NYSE: WNC
WABASH NATIONAL CorpCIK 0000879526 · SIC 3715 · Truck Trailers
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Wabash National amends credit facility, extends maturity to 2031 with tighter covenants
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Wabash National director Sudhanshu Priyadarshi resigns, effective August 1
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WNC: revenue $417.2M, net income -$22.9M. WNC Q2 margin collapses to 3.7% as truck body demand craters; TS segment unprofitable YTD
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Wabash National reports Q2 loss of $(0.56)/share on $417M revenue; backlog up 14% to $956M
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Wabash National prices $150M convertible notes at 4.00%, convertible at $16.75/share
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Wabash launches $100M convertible notes offering amid Q2 loss of $23-26M on 8-10% revenue decline
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Latest financial statements
From 10-Q filed Jul 29, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(Unaudited – dollars in thousands, except per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 417,241 | 458,816 | 720,470 | 839,706 |
| Cost of sales | 401,912 | 417,416 | 715,716 | 779,303 |
| Gross profit | 15,329 | 41,400 | 4,754 | 60,403 |
| General and administrative expenses | 32,366 | 37,009 | 64,463 | (267,676) |
| Selling expenses | 6,336 | 6,339 | 14,054 | 12,718 |
| Amortization of intangible assets | 2,674 | 2,789 | 5,348 | 5,578 |
| Impairment and other, net | (752) | 14 | (1,457) | (17) |
| (Loss) income from operations | (25,295) | (4,751) | (77,654) | 309,800 |
| Other income (expense): | ||||
| Interest expense | (6,693) | (5,308) | (12,879) | (10,334) |
| Other, net | 367 | (33) | 657 | 1,581 |
| Other expense, net | (6,326) | (5,341) | (12,222) | (8,753) |
| Income (loss) from unconsolidated entity | 151 | (2,203) | 151 | (4,045) |
| (Loss) income before income tax expense | (31,470) | (12,295) | (89,725) | 297,002 |
| Income tax (benefit) expense | (8,856) | (2,692) | (21,876) | 75,409 |
| Net (loss) income | (22,614) | (9,603) | (67,849) | 221,593 |
| Net income (loss) attributable to noncontrolling interest | 277 | (14) | 213 | 241 |
| Net (loss) income attributable to common stockholders | (22,891) | (9,589) | (68,062) | 221,352 |
| Net (loss) income attributable to common stockholders per share: | ||||
| Basic | (0.56) | (0.23) | (1.67) | 5.24 |
| Diluted | (0.56) | (0.23) | (1.67) | 5.21 |
| Weighted average common shares outstanding (in thousands): | ||||
| Basic | 40,917 | 41,753 | 40,828 | 42,231 |
| Diluted | 40,917 | 41,753 | 40,828 | 42,458 |
| Dividends declared per share | 0.08 | 0.08 | 0.16 | 0.16 |
Condensed Consolidated Balance Sheets
(Dollars in thousands)
| Description | June 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 71,496 | 31,923 |
| Accounts receivable, net | 171,818 | 119,874 |
| Inventories, net | 192,261 | 181,153 |
| Prepaid expenses and other | 56,179 | 86,136 |
| Total current assets | 491,754 | 419,086 |
| Property, plant, and equipment, net | 283,363 | 300,477 |
| Goodwill | 213,333 | 191,222 |
| Deferred income taxes | 31,848 | 9,047 |
| Intangible assets, net | 58,213 | 63,561 |
| Investment in unconsolidated entities | 16,261 | 7,250 |
| Other assets | 144,010 | 180,538 |
| Total assets | 1,238,782 | 1,171,181 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Current portion of long-term debt | — | — |
| Accounts payable | 244,191 | 145,739 |
| Other accrued liabilities | 129,955 | 156,556 |
| Total current liabilities | 374,146 | 302,295 |
| Long-term debt | 513,220 | 442,852 |
| Other non-current liabilities | 57,564 | 57,492 |
| Total liabilities | 944,930 | 802,639 |
| Commitments and contingencies | ||
| Noncontrolling interest | 1,397 | 1,184 |
| Wabash National Corporation stockholders’ equity: | ||
| Common stock 200,000,000 shares authorized, $0.01 par value, 40,737,173 and 40,436,437 shares outstanding, respectively | 790 | 787 |
| Additional paid-in capital | 703,705 | 700,697 |
| Retained earnings | 228,943 | 303,615 |
| Accumulated other comprehensive loss | (3,640) | (398) |
| Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively | (637,343) | (637,343) |
| Total Wabash National Corporation stockholders' equity | 292,455 | 367,358 |
| Total liabilities, noncontrolling interest, and equity | 1,238,782 | 1,171,181 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Unaudited – dollars in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net (loss) income | (67,849) | 221,593 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
| Depreciation | 23,291 | 23,524 |
| Amortization of intangibles | 5,348 | 5,578 |
| Net (gain) loss on sale of property, plant and equipment | (1,855) | 21 |
| Deferred income taxes | (22,801) | 86,749 |
| Stock-based compensation | 5,082 | 5,623 |
| Non-cash interest expense | 526 | 494 |
| Equity in (income) loss from unconsolidated entity | (151) | 4,045 |
| Impairment | — | (20) |
| Accounts receivable | (51,351) | (45,783) |
| Inventories | (11,108) | 6,371 |
| Prepaid expenses and other | 5,874 | (18,767) |
| Accounts payable and accrued liabilities | 92,988 | 40,079 |
| Other, net | (6,511) | (345,613) |
| Net cash used in operating activities | (28,517) | (16,106) |
| Cash flows from investing activities | ||
| Cash payments for capital expenditures | (5,490) | (14,925) |
| Expenditures for revenue generating assets | (235) | (20,885) |
| Proceeds from the sale of assets | 21,859 | 40 |
| Acquisition, net of cash acquired | (2,872) | (1,666) |
| Investment in unconsolidated affiliates and other | (6,175) | (10,350) |
| Net cash provided by (used in) investing activities | 7,087 | (47,786) |
| Cash flows from financing activities | ||
| Proceeds from exercise of stock options | — | 11 |
| Dividends paid | (6,770) | (7,251) |
| Borrowings under revolving credit facilities | 188,366 | 40,904 |
| Payments under revolving credit facilities | (118,366) | (904) |
| Debt issuance costs paid | (171) | (1) |
| Stock repurchases | — | (26,928) |
| Other | (2,056) | — |
| Net cash provided by financing activities | 61,003 | 5,831 |
| Cash and cash equivalents: | ||
| Net increase (decrease) in cash and cash equivalents | 39,573 | (58,061) |
| Cash and cash equivalents at beginning of period | 31,923 | 115,484 |
| Cash and cash equivalents at end of period | 71,496 | 57,423 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | 12,362 | 9,666 |
| Net cash (refunds received) paid for income taxes | (10,052) | 174 |
| Period end balance of payables for property, plant, and equipment | 1,563 | 2,501 |
Amounts as printed on the EDGAR/iXBRL face — (Unaudited – dollars in thousands, except per share amounts); (Dollars in thousands); (Unaudited – dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