Wabash National Swings to $25.3M Q2 Operating Loss
Backlog reached $956 million as the Q3 outlook projects revenue of $440 million to $460 million.
Rhea-AI Filing Summary
Wabash National Corporation presented an investor update with second-quarter 2026 results and its third-quarter outlook. For the three months ended June 30, 2026, net sales were $417.2 million, compared with $458.8 million in 2025. GAAP operating results were a $25.3 million loss, versus $4.8 million income, and net loss attributable to common stockholders was $22.9 million, versus $9.6 million. Adjusted diluted loss per share was $0.53, compared with $0.15. Adjusted EBITDA was a loss of $8.8 million, versus $16.3 million.
Net cash provided by operating activities was $5.1 million, compared with $15.8 million used in Q2 2025; free cash flow was $3.1 million, versus $22.8 million used. Backlog grew 14% to $956 million in Q2. The Q3 outlook gives revenue of $440 million to $460 million and diluted EPS of $(0.40) to $(0.50), with midpoints of $450 million and $(0.45). The presentation also says $150 million of convertible senior notes were executed in July and expects continued EPS improvement in Q4 2026.
Positive
- Q2 operating cash flow: $5.1 million provided, versus $15.8 million used a year earlier.
Negative
- Q2 net sales: $417.2 million, versus $458.8 million a year earlier.
- Q2 GAAP operating result: a $25.3 million loss, versus $4.8 million income.
- Q2 adjusted EBITDA: a $8.8 million loss, versus $16.3 million income.
Filing Explained
From December 31, 2025 to June 30, 2026, reported cash and long-term debt both increased.
This 8-K furnishes Wabash’s September 24 investor-conference presentation; it adds a June 30 cash-and-debt snapshot and a 2027 backlog position, which is not completed sales.
The presentation says more than 12,000 units have entered the
8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Q2 net sales: $417.2 million
Q2 GAAP operating loss: $25.3 million loss
Q2 net loss attributable to common stockholders: $22.9 million loss
+5 more
8 metrics
Q2 net sales
$417.2 million
Three months ended June 30, 2026; $458.8 million in the comparable 2025 quarter
Q2 GAAP operating loss
$25.3 million loss
Three months ended June 30, 2026; operating income of $4.8 million in the comparable 2025 quarter
Q2 net loss attributable to common stockholders
$22.9 million loss
Three months ended June 30, 2026
Adjusted diluted loss per share
$0.53 loss per share
Three months ended June 30, 2026
Net cash provided by operating activities
$5.1 million provided
Three months ended June 30, 2026
Free cash flow
$3.1 million
Three months ended June 30, 2026
Backlog
$956 million
Q2 2026; stated 14% increase
Q3 2026 outlook ranges
$440 million to $460 million revenue; $(0.40) to $(0.50) diluted EPS
Third quarter 2026
Key Terms
Adjusted EBITDA, Free cash flow, Tender rejections, Section 232, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA was a loss of"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Free cash flow financial
"Free cash flow was $3.1 million"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Tender rejections financial
"Tender rejections remain elevated around 14%"
Section 232 regulatory
"Section 232 tariff calculation changes"
A provision of U.S. trade law that lets the government review whether certain imports threaten national security and, if they do, impose measures such as tariffs, quotas or restrictions. For investors, it matters because these actions can suddenly raise costs, disrupt supply chains, or shield domestic producers—like a safety valve that can change competitive dynamics and profit outlooks for companies tied to affected imports.
AD/CVD regulatory
"AD/CVD rulings expected to favorably shift industry dynamics"
Anti-dumping and countervailing duties (AD/CVD) are extra import charges imposed by a government when it finds foreign exporters are selling goods too cheaply or receiving unfair subsidies. Think of them as a temporary toll added at the border to level the playing field; for investors they can raise costs, protect local producers, change competitive dynamics, and affect company margins, supply chains, and revenue forecasts.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What revenue did WNC report for Q2 2026?
