# EDGAR Filing Document

**Accession Number:** 0000879526
**File Stem:** 0000879526-25-000045
**Filing Date:** 2025-7
**Character Count:** 43253
**Document Hash:** 4ef3d6be47c046dcb5b41e8c9fcbb0fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000879526-25-000045.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0000879526-25-000045

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250725

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WABASH NATIONAL Corp
- **CENTRAL INDEX KEY:** 0000879526
- **STANDARD INDUSTRIAL CLASSIFICATION:** TRUCK TRAILERS [3715]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 521375208
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10883
- **FILM NUMBER:** 251148509

**BUSINESS ADDRESS:**
- **STREET 1:** 3900 MCCARTY LANE
- **CITY:** LAFAYETTE
- **STATE:** IN
- **ZIP:** 47905
- **BUSINESS PHONE:** 7657715310

**MAIL ADDRESS:**
- **STREET 1:** 3900 MCCARTY LANE
- **CITY:** LAFAYETTE
- **STATE:** IN
- **ZIP:** 47905

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WABASH NATIONAL CORP /DE
- **DATE OF NAME CHANGE:** 19930328

?xml version='1.0' encoding='ASCII'? wnc-20250725

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported) July 25, 2025** 

**WABASH NATIONAL CORPORATION** 

(Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-10883** | **52-1375208** |
| (State or other jurisdiction <br>of Incorporation) | (Commission<br>File Number) | (I.R.S. Employer <br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **3900 McCarty Lane** | **3900 McCarty Lane** | |
| **Lafayette** | **Indiana** | **47905** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(765) 771-5310** 

**Not applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.01 par value | WNC | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On July 25, 2025, Wabash National Corporation (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the Company's press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference. The press release and a teleconference visual presentation are also available on the Company's Investor Relations website at ir.onewabash.com.

**Item 9.01 Financial Statements and Exhibits.**

(d)Exhibits.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[99.1](wnc-20250630xex991.htm)</u> | <u>[Wabash National Corporation Press Release dated July 25, 2025](wnc-20250630xex991.htm)</u> |
| 104 | Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document). |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | WABASH NATIONAL CORPORATION | WABASH NATIONAL CORPORATION |
| Date: July 25, 2025 | By: | /s/ Patrick Keslin |
|  |  | Patrick Keslin |
|  |  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

![wabash-logoxblue.jpg](wabash-logoxblue.jpg)

**Media Contact:**

Dana Stelsel

Director, Communications

(765) 771-5766

dana.stelsel@onewabash.com

**Investor Relations:**

Jacob Page

Senior Analyst, Corporate Development & IR

(765) 414-2835

jacob.page@onewabash.com

**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.**

LAFAYETTE, Ind. – July 25, 2025 – Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today 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**

The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the second quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Wabash National Corporation** | **Wabash National Corporation** | | |
| **Three Months Ended June 30,** | **2025** | **2024** |  |  |
| <u>New Units Shipped</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trailers | **8640** | 9245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Truck bodies | **3190** | 3925 |  |  |
|  | **Transportation Solutions** | **Transportation Solutions** | **Parts & Services** | **Parts & Services** |
| **Three Months Ended June 30,** | **2025** | **2024** | **2025** | **2024** |
|  | **(Unaudited, dollars in thousands)** | **(Unaudited, dollars in thousands)** | **(Unaudited, dollars in thousands)** | **(Unaudited, dollars in thousands)** |
| Net sales | $**400214** | $498705 | $**59744** | $54901 |
| Gross profit | $**28600** | $74689 | $**12800** | $14969 |
| Gross profit margin | **7.1%** | 15.0% | **21.4%** | 27.3% |
| Income from operations | $**12518** | $56918 | $**9060** | $12087 |
| Income from operations margin | **3.1%** | 11.4% | **15.2%** | 22.0% |

---

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.

**Non-GAAP Measures**

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net (loss) income, and reconciliations to GAAP financial statements should be carefully evaluated.

Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company's view of our results as compared to prior periods. A reconciliation of adjusted operating (loss) income to operating (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.

------

Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company's performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor's understanding of the Company's operating performance. A reconciliation of adjusted EBITDA to net (loss) income, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company's prior year periods and, when combined with the GAAP presentation of net (loss) income and diluted net (loss) income per share, is beneficial to an investor's understanding of the Company's performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net (loss) income attributable to common stockholders and diluted (loss) earnings per share, the most comparable GAAP financial measures, are included in the tables following this release.

Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company's performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor's understanding of the Company's operating performance. A reconciliation of free cash flow to cash (used in) provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release.

Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company's segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to income from operations, the most comparable GAAP financial measure, is included in the tables following this release.

Information reconciling any forward-looking Adjusted Operating (Loss) Income, Adjusted EBITDA, Adjusted Net (Loss) Income, Adjusted Diluted EPS, Free Cash Flow, Adjusted Segment EBITDA and Adjusted Segment EBITDA Margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort.

**Second Quarter 2025 Conference Call**

Wabash will discuss its results during its quarterly investor conference call on Friday, July 25, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company's website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation.

**About**

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<sup>®</sup>. 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.

------

**Safe Harbor Statement**

This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company's current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company's outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company's other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the risks related to the Missouri product liability action and the unfavorable jury verdict, the highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company's manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this press release and in the Company's reports to its stockholders and periodic reports on Forms 10-K and 10-Q.

\# \# \#

------

**WABASH NATIONAL CORPORATION**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Unaudited - dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $57423 | $115484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 189729 | 143946 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 252454 | 258825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 124315 | 76233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 623921 | 594488 |
| Property, plant, and equipment, net | 327905 | 339247 |
| Goodwill | 196650 | 188441 |
| Deferred income taxes | 8124 | 94873 |
| Intangible assets, net | 68866 | 74445 |
| Investment in unconsolidated entities | 7250 | 7250 |
| Other assets | 143318 | 112785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1376034 | $1411529 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 178385 | 146738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued liabilities | 194006 | 161671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 372391 | 308409 |
| Long-term debt | 437493 | 397142 |
| Other non-current liabilities | 179696 | 516152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 989580 | 1221703 |
| Commitments and contingencies |  |  |
| Noncontrolling interest | 1237 | 996 |
| Wabash National Corporation stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock 200,000,000 shares authorized, $0.01 par value, 41,089,374 and 42,882,308 shares outstanding, respectively | 787 | 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 694843 | 689216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 320288 | 105633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (202) | (3229) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock at cost, 37,601,698 and 35,253,489 common shares, respectively | (630499) | (603571) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wabash National Corporation stockholders' equity | 385217 | 188830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, noncontrolling interest, and equity | $1376034 | $1411529 |

---

------

**WABASH NATIONAL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

(Unaudited - dollars in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net sales | $458816 | $550610 | $839706 | $1065886 |
| Cost of sales | 417416 | 460952 | 779303 | 899782 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 41400 | 89658 | 60403 | 166104 |
| General and administrative expenses | 37009 | 33969 | (267676) | 70642 |
| Selling expenses | 6339 | 7936 | 12718 | 14978 |
| Amortization of intangible assets | 2789 | 2993 | 5578 | 6149 |
| Impairment and other, net | 14 | 997 | (17) | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations | (4751) | 43763 | 309800 | 73338 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (5308) | (4948) | (10334) | (9936) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (33) | 1572 | 1581 | 3181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | (5341) | (3376) | (8753) | (6755) |
| Loss from unconsolidated entity | (2203) | (1415) | (4045) | (2901) |
| (Loss) income before income tax expense | (12295) | 38972 | 297002 | 63682 |
| Income tax (benefit) expense | (2692) | 9768 | 75409 | 16191 |
| Net (loss) income | (9603) | 29204 | 221593 | 47491 |
| Net (loss) income attributable to noncontrolling interest | (14) | 246 | 241 | 366 |
| Net (loss) income attributable to common stockholders | $(9589) | $28958 | $221352 | $47125 |
| **Net (loss) income attributable to common stockholders per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.23) | $0.65 | $5.24 | $1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.23) | $0.64 | $5.21 | $1.03 |
| **Weighted average common shares outstanding (in thousands):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 41753 | 44896 | 42231 | 45139 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 41753 | 45365 | 42458 | 45751 |
| Dividends declared per share | $0.08 | $0.08 | $0.16 | $0.16 |

---

------

**WABASH NATIONAL CORPORATION**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(Unaudited - dollars in thousands)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income | $221593 | $47491 |
| Adjustments to reconcile net income to net cash used in operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 23524 | 20306 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 5578 | 6149 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on sale of property, plant and equipment | 21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 86749 | (3763) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 5623 | 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash interest expense | 494 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from unconsolidated entity | 4045 | 2901 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment | (20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (45783) | (60258) |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 6371 | (5291) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | (18767) | 995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 40079 | (25292) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (345613) | 3278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (16106) | (6388) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments for capital expenditures | (14925) | (36288) |
| &nbsp;&nbsp;&nbsp;&nbsp;Expenditures for revenue generating assets | (20885) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of assets | 40 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, net of cash acquired | (1666) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable issued to unconsolidated entity | (10350) | (7100) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (47786) | (43388) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 11 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (7251) | (7775) |
| &nbsp;&nbsp;&nbsp;&nbsp;Borrowings under revolving credit facilities | 40904 | 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments under revolving credit facilities | (904) | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs paid | (1) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock repurchases | (26928) | (43834) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to noncontrolling interest |  | (603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 5831 | (52210) |
| **Cash and cash equivalents:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (58061) | (101986) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | 115484 | 179271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at end of period | $57423 | $77285 |
| **Supplemental disclosures of cash flow information:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $9666 | $9394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash paid for income taxes | $174 | $23664 |
| &nbsp;&nbsp;&nbsp;&nbsp;Period end balance of payables for property, plant, and equipment | $2501 | $5474 |

---

------

**WABASH NATIONAL CORPORATION**

**SEGMENTS AND RELATED INFORMATION**

(Unaudited - dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Wabash National Corporation** | **Wabash National Corporation** | | |
| **Three Months Ended June 30,** | **2025** | **2024** |  |  |
| <u>Units Shipped</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New trailers | 8640 | 9245 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New truck bodies | 3190 | 3925 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Used trailers | 30 | 20 |  |  |
| **Three Months Ended June 30,** | **Transportation Solutions** | **Parts & Services** | **Corporate and<br>Eliminations** | **Consolidated** |
| **2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Trailers | $312931 | $— | $(771) | $312160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Used Trailers |  | 1120 |  | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Components, parts and service |  | 32755 |  | 32755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and other | 87283 | 25869 | (371) | 112781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net external sales | $400214 | $59744 | $(1142) | $458816 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $28600 | $12800 | $— | $41400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $12518 | $9060 | $(26329) | $(4751) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations<sup>1</sup> | $12518 | $9060 | $(21716) | $(138) |
| **2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Trailers | $383145 | $— | $(681) | $382464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Used Trailers |  | 1144 |  | 1144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Components, parts and service |  | 34453 |  | 34453 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and other | 115560 | 19304 | (2315) | 132549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net external sales | $498705 | $54901 | $(2996) | $550610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $74689 | $14969 | $— | $89658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $56918 | $12087 | $(25242) | $43763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations<sup>1</sup> | $56918 | $12087 | $(25242) | $43763 |

---

<sup>1</sup> Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company's view of our results as compared to prior periods.

------

**WABASH NATIONAL CORPORATION**

**SEGMENTS AND RELATED INFORMATION**

(Unaudited - dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Wabash National Corporation** | **Wabash National Corporation** | | |
| **Six Months Ended June 30,** | **2025** | **2024** |  |  |
| <u>Units Shipped</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New trailers | 14930 | 17745 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New truck bodies | 6190 | 7615 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Used trailers | 65 | 35 |  |  |
| **Six Months Ended June 30,** | **Transportation Solutions** | **Parts & Services** | **Corporate and<br>Eliminations** | **Consolidated** |
| **2025** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Trailers | $563976 | $— | $(18441) | $545535 |
| &nbsp;&nbsp;&nbsp;&nbsp;Used Trailers |  | 2620 |  | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Components, parts and service |  | 64257 |  | 64257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and other | 183041 | 44822 | (569) | 227294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net external sales | $747017 | $111699 | $(19010) | $839706 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $37014 | $23389 | $— | $60403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $2720 | $15970 | $291110 | $309800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations<sup>1</sup> | $2720 | $15970 | $(46277) | $(27587) |
| **2024** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;New Trailers | $749303 | $— | $(1501) | $747802 |
| &nbsp;&nbsp;&nbsp;&nbsp;Used Trailers |  | 2488 |  | 2488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Components, parts and service |  | 70083 |  | 70083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equipment and other | 219830 | 31564 | (5881) | 245513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net external sales | $969133 | $104135 | $(7382) | $1065886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | $137800 | $28304 | $— | $166104 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) from operations | $101173 | $22607 | $(50442) | $73338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted income (loss) from operations<sup>1</sup> | $101173 | $22607 | $(50442) | $73338 |

---

<sup>1</sup> Adjusted operating income (loss), a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating income (loss) excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating income (loss) to provide investors with a better understanding of the Company's view of our results as compared to prior periods.

------

**WABASH NATIONAL CORPORATION**

**SEGMENT AND COMPANY FINANCIAL INFORMATION**

(Unaudited - dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Operating (Loss) Income**<sup>1</sup> | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Transportation Solutions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | $12518 | $56918 | $2720 | $101173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | 12518 | 56918 | 2720 | 101173 |
| **Parts & Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income from operations | 9060 | 12087 | 15970 | 22607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N/A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income | 9060 | 12087 | 15970 | 22607 |
| **Corporate** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations | (26329) | (25242) | 291110 | (50442) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri legal matter | 4613 |  | (337387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating loss | (21716) | (25242) | (46277) | (50442) |
| **Consolidated** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) income from operations | (4751) | 43763 | 309800 | 73338 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Missouri legal matter | 4613 |  | (337387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating (loss) income | $(138) | $43763 | $(27587) | $73338 |

---

<sup>1</sup> Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company's view of our results as compared to prior periods.

------

**WABASH NATIONAL CORPORATION**

**RECONCILIATION OF GAAP FINANCIAL MEASURES TO**

**NON-GAAP FINANCIAL MEASURES**

(Unaudited - dollars in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted EBITDA**<sup>1</sup>**:** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income | $(9603) | $29204 | $221593 | $47491 |
| Income tax (benefit) expense | (2692) | 9768 | 75409 | 16191 |
| Interest expense | 5308 | 4948 | 10334 | 9936 |
| Depreciation and amortization | 14070 | 13719 | 29102 | 26455 |
| Stock-based compensation | 2374 | 3372 | 5623 | 6618 |
| Missouri legal matter | 4613 |  | (337387) |  |
| Impairment and other, net | 14 | 997 | (17) | 997 |
| Other, net | 33 | (1572) | (1581) | (3181) |
| Loss from unconsolidated entity | 2203 | 1415 | 4045 | 2901 |
| Adjusted EBITDA | $16320 | $61851 | $7121 | $107408 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Net (Loss) Income Attributable to Common Stockholders**<sup>2</sup>**:** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net (loss) income attributable to common stockholders | $(9589) | $28958 | $221352 | $47125 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Missouri legal matter | 4613 |  | (337387) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of aforementioned items | (1163) |  | 85090 |  |
| Adjusted net (loss) income attributable to common stockholders | $(6139) | $28958 | $(30945) | $47125 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Adjusted Diluted (Loss) Earnings Per Share**<sup>2</sup>**:** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Diluted (loss) earnings per share | $(0.23) | $0.64 | $5.21 | $1.03 |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Missouri legal matter | 0.11 |  | (7.95) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of aforementioned items | (0.03) |  | 2.01 |  |
| Adjusted diluted (loss) earnings per share | $(0.15) | $0.64 | $(0.73) | $1.03 |
| Weighted average diluted shares outstanding (in thousands) | 41753 | 45365 | 42458 | 45751 |

---

<sup>1</sup> Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company's performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating (loss) income and net (loss) income, is beneficial to an investor's understanding of the Company's operating performance.

<sup>2</sup> Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment.

------

**WABASH NATIONAL CORPORATION**

**RECONCILIATION OF FREE CASH FLOW**<sup>1</sup>

(Unaudited - dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net cash (used in) provided by operating activities | $(15834) | $11022 | $(16106) | $(6388) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash payments for capital expenditures | (6227) | (17103) | (14925) | (36288) |
| Expenditures for revenue generating assets | (741) |  | (20885) |  |
| Free cash flow<sup>1</sup> | $(22802) | $(6081) | $(51916) | $(42676) |

---

<sup>1</sup> Free cash flow is defined as net cash (used in) provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company's performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash (used in) provided by operating activities, is beneficial to an investor's understanding of the Company's operating performance.

------

**WABASH NATIONAL CORPORATION**

**RECONCILIATION OF ADJUSTED SEGMENT EBITDA**<sup>1</sup>

**AND ADJUSTED SEGMENT EBITDA MARGIN**<sup>1</sup>

(Unaudited - dollars in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Transportation Solutions** | **Transportation Solutions** | **Parts & Services** | **Parts & Services** |
|<br>**Three Months Ended June 30,** | **2025** | **2024** | **2025** | **2024** |
| Income from operations | $12518 | $56918 | $9060 | $12087 |
| Depreciation and amortization | 11686 | 12089 | 1265 | 516 |
| Adjusted segment EBITDA | $24204 | $69007 | $10325 | $12603 |
| Adjusted segment EBITDA margin | 6.0% | 13.8% | 17.3% | 23.0% |
|  | **Transportation Solutions** | **Transportation Solutions** | **Parts & Services** | **Parts & Services** |
| **Six Months Ended June 30,** | **2025** | **2024** | **2025** | **2024** |
| Income from operations | $2720 | $101173 | $15970 | $22607 |
| Depreciation and amortization | 24384 | 23421 | 2417 | 1062 |
| Adjusted segment EBITDA | $27104 | $124594 | $18387 | $23669 |
| Adjusted segment EBITDA margin | 3.6% | 12.9% | 16.5% | 22.7% |

---

<sup>1</sup> Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under GAAP, but that management would not consider important in evaluating the quality of the Company's segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales.

<br>