Wabash National posts $20M Q3 operating loss
WNC's fourth-quarter outlook calls for revenue of $420 million to $450 million and Non-GAAP adjusted EPS of $(0.75) to $(0.55).
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Wabash National Corporation (WNC) reported third-quarter 2026 net sales of $476.4 million, up 24.8% year over year. Gross profit was $14.9 million, or 3.1% of sales. GAAP operating loss was $20.0 million; adjusted operating loss was $27.0 million after adjusting for the $7.5 million facility-sale gain and $0.5 million of facility-idling costs. GAAP diluted loss per share was $(0.51); non-GAAP adjusted diluted loss per share was $(0.63).
Total backlog was approximately $1,198 million as of September 30, 2026, a 25% increase versus Q2-26. WNC guided fourth-quarter revenue to $420 million to $450 million and Non-GAAP adjusted EPS to $(0.75) to $(0.55). The company said it pulled planned dry-van capacity additions forward into Q3 from Q1 and Q2 2027 in response to customer order activity. For the first nine months, net loss was $88.2 million versus net income of $261.6 million, and operating cash flow was $65.8 million used versus $69.1 million provided.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net sales increased 24.8% to $476.4 million year over year.
Negative
- Moderate pointNine-month operating cash flow was $65.8 million used, versus $69.1 million provided.
- Moderate pointNine-month net loss: $88.2 million, versus $261.6 million net income.
Filing Explained
At September 30, 2026, Wabash reported $540,257 thousand in long-term debt and $69,290 thousand in cash.
The release reports that Wabash received
For the quarter, Transportation Solutions recorded
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, or exhibit attachments filed with this report.
Key Figures
Net sales: $476.4 million
GAAP operating loss: $(20.0) million
Adjusted operating loss: $(27.0) million
+5 more
8 metrics
Net sales
$476.4 million
Third quarter 2026; 24.8% increase year over year
GAAP operating loss
$(20.0) million
Third quarter 2026
Adjusted operating loss
$(27.0) million
Third quarter 2026; non-GAAP
GAAP diluted loss per share
$(0.51)
Third quarter 2026
Non-GAAP adjusted diluted loss per share
$(0.63)
Third quarter 2026
Total company backlog
Approximately $1,198 million
As of September 30, 2026; 25% increase versus Q2-26
Revenue outlook
$420 million to $450 million
Fourth quarter 2026
Non-GAAP adjusted EPS outlook
$(0.75) to $(0.55)
Fourth quarter 2026
Key Terms
Adjusted EBITDA, Free cash flow, Adjusted segment EBITDA margin, facility idling costs
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA includes noncontrolling interest"
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"
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.
Adjusted segment EBITDA margin financial
"Adjusted segment EBITDA margin is calculated by dividing"
facility idling costs financial
"facility idling costs"
Earnings Snapshot
Net sales: $476.4 million · Guidance included
Third quarter 2026
Net sales
$476.4 million
24.8% increase year over year
Gross profit
$14.9 million
GAAP operating loss
$(20.0) million
Adjusted operating loss
$(27.0) million
GAAP diluted loss per share
$(0.51)
Non-GAAP adjusted diluted loss per share
$(0.63)
Total company backlog
Approximately $1,198 million
25% increase versus Q2-26
Guidance
Fourth-quarter 2026 revenue of $420 million to $450 million and Non-GAAP adjusted EPS of $(0.75) to $(0.55).
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did WNC report in Q3 2026?
Wabash National Corporation (WNC) reported $476.4 million in third-quarter 2026 net sales, up 24.8% compared with the same quarter of 2025.
What is WNC's Q4 2026 revenue and EPS outlook?
WNC guided fourth-quarter 2026 revenue to $420 million to $450 million and Non-GAAP adjusted EPS to $(0.75) to $(0.55).
How many new trailers did WNC ship in Q3 2026?
WNC shipped 9,563 new trailers in Q3 2026. Trailer shipment totals do not include converter dollies.
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) October 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 October 29, 2026, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended September 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 October 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: October 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 Third Quarter 2026 Results
▪Quarterly revenue of $476 million - Reflects strong shipments in core Dry Van market. Parts & Services generated positive revenue growth year-over-year.
▪GAAP operating loss of $20 million or Non-GAAP adjusted operating loss of $27 million; Non-GAAP adjusted operating loss excludes impact of $7.5 million related to the gain on sale of a manufacturing facility and $0.5 million of facility idling costs.
