Changing How the World Reaches You®
October 29, 2026
1
Backlog grew 25% to $1.2b in Q3-26 and grew a further 10% to $1.3b by mid-October-26
2
Accretive pricing within 2027 backlog results in expected 600Bps Material Margin expansion vs Q2-26.
3
ITC Final affirmative determination on AD/CVD rulings for China in September-26
4 Q3 GAAP EPS of $(0.51) or Non-GAAP adjusted EPS of $(0.63)1.
5
Cost pull forward in Q3-26 and Q4-26 to support more rapid improvement in 2027 dry van volume
Changing How the World Reaches You®
1Q3 adjusted EPS reflects adjustments for facility idling costs and gain on sale of facility.
Q3 2026 Consolidated Financial PerformanceGAAP Financial Results
Non-GAAP
1,685 Truck Bodies
9,563 Trailers3
Adjusted Financial Results
New Shipments
Revenue
$476M
Operating Loss
$(20.0)M
$(27.0)M1
Operating Margin
(4.2)%
(5.7)%1
Net Loss Attributable to Common Stockholders
$(20.7)M
$(26.0)M2
Diluted EPS Attributable to Common Stockholders
$(0.51)
$(0.63)2
1Q3 Operating loss and operating margin reflect adjustments for facility idling costs and gain on sale of facility.
2Q3 Net loss and EPS reflect adjustments for facility idling costs, gain on sale of facility and the related tax effects.
3Trailer shipments do not include converter dollies for any period presented.
Q3 2026 Adjusted Segment Financial PerformanceTransportation Solutions Parts & Services
$408
$334
(3.5)%
(3.9)%
$69
$61
8.1%
10.9%
Revenue ($M)
Q3 2026 Q3 2025
Adjusted Operating Margin 1
Q3 2026 Q3 2025
Revenue ($M)
Q3 2026 Q3 2025
Adjusted Operating Margin 1
Q3 2026 Q3 2025
1Adjusted operating margin, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating margin excluding these special items to help investors evaluate our operating
performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating margin to provide investors with a
better understanding of the Company's view of our results as compared to prior periods. Adjusted operating margin is calculated by dividing adjusted operating loss by total net sales. A reconciliation of
adjusted operating (loss) income to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.
Cash Flow & Capital Allocation SummaryCash Flow
($M)
Q3 2026
Q3 2025
Management bolsters Operating activities
$(37.3)
$85.2
Cash Flow Cash payments for capital expenditures
$(3.5)
$(5.3)
Expenditures for revenue generating assets
$-
$(19.3)
Free Cash Flow1
$(40.8)
$60.6
Q3 Capital Allocation
Efficient Working Capital Net cash (used in) provided by operating
Capex
$3.5M
Expenditure for Revenue Generating Assets
$0.0M
Dividend
$3.3M
51.5%
-%
$6.8M
48.5%
CapEx
Exp for Revenue Generating Assets Dividend
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. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP measure, is included in the appendix to this presentation.
Q4 2026 Financial OutlookOTHER KEY METRICS
Revenue: $420M - $450M
$435M (6.5%) ($0.65)
SG&A: $39M - $44M
Intangible Amortization: $3M
Revenue
(midpoint)
Operating Margin
(midpoint)
EPS
(midpoint)
Interest Expense: $7M - $8M
Tax Rate: 25%
EPS Range: $(0.75) - $(0.55)
Traditional Capex: $3M - $6M
A Meaningful Step Forward in Financial Results
7
Appendix Condensed Consolidated Balance SheetsUnaudited - 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: | |||
9 | Total Wabash National Corporation stockholders' equity | 271,087 | 367,358 |
Total liabilities, noncontrolling interest, and equity | $ 1,234,398 | $ 1,171,181 | |
Unaudited - dollars in thousands 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 |
10
Condensed Consolidated Statements of Cash FlowsCash flows from operating activities
Unaudited - dollars in thousands Nine Months Ended September 30, 2026 2025
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating
Net (loss) income $ (88,202) $ 261,632
Amortization of intangibles 8,021 8,367
Depreciation 34,222 35,345
Deferred income taxes (29,172) 90,142
Net (gain) loss on sale of property, plant and equipment (8,784) 100
Non-cash interest expense 1,088 749
Stock-based compensation 7,542 8,895
Accounts receivable (78,147) (3,234)
Equity in (income) loss from unconsolidated entity (222) 5,890
Prepaid expenses and other 9,191 (54,185)
Inventories (14,575) 39,320
Other, net (5,891) (452,137)
Accounts payable and accrued liabilities 99,109 128,216
Cash flows from investing activities
Net cash (used in) provided by operating activities (65,820) 69,100
Expenditures for revenue generating assets (242) (40,189)
Cash payments for capital expenditures (8,946) (20,207)
Acquisition, net of cash acquired (2,872) (1,666)
Proceeds from the sale of assets 39,723 138
Net cash provided by (used in) investing activities 21,489 (74,274)
Investment in unconsolidated affiliates and other (6,174) (12,350)
Net cash provided by (used in) financing activities 81,698 (18,635)
Cash flows from financing activities
Net increase (decrease) in cash and cash equivalents 37,367 (23,809)
Cash and cash equivalents:
Cash and cash equivalents at end of period $ 69,290 $ 91,675
11 Cash and cash equivalents at beginning of period 31,923 115,484
Q3 QTD Segment InformationThree Months Ended September 30,
2026
2025
Units Shipped
(Unaudited - dollars in thousands) Wabash National Corporation
New truck bodies 1,685 3,067
New trailers (1) 9,563 6,675
Used trailers 39 20
(1) Trailer shipments do not include converter dollies for any period presented.
Transportation
Corporate and
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
2025
Three Months Ended September 30, | Solutions | Parts & Services | 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) |
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) |
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.
12
Q3 YTD Segment 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. | ||||
Transportation | Corporate and | |||
Nine Months Ended September 30, | Solutions | Parts & Services | 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) |
1 Adjusted (loss) income from operations, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under
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) |
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.
13
Reconciliation of Adjusted Segment Operating Loss1Three Months Ended Unaudited - dollars in thousands September 30,
Nine Months Ended
September 30,
Transportation Solutions
2026 2025 2026 2025
Gain on sale of facility (7,341) - (7,341) -
Adjustments:
Loss from operations $ (7,541) $ (13,116) $ (58,791) $ (10,396) Facility idling and related costs 500 - 4,891 -
Adjusted operating loss (14,382) (13,116) (61,241) (10,396)
Income from operations 5,756 6,621 15,524 22,591
Parts & Services
Facility idling and related costs - - 206 -
Adjustments:
Purchase accounting gains - - (5,995) -
(Loss) income from operations (18,241) 64,141 (54,413) 355,251
Gain on sale of facility (124) - (124) - Adjusted operating income 5,632 6,621 9,611 22,591 Corporate
Missouri legal matter - (81,207) - (418,594)
Adjustments:
Adjusted operating loss (18,241) (17,066) (54,413) (63,343)
(Loss) income from operations (20,026) 57,646 (97,680) 367,446
Consolidated
Adjustments:
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.
Facility idling and related costs 500 - 5,097 -
Purchase accounting gains - - (5,995) -
Gain on sale of facility (7,465) - (7,465) -
14 Missouri legal matter - (81,207) - (418,594)
Adjusted operating loss1 $ (26,991) $ (23,561) $ (106,043) $ (51,148)
Reconciliation of Adjusted Net Loss Attributable to Common Stockholders1 and Adjusted Diluted EPS1Unaudited - dollars in thousands
Adjusted Net Loss Attributable to Common Stockholders1: 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 Share1: 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)2 | 40,991 | 41,170 | 40,883 | 42,014 | |||||
15 1 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.
Reconciliation of Adjusted EBITDA1 and Free Cash Flow2Unaudited - dollars in thousands
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 | |
Free Cash Flow2: 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 flow | $ (40,766) | $ 60,620 | $ (75,008) | $ 8,704 | |
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, the Missouri legal matter, and other non-operating income and expense.
16 2 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.
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.
17
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |