Wabash National (WNC) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was $458.8–$459 million, down 16.7% year-over-year, as industry softness and economic uncertainty led to lower trailer and truck body shipments, while Parts & Services grew sequentially and year-over-year.

• Gross margin declined to 9.0% from 16.3% in Q2 2024, with GAAP net loss of $9.6 million ($(0.23) per share) and adjusted net loss of $6.1 million ($(0.15) per share), outperforming expectations.

• Legal matters, including a Missouri product liability case, resulted in significant adjustments and ongoing financial exposure.

• Strategic initiatives such as upfit centers, Trailers as a Service (TaaS), and the Trailerhawk.ai acquisition are supporting future growth and digital expansion.

• Liquidity at quarter-end was $312 million, with a $1.0 billion backlog reflecting continued customer caution.

Financial highlights

• Q2 2025 net sales were $458.8–$459 million, down from $550.6 million in Q2 2024; gross profit was $41.4 million (9.0% margin).

• Adjusted EBITDA was $16.3 million (3.6% of sales), up from $1.4 million in Q2 2024.

• Q2 2025 GAAP net loss was $9.6 million; adjusted net loss was $6.1 million.

• Free cash flow for Q2 2025 was $(22.8) million, compared to $(6.1) million in Q2 2024.

• Year-to-date operating cash flow was -$16.1 million; net debt leverage ratio was 6.2x.

Outlook and guidance

• 2025 revenue guidance was reduced to $1.6 billion, with adjusted EPS of $(1.30) to $(1.00); Q3 2025 revenue guidance is $390–$430 million and EPS of $(0.20) to $(0.30).

• Free cash flow for 2025 is expected to be near breakeven, excluding TaaS investments.

• Early 2026 forecasts and customer discussions suggest cautious optimism for a return to growth, assuming stable macro conditions.

• Capex for 2025 projected at $30–$40 million; tax rate estimated at 25%.