Wabash National Corporation
onewabash.comWhat Do They Do?
Builds and services freight trailers, truck bodies, and related transportation products for carriers, private fleets, and leasing companies.
10-K for FY2025, filed Feb 18, 2026To that end, we design, manufacture, and service a diverse range of products supporting first-to-final mile operations, including dry…View ↗
The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This…View ↗
Our customer base has historically included many of the nation’s largest truckload common carriers, leasing companies, private fleet…View ↗
How Do They Make Money?
Customers buy trailers, truck bodies, equipment and replacement parts; payment is received shortly after the sale, when products ship or are picked up. Wabash also earns revenue as it performs service work.
10-K for FY2025, filed Feb 18, 2026
-
10-K for FY2025, filed Feb 18, 2026
FY2025 revenue by product or service ↗
$1.5B
-
10-K for FY2025, filed Feb 18, 2026
$1.5B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
New trailers
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
65%
FY2022: 80%
|
New trailers, FY2025
$1B Sources
|
Sold outright |
|
Used trailers
Sold outright
|
0.3%
FY2022: 0.1%
|
Used trailers, FY2025
$4.6M Sources
|
Sold outright |
|
Parts & Services
Sold outright
|
8.3%
FY2022: 5.6%
|
Parts & Services, FY2025
$127.3M Sources
|
Sold outright |
|
Equipment and other
Sold outright
10-K for FY2025, filed Feb 18, 2026 |
26%
FY2022: 14%
|
Equipment and other, FY2025
$402.6M Sources
|
Sold outright |
Who Are Their Customers?
Its customers include carriers and private fleets, leasing companies, and liquid carriers. Large fleets often buy directly; independent dealers sell trailers and truck bodies to mid-market and smaller carriers and private fleets.
10-K for FY2025, filed Feb 18, 2026Our customer base has historically included many of the nation’s largest truckload common carriers, leasing companies, private fleet…View ↗
We market and distribute our products through two primary channels:View ↗
Factory direct accounts are generally large fleets that are high volume purchasers. Historically, we have focused on the factory direct…View ↗
We also sell our van, platform, and tank trailers through a network of independent dealers. Additionally, our truck body products are sold…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 14 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$13M.
10-K for FY2025, filed Feb 18, 2026
$307.5MView ↗
10-K for FY2025, filed Feb 18, 2026
$211.5MView ↗
10-K for FY2025, filed Feb 18, 2026
−$13MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Jul 29, 2026
−$22.9MView ↗
- ▲ +139% (Loss)
- vs −$9.6M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 29, 2026
Open tableView ↗
-
Jul 29, 2026
Gave third-quarter revenue and adjusted earnings guidance
Forecast third-quarter revenue of $440 million to $460 million and adjusted earnings per share of $(0.50) to $(0.40).
Sources
8-K, filed Jul 29, 2026
For the third quarter of 2026, the Company guides its revenue to be in the range of $440 million to $460 million and Non-GAAP adjusted EPS…View ↗
Shrinking. Revenue fell 14% in 4 years, from $1.8B in FY2021 to $1.5B in FY2025, about 4% a year.
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