Q1 2026 loss deepens at Wabash (NYSE: WNC) as revenue falls 20%
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Wabash National Corporation reported a weak first quarter of 2026 with net sales of $303.2 million, a 20.4% decline from the prior-year quarter as demand, especially in Truck Bodies, fell below expectations. The company posted a GAAP operating loss of $52.4 million and a GAAP net loss of $45.2 million, driven by negative gross margin of 3.5% and operational inefficiencies at lower volumes.
GAAP diluted EPS was $(1.11), or $(1.17) on a non-GAAP adjusted basis. Adjusted EBITDA was a loss of $38.0 million. Transportation Solutions revenue fell to $250.2 million with a $37.3 million operating loss, while Parts & Services grew sales to $54.1 million and generated $3.8 million of operating income.
Backlog reached about $837 million, up $132 million from the prior quarter, suggesting future demand visibility. For the second quarter of 2026, Wabash guides revenue to $380–$400 million and non-GAAP adjusted EPS to $(0.40)–$(0.60), indicating expectations for gradual improvement but continued losses.
Positive
- None.
Negative
- Sharp deterioration in earnings and margins: Q1 2026 revenue fell 20.4% year over year to $303.2 million, flipping from $230.9 million of prior-year net income to a $45.2 million net loss and driving adjusted EBITDA to a $38.0 million loss.
- Ongoing cash burn and higher leverage: Free cash flow was negative $37.3 million in Q1 2026, while long-term debt increased to $498.0 million from $442.9 million at year-end 2025, pressuring the balance sheet.
- Segment pressure in core Transportation Solutions: Transportation Solutions revenue dropped to $250.2 million with a $37.3 million operating loss and a (9.1)% adjusted segment EBITDA margin, indicating significant operational and demand challenges.
Insights
Results show a sharp downturn in profitability despite a growing backlog.
Wabash saw Q1 2026 net sales drop to $303.2M, down 20.4% year over year, pushing gross margin to negative 3.5% and producing a GAAP net loss of $45.2M and EPS of $(1.11). Adjusted EBITDA was a loss of $38.0M, underscoring broad margin pressure.
Transportation Solutions was the main drag with a $37.3M operating loss on $250.2M of sales, while Parts & Services remained profitable with $54.1M revenue and $3.8M operating income. Free cash flow was negative $37.3M, and long-term debt increased to $498.0M, indicating rising balance sheet leverage.
Management highlighted an $837M backlog as of March 31, 2026, up $132M sequentially, and guided Q2 2026 revenue to $380–$400M with adjusted EPS of $(0.40)–$(0.60). While guidance implies some improvement versus Q1, it still points to losses, so the quarter is broadly negative for the earnings trajectory.
8-K Event Classification
4 items: 0.02, 2.00, 2.02, 9.01
4 items
Item 0.02
Item 0.02
Item 2.00
Item 2.00
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
Q1 2026 Net Sales: $303.2M
Q1 2026 Net (Loss) Income: $(45.2M)
Q1 2026 Diluted EPS: $(1.11)
+5 more
8 metrics
Q1 2026 Net Sales
$303.2M
Net sales for the quarter ended March 31, 2026; down 20.4% YoY
Q1 2026 Net (Loss) Income
$(45.2M)
Net loss attributable to common stockholders in Q1 2026
Q1 2026 Diluted EPS
$(1.11)
GAAP diluted earnings per share for Q1 2026
Adjusted Diluted EPS
$(1.17)
Non-GAAP adjusted diluted loss per share for Q1 2026
Adjusted EBITDA
$(38.0M)
Adjusted EBITDA for the three months ended March 31, 2026
Total Backlog
$837M
Company backlog as of March 31, 2026; up $132M sequentially
Free Cash Flow
$(37.3M)
Free cash flow for Q1 2026 from reconciliation table
Q2 2026 Revenue Guidance
$380M–$400M
Company’s revenue outlook range for second quarter 2026
Key Terms
Adjusted EBITDA, free cash flow, backlog, facility idling and related costs, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation..."
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 used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets."
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.
backlog financial
"As of March 31, 2026, total Company backlog stood at approximately $837 million, an increase of $132 million over the prior quarter."
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
Missouri legal matter financial
"Missouri legal matter | — | | | (342,000) |"
non-GAAP financial measures financial
"the financial information included in this release contains non-GAAP financial measures including adjusted operating loss, adjusted EBITDA..."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $303.2M · Guidance included
Q1 2026
Revenue
$303.2M
-20.4% YoY
Net (loss) income
$(45.2M)
vs $231.2M profit in Q1 2025
GAAP diluted EPS
$(1.11)
vs $5.36 in Q1 2025
Adjusted diluted EPS
$(1.17)
vs $(0.58) in Q1 2025
Adjusted EBITDA
$(38.0M)
vs $(9.2M) in Q1 2025
Guidance
For Q2 2026, Wabash guides revenue to $380–$400 million and non-GAAP adjusted EPS to a range of $(0.40) to $(0.60).
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) May 1, 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 May 1, 2026, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 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 May 1, 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: May 1, 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 First Quarter 2026 Results
▪Quarterly revenue of $303 million - Softer than expected demand, particularly in our Truck Body business, led to revenue coming in below our guidance range. Parts & Services generated positive revenue growth year-over-year.
▪GAAP operating loss of $52 million or Non-GAAP adjusted operating loss of $56 million; Excludes impact of $6 million gain related to purchase accounting and $2.8 million of facility idling costs.
▪Quarterly GAAP EPS of $(1.11) or Non-GAAP adjusted EPS of $(1.17). Missing Expectations due to revenue miss and operational inefficiencies associated with lower than expected volumes.
▪Total backlog of $837 million ending Q1. Near-term market environment continues to be challenging as the industry remains cautious, though underlying indicators point to pending recovery.
▪Q2-2026 revenue outlook midpoint of $390 million, EPS outlook $(0.50). Market conditions and financials expected to improve throughout 2026.
LAFAYETTE, Ind. – May 1, 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 March 31, 2026.
The Company's net sales for the first quarter of 2026 were $303.2 million, reflecting a 20.4% decrease compared to the same quarter of the previous year. The Company generated consolidated gross margin loss of $11 million, equivalent to negative 3.5% of sales. GAAP operating loss amounted to $52 million as the company recognized a $6 million gain related to purchase accounting and $2.8 million of facility idling costs. Non-GAAP adjusted operating loss was $55.5 million for the quarter. First quarter GAAP diluted earnings per share was $(1.11) or $(1.17) on a Non-GAAP adjusted basis.
As of March 31, 2026, total Company backlog stood at approximately $837 million, an increase of $132 million over the prior quarter.
For the second quarter of 2026, the Company guides its revenue to be in the range of $380 million to $400 million and Non-GAAP adjusted EPS to a range of $(0.40) to $(0.60).
"As we entered the first quarter, we did so with a clear-eyed view of the environment in front of us. Freight markets were uncertain, and customers continued to act cautiously. Order patterns were uneven, asset utilization inconsistent, and capital decisions across the industry were being evaluated carefully" explained Brent Yeagy, President and Chief Executive Officer. "At the same time, we were encouraged by early signs of stabilization and improving fundamentals that typically precede a broader recovery. Now, as we move into the second quarter of 2026, both our customers and our visibility continues to improve, and it shows an environment that is building to set up a constructive 2027 as spot rates, contract rates, capacity and demand are all coming together to drive back to replacement demand for equipment and possibly beyond, and fleets begin to to plan more confidentially."
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 first 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 March 31, | 2026 | 2025 | ||||||||||||||||||||||||
| New Units Shipped | ||||||||||||||||||||||||||
| Trailers | 5,378 | 6,290 | ||||||||||||||||||||||||
| Truck bodies | 1,527 | 3,000 | ||||||||||||||||||||||||
| Transportation Solutions | Parts & Services | |||||||||||||||||||||||||
| Three Months Ended March 31, | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| (Unaudited, dollars in thousands) | ||||||||||||||||||||||||||
| Net sales | $ | 250,176 | $ | 346,803 | $ | 54,069 | $ | 51,955 | ||||||||||||||||||
| Gross (loss) profit | $ | (15,516) | $ | 8,414 | $ | 4,941 | $ | 10,589 | ||||||||||||||||||
| Gross (loss) profit margin | (6.2)% | 2.4% | 9.1% | 20.4% | ||||||||||||||||||||||
| (Loss) income from operations | $ | (37,349) | $ | (9,798) | $ | 3,803 | $ | 6,910 | ||||||||||||||||||
| (Loss) income from operations margin | (14.9)% | (2.8)% | 7.0% | 13.3% | ||||||||||||||||||||||
During the first quarter, Transportation Solutions generated net sales of $250.2 million, a decrease of 27.9% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $37.3 million, representing 14.9% of sales.
Parts & Services' net sales for the first quarter were $54.1 million, an increase of 4.1% compared to the prior year quarter. Operating income for the quarter amounted to $3.8 million, or 7.0% 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 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 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 operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash used in operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash used in operating activities, the most comparable GAAP financial measure, is included in the tables following this release.
Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to (loss) income from operations, the most comparable GAAP financial measure, is included in the tables following this release.
Information reconciling any forward-looking adjusted operating loss, adjusted 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.
First Quarter 2026 Conference Call
Wabash will discuss its results during its quarterly investor conference call on Friday, May 1, 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/310958583
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)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 43,427 | $ | 31,923 | |||||||
| Accounts receivable, net | 159,186 | 119,874 | |||||||||
| Inventories, net | 198,289 | 181,153 | |||||||||
| Prepaid expenses and other | 68,349 | 86,136 | |||||||||
| Total current assets | 469,251 | 419,086 | |||||||||
| Property, plant, and equipment, net | 292,391 | 300,477 | |||||||||
| Goodwill | 213,339 | 191,222 | |||||||||
| Deferred income taxes | 21,951 | 9,047 | |||||||||
| Intangible assets, net | 60,887 | 63,561 | |||||||||
| Investment in unconsolidated entities | 16,110 | 7,250 | |||||||||
| Other assets | 155,199 | 180,538 | |||||||||
| Total assets | $ | 1,229,128 | $ | 1,171,181 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | — | $ | — | |||||||
| Accounts payable | 212,512 | 145,739 | |||||||||
| Other accrued liabilities | 140,237 | 156,556 | |||||||||
| Total current liabilities | 352,749 | 302,295 | |||||||||
| Long-term debt | 498,035 | 442,852 | |||||||||
| Deferred income taxes | 12 | — | |||||||||
| Other non-current liabilities | 56,598 | 57,492 | |||||||||
| Total liabilities | 907,394 | 802,639 | |||||||||
| Commitments and contingencies | |||||||||||
| Noncontrolling interest | 1,120 | 1,184 | |||||||||
| Wabash National Corporation stockholders’ equity: | |||||||||||
| Common stock 200,000,000 shares authorized, $0.01 par value, 40,673,967 and 40,436,437 shares outstanding, respectively | 789 | 787 | |||||||||
| Additional paid-in capital | 701,805 | 700,697 | |||||||||
| Retained earnings | 255,108 | 303,615 | |||||||||
| Accumulated other comprehensive income (loss) | 255 | (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 | 320,614 | 367,358 | |||||||||
| Total liabilities, noncontrolling interest, and equity | $ | 1,229,128 | $ | 1,171,181 | |||||||
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited - dollars in thousands, except per share amounts)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net sales | $ | 303,229 | $ | 380,890 | |||||||
| Cost of sales | 313,804 | 361,887 | |||||||||
| Gross (loss) profit | (10,575) | 19,003 | |||||||||
| General and administrative expenses | 32,097 | (304,685) | |||||||||
| Selling expenses | 7,718 | 6,379 | |||||||||
| Amortization of intangible assets | 2,674 | 2,789 | |||||||||
| Impairment and other, net | (705) | (31) | |||||||||
| (Loss) income from operations | (52,359) | 314,551 | |||||||||
| Other income (expense): | |||||||||||
| Interest expense | (6,186) | (5,026) | |||||||||
| Other, net | 290 | 1,614 | |||||||||
| Other expense, net | (5,896) | (3,412) | |||||||||
| Loss from unconsolidated entity | — | (1,842) | |||||||||
| (Loss) income before income tax expense | (58,255) | 309,297 | |||||||||
| Income tax (benefit) expense | (13,020) | 78,101 | |||||||||
| Net (loss) income | (45,235) | 231,196 | |||||||||
| Net (loss) income attributable to noncontrolling interest | (64) | 255 | |||||||||
| Net (loss) income attributable to common stockholders | $ | (45,171) | $ | 230,941 | |||||||
| Net (loss) income attributable to common stockholders per share: | |||||||||||
| Basic | $ | (1.11) | $ | 5.41 | |||||||
| Diluted | $ | (1.11) | $ | 5.36 | |||||||
| Weighted average common shares outstanding (in thousands): | |||||||||||
| Basic | 40,739 | 42,716 | |||||||||
| Diluted | 40,739 | 43,087 | |||||||||
| Dividends declared per share | $ | 0.08 | $ | 0.08 | |||||||
WABASH NATIONAL CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited - dollars in thousands)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities | |||||||||||
| Net (loss) income | $ | (45,235) | $ | 231,196 | |||||||
| Adjustments to reconcile net (loss) income to net cash used in operating activities | |||||||||||
| Depreciation | 12,355 | 12,243 | |||||||||
| Amortization of intangibles | 2,674 | 2,789 | |||||||||
| Net (gain) loss on sale of property, plant and equipment | (1,162) | 33 | |||||||||
| Deferred income taxes | (12,892) | 86,461 | |||||||||
| Stock-based compensation | 3,171 | 3,249 | |||||||||
| Non-cash interest expense | 262 | 246 | |||||||||
| Equity in loss from unconsolidated entity | — | 1,842 | |||||||||
| Accounts receivable | (38,719) | (27,747) | |||||||||
| Inventories | (17,136) | (19,823) | |||||||||
| Prepaid expenses and other | 5,542 | (15,573) | |||||||||
| Accounts payable and accrued liabilities | 64,202 | 73,227 | |||||||||
| Other, net | (6,714) | (348,415) | |||||||||
| Net cash used in operating activities | (33,652) | (272) | |||||||||
| Cash flows from investing activities | |||||||||||
| Cash payments for capital expenditures | (3,425) | (8,698) | |||||||||
| Expenditures for revenue generating assets | (235) | (20,144) | |||||||||
| Proceeds from the sale of assets | 8,385 | 40 | |||||||||
| Acquisition, net of cash acquired | (2,872) | (1,666) | |||||||||
| Investment in unconsolidated affiliates and other | (6,174) | (3,350) | |||||||||
| Net cash used in investing activities | (4,321) | (33,818) | |||||||||
| Cash flows from financing activities | |||||||||||
| Proceeds from exercise of stock options | — | 11 | |||||||||
| Dividends paid | (3,476) | (3,864) | |||||||||
| Borrowings under revolving credit facilities | 111,303 | 20,414 | |||||||||
| Payments under revolving credit facilities | (56,303) | (414) | |||||||||
| Debt issuance costs paid | — | (1) | |||||||||
| Stock repurchases | — | (16,504) | |||||||||
| Other | (2,047) | — | |||||||||
| Net cash provided by (used in) financing activities | 49,477 | (358) | |||||||||
| Cash and cash equivalents: | |||||||||||
| Net increase (decrease) in cash and cash equivalents | 11,504 | (34,448) | |||||||||
| Cash and cash equivalents at beginning of period | 31,923 | 115,484 | |||||||||
| Cash and cash equivalents at end of period | $ | 43,427 | $ | 81,036 | |||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for interest | $ | 1,302 | $ | 191 | |||||||
| Net cash refunds received for income taxes | $ | (10,346) | $ | (193) | |||||||
| Period end balance of payables for property, plant, and equipment | $ | 1,788 | $ | 5,001 | |||||||
WABASH NATIONAL CORPORATION
SEGMENTS AND RELATED INFORMATION
(Unaudited - dollars in thousands)
| Wabash National Corporation | ||||||||||||||||||||||||||
| Three Months Ended March 31, | 2026 | 2025 | ||||||||||||||||||||||||
| Units Shipped | ||||||||||||||||||||||||||
| New trailers | 5,378 | 6,290 | ||||||||||||||||||||||||
| New truck bodies | 1,527 | 3,000 | ||||||||||||||||||||||||
| Used trailers | 30 | 36 | ||||||||||||||||||||||||
| Three Months Ended March 31, | Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||||
| 2026 | ||||||||||||||||||||||||||
| New trailers | $ | 205,447 | $ | — | $ | (514) | $ | 204,933 | ||||||||||||||||||
| Used trailers | — | 1,044 | — | 1,044 | ||||||||||||||||||||||
| Components, parts and service | — | 33,086 | — | 33,086 | ||||||||||||||||||||||
| Equipment and other | 44,729 | 19,939 | (502) | 64,166 | ||||||||||||||||||||||
| Total net external sales | $ | 250,176 | $ | 54,069 | $ | (1,016) | $ | 303,229 | ||||||||||||||||||
| Gross (loss) profit | $ | (15,516) | $ | 4,941 | $ | — | $ | (10,575) | ||||||||||||||||||
| (Loss) income from operations | $ | (37,349) | $ | 3,803 | $ | (18,813) | $ | (52,359) | ||||||||||||||||||
Adjusted loss from operations1 | $ | (34,517) | $ | (2,192) | $ | (18,813) | $ | (55,522) | ||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||
| New trailers | $ | 251,045 | $ | — | $ | (17,670) | $ | 233,375 | ||||||||||||||||||
| Used trailers | — | 1,500 | — | 1,500 | ||||||||||||||||||||||
| Components, parts and service | — | 31,502 | — | 31,502 | ||||||||||||||||||||||
| Equipment and other | 95,758 | 18,953 | (198) | 114,513 | ||||||||||||||||||||||
| Total net external sales | $ | 346,803 | $ | 51,955 | $ | (17,868) | $ | 380,890 | ||||||||||||||||||
| Gross profit | $ | 8,414 | $ | 10,589 | $ | — | $ | 19,003 | ||||||||||||||||||
| (Loss) income from operations | $ | (9,798) | $ | 6,910 | $ | 317,439 | $ | 314,551 | ||||||||||||||||||
Adjusted (loss) income from operations1 | $ | (9,798) | $ | 6,910 | $ | (24,561) | $ | (27,449) | ||||||||||||||||||
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
SEGMENT AND COMPANY FINANCIAL INFORMATION
(Unaudited - dollars in thousands)
Adjusted Operating Loss1 | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Transportation Solutions | |||||||||||
| Loss from operations | $ | (37,349) | $ | (9,798) | |||||||
| Adjustments: | |||||||||||
| Facility idling and related costs | 2,832 | — | |||||||||
| Adjusted operating loss | (34,517) | (9,798) | |||||||||
| Parts & Services | |||||||||||
| Income from operations | 3,803 | 6,910 | |||||||||
| Adjustments: | |||||||||||
| Purchase accounting gains | (5,995) | — | |||||||||
| Adjusted operating (loss) income | (2,192) | 6,910 | |||||||||
| Corporate | |||||||||||
| (Loss) income from operations | (18,813) | 317,439 | |||||||||
| Adjustments: | |||||||||||
| Missouri legal matter | — | (342,000) | |||||||||
| Adjusted operating loss | (18,813) | (24,561) | |||||||||
| Consolidated | |||||||||||
| (Loss) income from operations | (52,359) | 314,551 | |||||||||
| Adjustments: | |||||||||||
| Facility idling and related costs | 2,832 | — | |||||||||
| Purchase accounting gains | (5,995) | — | |||||||||
| Missouri legal matter | — | (342,000) | |||||||||
| Adjusted operating loss | $ | (55,522) | $ | (27,449) | |||||||
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 March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Net (loss) income | $ | (45,235) | $ | 231,196 | |||||||
| Income tax (benefit) expense | (13,020) | 78,101 | |||||||||
| Interest expense | 6,186 | 5,026 | |||||||||
| Depreciation and amortization | 15,029 | 15,032 | |||||||||
| Stock-based compensation | 3,171 | 3,249 | |||||||||
| Impairment and other, net | (705) | (31) | |||||||||
| Other, net | (290) | (1,614) | |||||||||
| Loss from unconsolidated entity | — | 1,842 | |||||||||
| Facility idling and related costs | 2,832 | — | |||||||||
| Purchase accounting gains | (5,995) | — | |||||||||
| Missouri legal matter | — | (342,000) | |||||||||
| Adjusted EBITDA | $ | (38,027) | $ | (9,199) | |||||||
Adjusted Net Loss Attributable to Common Stockholders2: | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Net (loss) income attributable to common stockholders | $ | (45,171) | $ | 230,941 | |||||||
| Adjustments: | |||||||||||
| Facility idling and related costs | 2,832 | — | |||||||||
| Purchase accounting gains | (5,995) | — | |||||||||
| Missouri legal matter | — | (342,000) | |||||||||
| Tax effect of aforementioned items | 791 | 86,253 | |||||||||
| Adjusted net loss attributable to common stockholders | $ | (47,543) | $ | (24,806) | |||||||
Adjusted Diluted Loss2: | Three Months Ended March 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| Diluted (loss) earnings per share | $ | (1.11) | $ | 5.36 | |||||||
| Adjustments: | |||||||||||
| Facility idling and related costs | 0.07 | — | |||||||||
| Purchase accounting gains | (0.15) | — | |||||||||
| Missouri legal matter | — | (7.94) | |||||||||
| Tax effect of aforementioned items | 0.02 | 2.00 | |||||||||
| Adjusted diluted loss per share | $ | (1.17) | $ | (0.58) | |||||||
| Weighted average diluted shares outstanding (in thousands) | 40,739 | 43,087 | |||||||||
1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, facility idling costs, purchase accounting gain, the Missouri legal matter, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor’s understanding of the Company’s operating performance.
