What is Wabash National's operating income?

Wabash National's total operating income in 2025 was $307.51 million, based on the following breakdown: Total Gross Profit: $69.91 million Total Operating Expenses: -$237.59 million

Wabash National (WNC) Financials

$12.42 +0.09 (+0.75%)

Closing price 03:59 PM Eastern

Extended Trading

$12.46 +0.03 (+0.27%)

As of 05:49 PM Eastern

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Annual Income Statements for Wabash National

This table shows Wabash National's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	104	119	111	69	90	-97	1.16	112	231	-284	211
Consolidated Net Income / (Loss)	104	119	111	69	90	-97	1.16	113	232	-283	212
Net Income / (Loss) Continuing Operations	104	119	111	69	90	-97	1.16	113	232	-283	212
Total Pre-Tax Income	163	185	123	96	118	-109	1.29	146	295	-377	283
Total Operating Income	180	203	131	111	143	-86	34	167	312	-356	308
Total Gross Profit	303	326	261	284	306	160	196	323	498	265	70
Total Revenue	2,027	1,845	1,767	2,267	2,319	1,482	1,803	2,502	2,537	1,947	1,543
Operating Revenue	2,027	1,845	1,767	2,267	2,319	1,482	1,803	2,502	2,537	1,947	1,543
Total Cost of Revenue	1,724	1,520	1,506	1,984	2,013	1,322	1,607	2,179	2,038	1,682	1,473
Operating Cost of Revenue	1,724	1,520	1,506	1,984	2,013	1,322	1,607	2,179	2,038	1,682	1,473
Total Operating Expenses	123	123	130	173	164	245	163	156	186	621	-238
Selling, General & Admin Expense	102	103	103	128	143	118	112	140	173	609	-262
Amortization Expense	21	20	17	19	20	22	23	15	13	12	11
Impairment Charge	-	-	0.00	25	0.00	106	28	0.69	0.24	0.48	14
Total Other Income / (Expense), net	-17	-17	-8.28	-15	-25	-24	-32	-20	-17	-20	-24
Interest Expense	20	16	16	29	27	24	23	21	20	20	21
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	-0.80	-6.09	-6.98
Other Income / (Expense), net	2.49	-1.45	8.12	14	2.29	0.59	-9.12	0.32	3.39	5.43	3.96
Income Tax Expense	59	66	11	27	28	-12	0.13	34	63	-94	72
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	-	0.00	0.00	0.51	0.60	1.00	0.19
Basic Earnings per Share	$1.55	$1.87	$1.88	$1.22	$1.64	($1.84)	$0.02	$2.31	$4.92	($6.40)	$5.09
Weighted Average Basic Shares Outstanding	67.20M	63.73M	59.36M	57.00M	54.70M	52.95M	50.68M	48.63M	47.01M	44.36M	41.51M
Diluted Earnings per Share	$1.50	$1.80	$1.78	$1.19	$1.62	($1.84)	$0.02	$2.25	$4.81	($6.40)	$5.07
Weighted Average Diluted Shares Outstanding	67.20M	65.76M	62.60M	58.43M	55.29M	52.95M	51.61M	49.88M	48.03M	44.36M	41.75M
Weighted Average Basic & Diluted Shares Outstanding	67.20M	63.73M	59.30M	56.90M	53.08M	52.06M	48.76M	47.51M	45.09M	42.45M	40.44M
Cash Dividends to Common per Share	$0.00	$0.06	$0.26	$0.31	$0.32	$0.32	$0.32	$0.32	$0.32	$0.32	$0.32

This table shows Wabash National's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	50	18	29	-330	-1.03	231	-9.59	40	-50	-45	-23
Consolidated Net Income / (Loss)	51	18	29	-330	-0.69	231	-9.60	40	-50	-45	-23
Net Income / (Loss) Continuing Operations	51	18	29	-330	-0.69	231	-9.60	40	-50	-45	-23
Total Pre-Tax Income	57	25	39	-438	-2.00	309	-12	52	-66	-58	-31
Total Operating Income	61	30	44	-433	3.59	315	-4.75	58	-60	-52	-25
Total Gross Profit	108	76	90	56	43	19	41	16	-6.20	-11	15
Total Revenue	596	515	551	464	417	381	459	382	321	303	417
Operating Revenue	596	515	551	464	417	381	459	382	321	303	417
Total Cost of Revenue	488	439	461	408	374	362	417	366	328	314	402
Operating Cost of Revenue	488	439	461	408	374	362	417	366	328	314	402
Total Operating Expenses	47	47	46	489	39	-296	46	-42	54	42	41
Selling, General & Admin Expense	44	44	42	486	37	-298	43	-45	38	40	39
Amortization Expense	3.20	3.16	2.99	2.91	2.91	2.79	2.79	2.79	2.82	2.67	2.67
Impairment Charge	-	0.00	1.00	-0.05	-	-0.03	0.01	0.20	13	-0.71	-0.75
Total Other Income / (Expense), net	-4.06	-4.87	-4.79	-5.25	-5.59	-5.25	-7.54	-5.98	-5.57	-5.90	-6.18
Interest Expense	4.94	4.99	4.95	4.96	4.95	5.03	5.31	5.37	5.61	6.19	6.69
Interest & Investment Income	-0.80	-1.49	-1.42	-1.68	-1.51	-1.84	-2.20	-1.85	-1.09	0.00	0.15
Other Income / (Expense), net	1.69	1.61	1.57	1.38	0.87	1.61	-0.03	1.24	1.14	0.29	0.37
Income Tax Expense	6.54	6.42	9.77	-108	-1.31	78	-2.69	12	-16	-13	-8.86
Net Income / (Loss) Attributable to Noncontrolling Interest	0.12	0.12	0.25	0.29	0.34	0.26	-0.01	0.06	-0.12	-0.06	0.28
Basic Earnings per Share	$1.10	$0.40	$0.65	($7.53)	$0.08	$5.41	($0.23)	$0.98	($1.07)	($1.11)	($0.56)
Weighted Average Basic Shares Outstanding	47.01M	45.38M	44.90M	43.83M	44.36M	42.72M	41.75M	40.93M	41.51M	40.74M	40.92M
Diluted Earnings per Share	$1.07	$0.39	$0.64	($7.53)	$0.10	$5.36	($0.23)	$0.97	($1.03)	($1.11)	($0.56)
Weighted Average Diluted Shares Outstanding	48.03M	46.25M	45.37M	43.83M	44.36M	43.09M	41.75M	41.17M	41.75M	40.74M	40.92M
Weighted Average Basic & Diluted Shares Outstanding	45.09M	45.02M	44.00M	43.34M	42.45M	41.87M	40.94M	40.52M	40.44M	40.67M	40.74M
Cash Dividends to Common per Share	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08

This table details how cash moves in and out of Wabash National's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	33	-15	28	-59	7.83	77	-146	-14	121	-64	-84
Net Cash From Operating Activities	132	179	144	112	146	124	-7.47	124	320	117	12
Net Cash From Continuing Operating Activities	132	179	144	112	146	124	-7.47	124	320	117	12
Net Income / (Loss) Continuing Operations	104	119	111	69	90	-97	1.16	113	232	-283	212
Consolidated Net Income / (Loss)	104	119	111	69	90	-97	1.16	113	232	-283	212
Depreciation Expense	17	17	18	21	22	26	26	32	33	45	48
Amortization Expense	21	20	17	19	20	22	23	15	13	12	11
Non-Cash Adjustments To Reconcile Net Income	14	19	5.44	27	10	112	45	11	14	19	33
Changes in Operating Assets and Liabilities, net	-24	3.38	-7.54	-25	4.22	62	-103	-47	29	325	-292
Net Cash From Investing Activities	-7.64	-17	-332	-13	-37	-3.02	-27	-55	-106	-95	-93
Net Cash From Continuing Investing Activities	-7.64	-17	-332	-13	-37	-3.02	-27	-55	-106	-95	-93
Purchase of Property, Plant & Equipment	-21	-20	-26	-34	-38	-20	-49	-57	-104	-79	-72
Acquisitions	0.00	0.00	-323	-	-	-	0.00	0.00	-2.45	-20	-21
Sale of Property, Plant & Equipment	13	0.02	11	18	-	-	-	-	0.15	4.45	0.14
Net Cash From Financing Activities	-91	-177	216	-158	-102	-44	-111	-82	-93	-86	-2.54
Net Cash From Continuing Financing Activities	-91	-177	216	-158	-102	-44	-111	-82	-93	-86	-2.54
Repayment of Debt	-226	-103	-403	-84	-51	-203	-481	-132	-104	-0.89	-82
Repurchase of Common Equity	-62	-80	-74	-58	-34	-19	-67	-34	-76	-71	-34
Payment of Dividends	0.00	0.00	-15	-18	-18	-17	-16	-16	-16	-15	-14
Issuance of Debt	194	0.62	703	0.94	0.62	194	451	98	104	0.88	127
Other Financing Activities, net	2.01	4.83	5.79	0.67	0.54	0.95	1.91	2.17	0.16	0.03	0.01
Cash Interest Paid	15	13	9.48	27	26	23	22	20	19	19	20
Cash Income Taxes Paid	66	69	41	24	20	-4.67	-0.47	18	83	30	-1.33

This table details how cash moves in and out of Wabash National's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	74	-63	-39	4.56	34	-34	-24	34	-60	12	28
Net Cash From Operating Activities	115	-17	11	43	81	-0.27	-16	85	-57	-34	5.14
Net Cash From Continuing Operating Activities	115	-17	11	43	81	-0.27	-16	85	-57	-34	5.14
Net Income / (Loss) Continuing Operations	51	18	29	-330	-0.69	231	-9.60	40	-50	-45	-23
Consolidated Net Income / (Loss)	51	18	29	-330	-0.69	231	-9.60	40	-50	-45	-23
Depreciation Expense	9.43	9.58	11	11	14	12	11	12	12	12	11
Amortization Expense	3.20	3.16	2.99	2.91	2.91	2.79	2.79	2.79	2.82	2.67	2.67
Non-Cash Adjustments To Reconcile Net Income	4.11	4.97	5.03	6.18	2.69	5.37	4.79	5.47	17	2.27	1.33
Changes in Operating Assets and Liabilities, net	48	-53	-37	353	62	-252	-25	25	-40	-5.72	13
Net Cash From Investing Activities	-17	-19	-24	-16	-35	-34	-14	-26	-18	-4.32	11
Net Cash From Continuing Investing Activities	-17	-19	-24	-16	-35	-34	-14	-26	-18	-4.32	11
Purchase of Property, Plant & Equipment	-15	-19	-17	-16	-27	-29	-6.97	-25	-12	-3.66	-2.07
Acquisitions	-2.45	0.00	-	-3.10	-9.90	-5.02	-7.00	-2.00	-6.55	-9.05	-0.00
Sale of Property, Plant & Equipment	-	-	-	-	-	0.04	-	-	-	8.39	13
Net Cash From Financing Activities	-24	-27	-25	-22	-12	-0.36	6.19	-24	16	49	12
Net Cash From Continuing Financing Activities	-24	-27	-25	-22	-12	-0.36	6.19	-24	16	49	12
Repayment of Debt	-0.21	-0.24	-0.20	-0.26	-0.20	-0.42	-0.49	-16	-66	-58	-62
Payment of Dividends	-3.70	-4.75	-3.62	-3.53	-3.47	-3.86	-3.39	-3.29	-3.24	-3.48	-3.29
Issuance of Debt	0.21	0.23	0.20	0.26	0.20	20	20	0.85	86	111	77
Cash Interest Paid	9.20	0.20	9.20	0.20	9.19	0.19	9.48	0.79	9.65	1.30	11
Cash Income Taxes Paid	13	-0.04	24	12	-5.63	-0.19	0.37	-0.48	-1.03	-10	0.29

This table presents Wabash National's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	950	899	1,352	1,304	1,305	1,161	1,107	1,204	1,363	1,412	1,171
Total Current Assets	530	481	576	549	541	546	530	593	681	594	419
Cash & Equivalents	179	163	192	133	141	218	72	58	179	115	32
Accounts Receivable	153	154	147	181	173	101	177	256	183	144	120
Inventories, net	167	140	181	184	187	164	238	244	268	259	181
Prepaid Expenses	8.42	24	57	51	41	63	44	35	51	76	86
Plant, Property, & Equipment, net	140	134	195	207	0.00	0.00	232	271	325	339	300
Total Noncurrent Assets	280	283	580	548	763	616	345	340	356	478	452
Long-Term Investments	-	-	-	-	-	-	-	0.00	1.65	7.25	7.25
Goodwill	150	148	317	311	311	200	188	188	188	188	191
Intangible Assets	115	94	237	210	190	167	114	99	86	74	64
Noncurrent Deferred & Refundable Income Taxes	1.36	20	-	-	-	-	-	-	0.00	95	9.05
Other Noncurrent Operating Assets	14	20	25	27	262	249	42	52	80	113	181
Total Liabilities & Shareholders' Equity	950	899	1,352	1,304	1,305	1,161	1,107	1,204	1,363	1,412	1,171
Total Liabilities	510	426	845	831	784	757	782	805	813	1,222	803
Total Current Liabilities	211	167	284	272	259	236	289	347	352	308	302
Short-Term Debt	38	2.96	46	2.18	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable	80	71	108	153	135	104	174	189	157	147	146
Accrued Expenses	93	92	129	116	124	131	115	158	196	162	157
Total Noncurrent Liabilities	299	260	562	559	524	521	492	458	461	913	500
Long-Term Debt	275	233	504	503	455	448	428	396	396	397	443
Other Noncurrent Operating Liabilities	21	24	20	20	31	26	28	34	47	516	57
Commitments & Contingencies	-	-	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	440	472	506	474	521	405	326	398	550	190	369
Total Preferred & Common Equity	440	472	506	474	521	405	326	398	549	189	367
Total Common Equity	440	472	506	474	521	405	326	398	549	189	367
Common Stock	644	642	654	630	640	645	655	667	679	690	701
Retained Earnings	-112	3.59	99	150	222	107	92	188	404	106	304
Treasury Stock	-90	-170	-244	-303	-337	-355	-422	-456	-533	-604	-637
Accumulated Other Comprehensive Income / (Loss)	-1.50	-2.85	-2.39	-3.34	-3.98	7.63	0.86	-0.88	-0.43	-3.23	-0.40
Noncontrolling Interest	-	-	-	-	-	-	0.00	0.51	0.60	1.00	1.18

This table presents Wabash National's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,309	1,385	1,389	1,379	1,339	1,455	1,415	1,376	1,350	1,229	1,239
Total Current Assets	683	728	721	687	644	639	658	624	603	469	492
Cash & Equivalents	68	99	105	116	77	82	81	57	92	43	71
Accounts Receivable	257	232	211	248	243	239	172	190	147	159	172
Inventories, net	316	342	344	279	273	261	279	252	220	198	192
Prepaid Expenses	42	55	60	45	51	58	126	124	145	68	56
Plant, Property, & Equipment, net	289	314	319	336	332	343	336	328	322	292	283
Total Noncurrent Assets	337	342	349	355	364	473	422	424	425	467	464
Long-Term Investments	-	-	-	0.16	0.00	0.00	7.25	7.25	7.25	16	16
Goodwill	188	188	188	188	188	188	197	197	197	213	213
Intangible Assets	96	93	90	83	80	77	72	69	66	61	58
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	98	8.41	8.12	4.73	22	32
Other Noncurrent Operating Assets	53	61	71	84	95	109	138	143	150	155	144
Total Liabilities & Shareholders' Equity	1,309	1,385	1,389	1,379	1,339	1,455	1,415	1,376	1,350	1,229	1,239
Total Liabilities	884	904	870	832	789	1,254	1,010	990	930	907	945
Total Current Liabilities	424	433	393	369	323	339	415	372	447	353	374
Short-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable	251	231	205	212	175	188	211	178	183	213	244
Accrued Expenses	174	202	188	157	148	152	204	194	264	140	130
Total Noncurrent Liabilities	460	470	477	464	465	915	595	617	483	555	571
Long-Term Debt	396	396	396	397	397	397	417	437	423	498	513
Other Noncurrent Operating Liabilities	36	41	44	54	55	518	177	180	60	57	58
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	425	481	519	546	551	201	405	386	420	322	294
Total Preferred & Common Equity	424	481	519	546	550	201	404	385	419	321	292
Total Common Equity	424	481	519	546	550	201	404	385	419	321	292
Common Stock	670	673	676	682	685	689	693	696	699	703	704
Retained Earnings	235	306	357	419	444	110	333	320	357	255	229
Treasury Stock	-480	-494	-512	-555	-576	-595	-620	-630	-637	-637	-637
Accumulated Other Comprehensive Income / (Loss)	-0.55	-3.00	-1.93	0.03	-2.10	-3.13	-2.45	-0.20	-0.47	0.26	-3.64
Noncontrolling Interest	0.70	0.33	0.48	0.12	0.37	0.66	1.25	1.24	1.30	1.12	1.40

This table displays calculated financial ratios and metrics derived from Wabash National's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	66,496,654.00	62,035,806.00	58,978,174.00	56,034,243.00	54,092,534.00	52,950,178.00	49,477,016.00	-	-	-	40,516,637.00
DEI Adjusted Shares Outstanding	66,496,654.00	62,035,806.00	58,978,174.00	56,034,243.00	54,092,534.00	52,950,178.00	49,477,016.00	-	-	-	40,516,637.00
DEI Earnings Per Adjusted Shares Outstanding	1.57	1.93	1.89	1.24	1.66	-1.84	0.02	-	-	-	5.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.81%	-8.98%	-4.24%	28.30%	2.29%	-36.10%	21.69%	38.76%	1.37%	-23.25%	-20.75%
EBITDA Growth	38.51%	7.69%	-26.85%	-4.91%	13.29%	-119.77%	297.73%	192.01%	68.59%	-181.43%	226.05%
EBIT Growth	51.59%	9.96%	-30.90%	-10.20%	16.28%	-158.61%	128.72%	583.76%	88.87%	-211.20%	188.82%
NOPAT Growth	52.09%	13.26%	-8.82%	-32.53%	35.37%	-155.16%	150.51%	324.01%	91.25%	-201.56%	192.20%
Net Income Growth	71.16%	14.52%	-6.71%	-37.70%	29.03%	-208.75%	101.19%	9,588.14%	105.60%	-222.09%	174.76%
EPS Growth	76.47%	20.00%	-1.11%	-33.15%	36.13%	-213.58%	101.09%	11,150.00%	113.78%	-233.06%	179.22%
Operating Cash Flow Growth	42.27%	35.63%	-19.23%	-22.10%	30.06%	-15.14%	-106.02%	1,761.10%	157.57%	-63.31%	-90.05%
Free Cash Flow Firm Growth	48.71%	37.44%	-225.29%	149.51%	20.51%	18.10%	-111.76%	550.08%	188.44%	-75.80%	-249.90%
Invested Capital Growth	-0.19%	-5.10%	58.38%	-2.18%	-1.28%	-24.04%	7.38%	7.86%	4.07%	-39.37%	66.34%
Revenue Q/Q Growth	0.81%	-4.24%	4.83%	3.03%	-1.33%	-10.56%	4.35%	7.67%	-2.36%	-8.43%	-5.82%
EBITDA Q/Q Growth	12.26%	-6.19%	-1.90%	-6.18%	4.65%	-110.58%	-34.53%	64.46%	2.01%	-22.72%	-14.90%
EBIT Q/Q Growth	12.73%	-7.25%	-2.43%	-8.39%	5.65%	-33.93%	-60.77%	106.65%	1.34%	-19.95%	-16.88%
NOPAT Q/Q Growth	13.73%	-7.10%	33.12%	-35.08%	7.44%	-34.04%	-42.28%	87.05%	3.84%	-19.26%	-17.70%
Net Income Q/Q Growth	15.76%	-7.93%	30.98%	-35.24%	8.20%	-15.24%	-96.36%	145.92%	3.99%	-22.08%	-18.89%
EPS Q/Q Growth	15.38%	-6.74%	34.85%	-32.77%	7.28%	-14.29%	-96.77%	141.94%	5.48%	-17.86%	-18.23%
Operating Cash Flow Q/Q Growth	-27.83%	34.33%	7.82%	-19.63%	10.82%	-29.93%	86.94%	-10.68%	24.59%	-22.54%	-92.22%
Free Cash Flow Firm Q/Q Growth	-27.90%	41.32%	3.28%	-22.42%	4.94%	-23.41%	73.71%	-26.68%	44.79%	-38.56%	-250.84%
Invested Capital Q/Q Growth	2.42%	-7.30%	-2.29%	-3.96%	-3.80%	-0.81%	-9.77%	1.80%	-5.50%	-10.09%	3.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.97%	17.64%	14.76%	12.51%	13.21%	10.78%	10.90%	12.90%	19.64%	13.62%	4.53%
EBITDA Margin	10.89%	12.89%	9.85%	7.30%	8.08%	-2.50%	4.06%	8.55%	14.22%	-15.09%	24.00%
Operating Margin	8.90%	10.97%	7.40%	4.90%	6.16%	-5.78%	1.86%	6.66%	12.30%	-18.29%	19.93%
EBIT Margin	9.02%	10.90%	7.86%	5.50%	6.26%	-5.74%	1.35%	6.67%	12.43%	-18.01%	20.19%
Profit (Net Income) Margin	5.14%	6.47%	6.31%	3.06%	3.86%	-6.57%	0.06%	4.51%	9.14%	-14.54%	13.72%
Tax Burden Percent	63.86%	64.41%	90.93%	72.31%	76.08%	89.19%	90.23%	77.01%	78.68%	75.17%	74.74%
Interest Burden Percent	89.31%	92.21%	88.20%	76.95%	81.15%	128.46%	5.28%	87.71%	93.45%	107.39%	90.91%
Effective Tax Rate	36.14%	35.59%	9.07%	27.69%	23.92%	0.00%	9.77%	22.99%	21.32%	0.00%	25.26%
Return on Invested Capital (ROIC)	19.97%	23.24%	16.84%	9.37%	12.91%	-8.15%	4.60%	18.10%	32.70%	-40.54%	37.18%
ROIC Less NNEP Spread (ROIC-NNEP)	13.22%	12.77%	13.37%	6.41%	7.37%	-21.89%	-5.32%	13.62%	27.78%	-54.33%	31.81%
Return on Net Nonoperating Assets (RNNOA)	5.14%	2.95%	5.94%	4.80%	5.10%	-12.90%	-4.28%	13.06%	16.21%	-35.98%	38.63%
Return on Equity (ROE)	25.11%	26.19%	22.78%	14.17%	18.01%	-21.04%	0.32%	31.17%	48.90%	-76.51%	75.81%
Cash Return on Invested Capital (CROIC)	20.17%	28.47%	-28.35%	11.57%	14.19%	19.18%	-2.52%	10.54%	28.71%	8.48%	-12.64%
Operating Return on Assets (OROA)	19.47%	21.76%	12.35%	9.40%	11.12%	-6.90%	2.15%	14.45%	24.58%	-25.28%	24.12%
Return on Assets (ROA)	11.10%	12.92%	9.90%	5.23%	6.87%	-7.90%	0.10%	9.76%	18.07%	-20.41%	16.39%
Return on Common Equity (ROCE)	25.11%	26.19%	22.78%	14.17%	18.01%	-21.04%	0.32%	31.14%	48.85%	-76.35%	75.51%
Return on Equity Simple (ROE_SIMPLE)	23.71%	25.28%	22.02%	14.65%	17.19%	-24.06%	0.36%	28.36%	42.19%	-149.91%	0.00%
Net Operating Profit after Tax (NOPAT)	115	130	119	80	109	-60	30	128	245	-249	230
NOPAT Margin	5.68%	7.07%	6.73%	3.54%	4.68%	-4.04%	1.68%	5.13%	9.68%	-12.80%	14.90%
Net Nonoperating Expense Percent (NNEP)	6.75%	10.46%	3.47%	2.96%	5.54%	13.74%	9.92%	4.48%	4.91%	13.80%	5.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.16%	25.93%	-42.47%	28.33%
Cost of Revenue to Revenue	85.03%	82.36%	85.24%	87.49%	86.79%	89.22%	89.10%	87.10%	80.36%	86.38%	95.47%
SG&A Expenses to Revenue	5.02%	5.58%	5.85%	5.65%	6.17%	7.95%	6.24%	5.60%	6.83%	31.27%	-17.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.07%	6.67%	7.36%	7.62%	7.05%	16.56%	9.04%	6.24%	7.34%	31.91%	-15.40%
Earnings before Interest and Taxes (EBIT)	183	201	139	125	145	-85	24	167	315	-351	311
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	221	238	174	165	187	-37	73	214	361	-294	370
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	1.80	2.22	1.38	1.40	2.11	2.84	2.64	2.11	3.91	0.95
Price to Tangible Book Value (P/TBV)	3.88	3.70	0.00	0.00	36.23	22.28	40.80	9.54	4.22	0.00	3.09
Price to Revenue (P/Rev)	0.34	0.46	0.63	0.29	0.31	0.58	0.51	0.42	0.46	0.38	0.23
Price to Earnings (P/E)	6.53	7.11	10.06	9.39	8.12	0.00	794.00	9.34	5.01	0.00	1.64
Dividend Yield	0.00%	0.00%	1.26%	2.58%	2.38%	1.98%	1.71%	1.46%	1.27%	2.35%	4.66%
Earnings Yield	15.32%	14.06%	9.94%	10.65%	12.32%	0.00%	0.13%	10.70%	19.96%	0.00%	60.85%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.69	1.71	1.21	1.25	1.71	1.88	1.89	1.80	2.18	0.97
Enterprise Value to Revenue (EV/Rev)	0.40	0.50	0.84	0.45	0.45	0.73	0.71	0.55	0.54	0.52	0.49
Enterprise Value to EBITDA (EV/EBITDA)	3.70	3.88	8.51	6.20	5.56	0.00	17.48	6.48	3.81	0.00	2.03
Enterprise Value to EBIT (EV/EBIT)	4.47	4.59	10.66	8.22	7.18	0.00	52.45	8.31	4.36	0.00	2.42
Enterprise Value to NOPAT (EV/NOPAT)	7.09	7.08	12.45	12.77	9.59	0.00	42.32	10.81	5.60	0.00	3.27
Enterprise Value to Operating Cash Flow (EV/OCF)	6.20	5.17	10.26	9.11	7.12	8.75	0.00	11.18	4.30	8.65	64.49
Enterprise Value to Free Cash Flow (EV/FCFF)	7.03	5.78	0.00	10.34	8.72	7.70	0.00	18.56	6.38	19.45	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.50	1.09	1.07	0.87	1.11	1.32	0.99	0.72	2.09	1.20
Long-Term Debt to Equity	0.63	0.50	1.00	1.06	0.87	1.11	1.32	0.99	0.72	2.09	1.20
Financial Leverage	0.39	0.23	0.44	0.75	0.69	0.59	0.80	0.96	0.58	0.66	1.21
Leverage Ratio	2.26	2.03	2.30	2.71	2.62	2.66	3.11	3.19	2.71	3.75	4.63
Compound Leverage Factor	2.02	1.87	2.03	2.09	2.13	3.42	0.16	2.80	2.53	4.03	4.21
Debt to Total Capital	41.75%	33.49%	52.14%	51.64%	46.66%	52.53%	56.82%	49.85%	41.88%	67.66%	54.58%
Short-Term Debt to Total Capital	5.09%	0.42%	4.38%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.66%	33.07%	47.77%	51.41%	46.66%	52.53%	56.82%	49.85%	41.88%	67.66%	54.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.06%	0.06%	0.17%	0.15%
Common Equity to Total Capital	58.25%	66.51%	47.86%	48.36%	53.34%	47.47%	43.18%	50.08%	58.05%	32.17%	45.27%
Debt to EBITDA	1.43	1.00	3.17	3.06	2.43	-12.09	5.85	1.85	1.10	-1.35	1.20
Net Debt to EBITDA	0.62	0.31	2.07	2.26	1.68	-6.22	4.87	1.58	0.60	-0.93	1.09
Long-Term Debt to EBITDA	1.25	0.99	2.90	3.04	2.43	-12.09	5.85	1.85	1.10	-1.35	1.20
Debt to NOPAT	2.74	1.82	4.64	6.30	4.20	-7.48	14.15	3.08	1.62	-1.59	1.93
Net Debt to NOPAT	1.18	0.57	3.03	4.65	2.90	-3.84	11.78	2.63	0.88	-1.10	1.76
Long-Term Debt to NOPAT	2.40	1.80	4.25	6.28	4.20	-7.48	14.15	3.08	1.62	-1.59	1.93
Altman Z-Score	3.81	4.41	2.80	2.94	3.20	2.16	2.79	3.78	4.19	1.27	2.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.07%	0.12%	0.22%	0.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.51	2.89	2.03	2.02	2.09	2.32	1.83	1.71	1.93	1.93	1.39
Quick Ratio	1.57	1.90	1.19	1.15	1.21	1.35	0.86	0.90	1.03	0.84	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	116	160	-200	99	119	141	-17	75	215	52	-78
Operating Cash Flow to CapEx	1,724.16%	879.55%	950.11%	692.85%	388.59%	616.63%	-15.21%	217.36%	308.07%	148.19%	16.18%
Free Cash Flow to Firm to Interest Expense	5.95	10.20	-12.21	3.45	4.37	5.83	-0.72	3.64	10.85	2.63	-3.67
Operating Cash Flow to Interest Expense	6.74	11.41	8.80	3.91	5.35	5.13	-0.32	6.05	16.10	5.91	0.55
Operating Cash Flow Less CapEx to Interest Expense	6.35	10.11	7.88	3.35	3.97	4.30	-2.45	3.26	10.87	1.92	-2.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.16	2.00	1.57	1.71	1.78	1.20	1.59	2.17	1.98	1.40	1.19
Accounts Receivable Turnover	14.08	12.04	11.76	13.83	13.11	10.82	12.98	11.58	11.57	11.91	11.70
Inventory Turnover	10.02	9.90	9.39	10.87	10.84	7.54	8.01	9.05	7.97	6.39	6.70
Fixed Asset Turnover	14.31	13.44	10.73	11.27	0.00	0.00	0.00	9.94	8.50	5.86	4.82
Accounts Payable Turnover	19.61	20.14	16.76	15.17	13.98	11.05	11.54	12.00	11.79	11.09	10.07
Days Sales Outstanding (DSO)	25.93	30.31	31.03	26.39	27.84	33.75	28.12	31.52	31.55	30.65	31.21
Days Inventory Outstanding (DIO)	36.43	36.85	38.85	33.59	33.67	48.40	45.59	40.32	45.80	57.13	54.52
Days Payable Outstanding (DPO)	18.61	18.13	21.78	24.06	26.11	33.02	31.62	30.40	30.96	32.92	36.24
Cash Conversion Cycle (CCC)	43.74	49.04	48.10	35.92	35.40	49.13	42.09	41.43	46.40	54.86	49.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	576	547	866	847	836	635	682	736	766	464	772
Invested Capital Turnover	3.52	3.29	2.50	2.65	2.76	2.01	2.74	3.53	3.38	3.17	2.50
Increase / (Decrease) in Invested Capital	-1.11	-29	319	-19	-11	-201	47	54	30	-301	308
Enterprise Value (EV)	817	924	1,481	1,025	1,042	1,086	1,281	1,387	1,375	1,014	752
Market Capitalization	681	849	1,121	652	727	856	924	1,049	1,159	739	347
Book Value per Share	$6.61	$7.61	$8.58	$8.46	$9.63	$7.65	$6.58	$8.29	$11.92	$4.36	$9.07
Tangible Book Value per Share	$2.64	$3.70	($0.82)	($0.85)	$0.37	$0.73	$0.46	$2.29	$5.96	($1.71)	$2.78
Total Capital	755	710	1,057	980	977	853	754	794	947	587	811
Total Debt	315	238	551	506	456	448	428	396	396	397	443
Total Long-Term Debt	277	235	505	504	456	448	428	396	396	397	443
Net Debt	136	74	360	373	315	230	357	338	216	274	404
Capital Expenditures (CapEx)	7.64	20	15	16	38	20	49	57	104	79	72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	178	154	148	147	141	92	169	187	150	171	85
Debt-free Net Working Capital (DFNWC)	357	318	339	280	282	310	240	245	329	286	117
Net Working Capital (NWC)	318	315	293	278	282	310	240	245	329	286	117
Net Nonoperating Expense (NNE)	11	11	7.53	11	19	37	29	16	14	34	18
Net Nonoperating Obligations (NNO)	136	74	360	373	315	230	357	338	216	274	404
Total Depreciation and Amortization (D&A)	38	37	35	41	42	48	49	47	45	57	59
Debt-free, Cash-free Net Working Capital to Revenue	8.78%	8.36%	8.35%	6.49%	6.10%	6.23%	9.35%	7.47%	5.91%	8.76%	5.50%
Debt-free Net Working Capital to Revenue	17.60%	17.22%	19.19%	12.35%	12.16%	20.92%	13.33%	9.80%	12.98%	14.70%	7.57%
Net Working Capital to Revenue	15.71%	17.06%	16.56%	12.25%	12.16%	20.92%	13.33%	9.80%	12.98%	14.70%	7.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.55	$1.87	$1.88	$1.22	$1.64	($1.84)	$0.02	$2.31	$4.92	($6.40)	$5.09
Adjusted Weighted Average Basic Shares Outstanding	64.94M	59.96M	57.65M	57.00M	54.70M	52.95M	50.68M	48.63M	47.01M	44.36M	41.51M
Adjusted Diluted Earnings per Share	$1.50	$1.82	$1.78	$1.19	$1.62	($1.84)	$0.02	$2.25	$4.81	($6.40)	$5.07
Adjusted Weighted Average Diluted Shares Outstanding	64.94M	59.96M	57.65M	58.43M	55.29M	52.95M	51.61M	49.88M	48.03M	44.36M	41.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.94M	59.96M	57.65M	55.15M	53.08M	52.06M	48.76M	47.51M	45.09M	42.45M	40.44M
Normalized Net Operating Profit after Tax (NOPAT)	115	130	128	98	109	14	55	129	246	-249	240
Normalized NOPAT Margin	5.68%	7.07%	7.23%	4.34%	4.68%	0.94%	3.06%	5.15%	9.68%	-12.79%	15.55%
Pre Tax Income Margin	8.05%	10.05%	6.93%	4.23%	5.08%	-7.37%	0.07%	5.85%	11.62%	-19.35%	18.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.35	12.84	8.47	4.34	5.31	-3.51	1.06	8.13	15.88	-17.68	14.61
NOPAT to Interest Expense	5.89	8.33	7.25	2.79	3.97	-2.48	1.31	6.25	12.36	-12.56	10.78
EBIT Less CapEx to Interest Expense	8.96	11.54	7.55	3.77	3.93	-4.35	-1.07	5.35	10.66	-21.66	11.23
NOPAT Less CapEx to Interest Expense	5.50	7.03	6.33	2.23	2.60	-3.31	-0.81	3.47	7.14	-16.55	7.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	13.75%	25.59%	19.87%	-17.78%	1,411.94%	14.21%	7.06%	-5.43%	6.51%
Augmented Payout Ratio	59.22%	66.61%	80.60%	109.69%	57.50%	-37.18%	7,144.85%	44.61%	39.93%	-30.48%	22.47%