WNC reported Q2 2026 net sales of $417.2 million for the three months ended June 30, 2026. The comparable 2025 quarter had net sales of $458.8 million.
What is WNC's Q3 2026 outlook?
WNC's Q3 2026 outlook calls for revenue of $440 million to $460 million and diluted EPS of $(0.40) to $(0.50). The stated midpoints are $450 million in revenue and $(0.45) in diluted EPS.
How large was WNC's Q2 2026 backlog?
WNC reported Q2 backlog of $956 million, a 14% increase. The presentation says backlog expanded for a second consecutive quarter.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 24, 2026
(Exact Name of Registrant as Specified in its Charter)
| (State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (765 ) 771-5310
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 Regulation FD Disclosure.
Attached as Exhibit 99.1 and incorporated by reference herein is a presentation dated September 24, 2026, which will be used by Wabash National Corporation (“the Company”) for investor conferences.
The information in this Item 7.01, including Exhibit 99.1, is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liabilities under that section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings. This Current Report will not be deemed an admission as to the materiality of any information of the information in this Item 7.01, including Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
99.1 | Wabash National Corporation Investor Presentation dated September 24, 2026 | |||||||
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| WABASH NATIONAL CORPORATION | ||||||||
| Date: September 24, 2026 | By: | /s/ Patrick Keslin | ||||||
| Patrick Keslin | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Investor Presentation Davidson Conference 24th September 2026 September 2026
2 Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of future events. All statements contained in this presentation 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 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 presentation and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q. We cannot give assurance that the expectations reflected in our forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in these forward-looking statements. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by the factors we disclose that could cause our actual results to differ materially from our expectations. In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this presentation contains non-GAAP financial measures including adjusted operating (loss) income, adjusted net (loss) income attributable to common stockholders, adjusted diluted (loss) earnings per share, adjusted EBITDA, 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 income (loss), and reconciliations to GAAP financial statements should be carefully evaluated. Adjusted operating loss and margin, 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 and margin 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 and margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating loss margin is calculated by dividing adjusted operating loss by total net sales. A reconciliation of adjusted operating loss to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect an adjustment for the facility idling cost, purchase accounting gain, Missouri legal matter and the related tax effects of those adjustments. 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 attributable to common stockholders and adjusted diluted loss per share to net (loss) income attributable to common stockholders and diluted loss per share, the most comparable GAAP financial measures, are 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, impairment and other, net, facility idling costs, purchase accounting gain, the Missouri legal matter, 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. Free cash flow is defined as net cash used in 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 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 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 (loss) 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 (loss) 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, adjusted net loss attributable to common stockholders, adjusted EPS, adjusted EBITDA, 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.
3 CONFIDENTIAL Wabash Snapshot (NYSE: WNC) Leveraging One of the Industry’s Broadest Portfolios Across All Phases of Transportation $1.5B14$475M (1)Lafayette, IN1985 2025 RevenueManufacturing FacilitiesMarket-capHeadquartersFounded • Long-haul routes of goods • Driven by freight activity • Products moved into or redistributed among fulfillment centers • Driven by strategic positioning of goods to allow for 2-day delivery or less • Delivery of goods to home or final destination • Driven by strong growth in eCommerce First Mile Middle Mile Final Mile One Wabash Approach • Dry and Refrigerated Van Trailers • Platform Trailers • Tank Trailers • Dry and Refrigerated Truck Bodies • Service and Stake Bodies TRANSPORTATION SOLUTIONS PARTS & SERVICES+ Transportation Solutions • Aftermarket Parts and Service • Composite Panels and Products • Engineered Products • OE Component Parts • Upfitting Parts and Service Parts & Services Our Recurring Revenue Business 85% of 2025 Segment Revenue (2) 15% of 2025 Segment Revenue (2) (1) As of 9/18/2026. (2) Wabash 2025 Form 10-K.
