Form 8-K

8-K — WABASH NATIONAL Corp

Accession: 0000879526-26-000047

Filed: 2026-05-01

Period: 2026-05-01

CIK: 0000879526

SIC: 3715 (TRUCK TRAILERS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wnc-20260501.htm (Primary)

EX-99.1 (wnc-20260331xex991.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

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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) May 1, 2026

WABASH NATIONAL CORPORATION

(Exact Name of Registrant as Specified in its Charter)

Delaware 001-10883 52-1375208

(State or other jurisdiction

of Incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

3900 McCarty Lane

Lafayette Indiana 47905

(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:

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

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

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

☐ 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 May 1, 2026, Wabash National Corporation (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. 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

99.1

Wabash National Corporation Press Release dated May 1, 2026

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

Date: May 1, 2026 By: /s/ Patrick Keslin

Patrick Keslin

Senior Vice President and Chief Financial Officer

EX-99.1

Filename: wnc-20260331xex991.htm · Sequence: 2

Document

Media Contact:

Heidi Murphy

Heidi.murphy@padillaco.com

Investor Relations:

John Cummings

Sr. Director, FP&A & IR

(765) 262-2898

john.cummings@onewabash.com

Wabash Announces First Quarter 2026 Results

▪Quarterly revenue of $303 million - Softer than expected demand, particularly in our Truck Body business, led to revenue coming in below our guidance range. Parts & Services generated positive revenue growth year-over-year.

▪GAAP operating loss of $52 million or Non-GAAP adjusted operating loss of $56 million; Excludes impact of $6 million gain related to purchase accounting and $2.8 million of facility idling costs.

▪Quarterly GAAP EPS of $(1.11) or Non-GAAP adjusted EPS of $(1.17). Missing Expectations due to revenue miss and operational inefficiencies associated with lower than expected volumes.

▪Total backlog of $837 million ending Q1. Near-term market environment continues to be challenging as the industry remains cautious, though underlying indicators point to pending recovery.

▪Q2-2026 revenue outlook midpoint of $390 million, EPS outlook $(0.50). Market conditions and financials expected to improve throughout 2026.

LAFAYETTE, Ind. – May 1, 2026 – 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 March 31, 2026.

The Company's net sales for the first quarter of 2026 were $303.2 million, reflecting a 20.4% decrease compared to the same quarter of the previous year. The Company generated consolidated gross margin loss of $11 million, equivalent to negative 3.5% of sales. GAAP operating loss amounted to $52 million as the company recognized a $6 million gain related to purchase accounting and $2.8 million of facility idling costs. Non-GAAP adjusted operating loss was $55.5 million for the quarter. First quarter GAAP diluted earnings per share was $(1.11) or $(1.17) on a Non-GAAP adjusted basis.

As of March 31, 2026, total Company backlog stood at approximately $837 million, an increase of $132 million over the prior quarter.

For the second quarter of 2026, the Company guides its revenue to be in the range of $380 million to $400 million and Non-GAAP adjusted EPS to a range of $(0.40) to $(0.60).

"As we entered the first quarter, we did so with a clear-eyed view of the environment in front of us. Freight markets were uncertain, and customers continued to act cautiously. Order patterns were uneven, asset utilization inconsistent, and capital decisions across the industry were being evaluated carefully" explained Brent Yeagy, President and Chief Executive Officer. "At the same time, we were encouraged by early signs of stabilization and improving fundamentals that typically precede a broader recovery. Now, as we move into the second quarter of 2026, both our customers and our visibility continues to improve, and it shows an environment that is building to set up a constructive 2027 as spot rates, contract rates, capacity and demand are all coming together to drive back to replacement demand for equipment and possibly beyond, and fleets begin to to plan more confidentially."

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 first quarter of 2026 and 2025. A complete disclosure of the results by individual segment is included in the tables following this release.

