$	2,720			$	101,173			$	15,970			$	22,607
Depreciation and amortization		24,384				23,421				2,417				1,062
Adjusted segment EBITDA	$	27,104			$	124,594			$	18,387			$	23,669
Adjusted segment EBITDA margin		3.6	%			12.9	%			16.5	%			22.7	%

¹ Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales.

Media Contact:
Dana Stelsel
Director, Communications
(765) 771-5766
dana.stelsel@onewabash.com

Investor Relations:
Jacob Page
Senior Analyst, Corporate Development & IR
(765) 414-2835
jacob.page@onewabash.com

FAQ

What were Wabash's (WNC) Q2 2025 earnings results?

Wabash reported Q2 2025 revenue of $458.8 million, down 16.7% year-over-year, with a GAAP operating loss of $4.8 million and adjusted EPS of $(0.15).

What is Wabash's (WNC) revenue guidance for 2025?

Wabash reduced its 2025 revenue outlook to $1.6 billion with adjusted EPS guidance of $(1.15), excluding the legal verdict impact.

How much is Wabash's (WNC) current order backlog in Q2 2025?

Wabash's total backlog stood at $1.0 billion as of June 30, 2025, reflecting cautious customer spending approaches.

How did Wabash's (WNC) business segments perform in Q2 2025?

Transportation Solutions revenue fell 19.7% to $400.2 million, while Parts & Services grew 8.8% to $59.7 million.

What is Wabash's (WNC) outlook for 2026?

Based on early customer discussions and industry forecasts, management is cautiously optimistic that 2026 will show a return to growth.