Wabash Announces Second Quarter 2026 Results

About this update from Wabash National Corporation

Quarterly revenue of $417 million - Reflects strong shipments in core Dry Van market. Parts & Services generated positive revenue growth year-over-year. GAAP operating loss of $25 million or Non-GAAP adjusted operating loss of $24 million ; Excludes impact of $1.8 million of facility idling costs. Quarterly GAAP EPS of $(0.56) or Non-GAAP adjusted EPS of $(0.53) . Within the guidance range communicated for Q2-26. Total backlog of $956 million ending Q2. An increase of 14% versus Q1-26 and outperforming traditional seasonal trends. Q3-2026 revenue outlook midpoint of $450 million , EPS outlook $(0.45) . Market conditions and financials expected to improve sequentially. LAFAYETTE, Ind. , July 29, 2026 (GLOBE NEWSWIRE) -- 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 June 30, 2026 . The Company's net sales for the second quarter of 2026 were $417 .2 million, reflecting a 9.1% decrease compared to the same quarter of the previous year. The Company generated consolidated gross margin of $15 million , equivalent to 3.7% of sales. GAAP operating loss amounted to $25 million as the company recognized $1.8 million of facility idling costs. Non-GAAP adjusted operating loss was $23.5 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.56) or $(0.53) on a Non-GAAP adjusted basis. As of June 30, 2026 , total Company backlog stood at approximately $956 million , an increase of $119 million over the prior quarter. For the third quarter of 2026, the Company guides its revenue to be in the range of $440 million to $460 million and Non-GAAP adjusted EPS to a range of $(0.50) to $(0.40) . "The second quarter continued to strengthen our conviction that the freight market recovery is taking shape. We are seeing a healthier combination of supply-side forces, safety-focused federal led enforcement and improving carrier economics. Those factors are beginning to translate into better market fundamentals" explained Brent Yeagy , President and Chief Executive Officer. "This matters because carrier profitability is what ultimately frees up capital to support increased replacement demand expenditure." 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 second 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 June 30 ,     2026       2025           New Units Shipped                 Trailers (1)     8,292       8,043           Truck bodies     1,380       3,188           (1) Trailer shipments do not include converter dollies for any period presented.                               Transportation Solutions   Parts & Services Three Months Ended June 30 ,     2026       2025       2026       2025       (Unaudited, dollars in thousands) Net sales   $ 354,654     $ 400,214     $ 63,387     $ 59,744   Gross profit   $ 5,986     $ 28,600     $ 9,343     $ 12,800   Gross profit margin     1.7 %       7.1%       14.7 %       21.4%   (Loss) income from operations   $ (13,901 )   $ 12,518     $ 5,965     $ 9,060   (Loss) income from operations margin   (3.9) %     3.1%       9.4 %       15.2%                                 During the second quarter, Transportation Solutions generated net sales of $354.7 million , a decrease of 11.4% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $13.9 million , representing 3.9% of sales. Parts & Services' net sales for the second quarter were $63.4 million , an increase of 6.1% compared to the prior year quarter. Operating income for the quarter amounted to $6.0 million , or 9.4% 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 (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, 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 provided by (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 (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 provided by (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 income (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. Second Quarter 2026 Conference Call Wabash will discuss its results during its quarterly investor conference call on Wednesday, July 29, 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/138395025 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. Media Contact: Heidi Murphy [email protected] Investor Relations: John Cummings Sr. Director, FP&A & IR (765) 262-2898 [email protected]   WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited - dollars in thousands)           June 30 , 2026   December 31 , 2025 Assets       Current assets:       Cash and cash equivalents $ 71,496     $ 31,923   Accounts receivable, net   171,818       119,874   Inventories, net   192,261       181,153   Prepaid expenses and other   56,179       86,136   Total current assets   491,754       419,086   Property, plant, and equipment, net   283,363       300,477   Goodwill   213,333       191,222   Deferred income taxes   31,848       9,047   Intangible assets, net   58,213       63,561   Investment in unconsolidated entities   16,261       7,250   Other assets   144,010       180,538   Total assets $ 1,238,782     $ 1,171,181   Liabilities and Stockholders’ Equity       Current liabilities:       Current portion of long-term debt $ —     $ —   Accounts payable   244,191       145,739   Other accrued liabilities   129,955       156,556   Total current liabilities   374,146       302,295   Long-term debt   513,220       442,852   Other non-current liabilities   57,564       57,492   Total liabilities   944,930       802,639   Commitments and contingencies       Noncontrolling interest   1,397       1,184   Wabash National Corporation stockholders’ equity:       Common stock 200,000,000 shares authorized, $0.01 par value, 40,737,173 and 40,436,437 shares outstanding, respectively   790       787   Additional paid-in capital   703,705       700,697   Retained earnings   228,943       303,615   Accumulated other comprehensive loss   (3,640 )     (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   292,455       367,358   Total liabilities, noncontrolling interest, and equity $ 1,238,782     $ 1,171,181                   WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars in thousands, except per share amounts)           Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Net sales $ 417,241     $ 458,816     $ 720,470     $ 839,706   Cost of sales   401,912       417,416       715,716       779,303   Gross profit   15,329       41,400       4,754       60,403   General and administrative expenses   32,366       37,009       64,463       (267,676 ) Selling expenses   6,336       6,339       14,054       12,718   Amortization of intangible assets   2,674       2,789       5,348       5,578   Impairment and other, net   (752 )     14       (1,457 )     (17 ) (Loss) income from operations   (25,295 )     (4,751 )     (77,654 )     309,800   Other income (expense):               Interest expense   (6,693 )     (5,308 )     (12,879 )     (10,334 ) Other, net   367       (33 )     657       1,581   Other expense, net   (6,326 )     (5,341 )     (12,222 )     (8,753 ) Income (loss) from unconsolidated entity   151       (2,203 )     151       (4,045 ) (Loss) income before income tax expense   (31,470 )     (12,295 )     (89,725 )     297,002   Income tax (benefit) expense   (8,856 )     (2,692 )     (21,876 )     75,409   Net (loss) income   (22,614 )     (9,603 )     (67,849 )     221,593   Net income (loss) attributable to noncontrolling interest   277       (14 )     213       241   Net (loss) income attributable to common stockholders $ (22,891 )   $ (9,589 )   $ (68,062 )   $ 221,352                   Net (loss) income attributable to common stockholders per share:               Basic $ (0.56 )   $ (0.23 )   $ (1.67 )   $ 5.24   Diluted $ (0.56 )   $ (0.23 )   $ (1.67 )   $ 5.21   Weighted average common shares outstanding (in thousands):               Basic   40,917       41,753       40,828       42,231   Diluted   40,917       41,753       40,828       42,458   Dividends declared per share $ 0.08     $ 0.08     $ 0.16     $ 0.16                                   WABASH NATIONAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited - dollars in thousands)       Six Months Ended June 30 ,     2026       2025   Cash flows from operating activities       Net (loss) income $ (67,849 )   $ 221,593   Adjustments to reconcile net (loss) income to net cash used in operating activities       Depreciation   23,291       23,524   Amortization of intangibles   5,348       5,578   Net (gain) loss on sale of property, plant and equipment   (1,855 )     21   Deferred income taxes   (22,801 )     86,749   Stock-based compensation   5,082       5,623   Non-cash interest expense   526       494   Equity in (income) loss from unconsolidated entity   (151 )     4,045   Impairment   —       (20 ) Accounts receivable   (51,351 )     (45,783 ) Inventories   (11,108 )     6,371   Prepaid expenses and other   5,874       (18,767 ) Accounts payable and accrued liabilities   92,988       40,079   Other, net   (6,511 )     (345,613 ) Net cash used in operating activities   (28,517 )     (16,106 ) Cash flows from investing activities       Cash payments for capital expenditures   (5,490 )     (14,925 ) Expenditures for revenue generating assets   (235 )     (20,885 ) Proceeds from the sale of assets   21,859       40   Acquisition, net of cash acquired   (2,872 )     (1,666 ) Investment in unconsolidated affiliates and other   (6,175 )     (10,350 ) Net cash provided by (used in) investing activities   7,087       (47,786 ) Cash flows from financing activities       Proceeds from exercise of stock options   —       11   Dividends paid   (6,770 )     (7,251 ) Borrowings under revolving credit facilities   188,366       40,904   Payments under revolving credit facilities   (118,366 )     (904 ) Debt issuance costs paid   (171 )     (1 ) Stock repurchases   —       (26,928 ) Other   (2,056 )     —   Net cash provided by financing activities   61,003       5,831   Cash and cash equivalents:       Net increase (decrease) in cash and cash equivalents   39,573       (58,061 ) Cash and cash equivalents at beginning of period   31,923       115,484   Cash and cash equivalents at end of period $ 71,496     $ 57,423   Supplemental disclosures of cash flow information:       Cash paid for interest $ 12,362     $ 9,666   Net cash (refunds received) paid for income taxes $ (10,052 )   $ 174   Period end balance of payables for property, plant, and equipment $ 1,563     $ 2,501                   WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands)                   Wabash National Corporation         Three Months Ended June 30 ,     2026       2025         Units Shipped                 New trailers (1)     8,292       8,043         New truck bodies     1,380       3,188         Used trailers     40       30         (1) Trailer shipments do not include converter dollies for any period presented.                           