Wabash National Corporation

Three Months Ended March 31, 2026 2025

New Units Shipped

Trailers 5,378 6,290

Truck bodies 1,527 3,000

Transportation Solutions Parts & Services

Three Months Ended March 31, 2026 2025 2026 2025

(Unaudited, dollars in thousands)

Net sales $ 250,176 $ 346,803 $ 54,069 $ 51,955

Gross (loss) profit $ (15,516) $ 8,414 $ 4,941 $ 10,589

Gross (loss) profit margin (6.2)% 2.4% 9.1% 20.4%

(Loss) income from operations $ (37,349) $ (9,798) $ 3,803 $ 6,910

(Loss) income from operations margin (14.9)% (2.8)% 7.0% 13.3%

During the first quarter, Transportation Solutions generated net sales of $250.2 million, a decrease of 27.9% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $37.3 million, representing 14.9% of sales.

Parts & Services' net sales for the first quarter were $54.1 million, an increase of 4.1% compared to the prior year quarter. Operating income for the quarter amounted to $3.8 million, or 7.0% 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 including adjusted operating loss, adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss per share, 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, 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 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 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 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, impairment and other, net, facility idling costs, purchase accounting gain, Missouri legal matter 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 attributable to common stockholders and adjusted diluted loss per share reflect an adjustment for the facility idling cost, purchase accounting gain, Missouri legal matter and the related tax effects of those adjustments. 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 attributable to common stockholders and adjusted diluted loss per share to net (loss) income attributable to common stockholders and diluted loss 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 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 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 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 (loss) 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 (loss) 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, adjusted EBITDA, adjusted net loss attributable to common stockholders, adjusted diluted loss per share, 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.

First Quarter 2026 Conference Call

Wabash will discuss its results during its quarterly investor conference call on Friday, May 1, 2026, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash's website, www.onewabash.com, under "Events & Presentations." The conference call will be accessible at the following link: https://events.q4inc.com/attendee/310958583

A replay of the call will be available 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®. 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 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)

March 31,

2026 December 31,

2025

Assets

Current assets:

Cash and cash equivalents $ 43,427 $ 31,923

Accounts receivable, net 159,186 119,874

Inventories, net 198,289 181,153

Prepaid expenses and other 68,349 86,136

Total current assets 469,251 419,086

Property, plant, and equipment, net 292,391 300,477

Goodwill 213,339 191,222

Deferred income taxes 21,951 9,047

Intangible assets, net 60,887 63,561

Investment in unconsolidated entities 16,110 7,250

Other assets 155,199 180,538

Total assets $ 1,229,128 $ 1,171,181

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt $ — $ —

Accounts payable 212,512 145,739

Other accrued liabilities 140,237 156,556

Total current liabilities 352,749 302,295

Long-term debt 498,035 442,852

Deferred income taxes 12 —

Other non-current liabilities 56,598 57,492

Total liabilities 907,394 802,639

Commitments and contingencies

Noncontrolling interest 1,120 1,184

Wabash National Corporation stockholders’ equity:

Common stock 200,000,000 shares authorized, $0.01 par value, 40,673,967 and 40,436,437 shares outstanding, respectively 789 787

Additional paid-in capital 701,805 700,697

Retained earnings 255,108 303,615

Accumulated other comprehensive income (loss) 255 (398)

Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively (637,343) (637,343)

Total Wabash National Corporation stockholders' equity 320,614 367,358

Total liabilities, noncontrolling interest, and equity $ 1,229,128 $ 1,171,181

WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three Months Ended March 31,

2026 2025

Net sales $ 303,229 $ 380,890

Cost of sales 313,804 361,887

Gross (loss) profit (10,575) 19,003

General and administrative expenses 32,097 (304,685)

Selling expenses 7,718 6,379

Amortization of intangible assets 2,674 2,789

Impairment and other, net (705) (31)

(Loss) income from operations (52,359) 314,551

Other income (expense):

Interest expense (6,186) (5,026)

Other, net 290 1,614

Other expense, net (5,896) (3,412)

Loss from unconsolidated entity — (1,842)

(Loss) income before income tax expense (58,255) 309,297

Income tax (benefit) expense (13,020) 78,101

Net (loss) income (45,235) 231,196

Net (loss) income attributable to noncontrolling interest (64) 255

Net (loss) income attributable to common stockholders $ (45,171) $ 230,941

Net (loss) income attributable to common stockholders per share:

Basic $ (1.11) $ 5.41

Diluted $ (1.11) $ 5.36

Weighted average common shares outstanding (in thousands):

Basic 40,739 42,716

Diluted 40,739 43,087

Dividends declared per share $ 0.08 $ 0.08

WABASH NATIONAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - dollars in thousands)

