Wabash National (WNC) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $380.9M, down 26.1% year-over-year, as customers delayed purchases amid tariff and regulatory uncertainty; Parts & Services revenue grew, and upfit volumes doubled year-over-year.

• GAAP net income was $230.9M, driven by a $342M legal charge reduction; adjusted net loss was $(24.8)M, with adjusted EPS of $(0.58).

• Strategic focus on growing Parts & Services and digital initiatives, including the acquisition of Trailerhawk.ai and expansion of the TaaS platform.

• Showcased new manufacturing capabilities and innovative products at major industry events, reinforcing a technology-forward reputation.

• Backlog ended at $1.2B, up 5% sequentially but down 32% year-over-year, reflecting modest new order activity.

Financial highlights

• Q1 2025 net sales were $380.9M, with shipments of 6,290 trailers and 3,000 truck bodies.

• Gross margin was 5.0%, down from 14.8% a year ago; adjusted operating margin was (7.2)%.

• Adjusted EBITDA for Q1 was $(9.2)M, compared to $45.6M in Q1 2024.

• Free cash flow was $(29.1)M, an improvement from $(36.6)M in Q1 2024.

• Cash and cash equivalents at quarter-end were $81.0M.

Outlook and guidance

• 2025 revenue outlook reduced to ~$1.8B, with non-GAAP adjusted EPS guidance of $(0.85) to $(0.35).

• Q2 revenue expected at $420–$460M and EPS of $(0.25) to $(0.35).

• Capex for 2025 planned at $50–$60M; tax rate at 25%.

• Management expects 2025 demand to undercut replacement levels, leading to an aging fleet and potential future catch-up demand.

• 12-month backlog as of March 31, 2025 was $841M, up 3% sequentially but down 44% year-over-year.