4WNC Investor Day | Purpose, Vision and Mission PURPOSE Changing How the World Reaches You VISION To be a premier provider of diverse solutions that optimize customers’ end-to-end supply chains across transportation, logistics and infrastructure markets. MISSION To transform Wabash into a more resilient and profitable organization by merging physical and digital technology to seamlessly serve our customers. One Wabash Approach Reflects Our Vision • Branding change was symbolic for significant strategic changes as One Wabash • Organizational structure changes part of redefining and reimagining our identity with all stakeholders Well-positioned at intersection of seismic shifts in core transportation, logistics and infrastructure markets • Transportation being reshaped by structural shifts, disruptive technologies, and changing trade dynamics • Developing and partnering to enhance the breadth of our capabilities • Provide one-stop shop for First to Final Mile equipment • Wrapping service offerings around equipment solutions to enhance lifecycle value creation 5
5 CONFIDENTIAL Diversified Business Across Sizeable Trailers, Truck Bodies, Parts and Services Markets Market Recovery and Expanding Backlog Support Revenue Visibility Growing Revenue Through Aftermarket and Service Solutions Innovation Leader in Composite Materials, Lightweighting and Fleet Technology Highly Experienced Management Team, Executing a Disciplined Strategy A Leader in North American Commercial Transportation Equipment Manufacturing Wabash National Corporation Key Investment Highlights
6 CONFIDENTIAL 705 837 956 Dec. 2025 Mar. 2026 Jun. 2026 5.15% 13.54% Jun 2025 Jun 2026 Loads Rejected by Carrier (%) 8.3 24.3 May-25 May-26 Trailer Net Orders (000s) Freight Market Tightening Supports Equipment Demand Recovery Freight conditions are showing meaningful signs of improvement, supporting a potential recovery in trailer replacement demand into 2027 Carrier Capacity Stabilizing (1) • Carrier exits slowed to the lowest quarterly level since Q4 2021, suggesting market stability may be emerging Tender Rejections Increasing (2) • Tender rejections remain elevated around 14% in September, up from ~5% levels seen during parts of 2023– 2025 Trailer Orders Rebuilding (3) • Aug net trailer orders reached 24.3k, up 195% YoY and 55% MoM, according to ACT Research commentary Carrier Investment Continues (4) • LTL carriers continue investing in terminals, equipment and fleet to position for a demand rebound (1) Trucking Dive, “Carrier population shifts back toward growth, quarterly FMCSA data shows,” Apr. 13, 2026; Trucking Dive, “Higher tender rejection rates a healthy sign for trucking industry,” Mar. 17, 2026. (2) Ryder / FreightWaves, State of Transportation: Monthly Freight Market Update – Sep 2026; based on SONAR truckload rejection data. (3) ACT Research, “Trailer Industry Optimism is on the Rise,” June 23, 2026; based on ACT’s State of the Industry: U.S. Trailers report. (4) C.H. Robinson, “North America LTL Freight Market Update,” C.H. Robinson Edge Report: Freight Market Update, Mar. 2026. (5) Wabash 2025 Form 10-K and Wabash 2026 First Quarter Form 10-Q, and Wabash Form 8-K dated July 14, 2026. Freight Market Tightening Signals (2) Sequential Sales Growth In Q2, Wabash generated $417 million in sales, representing approximately 38% sequential growth versus Q1 Backlog Expanding Wabash’s backlog has expanded for the second consecutive quarter, reaching $956M at the end of Q2 Market Conditions Improving Market conditions have meaningfully improved, with growing momentum going into Q3 U.S. Trailer Orders Rebuilding (3) Wabash Backlog Rebuilding ($M) (5) Sep 25 Sep Aug Aug 26
