Wabash National (WNC) investor relations material

Executive summary

• Q3 net sales rose 24.8% YoY to $476.4 million, while adjusted diluted EPS was $(0.63) and adjusted EBITDA was $(10.4) million.

• Dry-van orders accelerated capacity additions into Q3 2026 from Q1–Q2 2027; backlog reached $1.198 billion at September 30 and $1.3 billion by mid-October.

Financial highlights

• Q3 gross profit was $14.9 million and gross margin was 3.1%, versus $15.7 million and 4.1% a year earlier; GAAP net loss attributable to common stockholders was $20.7 million, or $(0.51) per diluted share.

• Adjusted operating loss was $27.0 million, or a (5.7%) margin; adjusted net loss was $26.0 million, or $(0.63) per diluted share.

• Nine-month net sales were $1.197 billion versus $1.221 billion; net loss attributable to common stockholders was $88.8 million versus net income of $261.3 million a year earlier.

• Q3 shipments totaled 9,563 new trailers and 1,685 truck bodies, versus 6,675 and 3,067, respectively, a year earlier.

Outlook and guidance

• Q4 revenue guidance is $420 million–$450 million; adjusted diluted EPS guidance is $(0.75)–$(0.55), with adjusted operating margin guidance of (8%) to (5%).

• Q4 adjusted EBITDA is expected to remain negative; strong incrementals above 20% are expected in Q1 2027, with quarterly profitability targeted by Q2 and a $150 million–$170 million annualized EBITDA run rate.

• No formal 2027 guidance was issued; directional outlook calls for meaningful improvement, with dry-van gains offset by a slower truck-body recovery and Parts & Services growth.

• Dry-van volume outlook is 35,000–38,000 units; backlog pace suggests a higher case in the low 40,000s, while total trailer capacity additions target 41,000–42,000 units.