Wabash Announces Second Quarter 2025 Results

Quarterly revenue of $459 million – beating midpoint of outlook range on modestly stronger than expected shipments. Parts & Services generated positive revenue growth sequentially and year-over-year

GAAP operating loss of $5 million or Non-GAAP adjusted operating loss of $0.1 million; Excludes impact of $5 million in expenses associated with the legal verdict

Quarterly GAAP EPS of $(0.23) or Non-GAAP adjusted EPS of $(0.15). Beating Expectations due to slightly higher revenue and cost containment actions throughout the quarter

Total backlog of $1.0 billion ending Q2; Market environment continues to be challenging as economic concerns and uncertainty remain

2025 revenue outlook reduced to $1.6B, Non-GAAP adjusted EPS outlook reduced to $(1.15), excluding impact in connection with the legal verdict

Wabash, a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, reported results for the quarter ended June 30, 2025.

The Company’s net sales for the second quarter of 2025 were $458.8 million, reflecting a 16.7% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $41.4 million, equivalent to 9.0% of sales. GAAP operating loss amounted to $4.8 million as the company recognized a $5 million loss in connection with the appeal bond and contingent interest expense associated with the legal verdict. Non-GAAP adjusted operating loss was $0.1 million for the quarter. Second quarter GAAP diluted earnings per share was $(0.23) or $(0.15) on a Non-GAAP adjusted basis.

As of June 30, 2025, total Company backlog stood at approximately $1.0 billion, as customers continue to take a wait-and-see approach to capital spending.

For the full-year ending December 31, 2025, the Company reduced its revenue outlook to roughly $1.6 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(1.30) to $(1.00).

“Turning to the broader market environment, demand remains muted across the trailer industry. Industry forecasters have continued to revise their outlook downward, and recent updates now suggest that 2025 shipment volumes will fall well below basic replacement demand,” explained Yeagy. “For now, we’ve undertaken a reassessment of 2025 and now expect midpoints of $1.6 billion in revenue and ($1.15) of adjusted EPS. Even with the revised guidance, we still expect to be near free cash flow breakeven for 2025, excluding our capital investments in Trailers as a Service. While our order book for 2026 is not yet open, we’re actively engaged in conversations with customers and preparing quotes for next year’s demand. Based on those early discussions and current industry forecasts, we’re cautiously optimistic that 2026 will reflect a return to growth.”

Business Segment Highlights

During the second quarter, Transportation Solutions generated net sales of $400.2 million, a decrease of 19.7% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $12.5 million, representing 3.1% of sales.

Parts & Services’ net sales for the second quarter were $59.7 million, an increase of 8.8% compared to the prior year quarter. Operating income for the quarter amounted to $9.1 million, or 15.2% of sales.

For full results click here.

About Wabash

Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You^®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com.

Contact:

Dana Stelsel – Director, Communications – (765) 771-5766 – dana.stelsel@onewabash.com

Source: Wabash National Corporation