7 CONFIDENTIAL 290 321 332 208 267 310 321 235 190 199 258 311 313 299 317 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E '27E '28E '29E '30E '31E Dry Vans Reefer Vans Flatbeds All Other 3 221 222 223 222 219 215 212 213 217 222 226 229 230 233 238 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26E '27E '28E '29E '30E '31E U.S. Trailer Replacement Demand 2017-2031E (000s) (1) U.S. Trailer Demand is Rebounding Market Recovery & Expanding Backlog Support Revenue Visibility • A new replacement cycle is starting as the average age of the trailer population approaches 8 years for the first time in a decade 1 U.S. Trailer Production by Units 2017-2031 (000s) (1) (1) ACT Research, North America Commercial Vehicle Outlook, Sep 10, 2026 (2) ACT Research, ACT’s State of the Industry: U.S. Trailers report. (3) Wabash 2025 Form 10-K and Wabash 2026 First Quarter Form 10-Q, and Wabash Form 8-K dated July 14, 2026. • Fleet capacity has tightened significantly, as evidenced by the increases in rates, carrier profitability and tender rejections 2 • U.S. trailer orders grew 55% MoM and 195% YoY to 24.3k in Aug, in what is typically a seasonal low period (2) 3 • The strengthening demand is reflected in Wabash's recent backlog expansion (3) 4
8 CONFIDENTIAL Parts & Services Drives Higher-Margin Lifecycle Growth Parts & Services Revenue ($M) + = Growing Parts & Services increases Wabash’s exposure to lifecycle-oriented revenue across aftermarket, upfitting, TaaS and engineered products Revenue Growth $32M YoY P&S expanded meaningfully in 2025, supporting mix shift toward lifecycle-oriented revenue Lifecycle engine More recurring touchpoints Parts, service, upfitting and TaaS extend customer relationships beyond equipment sales Margin Quality 15% segment revenue / 63% segment gross profit P&S carries a structurally higher margin profile and provided outsized 2025 gross profit contribution relative to revenue mix Current Momentum +4.1% YoY Net Sales growth in Q1 2026 P&S continued to grow in Q1 despite softer broader end- market conditions P&S Share of Segment Revenue vs. Segment Gross Profit Lifecycle Growth Vectors Aftermarket Parts & Services Installed base supports ongoing parts and services demand Upfitting & Service Customization, maintenance & collision repair expand wallet share Wabash Parts & TaaS Parts distribution and fleet solutions broaden recurring touchpoints Composites & Engineered Products Specialty offerings support differentiated, value-added revenue $220.9 $205.1 $237.1 2023 2024 2025 8% 10% 15%12% 18% 63% 2023 2024 2025 P&S % of Segment Rev. P&S % of Segment Gross Profit
9 CONFIDENTIAL Differentiated Product Platform Supports Positioning Wabash’s 293-patent global IP portfolio (1) supports differentiated products, retention and value-added pricing across core transportation equipment and digital trailer solutions Wabash x Acutherm Refrigerated Truck AcuTherm solutions incorporate technology which offers higher thermal performance and a more favorable carbon footprint Wabash’s RIG patents include designs that surpass U.S. and Canadian federal rear impact guard standards, with patents to 2035 Wabash x Duraplate Dry Van Trailer DuraPlate AeroSkirt is an aerodynamic skirt system that is EPA SmartWay verified and California Air Resources Board (CARB) compliant (1) As of 12/31/2025. Wabash Rear Impact Guard
10 Freight economics and cycle converging; Leading to increased quotation activity Quotes converted to 2027 backlog show >500Bps Material Margin Growth vs Q2-26 70% increase in unique quote activity vs prior year. 127% increase in quoted volume vs prior year >500bps MM growth Supply driven recovery improving freight economics. Cycle entering expansion phase, predicated on replacement volume. WNC open 2027 order books ahead of traditional order season in response to customer engagement. Accretive pricing driving Material Margin higher. >12,000 units entered into 2027 Backlog
Our growth story is expected to develop in stages Multiple earnings levers can build sequentially as the cycle broadens POTENTIAL TRADE ACCELERATOR | AD/CVD 01 Supply-driven cycle recovery Tighter industry capacity and replacement needs support the initial recovery. 02 Margin expansion Price, mix and operating leverage improve earnings as volume returns. 03 04 P&S expansion Higher-margin, more recurring revenue broadens the growth profile. 05 Demand recovery Broader freight and fleet investment unlock the next level of opportunity. F O U N D A T I O N A L R E C O V E R Y A D D I T I O N A L G R O W T H L E V E R S Truck Body and Tank Trailer recovery Specialty equipment markets add a later-cycle growth contribution.