Three Months Ended March 31,

2026 2025

Cash flows from operating activities

Net (loss) income $ (45,235) $ 231,196

Adjustments to reconcile net (loss) income to net cash used in operating activities

Depreciation 12,355 12,243

Amortization of intangibles 2,674 2,789

Net (gain) loss on sale of property, plant and equipment (1,162) 33

Deferred income taxes (12,892) 86,461

Stock-based compensation 3,171 3,249

Non-cash interest expense 262 246

Equity in loss from unconsolidated entity — 1,842

Accounts receivable (38,719) (27,747)

Inventories (17,136) (19,823)

Prepaid expenses and other 5,542 (15,573)

Accounts payable and accrued liabilities 64,202 73,227

Other, net (6,714) (348,415)

Net cash used in operating activities (33,652) (272)

Cash flows from investing activities

Cash payments for capital expenditures (3,425) (8,698)

Expenditures for revenue generating assets (235) (20,144)

Proceeds from the sale of assets 8,385 40

Acquisition, net of cash acquired (2,872) (1,666)

Investment in unconsolidated affiliates and other (6,174) (3,350)

Net cash used in investing activities (4,321) (33,818)

Cash flows from financing activities

Proceeds from exercise of stock options — 11

Dividends paid (3,476) (3,864)

Borrowings under revolving credit facilities 111,303 20,414

Payments under revolving credit facilities (56,303) (414)

Debt issuance costs paid — (1)

Stock repurchases — (16,504)

Other (2,047) —

Net cash provided by (used in) financing activities 49,477 (358)

Cash and cash equivalents:

Net increase (decrease) in cash and cash equivalents 11,504 (34,448)

Cash and cash equivalents at beginning of period 31,923 115,484

Cash and cash equivalents at end of period $ 43,427 $ 81,036

Supplemental disclosures of cash flow information:

Cash paid for interest $ 1,302 $ 191

Net cash refunds received for income taxes $ (10,346) $ (193)

Period end balance of payables for property, plant, and equipment $ 1,788 $ 5,001

WABASH NATIONAL CORPORATION

SEGMENTS AND RELATED INFORMATION

(Unaudited - dollars in thousands)

Wabash National Corporation

Three Months Ended March 31, 2026 2025

Units Shipped

New trailers 5,378 6,290

New truck bodies 1,527 3,000

Used trailers 30 36

Three Months Ended March 31, Transportation Solutions Parts & Services Corporate and

Eliminations Consolidated

2026

New trailers $ 205,447 $ — $ (514) $ 204,933

Used trailers — 1,044 — 1,044

Components, parts and service — 33,086 — 33,086

Equipment and other 44,729 19,939 (502) 64,166

Total net external sales $ 250,176 $ 54,069 $ (1,016) $ 303,229

Gross (loss) profit $ (15,516) $ 4,941 $ — $ (10,575)

(Loss) income from operations $ (37,349) $ 3,803 $ (18,813) $ (52,359)

Adjusted loss from operations1

$ (34,517) $ (2,192) $ (18,813) $ (55,522)

2025

New trailers $ 251,045 $ — $ (17,670) $ 233,375

Used trailers — 1,500 — 1,500

Components, parts and service — 31,502 — 31,502

Equipment and other 95,758 18,953 (198) 114,513

Total net external sales $ 346,803 $ 51,955 $ (17,868) $ 380,890

Gross profit $ 8,414 $ 10,589 $ — $ 19,003

(Loss) income from operations $ (9,798) $ 6,910 $ 317,439 $ 314,551

Adjusted (loss) income from operations1

$ (9,798) $ 6,910 $ (24,561) $ (27,449)

1 Adjusted operating loss, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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 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 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 Loss1

Three Months Ended

March 31,

2026 2025

Transportation Solutions

Loss from operations $ (37,349) $ (9,798)

Adjustments:

Facility idling and related costs 2,832 —

Adjusted operating loss (34,517) (9,798)

Parts & Services

Income from operations 3,803 6,910

Adjustments:

Purchase accounting gains (5,995) —

Adjusted operating (loss) income (2,192) 6,910

Corporate

(Loss) income from operations (18,813) 317,439

Adjustments:

Missouri legal matter — (342,000)

