Wabash (NYSE: WNC) posts Q2 2026 loss while backlog climbs 14%
Rhea-AI Filing Summary
Wabash National Corporation reported second quarter 2026 net sales of $417.2 million, a 9.1% decline from the prior-year quarter, with consolidated gross margin of 3.7%. GAAP operating loss was $25 million, including $1.8 million of facility idling costs; non-GAAP adjusted operating loss was $23.5 million. Net loss attributable to common stockholders was $22.9 million, or $(0.56) per diluted share, and $(0.53) on an adjusted basis.
Total backlog reached approximately $956 million, up $119 million and 14% versus the prior quarter. Transportation Solutions revenue fell to $354.7 million with a 3.9% operating loss margin, while Parts & Services grew net sales to $63.4 million with a 9.4% operating margin. Adjusted EBITDA turned to a loss of $8.8 million. Free cash flow for the quarter improved to $3.1 million. As of June 30, 2026, cash and cash equivalents were $71.5 million and long-term debt was $513.2 million. For the third quarter of 2026, Wabash guides revenue to $440–$460 million and non-GAAP adjusted EPS to $(0.50)–$(0.40), and management notes signs of an emerging freight market recovery.
Positive
- Backlog rose to $956 million, up $119 million or 14% versus Q1 2026, indicating stronger booked demand.
- Quarterly free cash flow improved to $3.1 million from $(22.8) million a year earlier, reflecting better cash generation.
Negative
- Q2 2026 net sales fell to $417.2 million from $458.8 million, with adjusted EBITDA swinging to a $(8.8) million loss from a profit.
- Six-month net loss reached $68.1 million compared with $221.4 million net income in the first half of 2025, a major earnings reversal.
Filing Explained
As of June 30, 2026, long-term debt was $513,220 thousand versus $442,852 thousand at year-end; the filing does not establish a share-issuance mechanism.
The
It also reports
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Net Sales: $417.2 million
Q2 2026 Net Loss Attributable to Common Stockholders: $22,891 thousand
Q2 2026 Diluted EPS: $(0.56)
+5 more
8 metrics
Q2 2026 Net Sales
$417.2 million
Quarter ended June 30, 2026; 9.1% decrease vs prior-year quarter
Q2 2026 Net Loss Attributable to Common Stockholders
$22,891 thousand
Three months ended June 30, 2026
Q2 2026 Diluted EPS
$(0.56)
Three months ended June 30, 2026 GAAP diluted loss per share
Q2 2026 Adjusted EBITDA
$(8,762) thousand
Three months ended June 30, 2026 adjusted EBITDA
Backlog
$956 million
As of June 30, 2026; up $119 million or 14% vs prior quarter
Cash and Cash Equivalents
$71,496 thousand
Balance at June 30, 2026
Long-Term Debt
$513,220 thousand
Balance at June 30, 2026
Q3 2026 Revenue Guidance
$440–$460 million
Company outlook for the third quarter of 2026
Key Terms
Adjusted EBITDA, Free cash flow, Facility idling and related costs, Missouri legal matter, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA includes noncontrolling interest & excludes (income) loss from unconsolidated entity"
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 is defined as net cash provided by operating activities minus cash payments for capital expenditures"
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.
Missouri legal matter financial
"Missouri legal matter | — | 4,613"
Purchase accounting gains financial
"Purchase accounting gains | — | — | (5,995)"
Adjusted segment EBITDA margin financial
"Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales"
Earnings Snapshot
Net sales: $417.2 million · Guidance included
Quarter ended June 30, 2026
Net sales
$417.2 million
decreased 9.1% compared to the same quarter of the previous year
Net (loss) income attributable to common stockholders
$22,891 thousand
compared to $9,589 thousand net loss in the prior-year quarter
Diluted EPS
$(0.56)
vs $(0.23) in the prior-year quarter
Adjusted diluted EPS
$(0.53)
vs $(0.15) in the prior-year quarter
Adjusted EBITDA
$(8,762) thousand
vs $16,320 thousand in the prior-year quarter
Backlog
$956 million
increased $119 million, or 14%, over the prior quarter
Guidance
For Q3 2026, revenue is guided to $440–$460 million and Non-GAAP adjusted EPS to a range of $(0.50) to $(0.40).
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Wabash (WNC) net sales and profit for Q2 2026?
Wabash reported Q2 2026 net sales of $417.2 million, down 9.1% year over year, and a net loss attributable to common stockholders of $22.9 million, or $(0.56) per diluted share on a GAAP basis.