July 29, 2026 Second Quarter 2026 Earnings Release Changing How the World Reaches You®
13 Backlog grew 14% to $956m in Q2-26, outperforming traditional seasonal trends. Changing How the World Reaches You® 1 2 3 4 5 $150m of convertible senior notes executed in July, enhancing balance sheet strength and agility. Section 232 tariff calculation changes and AD/CVD rulings expected to favorably shift industry dynamics in late 2026 and into 2027. Q2 GAAP EPS of $(0.56) or Non-GAAP adjusted EPS of $(0.53)1. Q3 outlook improving sequentially with revenue and EPS midpoints of $450M and $(0.45). Q4-26 expected to show continued EPS improvement. CEO Highlights 1Q2 adjusted EPS reflects adjustments for facility idling costs.
14 Non-GAAP Adjusted Financial Results GAAP Financial Results $417MRevenue $(23.5)M1$(25.3)MOperating Loss (5.6)%1(6.1)%Operating Margin $(21.6)M2$(22.9)M Net Loss Attributable to Common Stockholders $(0.53)2$(0.56) Diluted EPS Attributable to Common Stockholders New Shipments 8,292 Trailers3 1,380 Truck Bodies Q2 2026 Consolidated Financial Performance 1Q2 Operating loss and operating margin reflect adjustments for facility idling costs. 2Q2 Net loss and EPS reflect adjustments for facility idling costs and the related tax effects. 3Trailer shipments do not include converter dollies for any period presented.
15 Q2 2026 Adjusted Segment Financial Performance Transportation Solutions Parts & Services 1Adjusted operating margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 margin 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 margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating margin is calculated by dividing adjusted operating loss by total net sales. A reconciliation of adjusted operating loss to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.
16 Cash Flow & Capital Allocation Summary Q2 2025Q2 2026 ($M) $(15.8)$5.1 Net cash provided by (used in) operating activities $(6.2)$(2.1)Cash payments for capital expenditures $(0.7)$—Expenditures for revenue generating assets $(22.8)$3.1Free Cash Flow1 Free cash flow is defined as net cash provided by (used in) operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. A reconciliation of free cash flow to cash provided by (used in) operating activities, the most comparable GAAP measure, is included in the appendix to this presentation. 1 Cash Flow Q2 Capital Allocation $5.3M $2.1M $3.3M Capex Dividend Expenditure for Revenue Generating Assets $0.0M ◦ Efficient Working Capital Management bolsters Operating Cash Flow
17 A Meaningful Step Forward in Financial Results $450M (4.0%) ($0.45) Revenue (midpoint) Operating Margin (midpoint) EPS (midpoint) OTHER KEY METRICS • Revenue: $440M - $460M • SG&A: $40M - $45M • Intangible Amortization: $3M • Interest Expense: $7M - $8M • Tax Rate: 25% • EPS Range: $(0.40) - $(0.50) • Traditional Capex: $4M - $7M Q3 2026 Financial Outlook
18WNC Investor Day | Appendix
19 Condensed Consolidated Balance Sheets December 31, 2025June 30, 2026Unaudited - dollars in thousands Assets Current assets: $ 31,923$ 71,496Cash and cash equivalents 119,874171,818Accounts receivable, net 181,153192,261Inventories, net 86,13656,179Prepaid expenses and other 419,086491,754Total current assets 300,477283,363Property, plant, and equipment, net 191,222213,333Goodwill 9,04731,848Deferred income taxes 63,56158,213Intangible assets, net 7,25016,261Investment in unconsolidated entities 180,538144,010Other assets $ 1,171,181$ 1,238,782Total assets Liabilities and Stockholders’ Equity Current liabilities: $ —$ —Current portion of long-term debt 145,739244,191Accounts payable 156,556129,955Other accrued liabilities 302,295374,146Total current liabilities 442,852513,220Long-term debt 57,49257,564Other non-current liabilities 802,639944,930Total liabilities Commitments and contingencies 1,1841,397Noncontrolling interest Wabash National Corporation stockholders’ equity: 367,358292,455Total Wabash National Corporation stockholders' equity $ 1,171,181$ 1,238,782Total liabilities, noncontrolling interest, and equity
