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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Wabash National (WNC) investor relations material
Wabash National Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary25 Jul, 2025
Executive summary
Q2 2025 revenue was $459M, down 16.7% year-over-year, as industry softness and economic uncertainty led to lower trailer and truck body shipments, while Parts & Services grew sequentially and year-over-year.
GAAP net loss for Q2 was $9.6M ($(0.23) per share); adjusted net loss was $6.1M ($(0.15) per share), outperforming expectations due to higher revenue and cost controls.
Legal matters from a 2019 Missouri product liability case continue, with a $342M charge reduction and $122.7M liability remaining; legal expenses impacted Q2 results.
Liquidity at June 30, 2025, was $312M, down from $421.9M at year-end 2024, reflecting lower cash and reduced borrowing capacity.
Backlog at quarter-end was $954M–$1.0B, down 26% from year-end, as shipment pace outpaced new orders.
Financial highlights
Q2 2025 net sales were $458.8M, down from $550.6M in Q2 2024; gross margin was 9.0%, down from 16.3% prior year.
Adjusted EBITDA for Q2 was $16.3M (3.6% of sales), up from $1.4M in Q2 2024.
Free cash flow for Q2 was negative $22.8M, compared to negative $6.1M in Q2 2024.
Q2 2025 operating loss was $4.8M GAAP, or $0.1M adjusted.
Adjusted net loss for Q2 was $6.1M.
Outlook and guidance
2025 revenue guidance reduced to $1.6B, with adjusted EPS range of $(1.30) to $(1.00); Q3 2025 guidance: revenue $390M–$430M, EPS $(0.20) to $(0.30).
Adjusted operating margin expected at -2.2% for 2025.
Free cash flow (excluding Trailers as a Service investment) expected to be near breakeven by year-end.
CapEx for 2025 projected at $30M–$40M; tax rate estimated at 25%.
Early 2026 forecasts suggest cautious optimism for a return to growth if market stability holds.
What drives 2026 market recovery?
Parts & Services: H2 2025 and 2026 growth drivers?
How will 2026 pricing address rising costs?
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Next Wabash National earnings date
Q3 202530 Oct, 2025
Next Wabash National earnings date
Q3 202530 Oct, 2025
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Frequently asked questions
Wabash National Corporation designs, manufactures, and distributes engineered solutions for the transportation, logistics, and distribution industries. It operates through two segments, Commercial Trailer Products, and Diversified Products. The Commercial Trailer Products segment manufactures van trailers for dry freight and refrigerated cargo; platform trailers for bulk commodity hauling; liquid and dry bulk tank trailers; and intermodal equipment, including steel container chassis.
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