Wabash Announces Fourth Quarter and Full Year 2025 Results

Quarterly revenue of $321M - Revenue in line with guidance as Parts and Services continues its year over year and sequential revenue growth but lower than expected truck body production resulted in operational inefficiencies that led to operating income and EPS below expectations.
GAAP operating income of $(59.9)M or Non-GAAP adjusted operating income of $(43.8)M and GAAP EPS of $(1.23) or Non-GAAP adjusted EPS of $(0.93). Non-GAAP adjusted operating income and EPS exclude the cost impact of idling two manufacturing facilities.
Full year revenue of $1.54B, GAAP EPS of $5.07 per diluted share and Non-GAAP adjusted EPS of $(2.15).
Total backlog of $705 million ending Q4; Market environment remains challenging as fleets remain cautious in the near term.
Market environment showing early signs of stabilization, setting up for demand improvement in 2H 2026 and a stronger 2027.

LAFAYETTE, Ind., Feb. 04, 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 and full year ended December 31, 2025.

For the fourth quarter of 2025, net sales were $321.5 million. Operating loss was $59.9 million, or (18.6)% of sales. Net loss attributable to common stockholders was $49.9 million, or $(1.23) per diluted share. Non-GAAP adjusted operating loss was $43.8 million, or (13.6)% of sales and Non-GAAP adjusted net loss attributable to common stockholders was $37.8 million, or $(0.93) per diluted share. For the full year 2025, revenue totaled $1.54 billion with operating income of $307.5 million or non-GAAP adjusted operating loss of $95 million, representing (6.2)% of sales. Full year net income attributable to common stockholders was $211.5 million, or $5.07 per diluted share. On a non-GAAP adjusted basis, full year net income was $(89.9) million, or $(2.15) per diluted share. Adjusted EBITDA, a non-GAAP measure that excludes the effects of certain items, for the fourth quarter of 2025 was $(26.2) million, or (8.1)% of net sales, and full year adjusted EBITDA was $(24.6) million, or (1.6)% of net sales.

Total Company backlog as of December 31, 2025 was approximately $705 million, as capital spending decisions continue to be delayed and highly managed.

Given the current market conditions and lack of visibility, we are providing guidance only for the first quarter of 2026, and will not be issuing full-year 2026 guidance at this time. For the first quarter, we expect revenue be in the range of $310 million to $330 million and adjusted earnings per share to be in the range of ($0.95) to ($1.05).

“While conditions on the ground are improving for our customers, we have limited visibility into timing, pace and sustainability of the freight market recovery. With that said, the underlying conditions for a strong trailer demand response is growing once the freight market recovery threshold is met and our customers look to recapture profitability and get back to a growth mindset. But for now, our customers continue to defer capital spending decisions, and order patterns remain uneven, reflecting a highly managed near term reality across freight, construction, and industrial end markets.," explained Brent Yeagy, President and Chief Executive Officer. "While near-term conditions remain challenging, customer engagement around 2026 purchasing decisions is ongoing, and many fleet order commitments for the year remain open and active, a positive departure from historic norms for this period of the sales cycle for trailers. Based on these discussions and early order activity, we believe full-year 2026 revenue and operating margin is likely to be higher than 2025, even though the timing and shape of demand recovery remain uncertain.”

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 fourth quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release.

	Wabash National Corporation
Three Months Ended December 31,		2025			2024
New Units Shipped
Trailers¹		5,901			6,770
Truck bodies		1,343			3,010

	Transportation Solutions					Parts & Services
Three Months Ended December 31,		2025			2024		2025		2024
	(Unaudited, dollars in thousands)
Net sales	$	262,886		$	370,494	$	64,457	$	48,603
Gross (loss) profit	$	(16,377	)	$	34,880	$	10,177	$	8,079
Gross (loss) profit margin		(6.2)%			9.4%		15.8%		16.6%
(Loss) income from operations	$	(47,849	)	$	17,942	$	5,123	$	4,494
(Loss) income from operations margin		(18.2)%			4.8%		7.9%		9.2%

¹ Trailer shipments for Q4 2025 and 2024 do not include TaaS units transferred of 237 and 0 units, respectively.

