Wabash Announces Fourth Quarter and Full Year 2025 Results

Wabash Announces Fourth Quarter and Full Year 2025 Results February 4, 2026 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 & ServicesThree 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, 2024Assets 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 Consolidated2025 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. 2 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 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 Consolidated2025 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 1 YTD Trailer shipments for 2025 and 2024 do not include TaaS units transferred of 1,262 and 63 units, respectively. 2 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) Income1Three 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% 1 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. 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 1 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. 2 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 effects of those adjustments. 3 Weighted 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 1 Free 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 & ServicesThree 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 & ServicesTwelve 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% 1 Adjusted 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 [email protected] Investor Relations: John Cummings Sr. Director, FP&A & IR (765) 262-2898 [email protected] Source: Wabash National Corporation