▪Quarterly GAAP EPS of $(0.51) or Non-GAAP adjusted EPS of $(0.63).
▪Total backlog of $1,198 million as of September 30, 2026. An increase of 25% versus Q2-26 and outperforming traditional seasonal trends.
▪Q4-2026 revenue outlook midpoint of $435 million, EPS outlook $(0.65). Market conditions and financials expected to improve sequentially thereafter.
LAFAYETTE, Ind. – October 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 September 30, 2026.
The Company's net sales for the third quarter of 2026 were $476.4 million, reflecting a 24.8% increase compared to the same quarter of the previous year. The Company generated consolidated gross margin of $15 million, equivalent to 3.1% of sales. GAAP operating loss amounted to $20 million as the company recognized a $7.5 million gain on the sale of a manufacturing facility and recorded $0.5 million of facility idling costs. Excluding the impact of the gain on sale and facility idling costs, Non-GAAP adjusted operating loss was $27 million for the quarter. Third quarter GAAP diluted earnings per share was $(0.51) or $(0.63) on a Non-GAAP adjusted basis.
As of September 30, 2026, total Company backlog stood at approximately $1,198 million, an increase of $242 million over the prior quarter.
For the fourth quarter of 2026, the Company guides its revenue to be in the range of $420 million to $450 million and Non-GAAP adjusted EPS to a range of $(0.75) to $(0.55).
"Our third quarter results represent another step forward in what continues to be a transition year for Wabash" explained Brent Yeagy, President and Chief Executive Officer. "Beneath the results we have explicit and material evidence in demonstrated customer demand. That gives confidence that the conditions required for a broader recovery are solidly in place. As a direct result of customer order activity at scale, we aggressively pulled forward capacity addition actions into Q3, actions previously slated for Q1 and Q2 of 2027, to increase dry van output in direct response".
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 third 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 September 30, | 2026 | 2025 | ||||||||||||||||||||||||
| New Units Shipped | ||||||||||||||||||||||||||
Trailers(1) | 9,563 | 6,675 | ||||||||||||||||||||||||
| Truck bodies | 1,685 | 3,067 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Transportation Solutions | Parts & Services | |||||||||||||||||||||||||
| Three Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| (Unaudited, dollars in thousands) | ||||||||||||||||||||||||||
| Net sales | $ | 407,860 | $ | 334,474 | $ | 69,356 | $ | 60,964 | ||||||||||||||||||
| Gross profit | $ | 4,008 | $ | 5,077 | $ | 10,867 | $ | 10,631 | ||||||||||||||||||
| Gross profit margin | 1.0% | 1.5% | 15.7% | 17.4% | ||||||||||||||||||||||
| (Loss) income from operations | $ | (7,541) | $ | (13,116) | $ | 5,756 | $ | 6,621 | ||||||||||||||||||
| (Loss) income from operations margin | (1.8)% | (3.9)% | 8.3% | 10.9% | ||||||||||||||||||||||
During the third quarter, Transportation Solutions generated net sales of $407.9 million, an increase of 21.9% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $7.5 million, representing 1.8% of sales.
Parts & Services' net sales for the third quarter were $69.4 million, an increase of 13.8% compared to the prior year quarter. Operating income for the quarter amounted to $5.8 million, or 8.3% 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) income, 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, gain on sale of facility, 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, gain on sale of facility, 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 (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used by) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes 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) income, 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.