Transportation Solutions’ net sales for the fourth quarter were $262.9 million, a decrease of 29.0% compared to the prior year quarter. During the quarter, operating loss was $47.8 million, or (18.2)% of sales. Non-GAAP operating loss during the quarter was $31.7 million or (12.1)% of sales.

Parts & Services' net sales for the fourth quarter were $64.5 million, an increase of 32.6% compared to the prior year quarter. Operating income was $5.1 million, or 7.9% of sales during the quarter.

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) income, adjusted operating (loss) income margin, adjusted EBITDA, adjusted net (loss) income, adjusted diluted (loss) earnings 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, net cash (used in) provided by operating activities, and reconciliations to GAAP financial statements should be carefully evaluated.

Adjusted operating (loss) income and margin, 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 and margin 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 and margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating (loss) income margin is calculated by dividing adjusted operating (loss) income by total net sales. A reconciliation of adjusted operating (loss) income to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, 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) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for Impairments, the Missouri legal matter and the related tax effect 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) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted net (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.

Free cash flow is defined as net cash (used in) provided by 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 operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash (used in) provided by 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 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. 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) income, adjusted EBITDA, adjusted net (loss) income, adjusted diluted (loss) earnings 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.

Fourth Quarter 2025 Conference Call

Wabash will discuss its results during its quarterly investor conference call on Wednesday, February 4, 2026 beginning at 12:00 p.m. EST. 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/340360146. 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.

WABASH NATIONAL CORPORATION 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		419,086			594,488
Property, plant, and equipment, net		300,477			339,247
Deferred income taxes		9,047			94,873
Goodwill		191,222			188,441
Intangible assets, net		63,561			74,445
Investment in unconsolidated entities		7,250			7,250
Other assets		180,598			112,785
Total assets	$	1,171,241		$	1,411,529
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt	$	—		$	—
Accounts payable		145,799			146,738
Other accrued liabilities		156,556			161,671
Total current liabilities		302,355			308,409
Long-term debt		442,852			397,142
Other non-current liabilities		57,492			516,152
Total liabilities		802,699			1,221,703
Commitments and contingencies
Noncontrolling interest		1,184			996
Wabash National Corporation stockholders' equity:
Common stock, $0.01 par value: 200,000,000 shares authorized; 40,436,437 and 42,882,308 shares outstanding, respectively		787			781
Additional paid-in capital		700,697			689,216
Retained earnings		303,615			105,633
Accumulated other comprehensive loss		(398	)		(3,229	)
Treasury stock, at cost: 38,263,966 and 35,253,489 common shares, respectively		(637,343	)		(603,571	)
Total Wabash National Corporation stockholders' equity		367,358			188,830
Total liabilities, noncontrolling interest, and equity	$	1,171,241		$	1,411,529

WABASH NATIONAL CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited - dollars in thousands, except per share amounts)

	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			69,911			265,072
General and administrative expenses		31,421			30,991			(286,775	)		580,684
Selling expenses		6,136			5,932			24,444			28,035
Amortization of intangible assets		2,817			2,912			11,184			11,973
Impairment and other, net		13,367			(462	)		13,553			484
(Loss) income from operations		(59,941	)		3,586			307,505			(356,104	)
Other income (expense):
Interest expense		(5,609	)		(4,945	)		(21,316	)		(19,839	)
Other, net		1,135			869			3,956			5,434
Other expense, net		(4,474	)		(4,076	)		(17,360	)		(14,405	)
Loss from unconsolidated entity		(1,092	)		(1,511	)		(6,982	)		(6,089	)
(Loss) income before income tax expense		(65,507	)		(2,001	)		283,163			(376,598	)
Income tax (benefit) expense		(15,514	)		(1,308	)		71,524			(93,523	)
Net (loss) income		(49,993	)		(693	)		211,639			(283,075	)
Net (loss) income attributable to noncontrolling interest		(115	)		337			188			996
Net (loss) income attributable to common stockholders	$	(49,878	)	$	(1,030	)	$	211,451		$	(284,071	)

Net (loss) income attributable to common stockholders per share:
Basic	$	(1.23	)	$	(0.02	)	$	5.09		$	(6.40	)
Diluted	$	(1.23	)	$	(0.02	)	$	5.07		$	(6.40	)
Weighted average common shares outstanding (in thousands):
Basic		40,666			43,343			41,511			44,359
Diluted		40,666			43,343			41,746			44,359

Dividends declared per share	$	0.08		$	0.08		$	0.32		$	0.32

WABASH NATIONAL CORPORATION 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
Amortization of intangibles		11,184			11,973
Net loss (gain) on sale of property, plant and equipment and business divestiture		93			(493	)
Deferred income taxes		85,826			(111,683	)
Stock-based compensation		11,476			11,309
Non-cash interest expense		1,008			962
Equity in loss from unconsolidated entity		6,982			6,089
Impairment		13,371			994
Accounts receivable		24,072			39,044
Inventories		77,672			8,810
Prepaid expenses and other		(6,505	)		4,020
Accounts payable and accrued liabilities		(6,996	)		(68,687	)
Other, net		(465,707	)		452,997
Net cash provided by operating activities		11,666			117,272
Cash flows from investing activities:
Cash payments for capital expenditures		(24,711	)		(72,188	)
Expenditures for revenue generating assets		(47,544	)		(6,948	)
Proceeds from sale of assets and business divestiture		138			4,448
Acquisitions, net of cash acquired		(1,666	)		—
Notes receivable issued to unconsolidated entity		(18,900	)		(20,100	)
Net cash used in investing activities		(92,683	)		(94,788	)
Cash flows from financing activities:
Proceeds from exercise of stock options		11			28
Dividends paid		(13,782	)		(14,779	)
Borrowings under revolving credit facilities		127,429			884
Payments under revolving credit facilities		(82,429	)		(884	)
Debt issuance costs paid		(1	)		(5	)
Stock repurchases		(33,772	)		(70,912	)
Distribution to noncontrolling interest					(603	)
Net cash used in financing activities		(2,544	)		(86,271	)
Cash, cash equivalents, and restricted cash:
Net decrease in cash, cash equivalents, and restricted cash		(83,561	)		(63,787	)
Cash, cash equivalents, and restricted cash at beginning of period		115,484			179,271
Cash, cash equivalents, and restricted cash at end of period	$	31,923		$	115,484
Supplemental disclosures of cash flow information:
Cash paid for interest	$	20,103		$	18,786
Net cash (refunds) paid for income taxes	$	(1,334	)	$	29,831
Period end balance of payables for property, plant, and equipment	$	2,280		$	5,915

WABASH NATIONAL CORPORATION SEGMENTS AND RELATED INFORMATION (Unaudited - dollars in thousands)

	Wabash National Corporation
Three Months Ended December 31,		2025			2024
New Units Shipped
Trailers¹		5,901			6,770
Truck bodies		1,343			3,010
Used trailers		20			35

Three Months Ended December 31,	Transportation Solutions			Parts & Services		Corporate and Eliminations			Consolidated
2025
New trailers	$	222,663		$	—	$	(5,489	)	$	217,174
Used trailers		—			1,021		—			1,021
Components, parts and service		—			30,500		—			30,500
Equipment and other		40,223			32,936		(401	)		72,758
Total net external sales	$	262,886		$	64,457	$	(5,890	)	$	321,453
Gross (loss) profit	$	(16,377	)	$	10,177	$	—		$	(6,200	)
(Loss) income from operations	$	(47,849	)	$	5,123	$	(17,215	)	$	(59,941	)
Adjusted (loss) income from operations²	$	(31,703	)	$	5,123	$	(17,215	)	$	(43,795	)

2024
New trailers	$	278,022		$	—	$	(816	)	$	277,206
Used trailers		—			1,128		—			1,128
Components, parts and service		—			26,943		—			26,943
Equipment and other		92,472			20,532		(1,467	)		111,537
Total net external sales	$	370,494		$	48,603	$	(2,283	)	$	416,814
Gross profit	$	34,880		$	8,079	$	—		$	42,959
Income (loss) from operations	$	17,942		$	4,494	$	(18,850	)	$	3,586
Adjusted income (loss) from operations²	$	17,942		$	4,494	$	(18,850	)	$	3,586

¹ Trailer shipments for Q4 2025 and 2024 do not include TaaS units transferred of 237 and 0 units, respectively.

