Wabash National (WNC) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $303.2 million, down 20.4% year-over-year, driven by lower volumes in Transportation Solutions but partially offset by growth in Parts & Services; management remains confident in sequential improvement for the rest of 2026.

• Net loss attributable to common stockholders was $45.2 million, or $(1.11) per diluted share, compared to net income of $230.9 million, or $5.36 per diluted share, in Q1 2025.

• Gross profit margin declined to (3.5)% from 5.0% in the prior year, reflecting lower shipment volumes and increased overheads.

• Backlog increased $132 million sequentially to $837 million, indicating early signs of demand recovery, though it remains down year-over-year.

• Section 232 tariff changes and AD/CVD rulings are anticipated to positively impact industry dynamics in late 2026 and 2027.

Financial highlights

• Q1 2026 consolidated revenue was $303 million, down from $381 million in Q1 2025 and slightly below guidance.

• Adjusted non-GAAP gross margin was -2.6% and operating margin was -18.3%; GAAP gross margin was (3.5)%.

• Adjusted non-GAAP EBITDA was -$38 million (-12.5% of sales); adjusted net income was -$47.5 million (-$1.17 per share).

• Operating cash flow was -$33.7 million; free cash flow was -$37.3 million.

• Total liquidity at quarter-end was $165 million, with cash and cash equivalents at $43.4 million.

Outlook and guidance

• Q2 2026 revenue expected between $380 million and $400 million, with midpoint at $390 million; adjusted EPS between -$0.40 and -$0.60.

• Q1 2026 is expected to be the low point for the year, with sequential improvement anticipated through Q3 and Q4.

• Positive adjusted EBITDA expected in the second half of 2026.

• Backlog fully supports Q2 guidance.

• Industry forecasts for 2026 U.S. trailer production call for a 1.1% to 7.3% decrease from 2025.