UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2025 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 001-10883 WABASH NATIONAL CORPORATION (Exact name of registrant as specified in its charter) Delaware 52-1375208 (State of Inco ...

Wabash National (NYSE:WNC) Q3 2025 Earnings Call October 30, 2025 12:00 PM ET Speaker3Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time I would like to welcome everyone to the Wabash National Corporation third quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, sim ...

Third Quarter 2025 Earnings Release Changing How the World Reaches You® Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes 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 income (loss) under GAAP, but that management would not consider important in ev ...

Financial Performance - The Company's net sales for Q3 2025 were $381.6 million, a decrease of 17.8% compared to Q3 2024[3] - Consolidated gross profit for the quarter was $16 million, representing 4.1% of sales[3] - GAAP diluted earnings per share (EPS) was $0.97, while Non-GAAP adjusted EPS was $(0.51)[5] - Net sales for Q3 2025 were $381.6 million, a decrease of 17.7% compared to $464.0 million in Q3 2024[24] - Gross profit for Q3 2025 was $15.7 million, down 72.0% from $56.0 million in Q3 2024[24] - Net income attributable to common stockholders for Q3 2025 was $40.0 million, compared to a net loss of $330.2 million in Q3 2024[24] - Total net external sales for the nine months ended September 30, 2025, were $1,221,301, a decrease of 20% compared to $1,529,926 in 2024[30] - Adjusted operating (loss) income for the nine months ended September 30, 2025, was $(51,148), compared to $90,310 in 2024, indicating a significant decline[32] - Gross profit for the nine months ended September 30, 2025, was $76,111, down from $222,113 in 2024, reflecting a decrease of 65.7%[30] - The company reported a net income attributable to common stockholders of $261,329 for the nine months ended September 30, 2025, compared to a loss of $(283,041) in 2024[34] Sales and Backlog - Total backlog as of September 30, 2025, was approximately $829 million, indicating a cautious approach to capital spending by customers[4] - Transportation Solutions segment net sales decreased by 19.5% year-over-year to $334.5 million, with an operating loss of $13.1 million[8] - Parts & Services segment reported net sales of $61.0 million, an increase of 16.5% compared to the prior year quarter[9] - Units shipped for new trailers in Q3 2025 were 6,940, a decrease of 8.5% from 7,585 in Q3 2024[28] - New trailers shipped decreased to 21,869 units in 2025 from 25,330 units in 2024, representing a decline of 13.5%[30] - The company shipped 9,257 new truck bodies in the nine months ended September 30, 2025, down from 11,245 in 2024, a decline of 17.7%[30] Cash Flow and Liquidity - Cash and cash equivalents at the end of Q3 2025 were $91.7 million, down from $115.5 million at the beginning of the period[26] - The company reported a net cash provided by operating activities of $69.1 million for the nine months ended September 30, 2025, compared to $36.4 million for the same period in 2024[26] - Free cash flow for the nine months ended September 30, 2025, was $8,704, compared to $(15,890) in 2024, showing an improvement in cash generation[36] Debt and Assets - Total current assets increased to $603.5 million in Q3 2025 from $594.5 million in Q4 2024[22] - Total liabilities decreased to $929.8 million in Q3 2025 from $1.2 billion in Q4 2024[22] - Long-term debt increased to $422.7 million in Q3 2025 from $397.1 million in Q4 2024[22] Operational Performance - The Truck Body business faced challenging market conditions, with demand easing across most end markets[6] - The Company remains cautiously optimistic about a gradual recovery in 2026, supported by pent-up replacement needs and improving freight conditions[6] - The Company is focused on managing its cost base while maintaining liquidity to navigate near-term challenges and invest in long-term growth[6] - Transportation Solutions segment reported a loss from operations of $13,116 in Q3 2025 compared to income of $29,162 in Q3 2024[38] - For the nine months ended September 30, 2025, Transportation Solutions had a loss from operations of $10,396 compared to income of $130,335 in the same period of 2024[38] - Parts & Services segment reported income from operations of $6,621 in Q3 2025, down from $8,316 in Q3 2024[38] - For the nine months ended September 30, 2025, Parts & Services reported income from operations of $22,591, down from $30,923 in the same period of 2024[38] Adjusted Metrics - Adjusted segment EBITDA for Transportation Solutions was $(598) in Q3 2025, down from $41,396 in Q3 2024, resulting in a margin of (0.2)% versus 10.0%[38] - Adjusted segment EBITDA for the nine months in Transportation Solutions was $26,505 in 2025, significantly lower than $165,990 in 2024, with a margin of 2.5% compared to 12.0%[38] - Adjusted segment EBITDA for Parts & Services was $7,738 in Q3 2025, compared to $8,867 in Q3 2024, resulting in a margin of 12.7% versus 16.9%[38] - Adjusted segment EBITDA for Parts & Services was $26,126 in 2025, compared to $32,536 in 2024, with a margin of 15.1% versus 20.8%[38] Other Financial Adjustments - The Missouri legal matter resulted in an adjustment of $(81,207) for the three months ended September 30, 2025, impacting the overall financial results significantly[34] - The company experienced impairment and other net charges of $219 in Q3 2025, compared to a gain of $(51) in Q3 2024[38]