2 Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect adjustments for facility idling costs, purchase accounting gain, the 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 March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash used in operating activities | $ | (33,652) | $ | (272) | |||||||
| Cash payments for capital expenditures | (3,425) | (8,698) | |||||||||
| Expenditures for revenue generating assets | (235) | (20,144) | |||||||||
Free Cash Flow1 | $ | (37,312) | $ | (29,114) | |||||||
1 Free cash flow is defined as net cash used in operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash 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 March 31, | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| (Loss) income from operations | $ | (37,349) | $ | (9,798) | $ | 3,803 | $ | 6,910 | |||||||||||||||
| Depreciation and amortization | 11,636 | 12,705 | 2,314 | 1,177 | |||||||||||||||||||
| Facility idling and related costs | 2,832 | — | — | — | |||||||||||||||||||
| Purchase accounting gains | — | — | (5,995) | — | |||||||||||||||||||
Adjusted segment EBITDA1 | $ | (22,881) | $ | 2,907 | $ | 122 | $ | 8,087 | |||||||||||||||
Adjusted segment EBITDA margin1 | (9.1) | % | 0.8 | % | 0.2 | % | 15.6 | % | |||||||||||||||
1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating (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.
FAQ
How did Wabash (WNC) perform financially in Q1 2026?
Wabash reported Q1 2026 net sales of $303.2 million, down 20.4% from a year earlier, and a GAAP net loss of $45.2 million. GAAP diluted EPS was $(1.11), or $(1.17) on a non-GAAP adjusted basis, reflecting weaker demand and margin pressure.
What were Wabash (WNC)’s segment results for Transportation Solutions and Parts & Services?
In Q1 2026, Transportation Solutions generated net sales of $250.2 million with an operating loss of $37.3 million. Parts & Services delivered net sales of $54.1 million and operating income of $3.8 million, showing resilience despite broader market softness.
What guidance did Wabash (WNC) give for Q2 2026 revenue and EPS?
For Q2 2026, Wabash expects revenue between $380 million and $400 million. The company guides non-GAAP adjusted diluted EPS to a range of $(0.40) to $(0.60), signaling anticipated improvement versus Q1 but continued losses under its current outlook.
How large was Wabash (WNC)’s backlog at March 31, 2026?
As of March 31, 2026, Wabash reported a total company backlog of approximately $837 million, an increase of $132 million from the prior quarter. This higher backlog provides visibility into future production despite current revenue and margin headwinds.
What is Wabash (WNC)’s adjusted EBITDA and free cash flow for Q1 2026?
Wabash’s Q1 2026 adjusted EBITDA was a loss of $38.0 million, reflecting negative profitability after excluding specified items. Free cash flow for the quarter was $(37.3) million, calculated from net cash used in operating activities and capital-related expenditures.
How did Wabash (WNC)’s balance sheet change in Q1 2026?
At March 31, 2026, Wabash’s cash and cash equivalents were $43.4 million, up from $31.9 million at year-end 2025. Long-term debt increased to $498.0 million from $442.9 million, and stockholders’ equity declined to $320.6 million from $367.4 million.