²Adjusted 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
Twelve Months Ended December 31,		2025			2024
New Units Shipped
Trailers¹		27,770			32,100
Truck bodies		10,600			14,255
Used trailers		105			80

Twelve Months Ended December 31,	Transportation Solutions			Parts & Services		Corporate and Eliminations			Consolidated
2025
New trailers	$	1,045,677		$	—	$	(37,403	)	$	1,008,274
Used trailers		—			4,570		—			4,570
Components, parts and service		—			127,341		—			127,341
Equipment and other		298,700			105,209		(1,340	)		402,569
Total net external sales	$	1,344,377		$	237,120	$	(38,743	)	$	1,542,754
Gross profit	$	25,714		$	44,197	$	—		$	69,911
(Loss) income from operations	$	(58,245	)	$	27,714	$	338,036		$	307,505
Adjusted (loss) income from operations²	$	(42,099	)	$	27,714	$	(80,558	)	$	(94,943	)

2024
New trailers	$	1,335,902		$	—	$	(3,978	)	$	1,331,924
Used trailers		71			4,012		(71	)		4,012
Components, parts and service		—			128,565		—			128,565
Equipment and other		419,160			72,485		(9,406	)		482,239
Total net external sales	$	1,755,133		$	205,062	$	(13,455	)	$	1,946,740
Gross profit	$	217,618		$	47,454	$	—		$	265,072
Income (loss) from operations	$	148,277		$	35,417	$	(539,798	)	$	(356,104	)
Adjusted income (loss) from operations²	$	148,277		$	35,417	$	(89,798	)	$	93,896

¹YTD Trailer shipments for 2025 and 2024 do not include TaaS units transferred of 1,262 and 63 units, respectively.

WABASH NATIONAL CORPORATION SEGMENT and COMPANY FINANCIAL INFORMATION (Unaudited - dollars in thousands)

Adjusted Operating (Loss) Income¹	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
Transportation Solutions
(Loss) income from operations	$	(47,849	)	$	17,942		$	(58,245	)	$	148,277
Adjustments:
Impairment of Little Falls, MN assets		16,146			—			16,146			—
Adjusted operating (loss) income		(31,703	)		17,942			(42,099	)		148,277
Adjusted operating (loss) income margin		(12.1	)%		4.8	%		(3.1	)%		8.4	%

Parts & Services
Income from operations		5,123			4,494			27,714			35,417
Adjustments:
N/A		—			—			—			—
Adjusted operating income		5,123			4,494			27,714			35,417
Adjusted operating income margin		7.9	%		9.2	%		11.7	%		17.3	%

Corporate
(Loss) income from operations		(17,215	)		(18,850	)		338,036			(539,798	)
Adjustments:
Missouri legal matter		—			—			(418,594	)		450,000
Adjusted operating loss		(17,215	)		(18,850	)		(80,558	)		(89,798	)

Consolidated
(Loss) income from operations		(59,941	)		3,586			307,505			(356,104	)
Adjustments:
Impairment of Little Falls, MN assets		16,146			—			16,146			—
Missouri legal matter		—			—			(418,594	)		450,000
Adjusted operating (loss) income	$	(43,795	)	$	3,586		$	(94,943	)	$	93,896
Adjusted operating (loss) income margin		(13.6	)%		0.9	%		(6.2	)%		4.8	%

¹Adjusted operating (loss) income and margin, 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 and margin 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 and margin to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. Adjusted operating (loss) income margin is calculated by dividing adjusted operating (loss) income by total net sales.

WABASH NATIONAL CORPORATION RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES (Unaudited - dollars in thousands, except per share amounts)

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	)		71,524			(93,523	)
Interest expense		5,609			4,945			21,316			19,839
Depreciation and amortization		15,023			16,591			58,735			56,985
Stock-based compensation		2,581			1,394			11,476			11,309
Missouri legal matter		—			—			(418,594	)		450,000
Impairment of Little Falls, MN assets		16,146			—			16,146			—
Impairment and other, net		(4	)		(462	)		182			484
Other, net		(1,135	)		(869	)		(3,956	)		(5,434	)
Loss from unconsolidated entity		1,092			1,511			6,982			6,089
Adjusted EBITDA	$	(26,195	)	$	21,109		$	(24,550	)	$	162,674

Adjusted Net (Loss) Income Attributable to Common Stockholders²:	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
Net (loss) income attributable to common stockholders	$	(49,878	)	$	(1,030	)	$	211,451		$	(284,071	)
Adjustments:
Impairment of Little Falls, MN assets		16,146			—			16,146			—
Missouri legal matter		—			—			(418,594	)		450,000
Tax effect of aforementioned items		(4,049	)		—			101,056			(111,213	)
Adjusted net (loss) income attributable to common stockholders	$	(37,781	)	$	(1,030	)	$	(89,941	)	$	54,716

Adjusted Diluted (Loss) Earnings Per Share²:	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
Diluted (loss) earnings per share	$	(1.23	)	$	(0.02	)	$	5.07		$	(6.40	)
Adjustments:
Impairment of Little Falls, MN assets		0.39			—			0.39			—
Missouri legal matter		—			—			(10.03	)		10.14
Tax effect of aforementioned items		(0.09	)		—			2.42			(2.52	)
Adjusted diluted (loss) earnings per share	$	(0.93	)	$	(0.02	)	$	(2.15	)	$	1.22

Weighted average diluted shares outstanding (in thousands)³		40,666			43,343			41,746			44,908

¹Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, 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.

²Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for Impairments, the Missouri legal matter and the related tax effects of those adjustments.

³Weighted average diluted shares outstanding for the twelve months ended December 31, 2024 differ from the GAAP presentation on the Company's Consolidated Statement of Operations due to the Company being in a loss position on an unadjusted basis.

WABASH NATIONAL CORPORATION RECONCILIATION OF FREE CASH FLOW¹ (Unaudited - dollars in thousands)

	Three Months Ended December 31,						Twelve Months Ended December 31,
		2025			2024			2025			2024
Net cash (used in) provided by operating activities	$	(57,434	)	$	80,884		$	11,666		$	117,272
Cash payments for capital expenditures		(4,504	)		(21,345	)		(24,711	)		(72,188	)
Expenditures for revenue generating assets		(7,355	)		(5,513	)		(47,544	)		(6,948	)
Free cash flow¹	$	(69,293	)	$	54,026		$	(60,589	)	$	38,136

¹Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures and 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 operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

WABASH NATIONAL CORPORATION 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		11,963			14,291			1,935			1,055
Impairment of Little Falls, MN assets		16,146			—			—			—
Impairment and other, net		5			(477	)		(9	)		14
Adjusted segment EBITDA	$	(19,735	)	$	31,756		$	7,049		$	5,563

Adjusted segment EBITDA margin		(7.5)	%		8.6	%		10.9	%		11.4	%

	Transportation Solutions						Parts & Services
Twelve Months Ended December 31		2025			2024			2025			2024
(Loss) income from operations	$	(58,245	)	$	148,277		$	27,714		$	35,417
Depreciation and amortization		48,652			49,987			5,496			2,681
Impairment of Little Falls, MN assets		16,146			—			—			—
Impairment and other, net		217			(518	)		(35	)		1
Adjusted segment EBITDA	$	6,770		$	197,746		$	33,175		$	38,099

Adjusted segment EBITDA Margin		0.5	%		11.3	%		14.0	%		18.6	%

¹Adjusted segment EBITDA and margin, 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 (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.

Media Contact:
Heidi Murphy
Heidi.murphy@padillaco.com

Investor Relations:
John Cummings
Sr. Director, FP&A & IR
(765) 262-2898
john.cummings@onewabash.com

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