Core Insights - Wabash reported a net sales of $381.6 million for Q3 2025, a decrease of 17.8% compared to Q3 2024 [2][7] - The company recognized a GAAP operating income of $58 million, primarily due to an $81 million gain from a legal settlement, while the non-GAAP adjusted operating loss was $23.6 million [2][7] - Total backlog as of September 30, 2025, was approximately $829 million, indicating a cautious approach from customers regarding capital spending [3][7] - The full-year revenue outlook has been reduced to $1.5 billion, with non-GAAP adjusted EPS guidance lowered to a range of $(1.95) to $(2.05) [3][7] Financial Performance - The gross profit for Q3 2025 was $16 million, representing 4.1% of sales, compared to a gross profit of $56 million or 10.8% of sales in Q3 2024 [2][9] - The company shipped 6,940 trailers and 3,065 truck bodies in Q3 2025, down from 7,585 trailers and 3,630 truck bodies in Q3 2024 [6][30] - Transportation Solutions segment net sales were $334.5 million, a decrease of 19.5% year-over-year, while Parts & Services saw a 16.5% increase in net sales to $61 million [9][31] Market Conditions - The Truck Body business faced challenging market conditions, with demand easing across various sectors including freight activity and construction [4][7] - The company remains cautiously optimistic about a gradual recovery in 2026, driven by pent-up replacement needs and improving freight conditions [4][7] Segment Highlights - The Transportation Solutions segment reported an operating loss of $13.1 million, while Parts & Services generated an operating income of $6.6 million [9][31] - The gross profit margin for the Transportation Solutions segment was 1.5% in Q3 2025, compared to 10.9% in Q3 2024 [8][31] Cash Flow and Balance Sheet - As of September 30, 2025, total assets were approximately $1.35 billion, with total liabilities of about $929.8 million [22][23] - Cash and cash equivalents decreased to $91.7 million from $115.5 million at the end of the previous year [23][27]

The nuclear verdict against trailer maker Wabash National has been settled out of court In a recent filing with the SEC, Wabash (NYSE: WNC) said it had settled the Missouri case that when the verdict first came down last year left the trailer manufacturer looking at a judgement of more than $460 million. That initial verdict followed a jury trial in the Circuit Court of the City of St. Louis, Missouri. The Wabash decision, in a sea of nuclear verdicts–which are defined as being in excess of $10 million–w ...

Core Insights - Wabash has introduced new Trailers as a Service (TaaS) offerings aimed at transforming trailer capacity sourcing and management across North America [1][2] Group 1: TaaS Offerings - The TaaS portfolio includes two main solutions: TaaS Pools and TaaS Plus, each addressing specific challenges for shippers, 3PLs, and carriers [2][4] - TaaS Pools offers a universal trailer pool that simplifies management by providing access to a nationwide pool of trailers, enhancing dock efficiency and ensuring consistent availability [3] - TaaS Plus is tailored for 3PLs and brokers, allowing them to operate similarly to asset carriers without the capital burden of ownership, featuring three service tiers for varying levels of support [4] Group 2: Technology Integration - Both TaaS offerings leverage TrailerHawk.ai, a platform that enhances visibility and analytics for trailer management, including replenishment and utilization [5] - The integration of advanced technology with operational expertise aims to improve efficiency and reduce waste in the supply chain [6] Group 3: Company Vision and Commitment - Wabash's mission focuses on providing flexible and scalable trailer solutions to help logistics providers navigate supply chain challenges [6] - The company emphasizes the importance of cost, assurance, and flexibility in trailer procurement, aiming to meet customer needs without asset ownership [6][8]

Core Points - Wabash (NYSE: WNC) will host a quarterly earnings conference call on October 30, 2025, at 12:00 p.m. ET to discuss its financial results for Q3 2025 [1] - The call will be accessible via a dedicated phone line and will also be available for replay on the company's website [2] - Wabash specializes in optimizing supply chains through innovative physical and digital technologies, offering a range of products and services in transportation, logistics, and infrastructure markets [3] Company Overview - Wabash is headquartered in Lafayette, Indiana, and designs, manufactures, and services products such as dry and refrigerated trailers, truck bodies, and platform trailers [3] - The company provides additional services through Wabash Marketplace and Wabash Parts, including a nationwide parts and service network and Trailers as a Service (TaaS)℠ [3] - Wabash aims to enable businesses to thrive in the present while preparing for future challenges, encapsulated in its slogan "Changing How the World Reaches You®" [3]

Core Insights - Wabash has opened a new Parts and Services facility in Gary, Indiana, strategically located along I-65 to enhance access to parts and services for customers in the Midwest [1][2] - The new facility is part of Wabash's initiative to expand its national Parts and Services platform, which includes new upfit centers and a growing dealer network [2][3] - Wabash's Parts and Services business is experiencing strong growth, with upfit volumes expected to more than double in 2025 [3] Company Strategy - The new Midwest facility aims to provide a comprehensive solution for Wabash Genuine Parts and the Ready-to-Mount (RTM) truck body program, ensuring rapid turnaround times [4] - The facility will also support refrigerated truck bodies and diesel truck repair services, addressing the needs of fleets in a high-demand region [4][5] - Wabash views its Parts and Services as essential for connecting manufacturing with long-term customer support, thereby adding stability to the business [4] Market Demand - There is a growing demand for upfit solutions among various customer segments, including national leasing fleets and small businesses seeking customized equipment [5] - The Gary facility enhances Wabash's market presence, improving turnaround speed and reducing downtime for customers [5] - The new facility follows the recent opening of another Parts and Services center in the Atlanta area, with plans for additional locations in 2026 [5]

Core Insights - Wabash is expanding its network in the Southeast, particularly in the Atlanta region, through the opening of a new Parts & Service center, dealer expansion with Fleetco, and the addition of CS Truck and Trailer to its Preferred Partner Network [2][3][6] Group 1: New Parts & Service Center - The new Parts & Service center in Atlanta is strategically located to enhance access to parts, service, and truck body upfitting, offering Wabash's Ready-to-Mount (RTM) truck bodies for dry freight and platform applications [3] - The center aims to provide faster turnaround times for in-stock chassis and joins existing service centers in California, Florida, Ohio, Pennsylvania, and Texas [3] Group 2: Fleetco Dealer Expansion - Fleetco has expanded its representation of Wabash in the greater Atlanta market, enhancing trailer sales and broadening Wabash's dealer footprint in the Southeast [4] - This partnership allows customers to access new and used equipment through a trusted dealer, improving service and expertise [5] Group 3: Preferred Partner Network Addition - Wabash has added three CS Truck and Trailer locations to its Preferred Partner Network in Georgia, enhancing service and maintenance access to customers through authorized dealerships [6] - The Preferred Partner Network is a key component of Wabash's strategy to make high-quality parts more accessible nationwide [6] Group 4: Strategic Vision - The expansion efforts in Atlanta reflect Wabash's strategy to build a comprehensive partner ecosystem that improves customer service and support across the Southeast [3][7] - The combination of service centers, dealer partners, and the Preferred Partner Network is designed to increase coverage and enhance the overall customer experience [7]