Three Months Ended June 30 ,   Transportation Solutions   Parts & Services   Corporate and Eliminations   Consolidated 2026                 New trailers   $ 317,516     $ —   $ (465 )   $ 317,051   Used trailers     —       1,796     —       1,796   Components, parts and service     —       32,538     —       32,538   Equipment and other     37,138       29,053     (335 )     65,856   Total net external sales   $ 354,654     $ 63,387   $ (800 )   $ 417,241   Gross profit   $ 5,986     $ 9,343   $ —     $ 15,329   (Loss) income from operations   $ (13,901 )   $ 5,965   $ (17,359 )   $ (25,295 ) Adjusted (loss) income from operations 1   $ (12,137 )   $ 5,965   $ (17,359 )   $ (23,531 )                   2025                 New trailers   $ 312,931     $ —   $ (771 )   $ 312,160   Used trailers     —       1,120     —       1,120   Components, parts and service     —       32,755     —       32,755   Equipment and other     87,283       25,869     (371 )     112,781   Total net external sales   $ 400,214     $ 59,744   $ (1,142 )   $ 458,816   Gross profit   $ 28,600     $ 12,800   $ —     $ 41,400   Income (loss) from operations   $ 12,518     $ 9,060   $ (26,329 )   $ (4,751 ) Adjusted income (loss) from operations 1   $ 12,518     $ 9,060   $ (21,716 )   $ (138 )                                 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 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.                                 WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands)                   Wabash National Corporation         Six Months Ended June 30 ,     2026       2025         Units Shipped                 New trailers (1)     13,670       13,820         New truck bodies     2,907       6,186         Used trailers     70       65         (1) Trailer shipments do not include converter dollies for any period presented.                           Six Months Ended June 30 ,   Transportation Solutions   Parts & Services   Corporate and Eliminations   Consolidated 2026                 New trailers   $ 522,963     $ —   $ (979 )   $ 521,984   Used trailers     —       2,840     —       2,840   Components, parts and service     —       65,624     —       65,624   Equipment and other     81,867       48,992     (837 )     130,022   Total net external sales   $ 604,830     $ 117,456   $ (1,816 )   $ 720,470   Gross (loss) profit   $ (9,530 )   $ 14,284   $ —     $ 4,754   (Loss) income from operations   $ (51,250 )   $ 9,768   $ (36,172 )   $ (77,654 ) Adjusted (loss) income from operations 1   $ (46,654 )   $ 3,773   $ (36,172 )   $ (79,053 )                   2025                 New trailers   $ 563,976     $ —   $ (18,441 )   $ 545,535   Used trailers     —       2,620     —       2,620   Components, parts and service     —       64,257     —       64,257   Equipment and other     183,041       44,822     (569 )     227,294   Total net external sales   $ 747,017     $ 111,699   $ (19,010 )   $ 839,706   Gross profit   $ 37,014     $ 23,389   $ —     $ 60,403   Income from operations   $ 2,720     $ 15,970   $ 291,110     $ 309,800   Adjusted income (loss) from operations 1   $ 2,720     $ 15,970   $ (46,277 )   $ (27,587 )                                 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 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.                                 WABASH NATIONAL CORPORATION SEGMENT AND COMPANY FINANCIAL INFORMATION (Unaudited - dollars in thousands)         Adjusted Operating Loss 1 Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Transportation Solutions               (Loss) income from operations $ (13,901 )   $ 12,518     $ (51,250 )   $ 2,720   Adjustments:               Facility idling and related costs   1,764       —       4,596       —   Adjusted operating (loss) income   (12,137 )     12,518       (46,654 )     2,720                   Parts & Services               Income from operations   5,965       9,060       9,768       15,970   Adjustments:               Purchase accounting gains   —       —       (5,995 )     —   Adjusted operating income   5,965       9,060       3,773       15,970                   Corporate               (Loss) income from operations   (17,359 )     (26,329 )     (36,172 )     291,110   Adjustments:               Missouri legal matter   —       4,613       —       (337,387 ) Adjusted operating loss   (17,359 )     (21,716 )     (36,172 )     (46,277 )                 Consolidated               (Loss) income from operations   (25,295 )     (4,751 )     (77,654 )     309,800   Adjustments:               Facility idling and related costs   1,764       —       