How did Wabash (WNC) non-GAAP earnings look in Q2 2026?
Non-GAAP results showed an adjusted operating loss of $23.5 million and adjusted diluted loss per share of $(0.53), compared with $(0.15) adjusted diluted loss per share in the prior-year quarter.
What was Wabash (WNC) backlog at the end of Q2 2026?
Total company backlog was approximately $956 million at June 30, 2026, an increase of $119 million and 14% versus the prior quarter, outperforming what management describes as traditional seasonal trends.
What guidance did Wabash (WNC) provide for Q3 2026?
For the third quarter of 2026, Wabash guides revenue to $440–$460 million and non-GAAP adjusted EPS to a range of $(0.50) to $(0.40), with expectations for sequential improvement in market conditions and financial performance.
How did Wabash (WNC) business segments perform in Q2 2026?
Transportation Solutions generated $354.7 million in net sales, down 11.4%, and a $13.9 million operating loss. Parts & Services delivered $63.4 million in net sales, up 6.1%, with $6.0 million in operating income and a 9.4% margin.
What was Wabash (WNC) cash and debt position at June 30, 2026?
As of June 30, 2026, Wabash held $71.5 million in cash and cash equivalents and had $513.2 million of long-term debt, with total assets of $1.24 billion and stockholders equity of $292.5 million.
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) July 29, 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 2.02 Results of Operations and Financial Condition.
On July 29, 2026, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The press release and a teleconference visual presentation are also available on the Company's Investor Relations website at ir.onewabash.com.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
99.1 | Wabash National Corporation Press Release dated July 29, 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: July 29, 2026 | By: | /s/ Patrick Keslin | ||||||
| Patrick Keslin | ||||||||
| Senior Vice President and Chief Financial Officer | ||||||||
Media Contact:
Heidi Murphy
Heidi.murphy@padillaco.com
Investor Relations:
John Cummings
Sr. Director, FP&A & IR
(765) 262-2898
john.cummings@onewabash.com
Wabash Announces Second Quarter 2026 Results
▪Quarterly revenue of $417 million - Reflects strong shipments in core Dry Van market. Parts & Services generated positive revenue growth year-over-year.
▪GAAP operating loss of $25 million or Non-GAAP adjusted operating loss of $24 million; Excludes impact of $1.8 million of facility idling costs.
▪Quarterly GAAP EPS of $(0.56) or Non-GAAP adjusted EPS of $(0.53). Within the guidance range communicated for Q2-26.
▪Total backlog of $956 million ending Q2. An increase of 14% versus Q1-26 and outperforming traditional seasonal trends.
▪Q3-2026 revenue outlook midpoint of $450 million, EPS outlook $(0.45). Market conditions and financials expected to improve sequentially.
LAFAYETTE, Ind. – July 29, 2026 – 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, 2026.
The Company's net sales for the second quarter of 2026 were $417.2 million, reflecting a 9.1% decrease compared to the same quarter of the previous year. The Company generated consolidated gross margin of $15 million, equivalent to 3.7% of sales. GAAP operating loss amounted to $25 million as the company recognized $1.8 million of facility idling costs. Non-GAAP adjusted operating loss was $23.5 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.56) or $(0.53) on a Non-GAAP adjusted basis.
As of June 30, 2026, total Company backlog stood at approximately $956 million, an increase of $119 million over the prior quarter.
For the third quarter of 2026, the Company guides its revenue to be in the range of $440 million to $460 million and Non-GAAP adjusted EPS to a range of $(0.50) to $(0.40).
"The second quarter continued to strengthen our conviction that the freight market recovery is taking shape. We are seeing a healthier combination of supply-side forces, safety-focused federal led enforcement and improving carrier economics. Those factors are beginning to translate into better market fundamentals" explained Brent Yeagy, President and Chief Executive Officer. "This matters because carrier profitability is what ultimately frees up capital to support increased replacement demand expenditure."