Adjusted operating loss (18,813) (24,561)

Consolidated

(Loss) income from operations (52,359) 314,551

Adjustments:

Facility idling and related costs 2,832 —

Purchase accounting gains (5,995) —

Missouri legal matter — (342,000)

Adjusted operating loss $ (55,522) $ (27,449)

WABASH NATIONAL CORPORATION

RECONCILIATION OF GAAP FINANCIAL MEASURES TO

NON-GAAP FINANCIAL MEASURES

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

Adjusted EBITDA1:

Three Months Ended March 31,

2026 2025

Net (loss) income $ (45,235) $ 231,196

Income tax (benefit) expense (13,020) 78,101

Interest expense 6,186 5,026

Depreciation and amortization 15,029 15,032

Stock-based compensation 3,171 3,249

Impairment and other, net (705) (31)

Other, net (290) (1,614)

Loss from unconsolidated entity — 1,842

Facility idling and related costs 2,832 —

Purchase accounting gains (5,995) —

Missouri legal matter — (342,000)

Adjusted EBITDA $ (38,027) $ (9,199)

Adjusted Net Loss Attributable to Common Stockholders2:

Three Months Ended March 31,

2026 2025

Net (loss) income attributable to common stockholders $ (45,171) $ 230,941

Adjustments:

Facility idling and related costs 2,832 —

Purchase accounting gains (5,995) —

Missouri legal matter — (342,000)

Tax effect of aforementioned items 791 86,253

Adjusted net loss attributable to common stockholders $ (47,543) $ (24,806)

Adjusted Diluted Loss2:

Three Months Ended March 31,

2026 2025

Diluted (loss) earnings per share $ (1.11) $ 5.36

Adjustments:

Facility idling and related costs 0.07 —

Purchase accounting gains (0.15) —

Missouri legal matter — (7.94)

Tax effect of aforementioned items 0.02 2.00

Adjusted diluted loss per share $ (1.17) $ (0.58)

Weighted average diluted shares outstanding (in thousands) 40,739 43,087

1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, impairment and other, net, facility idling costs, purchase accounting gain, the Missouri legal matter, 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.

2 Adjusted net loss attributable to common stockholders and adjusted diluted loss per share reflect adjustments for facility idling costs, purchase accounting gain, the Missouri legal matter and the related tax effect of those adjustments.

WABASH NATIONAL CORPORATION

RECONCILIATION OF FREE CASH FLOW1

(Unaudited - dollars in thousands)

Three Months Ended March 31,

2026 2025

Net cash used in operating activities $ (33,652) $ (272)

Cash payments for capital expenditures (3,425) (8,698)

Expenditures for revenue generating assets (235) (20,144)

Free Cash Flow1

$ (37,312) $ (29,114)

1 Free cash flow is defined as net cash used in 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 provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance.

WABASH NATIONAL CORPORATION

RECONCILIATION OF ADJUSTED SEGMENT EBITDA1

AND ADJUSTED SEGMENT EBITDA MARGIN1

(Unaudited - dollars in thousands)

Transportation Solutions Parts & Services

Three Months Ended March 31, 2026 2025 2026 2025

(Loss) income from operations $ (37,349) $ (9,798) $ 3,803 $ 6,910

Depreciation and amortization 11,636 12,705 2,314 1,177

Facility idling and related costs 2,832 — — —

Purchase accounting gains — — (5,995) —

Adjusted segment EBITDA1

$ (22,881) $ 2,907 $ 122 $ 8,087

Adjusted segment EBITDA margin1

(9.1) % 0.8 % 0.2 % 15.6 %

1 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 (loss) income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) 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.

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v3.26.1

Cover Page Cover Page

May 01, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 01, 2026

Entity Registrant Name

WABASH NATIONAL CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

001-10883

Entity Tax Identification Number

52-1375208

Entity Address, Address Line One

3900 McCarty Lane

Entity Address, City or Town

Lafayette

Entity Address, State or Province

Entity Address, Postal Zip Code

47905

City Area Code

765

Local Phone Number

771-5310

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock, $0.01 par value

Trading Symbol

WNC

Security Exchange Name

NYSE

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0000879526

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Cover page.

+ References

No definition available.

+ Details

Name:

dei_CoverAbstract

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration