Wabash National (WNC) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $417 million, down 9.1% year-over-year, with a net loss attributable to common stockholders of $22.9 million or $(0.56) per share, and backlog grew 14% sequentially to $956 million, outperforming seasonal trends.

• Gross profit margin declined to 3.7% in Q2 2026 from 9.0% in Q2 2025, and net loss increased compared to the prior year.

• $150 million in convertible senior notes were issued in July 2026, strengthening liquidity and balance sheet flexibility.

• The company completed the acquisition of Linq Venture Holdings LLC, expanding digital marketplace capabilities.

• Market indicators and management commentary signal improving freight market fundamentals and a recovery outlook.

Financial highlights

• Q2 2026 net sales were $417 million, with a GAAP operating loss of $25.3 million and adjusted operating loss of $23.5 million, reflecting facility idling costs.

• Adjusted EPS was $(0.53); net loss attributable to common stockholders was $22.9 million.

• Free cash flow improved to $3.1 million in Q2 2026 from $(22.8) million in Q2 2025.

• Cash and cash equivalents at June 30, 2026, were $71.5 million; liquidity position (cash plus available borrowing) was $192.8 million.

• Shipped 8,292 new trailers and 1,380 truck bodies in Q2 2026.

Outlook and guidance

• Q3 2026 revenue is expected between $440 million and $460 million, with adjusted EPS loss of $(0.50) to $(0.40); Q4 is anticipated to show continued EPS improvement.

• Positive EBITDA is anticipated in the second half of 2026, with a return to normalized EBITDA ($150M–$170M) in 2027 if replacement demand materializes.

• Backlog at June 30, 2026, increased 45% year-over-year to $876 million for the next 12 months, reflecting strong order placements.

• Management expects to fund working capital and capex from convertible notes, operations, or available credit.

• Industry forecasts for 2026 U.S. trailer production are 195,000–198,000 units, with further recovery expected in 2027.