Wabash National Corporation · NYSE:WNC
Wabash National — Q2 2025 Earnings Presentation
17 slides from Wabash National's earnings presentation, Jul 25, 2025
Slide 1: Second Quarter 2025 Earnings Release
Second Quarter 2025 Earnings Release Changing How the World Reaches You® July 25, 2025
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 continues to be challenging as economic 1 concerns and uncertainty remain. Parts & Services continued to grow revenue in Q2, both sequentially 2 and YoY, as we continue to build resiliency in our revenue streams. Despite limited tariff exposure due to our domestic f
Slide 4: Q2 2025 Consolidated Financial Performance
Q2 2025 Consolidated Financial Performance Non-GAAP New Shipments GAAP Financial Adjusted Results Financial Results Revenue $459M 8,640 Trailers Operating Income (Loss) $(4.8)M $(0.1)M1 Operating Margin (1.0)% 0.0%1 3,190 Truck Bodies Net Income (Loss) Attributable to Common $(9.6)M $(6.1)M2 Stockho
Slide 5: Q2 2025 Segment Financial Performance
Q2 2025 Segment Financial Performance Transportation Solutions Parts & Services 22.0% 11.4% $60 $55 $499 15.2% $400 3.1% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q2 2025 Q2 2024 Net cash (used in) provided by operating ◦ Timing of revenue within the quarter $(15.8) $11.0 activities caused a drag on 2nd quarter 2025 Cash payments for capital expenditures $(6.2) $(17.1) operating cash. Expenditures for reve
Slide 7: 2025 Financial Outlook
2025 Financial Outlook OTHER KEY METRICS • Adjusted EPS Range: $(1.30) to $(1.00) • SG&A: ~$160M $1.6B -2.2% ($1.15) • Intangible Amortization: $11M • Interest Expense: $21M Revenue Adjusted Adjusted • Marketplace JV Expense: $7M (midpoint) Operating EPS2 • Capex: $30 to 40M Margin1 (midpoint) (midp
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands June 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 57,423 $ 115,484 Accounts receivable, net 189,729 143,946 Inventories, net 252,454 258,825 Prepaid expenses and other 124,315 76,233 Total current
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net sales $ 458,816 $ 550,610 $ 839,706 $ 1,065,886 Cost of sales 417,416 460,952 779,303 899,782 Gross profit 41,400 89,658 60,403 166,104 Gener
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Six Months Ended June 30, 2025 2024 Cash flows from operating activities Net income $ 221,593 $ 47,491 Adjustments to reconcile net income to net cash used in operating activities Depreciation 23,524 20,306 Amortization
Slide 12: Q2 QTD Segment Information
Q2 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended June 30, 2025 2024 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 8,640 9,245 excludes certain costs, expenses, New truck bodies 3,190 3,925 othe
Slide 13: Q2 YTD Segment Information
Q2 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Six Months Ended June 30, 2025 2024 Units Shipped 1 Adjusted operating income (loss), a non-GAAP financial measure, New trailers 14,930 17,745 excludes certain costs, expenses, other charges, gains or income Ne
Slide 14: Reconciliation of Adjusted Segment Operating (Loss) Income
Reconciliation of Adjusted Segment Operating (Loss) Income1 Three Months Ended Six Months Ended 1 Adjusted operating (loss) income, Unaudited - dollars in thousands June 30, June 30, a non-GAAP financial measure, 2025 2024 2025 2024 excludes certain costs, expenses, other charges, gains or income Tr
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 June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income attr
Slide 16: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA and Free Cash Flow Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (9,603) $ 29,204 $ 221,593 $ 47,491 Income tax (benefit) expense (2,692) 9,768 75,409 16,191 Interest
Slide 17: Reconciliation of Adjusted Segment EBITDA
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended June 30, 2025 2024 2025 2024 Income from operations $ 12,518 $ 56,918 $ 9,060 $ 12,087 Depreciation and amortization 11,686 12,