Third Quarter 2026 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Thursday, October 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/756116794. 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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 69,290 | $ | 31,923 | |||||||
| Accounts receivable, net | 198,614 | 119,874 | |||||||||
| Inventories, net | 195,329 | 181,153 | |||||||||
| Prepaid expenses and other | 39,792 | 86,136 | |||||||||
| Total current assets | 503,025 | 419,086 | |||||||||
| Property, plant, and equipment, net | 267,440 | 300,477 | |||||||||
| Goodwill | 213,337 | 191,222 | |||||||||
| Deferred income taxes | 38,219 | 9,047 | |||||||||
| Intangible assets, net | 55,540 | 63,561 | |||||||||
| Investment in unconsolidated entities | 16,331 | 7,250 | |||||||||
| Other assets | 140,506 | 180,538 | |||||||||
| Total assets | $ | 1,234,398 | $ | 1,171,181 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | — | $ | — | |||||||
| Accounts payable | 246,184 | 145,739 | |||||||||
| Other accrued liabilities | 119,270 | 156,556 | |||||||||
| Total current liabilities | 365,454 | 302,295 | |||||||||
| Long-term debt | 540,257 | 442,852 | |||||||||
| Other non-current liabilities | 55,808 | 57,492 | |||||||||
| Total liabilities | 961,519 | 802,639 | |||||||||
| Commitments and contingencies | |||||||||||
| Noncontrolling interest | 1,792 | 1,184 | |||||||||
| Wabash National Corporation stockholders’ equity: | |||||||||||
| Common stock 200,000,000 shares authorized, $0.01 par value, 40,738,694 and 40,436,437 shares outstanding, respectively | 790 | 787 | |||||||||
| Additional paid-in capital | 706,152 | 700,697 | |||||||||
| Retained earnings | 204,809 | 303,615 | |||||||||
| Accumulated other comprehensive loss | (3,321) | (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 | 271,087 | 367,358 | |||||||||
| Total liabilities, noncontrolling interest, and equity | $ | 1,234,398 | $ | 1,171,181 | |||||||
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - dollars in thousands, except per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 476,408 | $ | 381,595 | $ | 1,196,878 | $ | 1,221,301 | |||||||||||||||
| Cost of sales | 461,533 | 365,887 | 1,177,249 | 1,145,190 | |||||||||||||||||||
| Gross profit | 14,875 | 15,708 | 19,629 | 76,111 | |||||||||||||||||||
| General and administrative expenses | 32,358 | (50,520) | 96,821 | (318,196) | |||||||||||||||||||
| Selling expenses | 6,857 | 5,590 | 20,911 | 18,308 | |||||||||||||||||||
| Amortization of intangible assets | 2,673 | 2,789 | 8,021 | 8,367 | |||||||||||||||||||
| Impairment and other, net | (6,987) | 203 | (8,444) | 186 | |||||||||||||||||||
| (Loss) income from operations | (20,026) | 57,646 | (97,680) | 367,446 | |||||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (6,957) | (5,373) | (19,836) | (15,707) | |||||||||||||||||||
| Other, net | 315 | 1,240 | 972 | 2,821 | |||||||||||||||||||
| Other expense, net | (6,642) | (4,133) | (18,864) | (12,886) | |||||||||||||||||||
| Income (loss) from unconsolidated entity | 71 | (1,845) | 222 | (5,890) | |||||||||||||||||||
| (Loss) income before income tax expense | (26,597) | 51,668 | (116,322) | 348,670 | |||||||||||||||||||
| Income tax (benefit) expense | (6,244) | 11,629 | (28,120) | 87,038 | |||||||||||||||||||
| Net (loss) income | (20,353) | 40,039 | (88,202) | 261,632 | |||||||||||||||||||
| Net income attributable to noncontrolling interest | 395 | 62 | 608 | 303 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (20,748) | $ | 39,977 | $ | (88,810) | $ | 261,329 | |||||||||||||||
| Net (loss) income attributable to common stockholders per share: | |||||||||||||||||||||||
| Basic | $ | (0.51) | $ | 0.98 | $ | (2.17) | $ | 6.25 | |||||||||||||||
| Diluted | $ | (0.51) | $ | 0.97 | $ | (2.17) | $ | 6.22 | |||||||||||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||||||||||||||
| Basic | 40,991 | 40,928 | 40,883 | 41,795 | |||||||||||||||||||
| Diluted | 40,991 | 41,170 | 40,883 | 42,014 | |||||||||||||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | $ | 0.24 | $ | 0.24 | |||||||||||||||
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net (loss) income | $ | (88,202) | $ | 261,632 | |||||||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | |||||||||||
| Depreciation | 34,222 | 35,345 | |||||||||
| Amortization of intangibles | 8,021 | 8,367 | |||||||||
| Net (gain) loss on sale of property, plant and equipment | (8,784) | 100 | |||||||||
| Deferred income taxes | (29,172) | 90,142 | |||||||||
| Stock-based compensation | 7,542 | 8,895 | |||||||||
| Non-cash interest expense | 1,088 | 749 | |||||||||
| Equity in (income) loss from unconsolidated entity | (222) | 5,890 | |||||||||
| Accounts receivable | (78,147) | (3,234) | |||||||||
| Inventories | (14,575) | 39,320 | |||||||||
| Prepaid expenses and other | 9,191 | (54,185) | |||||||||
| Accounts payable and accrued liabilities | 99,109 | 128,216 | |||||||||
| Other, net | (5,891) | (452,137) | |||||||||
| Net cash (used in) provided by operating activities | (65,820) | 69,100 | |||||||||
| Cash flows from investing activities | |||||||||||
| Cash payments for capital expenditures | (8,946) | (20,207) | |||||||||
| Expenditures for revenue generating assets | (242) | (40,189) | |||||||||
| Proceeds from the sale of assets | 39,723 | 138 | |||||||||
| Acquisition, net of cash acquired | (2,872) | (1,666) | |||||||||
| Investment in unconsolidated affiliates and other | (6,174) | (12,350) | |||||||||
| Net cash provided by (used in) investing activities | 21,489 | (74,274) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from exercise of stock options | — | 11 | |||||||||
| Dividends paid | (10,031) | (10,539) | |||||||||
| Proceeds from issuance of Convertible Notes | 150,000 | — | |||||||||
| Borrowings under revolving credit facilities | 201,879 | 41,751 | |||||||||
| Payments under revolving credit facilities | (246,879) | (16,751) | |||||||||
| Debt issuance costs paid | (11,202) | (1) | |||||||||
| Stock repurchases | — | (33,106) | |||||||||
| Other | (2,069) | — | |||||||||
| Net cash provided by (used in) financing activities | 81,698 | (18,635) | |||||||||
| Cash and cash equivalents: | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 37,367 | (23,809) | |||||||||
| Cash and cash equivalents at beginning of period | 31,923 | 115,484 | |||||||||
| Cash and cash equivalents at end of period | $ | 69,290 | $ | 91,675 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for interest | $ | 13,169 | $ | 10,453 | |||||||
| Net cash refunds received for income taxes | $ | (9,715) | $ | (307) | |||||||
| Period end balance of payables for property, plant, and equipment | $ | 1,242 | $ | 2,916 | |||||||
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
| Wabash National Corporation | ||||||||||||||||||||||||||
| Three Months Ended September 30, | 2026 | 2025 | ||||||||||||||||||||||||
| Units Shipped | ||||||||||||||||||||||||||
New trailers (1) | 9,563 | 6,675 | ||||||||||||||||||||||||
| New truck bodies | 1,685 | 3,067 | ||||||||||||||||||||||||
| Used trailers | 39 | 20 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Three Months Ended September 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| New trailers | $ | 363,426 | $ | — | $ | (453) | $ | 362,973 | ||||||||||||||||||
| Used trailers | — | 1,952 | — | 1,952 | ||||||||||||||||||||||
| Components, parts and service | — | 31,443 | — | 31,443 | ||||||||||||||||||||||
| Equipment and other | 44,434 | 35,961 | (355) | 80,040 | ||||||||||||||||||||||
| Total net external sales | $ | 407,860 | $ | 69,356 | $ | (808) | $ | 476,408 | ||||||||||||||||||
| Gross profit | $ | 4,008 | $ | 10,867 | $ | — | $ | 14,875 | ||||||||||||||||||
| (Loss) income from operations | $ | (7,541) | $ | 5,756 | $ | (18,241) | $ | (20,026) | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (14,382) | $ | 5,632 | $ | (18,241) | $ | (26,991) | ||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| New trailers | $ | 259,038 | $ | — | $ | (13,473) | $ | 245,565 | ||||||||||||||||||
| Used trailers | — | 929 | — | 929 | ||||||||||||||||||||||
| Components, parts and service | — | 32,584 | — | 32,584 | ||||||||||||||||||||||
| Equipment and other | 75,436 | 27,451 | (370) | 102,517 | ||||||||||||||||||||||
| Total net external sales | $ | 334,474 | $ | 60,964 | $ | (13,843) | $ | 381,595 | ||||||||||||||||||
| Gross profit | $ | 5,077 | $ | 10,631 | $ | — | $ | 15,708 | ||||||||||||||||||
| (Loss) Income from operations | $ | (13,116) | $ | 6,621 | $ | 64,141 | $ | 57,646 | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (13,116) | $ | 6,621 | $ | (17,066) | $ | (23,561) | ||||||||||||||||||
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 | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | 2026 | 2025 | ||||||||||||||||||||||||
| Units Shipped | ||||||||||||||||||||||||||
New trailers (1) | 23,233 | 20,495 | ||||||||||||||||||||||||
| New truck bodies | 4,592 | 9,253 | ||||||||||||||||||||||||
| Used trailers | 109 | 85 | ||||||||||||||||||||||||
(1) Trailer shipments do not include converter dollies for any period presented. | ||||||||||||||||||||||||||
| Nine Months Ended September 30, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| New trailers | $ | 886,389 | $ | — | $ | (1,432) | $ | 884,957 | ||||||||||||||||||
| Used trailers | — | 4,792 | — | 4,792 | ||||||||||||||||||||||
| Components, parts and service | — | 97,067 | — | 97,067 | ||||||||||||||||||||||
| Equipment and other | 126,301 | 84,953 | (1,192) | 210,062 | ||||||||||||||||||||||
| Total net external sales | $ | 1,012,690 | $ | 186,812 | $ | (2,624) | $ | 1,196,878 | ||||||||||||||||||
| Gross (loss) profit | $ | (5,522) | $ | 25,151 | $ | — | $ | 19,629 | ||||||||||||||||||
| (Loss) income from operations | $ | (58,791) | $ | 15,524 | $ | (54,413) | $ | (97,680) | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (61,241) | $ | 9,611 | $ | (54,413) | $ | (106,043) | ||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| New trailers | $ | 823,014 | $ | — | $ | (31,914) | $ | 791,100 | ||||||||||||||||||
| Used trailers | — | 3,549 | — | 3,549 | ||||||||||||||||||||||
| Components, parts and service | — | 96,841 | — | 96,841 | ||||||||||||||||||||||
| Equipment and other | 258,477 | 72,273 | (939) | 329,811 | ||||||||||||||||||||||
| Total net external sales | $ | 1,081,491 | $ | 172,663 | $ | (32,853) | $ | 1,221,301 | ||||||||||||||||||
| Gross profit | $ | 42,091 | $ | 34,020 | $ | — | $ | 76,111 | ||||||||||||||||||
| (Loss) Income from operations | $ | (10,396) | $ | 22,591 | $ | 355,251 | $ | 367,446 | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (10,396) | $ | 22,591 | $ | (63,343) | $ | (51,148) | ||||||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Transportation Solutions | |||||||||||||||||||||||
| Loss from operations | $ | (7,541) | $ | (13,116) | $ | (58,791) | $ | (10,396) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 500 | — | 4,891 | — | |||||||||||||||||||
| Gain on sale of facility | (7,341) | — | (7,341) | — | |||||||||||||||||||
| Adjusted operating loss | (14,382) | (13,116) | (61,241) | (10,396) | |||||||||||||||||||
| Parts & Services | |||||||||||||||||||||||
| Income from operations | 5,756 | 6,621 | 15,524 | 22,591 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | — | — | 206 | — | |||||||||||||||||||
| Gain on sale of facility | (124) | — | (124) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Adjusted operating income | 5,632 | 6,621 | 9,611 | 22,591 | |||||||||||||||||||
| Corporate | |||||||||||||||||||||||
| (Loss) income from operations | (18,241) | 64,141 | (54,413) | 355,251 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Missouri legal matter | — | (81,207) | — | (418,594) | |||||||||||||||||||
| Adjusted operating loss | (18,241) | (17,066) | (54,413) | (63,343) | |||||||||||||||||||
| Consolidated | |||||||||||||||||||||||
| (Loss) income from operations | (20,026) | 57,646 | (97,680) | 367,446 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 500 | — | 5,097 | — | |||||||||||||||||||
| Gain on sale of facility | (7,465) | — | (7,465) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | (81,207) | — | (418,594) | |||||||||||||||||||
| Adjusted operating loss | $ | (26,991) | $ | (23,561) | $ | (106,043) | $ | (51,148) | |||||||||||||||
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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (20,353) | $ | 40,039 | $ | (88,202) | $ | 261,632 | |||||||||||||||
| Income tax (benefit) expense | (6,244) | 11,629 | (28,120) | 87,038 | |||||||||||||||||||
| Interest expense | 6,957 | 5,373 | 19,836 | 15,707 | |||||||||||||||||||
| Depreciation and amortization | 13,604 | 14,610 | 41,223 | 43,712 | |||||||||||||||||||
| Stock-based compensation | 2,460 | 3,272 | 7,542 | 8,895 | |||||||||||||||||||
| Impairment and other, net | 478 | 203 | (979) | 186 | |||||||||||||||||||
| Other, net | (315) | (1,240) | (972) | (2,821) | |||||||||||||||||||
| (Income) loss from unconsolidated entity | (71) | 1,845 | (222) | 5,890 | |||||||||||||||||||
| Facility idling and related costs | 500 | — | 5,097 | — | |||||||||||||||||||
| Gain on sale of facility | (7,465) | — | (7,465) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | (81,207) | — | (418,594) | |||||||||||||||||||
| Adjusted EBITDA | $ | (10,449) | $ | (5,476) | $ | (58,257) | $ | 1,645 | |||||||||||||||
Adjusted Net Loss Attributable to Common Stockholders2: | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (20,748) | $ | 39,977 | $ | (88,810) | $ | 261,329 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 500 | — | 5,097 | — | |||||||||||||||||||
| Gain on sale of facility | (7,465) | — | (7,465) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
| Missouri legal matter | — | (81,207) | — | (418,594) | |||||||||||||||||||
| Tax effect of aforementioned items | 1,741 | 20,015 | 2,090 | 105,105 | |||||||||||||||||||
| Adjusted net loss attributable to common stockholders | $ | (25,972) | $ | (21,215) | $ | (95,083) | $ | (52,160) | |||||||||||||||
Adjusted Diluted Loss Per Share2: | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Diluted (loss) income per share | $ | (0.51) | $ | 0.97 | $ | (2.17) | $ | 6.22 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Facility idling and related costs | 0.01 | — | 0.12 | — | |||||||||||||||||||
| Gain on sale of facility | (0.18) | — | (0.18) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (0.15) | — | |||||||||||||||||||
| Missouri legal matter | — | (1.97) | — | (9.96) | |||||||||||||||||||
| Tax effect of aforementioned items | 0.05 | 0.49 | 0.05 | 2.50 | |||||||||||||||||||
| Adjusted diluted loss per share | $ | (0.63) | $ | (0.51) | $ | (2.33) | $ | (1.24) | |||||||||||||||
| Weighted average diluted shares outstanding (in thousands) | 40,991 | 41,170 | 40,883 | 42,014 | |||||||||||||||||||
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, gain on sale of facility, 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, gain on sale of facility, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash (used in) provided by operating activities | $ | (37,303) | $ | 85,206 | $ | (65,820) | $ | 69,100 | |||||||||||||||
| Cash payments for capital expenditures | (3,456) | (5,282) | (8,946) | (20,207) | |||||||||||||||||||
| Expenditures for revenue generating assets | (7) | (19,304) | (242) | (40,189) | |||||||||||||||||||
Free Cash Flow1 | $ | (40,766) | $ | 60,620 | $ | (75,008) | $ | 8,704 | |||||||||||||||
1 Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.
WABASH NATIONAL CORPORATION
RECONCILIATION OF ADJUSTED SEGMENT EBITDA1
AND ADJUSTED SEGMENT EBITDA MARGIN1
(Unaudited - dollars in thousands)
| Transportation Solutions | Parts & Services | ||||||||||||||||||||||
| Three Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income from operations | $ | (7,541) | $ | (13,116) | $ | 5,756 | $ | 6,621 | |||||||||||||||
| Depreciation and amortization | 10,481 | 12,299 | 1,915 | 1,132 | |||||||||||||||||||
| Impairment and other, net | — | 219 | 78 | (15) | |||||||||||||||||||
| Facility idling and related costs | 500 | — | — | — | |||||||||||||||||||
| Gain on sale of facility | (7,341) | — | (124) | — | |||||||||||||||||||
Adjusted segment EBITDA1 | $ | (3,901) | $ | (598) | $ | 7,625 | $ | 7,738 | |||||||||||||||
Adjusted segment EBITDA margin1 | (1.0) | % | (0.2) | % | 11.0 | % | 12.7 | % | |||||||||||||||
| Transportation Solutions | Parts & Services | ||||||||||||||||||||||
| Nine Months Ended September 30, | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income from operations | $ | (58,791) | $ | (10,396) | $ | 15,524 | $ | 22,591 | |||||||||||||||
| Depreciation and amortization | 31,734 | 36,689 | 5,961 | 3,561 | |||||||||||||||||||
| Impairment and other, net | (368) | 212 | (912) | (26) | |||||||||||||||||||
| Facility idling and related costs | 4,891 | — | 206 | — | |||||||||||||||||||
| Gain on sale of facility | (7,341) | — | (124) | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
Adjusted segment EBITDA1 | $ | (29,875) | $ | 26,505 | $ | 14,660 | $ | 26,126 | |||||||||||||||
Adjusted segment EBITDA margin1 | (3.0) | % | 2.5 | % | 7.8 | % | 15.1 | % | |||||||||||||||
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.