20 Condensed Consolidated Statements of Operations Six Months Ended June 30,Three Months Ended June 30, Unaudited - dollars in thousands 2025202620252026 $ 839,706$ 720,470$ 458,816$ 417,241Net sales 779,303715,716417,416401,912Cost of sales 60,4034,75441,40015,329Gross profit (267,676)64,46337,00932,366General and administrative expenses 12,71814,0546,3396,336Selling expenses 5,5785,3482,7892,674Amortization of intangible assets (17)(1,457)14(752)Impairment and other, net 309,800(77,654)(4,751)(25,295)(Loss) income from operations Other income (expense): (10,334)(12,879)(5,308)(6,693)Interest expense 1,581657(33)367Other, net (8,753)(12,222)(5,341)(6,326)Other expense, net (4,045)151(2,203)151Income (loss) from unconsolidated entity 297,002(89,725)(12,295)(31,470)(Loss) income before income tax expense 75,409(21,876)(2,692)(8,856)Income tax (benefit) expense 221,593(67,849)(9,603)(22,614)Net (loss) income 241213(14)277Net income (loss) attributable to noncontrolling interest $ 221,352$ (68,062)$ (9,589)$ (22,891)Net (loss) income attributable to common stockholders Net (loss) income attributable to common stockholders per share: $ 5.24$ (1.67)$ (0.23)$ (0.56)Basic $ 5.21$ (1.67)$ (0.23)$ (0.56)Diluted Weighted average common shares outstanding (in thousands): 42,23140,82841,75340,917Basic 42,45840,82841,75340,917Diluted $ 0.16$ 0.16$ 0.08$ 0.08Dividends declared per share
21 Condensed Consolidated Statements of Cash Flows Six Months Ended June 30,Unaudited - dollars in thousands 20252026 Cash flows from operating activities $ 221,593$ (67,849)Net (loss) income Adjustments to reconcile net (loss) income to net cash used in operating activities 23,52423,291Depreciation 5,5785,348Amortization of intangibles 21(1,855)Net (gain) loss on sale of property, plant and equipment 86,749(22,801)Deferred income taxes 5,6235,082Stock-based compensation 494526Non-cash interest expense 4,045(151)Equity in (income) loss from unconsolidated entity (20)—Impairment (45,783)(51,351)Accounts receivable 6,371(11,108)Inventories (18,767)5,874Prepaid expenses and other 40,07992,988Accounts payable and accrued liabilities (345,613)(6,511)Other, net (16,106)(28,517)Net cash used in operating activities Cash flows from investing activities (14,925)(5,490)Cash payments for capital expenditures (20,885)(235)Expenditures for revenue generating assets 4021,859Proceeds from the sale of assets (1,666)(2,872)Acquisition, net of cash acquired (10,350)(6,175)Investment in unconsolidated affiliates and other (47,786)7,087Net cash provided by (used in) investing activities Cash flows from financing activities 5,83161,003Net cash provided by financing activities Cash and cash equivalents: (58,061)39,573Net increase (decrease) in cash and cash equivalents 115,48431,923Cash and cash equivalents at beginning of period $ 57,423$ 71,496Cash and cash equivalents at end of period
22 Q2 QTD Segment Information Wabash National Corporation(Unaudited - dollars in thousands) 20252026Three Months Ended June 30, Units Shipped 8,0438,292New trailers (1) 3,1881,380New truck bodies 3040Used trailers (1) Trailer shipments do not include converter dollies for any period presented. Consolidated Corporate and EliminationsParts & Services Transportation SolutionsThree Months Ended June 30, 2026 $ 317,051$ (465)$ —$ 317,516New trailers 1,796—1,796—Used trailers 32,538—32,538—Components, parts and service 65,856(335)29,05337,138Equipment and other $ 417,241$ (800)$ 63,387$ 354,654Total net external sales $ 15,329$ —$ 9,343$ 5,986Gross profit $ (25,295)$ (17,359)$ 5,965$ (13,901)(Loss) income from operations $ (23,531)$ (17,359)$ 5,965$ (12,137)Adjusted (loss) income from operations1 2025 $ 312,160$ (771)$ —$ 312,931New trailers 1,120—1,120—Used trailers 32,755—32,755—Components, parts and service 112,781(371)25,86987,283Equipment and other $ 458,816$ (1,142)$ 59,744$ 400,214Total net external sales $ 41,400$ —$ 12,800$ 28,600Gross profit $ (4,751)$ (26,329)$ 9,060$ 12,518Income (loss) from operations $ (138)$ (21,716)$ 9,060$ 12,518Adjusted income (loss) from operations1 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 (loss) 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. 1
23 Q2 YTD Segment Information Wabash National Corporation(Unaudited - dollars in thousands) 20252026Six Months Ended June 30, Units Shipped 13,82013,670New trailers (1) 6,1862,907New truck bodies 6570Used trailers (1) Trailer shipments do not include converter dollies for any period presented. Consolidated Corporate and EliminationsParts & Services Transportation SolutionsSix Months Ended June 30, 2026 $ 521,984$ (979)$ —$ 522,963New trailers 2,840—2,840—Used trailers 65,624—65,624—Components, parts and service 130,022(837)48,99281,867Equipment and other $ 720,470$ (1,816)$ 117,456$ 604,830Total net external sales $ 4,754$ —$ 14,284$ (9,530)Gross (loss) profit $ (77,654)$ (36,172)$ 9,768$ (51,250)(Loss) income from operations $ (79,053)$ (36,172)$ 3,773$ (46,654)Adjusted (loss) income from operations1 2025 $ 545,535$ (18,441)$ —$ 563,976New trailers 2,620—2,620—Used trailers 64,257—64,257—Components, parts and service 227,294(569)44,822183,041Equipment and other $ 839,706$ (19,010)$ 111,699$ 747,017Total net external sales $ 60,403$ —$ 23,389$ 37,014Gross profit $ 309,800$ 291,110$ 15,970$ 2,720Income from operations $ (27,587)$ (46,277)$ 15,970$ 2,720Adjusted income (loss) from operations1 Adjusted (loss) income from operations, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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. 1
24 Reconciliation of Adjusted Segment Operating Loss1 Six Months Ended June 30, Three Months Ended June 30,Unaudited - dollars in thousands 2025202620252026 Transportation Solutions $ 2,720$ (51,250)$ 12,518$ (13,901)(Loss) income from operations Adjustments: —4,596—1,764Facility idling and related costs 2,720(46,654)12,518(12,137)Adjusted operating (loss) income Parts & Services 15,9709,7689,0605,965Income from operations Adjustments: —(5,995)——Purchase accounting gains 15,9703,7739,0605,965Adjusted operating income Corporate 291,110(36,172)(26,329)(17,359)(Loss) income from operations Adjustments: (337,387)—4,613—Missouri legal matter (46,277)(36,172)(21,716)(17,359)Adjusted operating loss Consolidated 309,800(77,654)(4,751)(25,295)(Loss) income from operations Adjustments: —4,596—1,764Facility idling and related costs —(5,995)——Purchase accounting gains (337,387)—4,613—Missouri legal matter $ (27,587)$ (79,053)$ (138)$ (23,531)Adjusted operating loss1 Adjusted operating loss, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 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 to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. 1
25 Reconciliation of Adjusted Net Loss Attributable to Common Stockholders1 and Adjusted Diluted EPS1 Unaudited - dollars in thousands Six Months Ended June 30,Three Months Ended June 30,Adjusted Net Loss Attributable to Common Stockholders1: 2025202620252026 $ 221,352$ (68,062)$ (9,589)$ (22,891)Net (loss) income attributable to common stockholders Adjustments: —4,596—1,764Facility idling and related costs —(5,995)——Purchase accounting gains (337,387)—4,613—Missouri legal matter 85,090350(1,163)(441)Tax effect of aforementioned items $ (30,945)$ (69,111)$ (6,139)$ (21,568)Adjusted net loss attributable to common stockholders Six Months Ended June 30,Three Months Ended June 30,Adjusted Diluted Loss Per Share1: 2025202620252026 $ 5.21$ (1.67)$ (0.23)$ (0.56)Diluted (loss) income per share Adjustments: —0.11—0.04Facility idling and related costs —(0.14)——Purchase accounting gains (7.95)—0.11—Missouri legal matter 2.010.01(0.03)(0.01)Tax effect of aforementioned items $ (0.73)$ (1.69)$ (0.15)$ (0.53)Adjusted diluted loss per share 42,45840,82841,75340,917Weighted average diluted shares outstanding (in thousands)2 Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect adjustments for facility idling costs, purchase accounting gains, Missouri legal matter and the related tax effect of those adjustments. 1
26 Reconciliation of Adjusted EBITDA1 and Free Cash Flow2 Unaudited - dollars in thousands Six Months Ended June 30,Three Months Ended June 30,Adjusted EBITDA1: 2025202620252026 $ 221,593$ (67,849)$ (9,603)$ (22,614)Net (loss) income 75,409(21,876)(2,692)(8,856)Income tax (benefit) expense 10,33412,8795,3086,693Interest expense 29,10227,61914,07013,610Depreciation and amortization 5,6235,0822,3741,911Stock-based compensation (17)(1,457)14(752)Impairment and other, net (1,581)(657)33(367)Other, net 4,045(151)2,203(151)(Income) loss from unconsolidated entity —4,596—1,764Facility idling and related costs —(5,995)——Purchase accounting gains (337,387)—4,613—Missouri legal matter $ 7,121$ (47,809)$ 16,320$ (8,762)Adjusted EBITDA Six Months Ended June 30,Three Months Ended June 30,Free Cash Flow2: 2025202620252026 $ (16,106)$ (28,517)$ (15,834)$ 5,135Net cash provided by (used in) operating activities (14,925)(5,490)(6,227)(2,065)Cash payments for capital expenditures (20,885)(235)(741)—Expenditures for revenue generating assets $ (51,916)$ (34,242)$ (22,802)$ 3,070Free cash flow Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock- based compensation, impairment and other, net, facility idling costs, purchase accounting gains, the Missouri legal matter, and other non-operating income and expense. 1 Free cash flow is defined as net cash provided by (used in) operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets.2
27 Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 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 (loss) income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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. 1 Parts & ServicesTransportation Solutions Unaudited - dollars in thousands 2025202620252026Three Months Ended June 30, $ 9,060$ 5,965$ 12,518$ (13,901)(Loss) income from operations 1,2651,93711,68610,431Depreciation and amortization —(407)—(345)Impairment and other, net ———1,764Facility idling and related costs ————Purchase accounting gains $ 10,325$ 7,495$ 24,204$ (2,051)Adjusted segment EBITDA1 17.3 %11.8 %6.0 %(0.6)%Adjusted segment EBITDA margin1 Parts & ServicesTransportation Solutions 2025202620252026Six Months Ended June 30, $ 15,970$ 9,768$ 2,720$ (51,250)(Loss) income from operations 2,4174,25124,38422,067Depreciation and amortization —(990)—(369)Impairment and other, net ———4,596Facility idling and related costs —(5,995)——Purchase accounting gains $ 18,387$ 7,034$ 27,104$ (24,956)Adjusted segment EBITDA1 16.5 %6.0 %3.6 %(4.1)%Adjusted segment EBITDA margin1