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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.
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.
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