Wabash National Corporation · NYSE:WNC
Wabash National — Q4 2025 Earnings Presentation
17 slides from Wabash National's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter 2025 Earnings Release
Fourth Quarter 2025 Earnings Release Changing How the World Reaches You® February 4, 2026
Slide 2: Safe Harbor Statement & Non-GAAP Financial Measures
Safe Harbor Statement & Non-GAAP Financial Measures This presentation contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey Wabash National Corporation's (the "Company") current expectations or forecasts of f
Slide 3: CEO Highlights
CEO Highlights Market environment showing early signs of stabilization, setting up 1 for demand improvement in 2H 2026 and a stronger 2027. Parts & Services continued to grow revenue in Q4, both sequentially 2 and YoY, as we continue to build resiliency in our revenue streams. Manufacturing footprin
Slide 4: Q4 2025 Consolidated Financial Performance
Q4 2025 Consolidated Financial Performance Non-GAAP New Shipments GAAP Financial Adjusted Results Financial Results Revenue $321M 5,901 Trailers Operating Loss $(59.9)M $(43.8)M Operating Margin (18.6)% (13.6)% 1,343 Truck Bodies Net Loss Attributable to $(49.9)M $(37.8)M Common Stockholders Diluted
Slide 5: Q4 2025 Adjusted Segment Financial Performance
Q4 2025 Adjusted Segment Financial Performance Transportation Solutions Parts & Services 4.8% $370 $64 9.2% 7.9% (12.1)% $49 $263 Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 5 1Q4 Operating income and operating margin ar
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q4 2025 Q4 2024 ◦ Operating Cash Flow aided by more Net cash (used by) provided by operating $(57.4) $80.9 activities efficient working capital levels Cash payments for capital expenditures $(4.5) $(21.3) Expenditures for revenue generating asset
Slide 7: Q1 2026 Financial Outlook
Q1 2026 Financial Outlook OTHER KEY METRICS • Revenue Range: $310M - $330M $320M (15%) ($1.00) • SG&A: $40M - $45M • Intangible Amortization: $3M • Interest Expense: $6M Revenue Operating EPS (midpoint) Margin (midpoint) • Tax Rate: 25% (midpoint) • EPS Range: ($0.95) - ($1.05) • Traditional Capex:
Slide 8: Appendix
Appendix WABASIT
Slide 9: Consolidated Balance Sheets
Consolidated Balance Sheets Unaudited - dollars in thousands December 31, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 31,923 $ 115,484 Accounts receivable, net 119,874 143,946 Inventories, net 181,153 258,825 Prepaid expenses and other 86,136 76,233 Total current assets
Slide 10: Consolidated Statements of Operations
Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net sales $ 321,453 $ 416,814 $ 1,542,754 $ 1,946,740 Cost of sales 327,653 373,855 1,472,843 1,681,668 Gross (loss) profit (6,200) 42,959 69,91
Slide 11: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Unaudited - dollars in thousands Year Ended December 31, 2025 2024 Cash flows from operating activities: Net income (loss) $ 211,639 $ (283,075) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation 47,551 45,012 A
Slide 12: Q4 QTD Segment Information
Q4 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended December 31, 2025 2024 New Units Shipped 2 Adjusted operating (loss) income, Trailers1 5,901 6,770 a non-GAAP financial measure, excludes certain costs, expenses, Truck bodies 1,343 3,010 oth
Slide 13: Q4 YTD Segment Information
Q4 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Twelve Months Ended December 31, 2025 2024 New Units Shipped 2 Adjusted operating (loss) income, a non-GAAP financial measure, Trailers1 27,770 32,100 excludes certain costs, expenses, other charges, gains or i
Slide 14: Reconciliation of Adjusted Segment Operating (Loss) Income
Reconciliation of Adjusted Segment Operating (Loss) Income1 Unaudited - dollars in thousands Three Months Ended December 31, Twelve Months Ended December 31, 1 Adjusted operating (loss) income 2025 2024 2025 2024 and margin, a non-GAAP financial measure, excludes certain costs, Transportation Soluti
Slide 15: Reconciliation of Adjusted Net (Loss) Income and Adjusted Diluted EPS
Reconciliation of Adjusted Net (Loss) Income Attributable to Common Stockholders and Adjusted Diluted EPS Unaudited - dollars in thousands Adjusted Net (Loss) Income Attributable to Common Stockholders1: Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net (loss)
Slide 16: Reconciliation of Operating EBITDA and Free Cash Flow
Reconciliation of Operating EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1 : Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 2025 2024 Net (loss) income $ (49,993) $ (693) $ 211,639 $ (283,075) Income tax (benefit) expense (15,514) (1,308) 71,5
Slide 17: Reconciliation of Adjusted Segment EBITDA and Margin
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended December 31 2025 2024 2025 2024 (Loss) income from operations $ (47,849) $ 17,942 $ 5,123 $ 4,494 Depreciation and amortization