4,596       —   Purchase accounting gains   —       —       (5,995 )     —   Missouri legal matter   —       4,613       —       (337,387 ) Adjusted operating loss $ (23,531 )   $ (138 )   $ (79,053 )   $ (27,587 )                 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 EBITDA 1 : Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Net (loss) income $ (22,614 )   $ (9,603 )   $ (67,849 )   $ 221,593   Income tax (benefit) expense   (8,856 )     (2,692 )     (21,876 )     75,409   Interest expense   6,693       5,308       12,879       10,334   Depreciation and amortization   13,610       14,070       27,619       29,102   Stock-based compensation   1,911       2,374       5,082       5,623   Impairment and other, net   (752 )     14       (1,457 )     (17 ) Other, net   (367 )     33       (657 )     (1,581 ) (Income) loss from unconsolidated entity   (151 )     2,203       (151 )     4,045   Facility idling and related costs   1,764       —       4,596       —   Purchase accounting gains   —       —       (5,995 )     —   Missouri legal matter   —       4,613       —       (337,387 ) Adjusted EBITDA $ (8,762 )   $ 16,320     $ (47,809 )   $ 7,121                                   Adjusted Net Loss Attributable to Common Stockholders 2 : Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Net (loss) income attributable to common stockholders $ (22,891 )   $ (9,589 )   $ (68,062 )   $ 221,352   Adjustments:               Facility idling and related costs   1,764       —       4,596       —   Purchase accounting gains   —       —       (5,995 )     —   Missouri legal matter   —       4,613       —       (337,387 ) Tax effect of aforementioned items   (441 )     (1,163 )     350       85,090   Adjusted net loss attributable to common stockholders $ (21,568 )   $ (6,139 )   $ (69,111 )   $ (30,945 )                                 Adjusted Diluted Loss Per Share 2 : Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Diluted (loss) income per share $ (0.56 )   $ (0.23 )   $ (1.67 )   $ 5.21   Adjustments:               Facility idling and related costs   0.04       —       0.11       —   Purchase accounting gains   —       —       (0.14 )     —   Missouri legal matter   —       0.11       —       (7.95 ) Tax effect of aforementioned items   (0.01 )     (0.03 )     0.01       2.01   Adjusted diluted loss per share $ (0.53 )   $ (0.15 )   $ (1.69 )   $ (0.73 )                 Weighted average diluted shares outstanding (in thousands)   40,917       41,753       40,828       42,458                                   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, purchase accounting gains, 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 gains, Missouri legal matter and the related tax effect of those adjustments.                                 WABASH NATIONAL CORPORATION RECONCILIATION OF FREE CASH FLOW 1 (Unaudited - dollars in thousands)           Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026       2025       2026       2025   Net cash provided by (used in) operating activities $ 5,135     $ (15,834 )   $ (28,517 )   $ (16,106 ) Cash payments for capital expenditures   (2,065 )     (6,227 )     (5,490 )     (14,925 ) Expenditures for revenue generating assets   —       (741 )     (235 )     (20,885 ) Free Cash Flow 1 $ 3,070     $ (22,802 )   $ (34,242 )   $ (51,916 )                                 1 Free cash flow is defined as net cash provided by (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 (used in) operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.                                 WABASH NATIONAL CORPORATION RECONCILIATION OF ADJUSTED SEGMENT EBITDA 1 AND ADJUSTED SEGMENT EBITDA MARGIN 1 (Unaudited - dollars in thousands)           Transportation Solutions   Parts & Services Three Months Ended June 30 ,   2026       2025       2026       2025   (Loss) income from operations $ (13,901 )   $ 12,518     $ 5,965     $ 9,060   Depreciation and amortization   10,431       11,686       1,937       1,265   Impairment and other, net   (345 )     —       (407 )     —   Facility idling and related costs   1,764       —       —       —   Adjusted segment EBITDA 1 $ (2,051 )   $ 24,204     $ 7,495     $ 10,325                   Adjusted segment EBITDA margin 1 (0.6)%     6.0 %     11.8 %     17.3 %                   Transportation Solutions   Parts & Services Six Months Ended June 30 ,   2026       2025       2026       2025   (Loss) income from operations $ (51,250 )   $ 2,720     $ 9,768     $ 15,970   Depreciation and amortization   22,067       24,384       4,251       2,417   Impairment and other, net   (369 )     —       (990 )     —   Facility idling and related costs   4,596       —       —       —   Purchase accounting gains   —       —       (5,995 )     —   Adjusted segment EBITDA 1 $ (24,956 )   $ 27,104     $ 7,034     $ 18,387                   Adjusted segment EBITDA margin 1 (4.1)%     3.6 %     6.0 %     16.5 %                             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.                             Source: Wabash National Corporation 2026 GlobeNewswire, Inc., source Press Releases

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