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 2026 and 2025. 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, | 2026 | 2025 | ||||||||||||||||||||||||
| New Units Shipped | ||||||||||||||||||||||||||
Trailers(1) | 8,292 | 8,043 | ||||||||||||||||||||||||
| Truck bodies | 1,380 | 3,188 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Transportation Solutions | Parts & Services | |||||||||||||||||||||||||
| Three Months Ended June 30, | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| (Unaudited, dollars in thousands) | ||||||||||||||||||||||||||
| Net sales | $ | 354,654 | $ | 400,214 | $ | 63,387 | $ | 59,744 | ||||||||||||||||||
| Gross profit | $ | 5,986 | $ | 28,600 | $ | 9,343 | $ | 12,800 | ||||||||||||||||||
| Gross profit margin | 1.7% | 7.1% | 14.7% | 21.4% | ||||||||||||||||||||||
| (Loss) income from operations | $ | (13,901) | $ | 12,518 | $ | 5,965 | $ | 9,060 | ||||||||||||||||||
| (Loss) income from operations margin | (3.9)% | 3.1% | 9.4% | 15.2% | ||||||||||||||||||||||
During the second quarter, Transportation Solutions generated net sales of $354.7 million, a decrease of 11.4% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $13.9 million, representing 3.9% of sales.
Parts & Services' net sales for the second quarter were $63.4 million, an increase of 6.1% compared to the prior year quarter. Operating income for the quarter amounted to $6.0 million, or 9.4% 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 including adjusted operating loss, adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss per share, 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, 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 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. 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 EBITDA includes noncontrolling interest & excludes (income) 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, 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.
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) income per share, the most comparable GAAP financial measures, are included in the tables following this release.
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. 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 provided by (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 provided by (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 income (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. 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 EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss per share, 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 2026 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 29, 2026, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash's website, www.onewabash.com, under "Events & Presentations." The conference call will be accessible at the following link: https://events.q4inc.com/attendee/138395025
A replay of the call will be available 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 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, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 71,496 | $ | 31,923 | |||||||
| Accounts receivable, net | 171,818 | 119,874 | |||||||||
| Inventories, net | 192,261 | 181,153 | |||||||||
| Prepaid expenses and other | 56,179 | 86,136 | |||||||||
| Total current assets | 491,754 | 419,086 | |||||||||
| Property, plant, and equipment, net | 283,363 | 300,477 | |||||||||
| Goodwill | 213,333 | 191,222 | |||||||||
| Deferred income taxes | 31,848 | 9,047 | |||||||||
| Intangible assets, net | 58,213 | 63,561 | |||||||||
| Investment in unconsolidated entities | 16,261 | 7,250 | |||||||||
| Other assets | 144,010 | 180,538 | |||||||||
| Total assets | $ | 1,238,782 | $ | 1,171,181 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | — | $ | — | |||||||
| Accounts payable | 244,191 | 145,739 | |||||||||
| Other accrued liabilities | 129,955 | 156,556 | |||||||||
| Total current liabilities | 374,146 | 302,295 | |||||||||
| Long-term debt | 513,220 | 442,852 | |||||||||
| Other non-current liabilities | 57,564 | 57,492 | |||||||||
| Total liabilities | 944,930 | 802,639 | |||||||||
| Commitments and contingencies | |||||||||||
| Noncontrolling interest | 1,397 | 1,184 | |||||||||
| Wabash National Corporation stockholders’ equity: | |||||||||||
| Common stock 200,000,000 shares authorized, $0.01 par value, 40,737,173 and 40,436,437 shares outstanding, respectively | 790 | 787 | |||||||||
| Additional paid-in capital | 703,705 | 700,697 | |||||||||
| Retained earnings | 228,943 | 303,615 | |||||||||
| Accumulated other comprehensive loss | (3,640) | (398) | |||||||||
| Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively | (637,343) | (637,343) | |||||||||
| Total Wabash National Corporation stockholders' equity | 292,455 | 367,358 | |||||||||
| Total liabilities, noncontrolling interest, and equity | $ | 1,238,782 | $ | 1,171,181 | |||||||
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, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 417,241 | $ | 458,816 | $ | 720,470 | $ | 839,706 | |||||||||||||||
| Cost of sales | 401,912 | 417,416 | 715,716 | 779,303 | |||||||||||||||||||
| Gross profit | 15,329 | 41,400 | 4,754 | 60,403 | |||||||||||||||||||
| General and administrative expenses | 32,366 | 37,009 | 64,463 | (267,676) | |||||||||||||||||||
| Selling expenses | 6,336 | 6,339 | 14,054 | 12,718 | |||||||||||||||||||
| Amortization of intangible assets | 2,674 | 2,789 | 5,348 | 5,578 | |||||||||||||||||||
| Impairment and other, net | (752) | 14 | (1,457) | (17) | |||||||||||||||||||
| (Loss) income from operations | (25,295) | (4,751) | (77,654) | 309,800 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (6,693) | (5,308) | (12,879) | (10,334) | |||||||||||||||||||
| Other, net | 367 | (33) | 657 | 1,581 | |||||||||||||||||||
| Other expense, net | (6,326) | (5,341) | (12,222) | (8,753) | |||||||||||||||||||
| Income (loss) from unconsolidated entity | 151 | (2,203) | 151 | (4,045) | |||||||||||||||||||
| (Loss) income before income tax expense | (31,470) | (12,295) | (89,725) | 297,002 | |||||||||||||||||||
| Income tax (benefit) expense | (8,856) | (2,692) | (21,876) | 75,409 | |||||||||||||||||||
| Net (loss) income | (22,614) | (9,603) | (67,849) | 221,593 | |||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest | 277 | (14) | 213 | 241 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (22,891) | $ | (9,589) | $ | (68,062) | $ | 221,352 | |||||||||||||||
| Net (loss) income attributable to common stockholders per share: | |||||||||||||||||||||||
| Basic | $ | (0.56) | $ | (0.23) | $ | (1.67) | $ | 5.24 | |||||||||||||||
| Diluted | $ | (0.56) | $ | (0.23) | $ | (1.67) | $ | 5.21 | |||||||||||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Basic | 40,917 | 41,753 | 40,828 | 42,231 | |||||||||||||||||||
| Diluted | 40,917 | 41,753 | 40,828 | 42,458 | |||||||||||||||||||
| 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, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net (loss) income | $ | (67,849) | $ | 221,593 | |||||||
| Adjustments to reconcile net (loss) income to net cash used in operating activities | |||||||||||
| Depreciation | 23,291 | 23,524 | |||||||||
| Amortization of intangibles | 5,348 | 5,578 | |||||||||
| Net (gain) loss on sale of property, plant and equipment | (1,855) | 21 | |||||||||
| Deferred income taxes | (22,801) | 86,749 | |||||||||
| Stock-based compensation | 5,082 | 5,623 | |||||||||
| Non-cash interest expense | 526 | 494 | |||||||||
| Equity in (income) loss from unconsolidated entity | (151) | 4,045 | |||||||||
| Impairment | — | (20) | |||||||||
| Accounts receivable | (51,351) | (45,783) | |||||||||
| Inventories | (11,108) | 6,371 | |||||||||
| Prepaid expenses and other | 5,874 | (18,767) | |||||||||
| Accounts payable and accrued liabilities | 92,988 | 40,079 | |||||||||
| Other, net | (6,511) | (345,613) | |||||||||
| Net cash used in operating activities | (28,517) | (16,106) | |||||||||
| Cash flows from investing activities | |||||||||||
| Cash payments for capital expenditures | (5,490) | (14,925) | |||||||||
| Expenditures for revenue generating assets | (235) | (20,885) | |||||||||
| Proceeds from the sale of assets | 21,859 | 40 | |||||||||
| Acquisition, net of cash acquired | (2,872) | (1,666) | |||||||||
| Investment in unconsolidated affiliates and other | (6,175) | (10,350) | |||||||||
| Net cash provided by (used in) investing activities | 7,087 | (47,786) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from exercise of stock options | — | 11 | |||||||||
| Dividends paid | (6,770) | (7,251) | |||||||||
| Borrowings under revolving credit facilities | 188,366 | 40,904 | |||||||||
| Payments under revolving credit facilities | (118,366) | (904) | |||||||||
| Debt issuance costs paid | (171) | (1) | |||||||||
| Stock repurchases | — | (26,928) | |||||||||
| Other | (2,056) | — | |||||||||
| Net cash provided by financing activities | 61,003 | 5,831 | |||||||||
| Cash and cash equivalents: | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 39,573 | (58,061) | |||||||||
| Cash and cash equivalents at beginning of period | 31,923 | 115,484 | |||||||||
| Cash and cash equivalents at end of period | $ | 71,496 | $ | 57,423 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for interest | $ | 12,362 | $ | 9,666 | |||||||
| Net cash (refunds received) paid for income taxes | $ | (10,052) | $ | 174 | |||||||
| Period end balance of payables for property, plant, and equipment | $ | 1,563 | $ | 2,501 | |||||||
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
| Wabash National Corporation | ||||||||||||||||||||||||||
| Three Months Ended June 30, | 2026 | 2025 | ||||||||||||||||||||||||
| Units Shipped | ||||||||||||||||||||||||||
New trailers (1) | 8,292 | 8,043 | ||||||||||||||||||||||||
| New truck bodies | 1,380 | 3,188 | ||||||||||||||||||||||||
| Used trailers | 40 | 30 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Three Months Ended June 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| New trailers | $ | 317,516 | $ | — | $ | (465) | $ | 317,051 | ||||||||||||||||||
| Used trailers | — | 1,796 | — | 1,796 | ||||||||||||||||||||||
| Components, parts and service | — | 32,538 | — | 32,538 | ||||||||||||||||||||||
| Equipment and other | 37,138 | 29,053 | (335) | 65,856 | ||||||||||||||||||||||
| Total net external sales | $ | 354,654 | $ | 63,387 | $ | (800) | $ | 417,241 | ||||||||||||||||||
| Gross profit | $ | 5,986 | $ | 9,343 | $ | — | $ | 15,329 | ||||||||||||||||||
| (Loss) income from operations | $ | (13,901) | $ | 5,965 | $ | (17,359) | $ | (25,295) | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (12,137) | $ | 5,965 | $ | (17,359) | $ | (23,531) | ||||||||||||||||||
| 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) | ||||||||||||||||||
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 (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.
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
| Wabash National Corporation | ||||||||||||||||||||||||||
| Six Months Ended June 30, | 2026 | 2025 | ||||||||||||||||||||||||
| Units Shipped | ||||||||||||||||||||||||||
New trailers (1) | 13,670 | 13,820 | ||||||||||||||||||||||||
| New truck bodies | 2,907 | 6,186 | ||||||||||||||||||||||||
| Used trailers | 70 | 65 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Six Months Ended June 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| New trailers | $ | 522,963 | $ | — | $ | (979) | $ | 521,984 | ||||||||||||||||||
| Used trailers | — | 2,840 | — | 2,840 | ||||||||||||||||||||||
| Components, parts and service | — | 65,624 | — | 65,624 | ||||||||||||||||||||||
| Equipment and other | 81,867 | 48,992 | (837) | 130,022 | ||||||||||||||||||||||
| Total net external sales | $ | 604,830 | $ | 117,456 | $ | (1,816) | $ | 720,470 | ||||||||||||||||||
| Gross (loss) profit | $ | (9,530) | $ | 14,284 | $ | — | $ | 4,754 | ||||||||||||||||||
| (Loss) income from operations | $ | (51,250) | $ | 9,768 | $ | (36,172) | $ | (77,654) | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (46,654) | $ | 3,773 | $ | (36,172) | $ | (79,053) | ||||||||||||||||||
| 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) | ||||||||||||||||||
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 (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.
WABASH NATIONAL CORPORATION
SEGMENT AND COMPANY FINANCIAL INFORMATION
(Unaudited - dollars in thousands)
Adjusted Operating Loss1 | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Transportation Solutions | |||||||||||||||||||||||
| (Loss) income from operations | $ | (13,901) | $ | 12,518 | $ | (51,250) | $ | 2,720 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 1,764 | — | 4,596 | — | |||||||||||||||||||
| Adjusted operating (loss) income | (12,137) | 12,518 | (46,654) | 2,720 | |||||||||||||||||||
| Parts & Services | |||||||||||||||||||||||
| Income from operations | 5,965 | 9,060 | 9,768 | 15,970 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Adjusted operating income | 5,965 | 9,060 | 3,773 | 15,970 | |||||||||||||||||||
| Corporate | |||||||||||||||||||||||
| (Loss) income from operations | (17,359) | (26,329) | (36,172) | 291,110 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Missouri legal matter | — | 4,613 | — | (337,387) | |||||||||||||||||||
| Adjusted operating loss | (17,359) | (21,716) | (36,172) | (46,277) | |||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| (Loss) income from operations | (25,295) | (4,751) | (77,654) | 309,800 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 1,764 | — | 4,596 | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | 4,613 | — | (337,387) | |||||||||||||||||||
| Adjusted operating loss | $ | (23,531) | $ | (138) | $ | (79,053) | $ | (27,587) | |||||||||||||||
1 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.
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, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (22,614) | $ | (9,603) | $ | (67,849) | $ | 221,593 | |||||||||||||||
| Income tax (benefit) expense | (8,856) | (2,692) | (21,876) | 75,409 | |||||||||||||||||||
| Interest expense | 6,693 | 5,308 | 12,879 | 10,334 | |||||||||||||||||||
| Depreciation and amortization | 13,610 | 14,070 | 27,619 | 29,102 | |||||||||||||||||||
| Stock-based compensation | 1,911 | 2,374 | 5,082 | 5,623 | |||||||||||||||||||
| Impairment and other, net | (752) | 14 | (1,457) | (17) | |||||||||||||||||||
| Other, net | (367) | 33 | (657) | (1,581) | |||||||||||||||||||
| (Income) loss from unconsolidated entity | (151) | 2,203 | (151) | 4,045 | |||||||||||||||||||
| Facility idling and related costs | 1,764 | — | 4,596 | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | 4,613 | — | (337,387) | |||||||||||||||||||
| Adjusted EBITDA | $ | (8,762) | $ | 16,320 | $ | (47,809) | $ | 7,121 | |||||||||||||||
Adjusted Net Loss Attributable to Common Stockholders2: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (22,891) | $ | (9,589) | $ | (68,062) | $ | 221,352 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 1,764 | — | 4,596 | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | 4,613 | — | (337,387) | |||||||||||||||||||
| Tax effect of aforementioned items | (441) | (1,163) | 350 | 85,090 | |||||||||||||||||||
| Adjusted net loss attributable to common stockholders | $ | (21,568) | $ | (6,139) | $ | (69,111) | $ | (30,945) | |||||||||||||||
Adjusted Diluted Loss Per Share2: | Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Diluted (loss) income per share | $ | (0.56) | $ | (0.23) | $ | (1.67) | $ | 5.21 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 0.04 | — | 0.11 | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (0.14) | — | |||||||||||||||||||
| Missouri legal matter | — | 0.11 | — | (7.95) | |||||||||||||||||||
| Tax effect of aforementioned items | (0.01) | (0.03) | 0.01 | 2.01 | |||||||||||||||||||
| Adjusted diluted loss per share | $ | (0.53) | $ | (0.15) | $ | (1.69) | $ | (0.73) | |||||||||||||||
| Weighted average diluted shares outstanding (in thousands) | 40,917 | 41,753 | 40,828 | 42,458 | |||||||||||||||||||
1 Adjusted EBITDA includes noncontrolling interest & excludes (income) 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, 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.
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.
WABASH NATIONAL CORPORATION
RECONCILIATION OF FREE CASH FLOW1
(Unaudited - dollars in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by (used in) operating activities | $ | 5,135 | $ | (15,834) | $ | (28,517) | $ | (16,106) | |||||||||||||||
| Cash payments for capital expenditures | (2,065) | (6,227) | (5,490) | (14,925) | |||||||||||||||||||
| Expenditures for revenue generating assets | — | (741) | (235) | (20,885) | |||||||||||||||||||
Free Cash Flow1 | $ | 3,070 | $ | (22,802) | $ | (34,242) | $ | (51,916) | |||||||||||||||
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. 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 provided by (used in) 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, | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income from operations | $ | (13,901) | $ | 12,518 | $ | 5,965 | $ | 9,060 | |||||||||||||||
| Depreciation and amortization | 10,431 | 11,686 | 1,937 | 1,265 | |||||||||||||||||||
| Impairment and other, net | (345) | — | (407) | — | |||||||||||||||||||
| Facility idling and related costs | 1,764 | — | — | — | |||||||||||||||||||
Adjusted segment EBITDA1 | $ | (2,051) | $ | 24,204 | $ | 7,495 | $ | 10,325 | |||||||||||||||
Adjusted segment EBITDA margin1 | (0.6) | % | 6.0 | % | 11.8 | % | 17.3 | % | |||||||||||||||
| Transportation Solutions | Parts & Services | ||||||||||||||||||||||
| Six Months Ended June 30, | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income from operations | $ | (51,250) | $ | 2,720 | $ | 9,768 | $ | 15,970 | |||||||||||||||
| Depreciation and amortization | 22,067 | 24,384 | 4,251 | 2,417 | |||||||||||||||||||
| Impairment and other, net | (369) | — | (990) | — | |||||||||||||||||||
| Facility idling and related costs | 4,596 | — | — | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
Adjusted segment EBITDA1 | $ | (24,956) | $ | 27,104 | $ | 7,034 | $ | 18,387 | |||||||||||||||
Adjusted segment EBITDA margin1 | (4.1) | % | 3.6 | % | 6.0 | % | 16.5 | % | |||||||||||||||
1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes income (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.