WNC

MKT CAP:$369M

Wabash National Corporation

Market Cap

$369M

Industrials·Agricultural - Machinery·🇺🇸 United States·NYSE

Industrials·Agricultural·🇺🇸·NYSE

Stock Price

$8.61-$0.33 (-3.69%)

Apr 22, 2026

Company Details

Wabash National Corporation designs, manufactures, and distributes engineered solutions for the transportation, logistics, and distribution industries primarily in the United States. The company operates through two segments, Transportation...

CEO

Brent L. Yeagy

IPO Date

Nov 8, 1991

Website

onewabash.com

Key Metrics TTM

Revenue

$1.5B

-27.4% YoY

Net Income

$211M

EPS (Diluted)

$4.87

Free Cash Flow

-$13M

Revenue / Share

$37.94

Gross Margin

3.8%

Operating Margin

20.8%

Net Margin

13.7%

FCF Margin

-0.8%

P/S

0.2x

P/E

1.7x

Earnings Reports

Q1 2026

May 1, 2026

PENDING

FY 2025

Feb 18, 2026

$1.5B-20.8%EPS $5.07

Q4 2025

Feb 18, 2026

$321MEPS -$1.23

Q3 2025

Oct 30, 2025

$382M-17.8%EPS $0.97

Q2 2025

Jul 25, 2025

$459M-16.7%EPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$449M	$56M	$23M
Q3 21	$483M	$51M	$18M
Q4 21	$479M	$43M	-$19M
Q1 22	$547M	$58M	$20M
Q4 22	$657M	$95M	$58M
Q1 23	$621M	$116M	$70M
Q2 23	$687M	$151M	$103M
Q3 23	$633M	$123M	$78M
Q4 23	$596M	$108M	$61M
Q1 24	$515M	$76M	$30M
Q2 24	$551M	$90M	$44M
Q3 24	$464M	$56M	-$433M
Q1 25	$381M	$19M	$315M
Q2 25	$459M	$41M	-$5M
Q3 25	$382M	$16M	$58M
Q4 25	$321M	-$17M	-$46M

Valuation

Quarter	P/S	P/E
Q2 21	0.2x	14.8x
Q3 21	0.2x	11.5x
Q4 21	0.2x	316.6x
Q1 22	0.2x	36.8x
Q4 22	0.2x	9.4x
Q1 23	0.2x	4.6x
Q2 23	0.1x	2.1x
Q3 23	0.1x	1.7x
Q4 23	0.1x	1.6x
Q1 24	0.2x	1.9x
Q2 24	0.2x	2.4x
Q3 24	0.2x	—
Q1 25	0.2x	—
Q2 25	0.2x	—
Q3 25	0.2x	—
Q4 25	0.2x	1.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$9M	$2M
Q3 21	-$61M	-$70M
Q4 21	$67M	$38M
Q1 22	-$35M	-$45M
Q4 22	$52M	$37M
Q1 23	$69M	$38M
Q2 23	$77M	$49M
Q3 23	$58M	$29M
Q4 23	$115M	$106M
Q1 24	-$17M	-$37M
Q2 24	$11M	-$6M
Q3 24	$43M	$28M
Q1 25	-$272.0K	-$9M
Q2 25	-$16M	-$22M
Q3 25	$85M	$80M
Q4 25	-$57M	-$62M

Capital Expenditures

Quarter	CapEx
Q2 21	$7M
Q3 21	$9M
Q4 21	$29M
Q1 22	$10M
Q4 22	$15M
Q1 23	$31M
Q2 23	$28M
Q3 23	$29M
Q4 23	$9M
Q1 24	$19M
Q2 24	$17M
Q3 24	$15M
Q1 25	$9M
Q2 25	$6M
Q3 25	$5M
Q4 25	$5M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+32.5%	+28.1%
Q3 21	+37.3%	+35.3%
Q4 21	+18.6%	+26.4%
Q1 22	+39.5%	+38.3%
Q4 22	+46.3%	+40.5%
Q1 23	+28.7%	+18.7%
Q2 23	+43.3%	+17.2%
Q3 23	+15.7%	+5.4%
Q4 23	-9.3%	-10.8%
Q1 24	-17.0%	-11.9%
Q2 24	-19.8%	-13.1%
Q3 24	-26.7%	+61.6%
Q1 25	-36.1%	-87.6%
Q2 25	-11.0%	-4.6%
Q3 25	-30.7%	-36.1%
Q4 25	-30.7%	-59.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$2M	0.5%
Q3 21	$2M	0.3%
Q4 21	$1M	0.2%
Q1 22	$2M	0.4%
Q4 22	$2M	0.4%
Q1 23	$3M	0.4%
Q2 23	$0	0.0%
Q3 23	$3M	0.5%
Q4 23	$3M	0.5%
Q1 24	$3M	0.6%
Q2 24	$3M	0.6%
Q3 24	$3M	0.7%
Q1 25	$3M	0.9%
Q2 25	$2M	0.5%
Q3 25	$3M	0.9%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 21	$23M	$6M
Q3 21	$21M	$6M
Q4 21	$22M	$5M
Q1 22	$26M	$6M
Q4 22	$28M	$6M
Q1 23	$36M	$7M
Q2 23	$37M	$7M
Q3 23	$36M	$6M
Q4 23	$37M	$6M
Q1 24	$37M	$7M
Q2 24	$34M	$8M
Q3 24	$479M	$7M
Q1 25	$305M	$6M
Q2 25	$37M	$6M
Q3 25	—	$6M
Q4 25	$31M	$6M

Revenue Segments

Quarter	Components, Parts and Services	Equipment and Other	New Trailers	Used Trailers
Q2 21	$33M	$94M	$322M	$378.0K
Q3 21	$30M	$77M	$375M	$465.0K
Q4 21	$35M	$55M	$388M	$659.0K
Q1 22	$32M	$77M	$438M	$569.0K
Q4 22	$35M	$86M	$536M	$523.0K
Q1 23	$36M	$100M	$485M	$539.0K
Q2 23	$40M	$125M	$522M	$517.0K
Q3 23	$38M	$118M	$476M	$1M
Q4 23	$35M	$122M	$437M	$3M
Q1 24	$36M	$113M	$365M	$1M
Q2 24	$34M	$133M	$382M	$1M
Q3 24	$32M	$125M	$307M	$396.0K
Q1 25	$32M	$115M	$233M	$2M
Q2 25	$33M	$113M	$312M	$1M
Q3 25	$33M	$103M	$246M	$929.0K
Q4 25	$31M	$73M	$217M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$73M	$0	$73M
Q2 22	$138M	$0	$138M
Q3 22	$81M	$0	$81M
Q4 22	$58M	$0	$58M
Q1 23	$68M	$0	$68M
Q2 23	$99M	$0	$99M
Q3 23	$105M	$0	$105M
Q4 23	$179M	$0	$179M
Q1 24	$116M	$0	$116M
Q2 24	$77M	$0	$77M
Q3 24	$82M	$0	$82M
Q4 24	$115M	$0	$115M
Q1 25	$81M	$0	$81M
Q2 25	$57M	$0	$57M
Q3 25	$92M	$0	$92M
Q4 25	$32M	$0	$32M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	52M	-2.0%	-1.7%
Q3 21	51M	-2.7%	-5.2%
Q4 21	49M	-2.3%	-8.2%
Q1 22	50M	+0.7%	-6.2%
Q4 22	50M	-0.4%	-4.7%
Q1 23	49M	-0.8%	-2.9%
Q2 23	48M	-1.6%	-2.1%
Q3 23	48M	-1.3%	-4.0%
Q4 23	47M	-1.7%	-5.3%
Q1 24	46M	-1.4%	-5.9%
Q2 24	45M	-1.9%	-6.2%
Q3 24	44M	-3.4%	-8.2%
Q1 25	43M	-1.7%	-8.2%
Q2 25	42M	-1.5%	-8.2%
Q3 25	42M	-1.0%	-7.4%
Q4 25	41M	-3.2%	-7.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$77.5K	6K
Q3 21	$83.2K	6K
Q4 21	$77.3K	6K
Q1 22	$88.2K	6K
Q4 22	$95.3K	7K
Q1 23	$90.0K	7K
Q2 23	$99.5K	7K
Q3 23	$91.7K	7K
Q4 23	$89.0K	7K
Q1 24	$76.9K	7K
Q2 24	$82.2K	7K
Q3 24	$69.3K	7K
Q1 25	$63.5K	6K
Q2 25	$76.5K	6K
Q3 25	$63.6K	6K
Q4 25	$68.4K	5K

Revenue / Employee