This table displays calculated financial ratios and metrics derived from Wabash National's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	42,449,835.00	41,870,141.00	40,938,223.00	40,516,637.00	40,436,437.00	40,673,967.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	42,449,835.00	41,870,141.00	40,938,223.00	40,516,637.00	40,436,437.00	40,673,967.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	5.44	-0.23	0.98	-1.23	-1.12	-0.56
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.33%	-17.02%	-19.81%	-26.67%	-30.08%	-26.08%	-16.67%	-17.77%	-22.88%	-20.39%	-9.06%
EBITDA Growth	10.39%	-45.09%	-48.31%	-559.02%	-72.10%	654.09%	-84.28%	117.60%	-308.03%	-111.18%	-221.88%
EBIT Growth	7.11%	-55.63%	-56.32%	-650.00%	-92.90%	913.87%	-110.55%	113.64%	-1,420.00%	-116.47%	-421.07%
NOPAT Growth	20.37%	-60.22%	-57.89%	-617.58%	-95.36%	974.24%	-110.14%	114.74%	-1,771.53%	-115.59%	-432.41%
Net Income Growth	21.40%	-64.42%	-60.79%	-694.57%	-101.37%	1,164.26%	-132.88%	112.14%	-7,114.00%	-119.57%	-135.49%
EPS Growth	30.49%	-62.50%	-58.44%	-749.14%	-90.65%	1,274.36%	-135.94%	112.88%	-1,130.00%	-120.71%	-143.48%
Operating Cash Flow Growth	121.48%	-125.06%	-85.66%	-26.59%	-29.67%	98.44%	-243.66%	99.19%	-171.01%	-12,272.06%	132.43%
Free Cash Flow Firm Growth	378.14%	-193.15%	-26.63%	68.07%	1,158.59%	728.95%	283.14%	-1,876.86%	-215.14%	-119.14%	-79.34%
Invested Capital Growth	4.07%	9.83%	11.76%	-36.27%	-39.37%	-11.22%	-12.76%	44.06%	66.34%	3.56%	-5.26%
Revenue Q/Q Growth	-5.80%	-13.56%	6.86%	-15.72%	-10.18%	-8.62%	20.46%	-16.83%	-15.76%	-5.67%	37.60%
EBITDA Q/Q Growth	-17.12%	-41.77%	34.46%	-807.33%	105.04%	1,473.68%	-97.20%	691.47%	-159.57%	15.40%	69.44%
EBIT Q/Q Growth	-19.99%	-50.34%	45.38%	-1,052.12%	101.03%	6,996.86%	-101.51%	1,330.89%	-199.86%	11.46%	52.13%
NOPAT Q/Q Growth	-7.63%	-59.54%	49.83%	-1,024.31%	100.83%	9,266.72%	-101.41%	1,443.22%	-193.93%	12.65%	51.69%
Net Income Q/Q Growth	-8.97%	-63.79%	59.70%	-1,229.55%	99.79%	33,461.62%	-104.15%	516.94%	-224.86%	9.52%	50.01%
EPS Q/Q Growth	-7.76%	-63.55%	64.10%	-1,276.56%	101.33%	5,260.00%	-104.29%	521.74%	-206.19%	-7.77%	49.55%
Operating Cash Flow Q/Q Growth	97.38%	-115.14%	163.31%	288.10%	89.09%	-100.34%	-5,721.32%	638.12%	-167.41%	41.41%	115.26%
Free Cash Flow Firm Q/Q Growth	183.39%	-315.89%	-12.81%	84.28%	3,386.85%	7.89%	-67.15%	-269.71%	-91.44%	82.07%	135.46%
Invested Capital Q/Q Growth	-5.50%	8.00%	5.25%	-40.68%	-10.09%	58.14%	3.43%	-2.04%	3.83%	-1.55%	-5.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.16%	14.84%	16.28%	12.07%	10.31%	4.99%	9.02%	4.12%	-1.93%	-3.49%	3.67%
EBITDA Margin	12.65%	8.52%	10.73%	-90.01%	5.05%	86.95%	2.02%	19.26%	-13.62%	-12.22%	-2.71%
Operating Margin	10.25%	5.74%	7.95%	-93.32%	0.86%	82.58%	-1.04%	15.11%	-18.65%	-17.27%	-6.06%
EBIT Margin	10.53%	6.05%	8.23%	-93.02%	1.07%	83.01%	-1.04%	15.43%	-18.29%	-17.17%	-5.97%
Profit (Net Income) Margin	8.47%	3.55%	5.30%	-71.09%	-0.17%	60.70%	-2.09%	10.49%	-15.55%	-14.92%	-5.42%
Tax Burden Percent	88.53%	74.01%	74.94%	75.27%	34.63%	74.75%	78.10%	77.49%	76.32%	77.65%	71.86%
Interest Burden Percent	90.85%	79.24%	85.96%	101.54%	-44.92%	97.83%	257.00%	87.74%	111.40%	111.88%	126.24%
Effective Tax Rate	11.47%	25.99%	25.06%	0.00%	0.00%	25.25%	0.00%	22.51%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	30.66%	13.07%	16.58%	-209.39%	1.91%	143.34%	-1.53%	30.44%	-32.57%	-23.70%	-8.17%
ROIC Less NNEP Spread (ROIC-NNEP)	29.37%	11.89%	15.41%	-218.22%	0.60%	142.05%	-3.34%	28.99%	-34.94%	-25.94%	-9.40%
Return on Net Nonoperating Assets (RNNOA)	17.13%	7.45%	9.21%	-183.62%	0.40%	91.04%	-2.47%	29.81%	-42.43%	-27.39%	-11.03%
Return on Equity (ROE)	47.79%	20.52%	25.79%	-393.01%	2.30%	234.38%	-4.00%	60.25%	-75.01%	-51.09%	-19.20%
Cash Return on Invested Capital (CROIC)	28.71%	17.53%	9.21%	12.79%	8.48%	5.51%	3.35%	8.22%	-12.64%	-9.06%	-2.16%
Operating Return on Assets (OROA)	20.82%	10.95%	13.87%	-139.04%	1.50%	107.70%	-1.32%	18.02%	-21.86%	-19.03%	-6.51%
Return on Assets (ROA)	16.75%	6.42%	8.94%	-106.26%	-0.23%	78.75%	-2.65%	12.25%	-18.58%	-16.53%	-5.90%
Return on Common Equity (ROCE)	47.74%	20.50%	25.77%	-392.39%	2.30%	234.04%	-3.99%	60.06%	-74.71%	-50.92%	-19.13%
Return on Equity Simple (ROE_SIMPLE)	0.00%	36.39%	27.88%	-115.64%	0.00%	0.00%	-28.29%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	54	22	33	-303	2.51	235	-3.33	45	-42	-37	-18
NOPAT Margin	9.08%	4.25%	5.96%	-65.32%	0.60%	61.73%	-0.72%	11.71%	-13.05%	-12.09%	-4.24%
Net Nonoperating Expense Percent (NNEP)	1.30%	1.18%	1.16%	8.83%	1.31%	1.29%	1.81%	1.45%	2.37%	2.24%	1.23%
Return On Investment Capital (ROIC_SIMPLE)	5.72%	-	-	-	0.43%	28.59%	-0.40%	5.30%	-5.17%	-4.47%	-2.19%
Cost of Revenue to Revenue	81.84%	85.16%	83.72%	87.93%	89.69%	95.01%	90.98%	95.88%	101.93%	103.49%	96.33%
SG&A Expenses to Revenue	7.35%	8.48%	7.61%	104.77%	8.86%	-78.32%	9.45%	-11.77%	11.68%	13.13%	9.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.93%	9.10%	8.34%	105.39%	9.45%	-77.59%	10.06%	-10.99%	16.72%	13.78%	9.74%
Earnings before Interest and Taxes (EBIT)	63	31	45	-432	4.46	316	-4.78	59	-59	-52	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	44	59	-418	21	331	9.29	73	-44	-37	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.11	2.51	1.78	4.19	3.91	1.12	1.15	0.96	0.95	1.08	1.87
Price to Tangible Book Value (P/TBV)	4.22	5.00	3.48	0.00	0.00	3.32	3.69	2.57	3.09	7.44	26.10
Price to Revenue (P/Rev)	0.46	0.56	0.43	0.40	0.38	0.25	0.26	0.24	0.23	0.24	0.38
Price to Earnings (P/E)	5.01	6.92	6.41	0.00	0.00	0.00	0.00	1.54	1.64	0.00	0.00
Dividend Yield	1.27%	1.08%	1.47%	2.09%	2.35%	3.77%	3.03%	3.27%	4.66%	3.75%	2.38%
Earnings Yield	19.96%	14.46%	15.60%	0.00%	0.00%	0.00%	0.00%	64.95%	60.85%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.80	2.00	1.49	2.24	2.18	1.06	1.07	0.98	0.97	1.03	1.35
Enterprise Value to Revenue (EV/Rev)	0.54	0.68	0.57	0.54	0.52	0.43	0.47	0.44	0.49	0.54	0.68
Enterprise Value to EBITDA (EV/EBITDA)	3.81	5.09	4.82	0.00	0.00	0.00	0.00	1.67	2.03	400.68	0.00
Enterprise Value to EBIT (EV/EBIT)	4.36	5.98	5.97	0.00	0.00	0.00	0.00	1.94	2.42	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	5.60	7.77	7.76	0.00	0.00	0.00	0.00	2.60	3.27	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	4.30	7.10	7.79	7.64	8.65	5.81	7.59	4.84	64.49	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	6.38	11.93	17.11	13.63	19.45	18.17	29.91	14.01	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.72	0.73	0.72	1.97	2.09	1.03	1.13	1.01	1.20	1.55	1.75
Long-Term Debt to Equity	0.72	0.73	0.72	1.97	2.09	1.03	1.13	1.01	1.20	1.55	1.75
Financial Leverage	0.58	0.63	0.60	0.84	0.66	0.64	0.74	1.03	1.21	1.06	1.17
Leverage Ratio	2.71	2.77	2.64	3.95	3.75	2.94	2.90	4.52	4.63	3.64	3.84
Compound Leverage Factor	2.46	2.19	2.27	4.01	-1.68	2.87	7.45	3.96	5.15	4.07	4.85
Debt to Total Capital	41.88%	42.07%	41.87%	66.37%	67.66%	50.74%	53.10%	50.16%	54.58%	60.75%	63.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	41.88%	42.07%	41.87%	66.37%	67.66%	50.74%	53.10%	50.16%	54.58%	60.75%	63.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.06%	0.01%	0.04%	0.11%	0.17%	0.15%	0.15%	0.15%	0.15%	0.14%	0.17%
Common Equity to Total Capital	58.05%	57.92%	58.09%	33.52%	32.17%	49.10%	46.75%	49.69%	45.27%	39.11%	36.24%
Debt to EBITDA	1.10	1.22	1.47	-1.66	-1.35	-65.12	-7.79	0.97	1.20	254.23	-27.53
Net Debt to EBITDA	0.60	0.86	1.19	-1.32	-0.93	-51.35	-6.64	0.74	1.09	223.84	-22.82
Long-Term Debt to EBITDA	1.10	1.22	1.47	-1.66	-1.35	-65.12	-7.79	0.97	1.20	254.23	-27.53
Debt to NOPAT	1.62	1.87	2.37	-1.90	-1.59	-8.38	-5.22	1.51	1.93	-11.98	-9.17
Net Debt to NOPAT	0.88	1.32	1.91	-1.51	-1.10	-6.61	-4.45	1.16	1.76	-10.55	-7.60
Long-Term Debt to NOPAT	1.62	1.87	2.37	-1.90	-1.59	-8.38	-5.22	1.51	1.93	-11.98	-9.17
Altman Z-Score	3.57	3.53	3.32	1.24	2.10	2.82	2.05	2.13	1.89	1.68	1.80
Noncontrolling Interest Sharing Ratio	0.12%	0.08%	0.07%	0.16%	0.22%	0.14%	0.17%	0.32%	0.39%	0.33%	0.39%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.93	1.87	1.99	1.88	1.93	1.58	1.68	1.35	1.39	1.33	1.31
Quick Ratio	1.03	0.99	0.99	0.94	0.84	0.61	0.66	0.53	0.50	0.57	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	-52	-59	-9.25	304	328	108	-183	-350	-63	22
Operating Cash Flow to CapEx	781.78%	-90.75%	64.44%	267.52%	301.15%	-0.94%	-227.24%	346.56%	-484.31%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	4.89	-10.45	-11.89	-1.87	61.46	65.24	20.29	-34.02	-62.39	-10.15	3.32
Operating Cash Flow to Interest Expense	23.28	-3.49	2.23	8.63	16.36	-0.05	-2.98	15.86	-10.24	-5.44	0.77
Operating Cash Flow Less CapEx to Interest Expense	20.30	-7.34	-1.23	5.40	10.93	-5.78	-4.30	11.28	-12.35	-4.68	2.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.98	1.81	1.68	1.49	1.40	1.30	1.27	1.17	1.19	1.11	1.09
Accounts Receivable Turnover	11.57	9.64	9.66	9.45	11.91	8.64	7.95	8.49	11.70	8.86	7.87
Inventory Turnover	7.97	6.64	6.17	5.94	6.39	5.76	5.94	6.33	6.70	5.97	6.34
Fixed Asset Turnover	8.50	7.79	7.11	6.42	5.86	5.40	5.22	4.93	4.82	4.67	4.66
Accounts Payable Turnover	11.79	8.53	9.34	9.14	11.09	7.59	8.82	8.20	10.07	6.73	6.67
Days Sales Outstanding (DSO)	31.55	37.86	37.78	38.61	30.65	42.23	45.93	42.99	31.21	41.22	46.35
Days Inventory Outstanding (DIO)	45.80	54.98	59.19	61.48	57.13	63.37	61.42	57.68	54.52	61.09	57.59
Days Payable Outstanding (DPO)	30.96	42.79	39.10	39.93	32.92	48.11	41.37	44.51	36.24	54.27	54.72
Cash Conversion Cycle (CCC)	46.40	50.06	57.86	60.16	54.86	57.49	65.98	56.16	49.49	48.03	49.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	766	827	870	516	464	734	759	744	772	760	719
Invested Capital Turnover	3.38	3.08	2.78	3.21	3.17	2.32	2.11	2.60	2.50	1.96	1.93
Increase / (Decrease) in Invested Capital	30	74	92	-294	-301	-93	-111	227	308	26	-40
Enterprise Value (EV)	1,375	1,652	1,300	1,156	1,014	781	816	726	752	785	973
Market Capitalization	1,159	1,371	980	841	739	451	442	401	347	345	546
Book Value per Share	$11.92	$12.03	$12.23	$4.56	$4.36	$9.51	$9.20	$10.23	$9.07	$7.93	$7.19
Tangible Book Value per Share	$5.96	$6.05	$6.26	($1.48)	($1.71)	$3.19	$2.86	$3.81	$2.78	$1.15	$0.51
Total Capital	947	943	948	598	587	822	824	843	811	820	807
Total Debt	396	397	397	397	397	417	437	423	443	498	513
Total Long-Term Debt	396	397	397	397	397	417	437	423	443	498	513
Net Debt	216	281	320	315	274	329	373	324	404	438	425
Capital Expenditures (CapEx)	15	19	17	16	27	29	6.97	25	12	-4.73	-11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	150	203	243	218	171	161	194	65	85	73	46
Debt-free Net Working Capital (DFNWC)	329	319	321	300	286	242	252	156	117	117	118
Net Working Capital (NWC)	329	319	321	300	286	242	252	156	117	117	118
Net Nonoperating Expense (NNE)	3.59	3.60	3.59	27	3.20	3.93	6.28	4.63	8.03	8.58	4.91
Net Nonoperating Obligations (NNO)	216	281	320	315	274	329	373	324	404	438	425
Total Depreciation and Amortization (D&A)	13	13	14	14	17	15	14	15	15	15	14
Debt-free, Cash-free Net Working Capital to Revenue	5.91%	8.36%	10.60%	10.27%	8.76%	8.89%	11.28%	3.94%	5.50%	4.99%	3.24%
Debt-free Net Working Capital to Revenue	12.98%	13.12%	13.97%	14.12%	14.70%	13.36%	14.62%	9.54%	7.57%	7.95%	8.26%
Net Working Capital to Revenue	12.98%	13.12%	13.97%	14.12%	14.70%	13.36%	14.62%	9.54%	7.57%	7.95%	8.26%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.10	$0.40	$0.65	($7.53)	$0.08	$5.41	($0.23)	$0.98	($1.07)	($1.11)	($0.56)
Adjusted Weighted Average Basic Shares Outstanding	47.01M	45.38M	44.90M	43.83M	44.36M	42.72M	41.75M	40.93M	41.51M	40.74M	40.92M
Adjusted Diluted Earnings per Share	$1.07	$0.39	$0.64	($7.53)	$0.10	$5.36	($0.23)	$0.97	($1.03)	($1.11)	($0.56)
Adjusted Weighted Average Diluted Shares Outstanding	48.03M	46.25M	45.37M	43.83M	44.36M	43.09M	41.75M	41.17M	41.75M	40.74M	40.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.09M	45.02M	44.00M	43.34M	42.45M	41.87M	40.94M	40.52M	40.44M	40.67M	40.74M
Normalized Net Operating Profit after Tax (NOPAT)	54	22	34	-303	2.51	235	-3.32	45	-33	-37	-18
Normalized NOPAT Margin	9.08%	4.25%	6.09%	-65.33%	0.60%	61.72%	-0.72%	11.75%	-10.14%	-12.25%	-4.37%
Pre Tax Income Margin	9.57%	4.80%	7.08%	-94.45%	-0.48%	81.20%	-2.68%	13.54%	-20.38%	-19.21%	-7.54%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.71	6.25	9.16	-87.06	0.90	62.91	-0.90	10.96	-10.48	-8.42	-3.72
NOPAT to Interest Expense	10.95	4.39	6.63	-61.14	0.51	46.78	-0.63	8.31	-7.48	-5.92	-2.65
EBIT Less CapEx to Interest Expense	9.73	2.41	5.71	-90.29	-4.53	57.18	-2.21	6.38	-12.60	-7.65	-2.02
NOPAT Less CapEx to Interest Expense	7.97	0.54	3.17	-64.36	-4.92	41.05	-1.94	3.74	-9.59	-5.16	-0.94
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	7.06%	8.34%	10.34%	-6.73%	-5.43%	-20.65%	-13.08%	5.37%	6.51%	-20.67%	-17.10%
Augmented Payout Ratio	39.93%	45.97%	63.86%	-42.35%	-30.48%	-113.69%	-62.64%	21.37%	22.47%	-47.32%	-25.89%

