Wabash National Corporation · NYSE:WNC
Wabash National — Q3 2025 Earnings Presentation
17 slides from Wabash National's earnings presentation, Oct 30, 2025
Slide 1: Third Quarter 2025 Earnings Release
Third Quarter 2025 Earnings Release Changing How the World Reaches You® October 30, 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 Q3, both sequentially 2 and YoY, as we continue to build resiliency in our revenue streams. Stable, domestic supply chain positions us to manage
Slide 4: Q3 2025 Consolidated Financial Performance
Q3 2025 Consolidated Financial Performance Non-GAAP New Shipments GAAP Financial Adjusted Results Financial Results Revenue $382M 6,940 Trailers Operating Income $57.6M $(23.6)M1 Operating Margin 15.1% (6.2)%1 3,065 Truck Bodies Net Income (Loss) Attributable to Common $40.0M $(21.2)M2 Stockholders
Slide 5: Q3 2025 Segment Financial Performance
Q3 2025 Segment Financial Performance Transportation Solutions Parts & Services 7.0% $61 $52 15.9% $416 $334 10.9% (3.9)% Revenue ($M) Operating Margin Revenue ($M) Operating Margin Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 5
Slide 6: Cash Flow & Capital Allocation Summary
Cash Flow & Capital Allocation Summary Cash Flow ($M) Q3 2025 Q3 2024 ◦ Good working capital Net cash provided by operating activities $85.2 $42.8 management resulted in strong Cash payments for capital expenditures $(5.3) $(14.6) third quarter cash flow. Expenditures for revenue generating assets $
Slide 7: 2025 Financial Outlook
2025 Financial Outlook OTHER KEY METRICS • Adjusted EPS Range: $(1.95) to $(2.05) • SG&A: ~$160M $1.5B -5.5% ($2.00) • Intangible Amortization: $11M • Interest Expense: $21M Revenue Adjusted Adjusted • Marketplace JV Expense: $7M (midpoint) Operating EPS2 • Capex: $25 to 30M Margin1 (midpoint) (midp
Slide 8: Appendix
Appendix WABASIT
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Unaudited - dollars in thousands September 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 91,675 $ 115,484 Accounts receivable, net 147,180 143,946 Inventories, net 219,505 258,825 Prepaid expenses and other 145,104 76,233 Total cu
Slide 10: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Unaudited - dollars in thousands Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net sales $ 381,595 $ 464,040 $ 1,221,301 $ 1,529,926 Cost of sales 365,887 408,031 1,145,190 1,307,813 Gross profit 15,708 56,009 76,
Slide 11: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Unaudited - dollars in thousands Nine Months Ended September 30, 2025 2024 Cash flows from operating activities Net income (loss) $ 261,632 $ (282,382) Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation
Slide 12: Q3 QTD Segment Information
Q3 QTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2025 2024 Units Shipped 2 Adjusted (loss) income from New trailers1 6,940 7,585 operations, a non-GAAP financial measure, excludes New truck bodies 3,065 3,630 certain costs, ex
Slide 13: Q3 YTD Segment Information
Q3 YTD Segment Information (Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2025 2024 Units Shipped 2 Adjusted (loss) income from operations, a non-GAAP New trailers1 21,869 25,330 financial measure, excludes New truck bodies 9,257 11,245 certain costs,
Slide 14: Reconciliation of Adjusted Segment Operating (Loss) Income
Reconciliation of Adjusted Segment Operating (Loss) Income1 Three Months Ended Nine Months Ended Unaudited - dollars in thousands September 30, September 30, 1 Adjusted operating (loss) income, a non-GAAP 2025 2024 2025 2024 financial measure, excludes Transportation Solutions certain costs, expense
Slide 15: Reconciliation of Adjusted Net (Loss) Income Attributable to Common Stockholders
Reconciliation of Adjusted Net (Loss) Income Attributable to Common Stockholders1 and Adjusted Diluted EPS1 Unaudited - dollars in thousands Adjusted Net (Loss) Income Attributable to Common Stockholders1: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net incom
Slide 16: Reconciliation of Adjusted EBITDA and Free Cash Flow
Reconciliation of Adjusted EBITDA1 and Free Cash Flow2 Unaudited - dollars in thousands Adjusted EBITDA1: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) $ 40,039 $ (329,873) $ 261,632 $ (282,382) Income tax expense (benefit) 11,629 (108,406) 87
Slide 17: Reconciliation of Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin
Reconciliation of Adjusted Segment EBITDA1 and Adjusted Segment EBITDA Margin1 Unaudited - dollars in thousands Transportation Solutions Parts & Services Three Months Ended September 30, 2025 2024 2025 2024 (Loss) income from operations $ (13,116) $ 29,162 $ 6,621 $ 8,316 Depreciation and amortizati