Financials Breakdown Chart

Key Financial Trends

Wabash National’s Q2 2026 results show sequential improvement but continued financial pressure. Revenue increased to $417.2 million from $303.2 million in Q1, while the net loss narrowed to $22.6 million from $45.2 million. However, revenue and profitability remained below the year-ago period, and the company is still operating with very thin margins and a highly leveraged balance sheet.

Sequential recovery in revenue and earnings: Q2 revenue rose 37.6% from Q1 2026, and the net loss narrowed by approximately 50% to $22.6 million. Operating losses also improved from $52.4 million to $25.3 million.
Gross profitability returned: Wabash generated $15.3 million of gross profit in Q2, compared with a $10.6 million gross loss in Q1. This suggests that pricing, production levels or cost controls improved during the quarter.
Operating cash flow turned positive: Cash flow from operations improved from an outflow of $33.7 million in Q1 to an inflow of $5.1 million in Q2. The improvement was supported by a $12.8 million benefit from changes in operating assets and liabilities.
Liquidity improved in the latest quarter: Cash and equivalents increased to $71.5 million from $43.4 million at the end of Q1. Total current assets also rose to $491.8 million, while inventories declined to $192.3 million from $198.3 million.
Capital spending moderated: Q2 property, plant and equipment purchases were only $2.1 million, down from $3.7 million in Q1 and $7.0 million in Q2 2025. This helped limit cash investment needs during a weak earnings period.
Share count has trended lower: Weighted-average basic shares declined to 40.9 million in Q2 2026 from 44.9 million in Q2 2024 and 47.5 million in Q2 2023. Continued share reduction can support per-share results when profitability recovers.
Cash generation benefited from asset sales: Investing activities produced $11.4 million of cash in Q2, primarily because Wabash received $13.5 million from selling property, plant and equipment. This supported liquidity, but asset sales are not a recurring operating source of cash.
Working-capital levels have materially declined: Inventory fell from $342.5 million in Q2 2023 to $192.3 million in Q2 2026, while total current assets declined from $728.4 million to $491.8 million. The reduction may reflect improved efficiency, but it also coincides with a significant contraction in revenue.
Revenue remains in a multiyear downtrend: Q2 2026 revenue of $417.2 million was 9.1% below Q2 2025, 32.6% below Q2 2024 and 39.2% below Q2 2023. The company has not yet returned to the stronger sales levels recorded earlier in the period.
Margins remain substantially weaker than historical levels: The Q2 gross margin was approximately 3.7%, compared with 9.0% in Q2 2025, 16.3% in Q2 2024 and 22.0% in Q2 2023. Operating and net margins also remained negative, indicating that the revenue recovery has not yet translated into sustainable profitability.
Debt increased while the company remained unprofitable: Long-term debt rose to $513.2 million from $498.0 million in Q1 and $437.5 million in Q2 2025. Q2 financing cash flow was positive only because $77.1 million of new debt issuance exceeded $62.2 million of repayments.
Leverage is high relative to equity: Total liabilities were $944.9 million compared with total equity of $293.9 million at June 30, 2026. Long-term debt alone was roughly 1.7 times total equity, leaving the company exposed to interest costs and refinancing risk.
Interest costs are weighing on results: Wabash recorded $6.7 million of interest expense in Q2 and paid $11.1 million of cash interest. Interest expense has increased from $5.3 million in Q2 2025 as debt balances have risen.
Shareholders’ equity continues to erode: Total equity declined to $293.9 million from $321.7 million at the end of Q1 and $386.5 million in Q2 2025. Retained earnings fell to $228.9 million as the company accumulated losses.
The dividend is not covered by current earnings: Wabash continued paying a quarterly dividend of $0.08 per share, or approximately $3.3 million in Q2, despite reporting a $22.9 million loss attributable to common shareholders. The dividend remains modest, but its coverage is currently weak.

For investors, the key issue is whether the Q2 improvement represents the start of a durable recovery or merely a temporary rebound. The positive sequential trends in revenue, gross profit, operating cash flow and liquidity are encouraging, but they are offset by lower year-over-year sales, negative earnings, elevated debt and reliance on financing and asset sales to support cash. The balance sheet provides some liquidity, yet a sustained improvement in margins and internally generated cash flow will likely be necessary before Wabash’s financial position can be considered healthy.

10/01/26 07:04 PM ETAI Generated. May Contain Errors.

Wabash National Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Wabash National's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Wabash National's net income appears to be on a downward trend, with a most recent value of $211.64 million in 2025, rising from $104.29 million in 2015. The previous period was -$283.08 million in 2024. Find out what analysts predict for Wabash National in the coming months.

Wabash National's total operating income in 2025 was $307.51 million, based on the following breakdown:

Total Gross Profit: $69.91 million
Total Operating Expenses: -$237.59 million

Over the last 10 years, Wabash National's total revenue changed from $2.03 billion in 2015 to $1.54 billion in 2025, a change of -23.9%.

In the past 13 quarters, Wabash National's cash and equivalents has ranged from $43.43 million in Q1 2026 to $115.79 million in Q1 2024, and is currently $71.50 million as of their latest financial filing in Q2 2026.

Wabash National had total debt of $442.85 million at the end of 2025, a 11.5% increase from 2024, and a 40.5% increase since 2015.

Over the last 10 years, Wabash National's book value per share changed from 6.61 in 2015 to 9.07 in 2025, a change of 37.1%.

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Financial statements for NYSE:WNC last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Wabash National (WNC) Financials

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