# WABASH NATIONAL Corp (WNC) Informational only - not investment advice. CIK: 0000879526 SIC: 3715 Truck Trailers SIC breadcrumb: [Manufacturing](/division/D/) > [Transportation Equipment](/major-group/37/) > [SIC 3715 Truck Trailers](/industry/3715/) Latest 10-K filed: 2026-02-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=879526 Filing source: https://www.sec.gov/Archives/edgar/data/879526/000087952626000036/wnc-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0000879526-26-000036 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000879526.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,542,754,000 USD | 2025 | verified | | Net income | 211,451,000 USD | 2025 | verified | | Assets | 1,171,181,000 USD | 2025 | verified | | Free cash flow | -13,045,000 USD | 2025 | computed | | Net margin | 13.71% | 2025 | computed | | Operating margin | 19.93% | 2025 | computed | | Revenue YoY | -20.75% | 2025 | computed | | ROE | 57.56% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | WNC | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 13.7% | 3.7% | 91 | 65 | | Operating margin | 19.9% | 7.3% | 89 | 57 | | Revenue growth | -20.8% | 5.6% | 3 | 73 | | FCF margin | -0.8% | 4.4% | 27 | 72 | | ROE | 57.6% | 6.0% | 99 | 72 | | ROA | 18.1% | 2.8% | 99 | 75 | | Liabilities / equity | 2.18 | 1.45 | 72 | 72 | | Current ratio | 1.39 | 2.20 | 24 | 71 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 37 Transportation Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1542754000 | USD | 2025 | 2026-02-18 | | Net income | 211451000 | USD | 2025 | 2026-02-18 | | Assets | 1171181000 | USD | 2025 | 2026-02-18 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000879526.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,845,444,000 | 1,767,161,000 | 2,267,278,000 | 2,319,136,000 | 1,481,889,000 | 1,803,268,000 | 2,502,129,000 | 2,536,500,000 | 1,946,740,000 | 1,542,754,000 | | Net income | | 119,433,000 | 111,422,000 | 69,421,000 | 89,575,000 | -97,412,000 | 1,164,000 | 112,258,000 | 231,252,000 | -284,071,000 | 211,451,000 | | Operating income | | 202,532,000 | 130,816,000 | 110,987,000 | 142,786,000 | -85,608,000 | 33,542,000 | 166,642,000 | 311,949,000 | -356,104,000 | 307,505,000 | | Gross profit | | 325,534,000 | 260,875,000 | 283,651,000 | 306,382,000 | 159,754,000 | 196,467,000 | 322,691,000 | 498,187,000 | 265,072,000 | 69,911,000 | | Diluted EPS | | 1.82 | 1.78 | 1.19 | 1.62 | -1.84 | 0.02 | 2.25 | 4.81 | -6.40 | 5.07 | | Operating cash flow | | 178,750,000 | 144,379,000 | 112,471,000 | 146,284,000 | 124,134,000 | -7,470,000 | 124,084,000 | 319,606,000 | 117,272,000 | 11,666,000 | | Capital expenditures | | 20,342,000 | 26,056,000 | 34,009,000 | 37,645,000 | 20,131,000 | 49,105,000 | 57,086,000 | 98,093,000 | 72,188,000 | 24,711,000 | | Dividends paid | | 0.00 | 15,315,000 | 17,768,000 | 17,797,000 | 17,324,000 | 16,435,000 | 16,020,000 | 15,861,000 | 14,779,000 | 13,782,000 | | Assets | | 898,733,000 | 1,351,513,000 | 1,304,393,000 | 1,304,591,000 | 1,161,470,000 | 1,107,071,000 | 1,203,523,000 | 1,362,814,000 | 1,411,529,000 | 1,171,181,000 | | Liabilities | 370,595,000 | | 845,450,000 | 830,544,000 | 783,603,000 | 756,591,000 | 781,532,000 | 805,398,000 | 812,715,000 | 1,221,703,000 | 802,639,000 | | Stockholders' equity | | 472,391,000 | 506,063,000 | 473,849,000 | 520,988,000 | 404,879,000 | 325,539,000 | 397,613,000 | 549,496,000 | 188,830,000 | 367,358,000 | | Cash and cash equivalents | | 163,467,000 | 191,521,000 | 132,690,000 | 140,516,000 | 217,677,000 | 71,778,000 | 58,245,000 | 179,271,000 | 115,484,000 | 31,923,000 | | Free cash flow | | 158,408,000 | 118,323,000 | 78,462,000 | 108,639,000 | 104,003,000 | -56,575,000 | 66,998,000 | 221,513,000 | 45,084,000 | -13,045,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 6.47% | 6.31% | 3.06% | 3.86% | -6.57% | 0.06% | 4.49% | 9.12% | -14.59% | 13.71% | | Operating margin | | 10.97% | 7.40% | 4.90% | 6.16% | -5.78% | 1.86% | 6.66% | 12.30% | -18.29% | 19.93% | | Return on equity | | 25.28% | 22.02% | 14.65% | 17.19% | -24.06% | 0.36% | 28.23% | 42.08% | -150.44% | 57.56% | | Return on assets | | 13.29% | 8.24% | 5.32% | 6.87% | -8.39% | 0.11% | 9.33% | 16.97% | -20.13% | 18.05% | | Liabilities / equity | | | 1.67 | 1.75 | 1.50 | 1.87 | 2.40 | 2.03 | 1.48 | 6.47 | 2.18 | | Current ratio | | 2.89 | 2.03 | 2.02 | 2.09 | 2.31 | 1.83 | 1.71 | 1.93 | 1.93 | 1.39 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000879526.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 0.46 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.73 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.04 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 51,213,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 686,620,000 | | 1.54 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 74,328,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 632,828,000 | | 1.16 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 596,100,000 | 50,382,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 515,276,000 | 18,167,000 | 0.39 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 18,167,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 550,610,000 | | 0.64 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 28,958,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 464,040,000 | | -7.53 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 416,814,000 | -1,030,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 380,890,000 | 230,941,000 | 5.36 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 230,941,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 458,816,000 | | -0.23 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | -9,589,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 381,595,000 | | 0.97 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 321,453,000 | -49,878,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 303,229,000 | -45,171,000 | -1.11 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from WNC's latest 10-K: [/company/WNC/business/](/company/WNC/business/). ## Risk Factors Verbatim Item 1A Risk Factors from WNC's latest 10-K: [/company/WNC/risk-factors/](/company/WNC/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/879526/000087952626000089/wnc-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-29 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the “Quarterly Report”) of Wabash National Corporation (together with its subsidiaries, “Wabash,” “Company,” “us,” “we,” or “our”) contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements may include the words “may,” “will,” “estimate,” “intend,” “continue,” “believe,” “expect,” “plan” or “anticipate” and other similar words. Forward-looking statements convey the Company’s current expectations or forecasts of future events. Our “forward-looking statements” include, but are not limited to, statements regarding: ▪the cyclical nature of our business and impact of economic conditions on markets, customers, and demand for our products; ▪unfairly traded imports of dry vans and refrigerated trailers that may injure or threaten with injury America’s domestic dry van and refrigerated trailer industry; ▪changes in our customer relationships or in the financial condition of our customers; ▪our backlog and indicators of the level of our future revenues; ▪reliance on information technology to support our operations and our ability to protect against service interruptions or security breaches; ▪use of artificial intelligence in our business and challenges in managing its use; ▪inflation; ▪reliance on a limited number of suppliers of raw materials and components, price increases of raw materials and components, and our ability to obtain raw materials and components; ▪our ability to attract and retain key personnel or a sufficient workforce; ▪our ability to execute on our long-term strategic plan and growth initiatives or to meet our long-term financial goals; ▪volatility in the supply of vehicle chassis and other vehicle components: ▪significant competition in the industries in which we operate, including offerings by our competitors of new or better products and services or lower prices, including foreign competitors who may be violating anti-dumping laws or benefitting from subsidization in their home countries; ▪our competition in the highly competitive specialized vehicle industry; ▪market acceptance of our technology and products or market share gains of competing products; ▪disruptions of manufacturing operations; ▪our ability to effectively manage, safeguard, design, manufacture, service, repair, and maintain our leased (or subleased) trailers; ▪our arrangement to wholly own Linq Venture Holdings LLC; ▪our ability to realize all of the expected enhanced revenue, earnings, and cash flow from our agreement to create Wabash Parts LLC; ▪current and future governmental laws and regulations and costs related to compliance with such laws and regulations; ▪changes to U.S. or foreign tax laws and the effects on our effective tax rate and future profitability; ▪changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences; ▪the effects of product liability and other legal claims; ▪climate change and related public focus from regulators and various stakeholders; ▪impairment in the carrying value of goodwill and other long-lived intangible assets; ▪our ability to continue a regular quarterly dividend; ▪our ability to generate sufficient cash to service all of our indebtedness; ▪our indebtedness, financial condition and fulfillment of obligations thereunder; 30 Table of Contents ▪increased risks of international operations; ▪our ability to meet environmental, social, and governance (“ESG”) expectations or standards or to achieve our ESG goals; ▪provisions of our Senior Notes and our Convertible Notes which could discourage potential future acquisitions of us by a third party; ▪the risks related to restrictive covenants in our Senior Notes indenture and Revolving Credit Agreement (each, as defined below), including limits on financial and operating flexibility; ▪the risks related to completing the Amendment; ▪the risks related to the conditional conversion feature of our Convertible Notes; ▪the risks related to the accounting method for our Convertible Notes; ▪price and trading volume volatility of our common stock; ▪the risk related to the potential dilution to our common stock in connection with the conversion of our Convertible Notes; and ▪assumptions relating to the foregoing. Although we believe that the expectations expressed in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and are subject to inherent risks and uncertainties, such as those disclosed in this Quarterly Report. Important risks and factors that could cause our actual results to be materially different from our expectations include the factors that are disclosed in “Item 1A-Risk Factors” in this Quarterly Report on Form 10-Q. Each forward-looking statement contained in this Quarterly Report reflects our management’s view only as of the date on which that forward-looking statement was made. We are not obligated to update forward-looking statements or publicly release the result of any revisions to them to reflect events or circumstances after the date of this Quarterly Report or to reflect the occurrence of unanticipated events, except as required by law. 31 Table of Contents Results of Operations Three Months Ended June 30, 2026 Compared with the Three Months Ended June 30, 2025 Net Sales Net sales in the second quarter of 2026, decreased $41.6 million, or 9.1%, compared to the second quarter of 2025. By business segment, prior to the elimination of intercompany sales, sales and related units sold were as follows (dollars in thousands): [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change"],["","2026","","2025","","Amount","","%"],["","(prior to elimination of intersegment sales)"],["Sales by Segment"],["Transportation Solutions","$","354,654","","","$","400,214","","","$","(45,560)","","","(11.4","%)"],["Parts & Services","63,387","","","59,744","","","3,643","","","6.1","%"],["Eliminations","(800)","","","(1,142)","","","342"],["Total","$","417,241","","","$","458,816","","","$","(41,575)","","","(9.1","%)"],["New Units Shipped","(units)"],["Trailers(1)","8,292","","","8,043","","","249","","","3.1","%"],["Truck bodies","1,380","","","3,188","","","(1,808)","","","(56.7","%)"],["Total","9,672","","","11,231","","","(1,559)","","","(13.9","%)"],["Used Units Shipped","(units)"],["Trailers","40","","","30","","","10","","","33.3","%"]] [[/GREPCENT_TABLE]] ————————— (1) Trailer shipments do not include converter dollies for any period presented. TS segment sales, prior to the elimination of intersegment sales, were $354.7 million for the second quarter of 2026, a decrease of $45.6 million, or 11.4%, compared to the second quarter of 2025. New trailers shipped during the second quarter of 2026 totaled 8,292 trailers compared to 8,043 trailers in the prior year period, an increase of 3.1%, which was primarily driven by higher dry van and platform shipments. New truck bodies shipped during the second quarter of 2026 totaled 1,380 truck bodies compared to 3,188 truck bodies in the prior year period, a decrease of 56.7% attributable to decreased demand. P&S segment sales, prior to the elimination of intersegment sales, were $63.4 million for the second quarter of 2026, an increase of $3.6 million, or 6.1%, compared to the second quarter of 2025. The overall increase in sales for this segment was primarily due to higher sales within our Process Systems business of $2.9 million and our Aftermarket Parts business of $1.3 million, partially offset by lower sales within our Components business of $1.2 million. Cost of Sales Cost of sales was $401.9 million in the second quarter of 2026, a decrease of $15.5 million, or 3.7%, compared to the prior year period. Cost of sales is comprised of material costs, a variable expense, and other manufacturing costs, comprised of both fixed and variable expenses, including direct and indirect labor, outbound freight, overhead expenses, and depreciation. TS segment cost of sales was $348.7 million in the second quarter of 2026, a decrease of $22.9 million, or 6.2%, compared to the prior year period. The decrease in cost of sales was due to a decrease in certain manufacturing costs including outside services and maintenance and repair expenses, partially offset by increased materials costs. P&S segment cost of sales was $54.0 million in the second quarter of 2026, an increase of $7.1 million, or 15.1%, compared to the prior year period. The increase in cost of sales was driven by an increase in material costs of $4.0 million in line with higher sales as well as an increase in lease expense and other start-up costs as we have continued to expand our parts and services network. 32 Table of Contents Gross Profit Gross profit was $15.3 million in the second quarter of 2026, a decrease of $26.1 million from the prior year period. Gross profit as a percentage of net sales was 3.7% for the second quarter of 2026, compared to 9.0% for the same period in 2025. Gross profit by segment was as follows (dollars in thousands): [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Change"],["","2026","","2025","","Amount","","%"],["Gross Profit by Segment"],["Transportation Solutions","$","5,986","","","$","28,600","","","$","(22,614)","","","(79.1","%)"],["Parts & Services","9,343","","","12,800","","","(3,457)","","","(27.0","%)"],["Total","$","15,329","","","$","41,400","","","$","(26,071)","","","(63.0","%)"]] [[/GREPCENT_TABLE]] TS segment gross profit was $6.0 million for the second quarter of 2026 compared to $28.6 million for the second quarter of 2025. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 1.7% in the second quarter of 2026 compared to 7.1% in the comparative 2025 period. The overall decrease in gross profit from the prior year period was primarily driven by a decrease in shipments within our truck body and tank trailer businesses, partially offset by higher shipments of dry van and platform trailers. P&S segment gross profit was $9.3 million for the second quarter of 2026 compared to $12.8 million for the second quarter of 2025. Gross profit, prior to the elimination of intersegment sales, as a percentage of net sales, was 14.7% in the second quarter of 2026 compared to 21.4% in the 2025 period. The overall decrease in gross profit was primarily related to higher overhead costs, including lease expense and other start-up costs as we have continued to expand our parts and services network, which outpaced the increase in sales described above. General and Administrative Expenses General and administrative expenses for the second quarter of 2026 decreased $4.6 million, or 12.5%, from the prior year period. The decrease from the prior year period was primarily driven a reduction in professional fees and employee-related costs, including incentive and benefit programs. As a percentage of net sales, general and administrative expenses were 7.8% for the second quarter of 2026 compared to 8.1% for the second quarter of 2025. The overall decrease in general and administrative expenses as a percentage of net sales was primarily attributable to the reduced expenses described above. Selling Expenses Selling expenses were $6.3 million in the second quarter of 2026, which was materially consistent with the prior year period. As a percentage of net sales, selling expenses were 1.5% for the second quarter of 2026 compared to 1.4% for the second quart [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/879526/000087952626000036/wnc-20251231.htm Complete FY 2025 MD&A: /company/WNC/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-18 Report date: 2025-12-31 ITEM 7—MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) describes the matters that we consider to be important to understanding the results of our operations for the years ending December 31, 2025 and December 31, 2024. In addition, we address our capital resources and liquidity as of December 31, 2025. Our discussion begins with our assessment of the condition of the North American trailer industry along with a summary of the actions we have taken to strengthen the Company. We then analyze the results of our operations for the last two years, including trends in the overall business and our operating segments, followed by a discussion of our cash flows and liquidity, capital market events, debt obligations, and contractual commitments. We conclude with a review of critical accounting judgments and estimates and information on recent accounting pronouncements that we adopted during the year, if any, as well as those not yet adopted that may have a material impact on our financial accounting practices, if any. For a discussion of results of operations for the year ended December 31, 2024 compared to the results of operations for the year ended December 31, 2023, see Part II, Item 7,—”Management's Discussion and Analysis of Financial Condition and Results of Operations” of our 2024 Annual Report on Form 10-K, filed with the SEC on February 18, 2025. Executive Summary In 2025, the company continued to build on our strategic accomplishments of 2024 by demonstrating improved resilience during an industry down-cycle and maintaining a forward posture by continuing to invest in strategic growth in a manner that's unprecedented relative to market conditions. Operating profit in 2025 totaled $307.5 million and the operating margin was 19.9%. The Company’s operating profit includes a $418.6 million non-cash charge for punitive damages stemming from the Product Liability Matter as further described in Note 15 in the Notes to Consolidated Financial Statements. Additional discussion related to financial results are included in the “Results of Operations” section below. 35 Table of Contents Throughout 2025, we have continued to create more points of connection with our customers with greater focus on Parts & Services as well as innovative offerings like Trailers as a Service (TaaS)℠ that allow us to add recurring, longer-term value beyond an initial transaction. These advancements have not only deepened our customer engagement but have also enriched our collaborations with supplier and technology partners. We have solidified specific partnerships that are enabling us to grow our recurring revenue within the transportation, logistics and infrastructure ecosystem. Our Wabash Parts joint venture rapidly established significant distribution capabilities that allow our dealer network efficient access to our comprehensive portfolio of aftermarket parts. In 2025, Wabash exercised its option to acquire its joint venture partner’s 51% membership interest in Linq Venture Holdings, LLC, a transaction that makes it a wholly-owned subsidiary. Linq Venture Holdings, LLC continues to play a crucial role in advancing our digital capabilities, which aim to revolutionize the online experience for our dealers, traditional and non-traditional suppliers of both parts and services and a broad set of customers spanning across the vast transportation and logistics landscape. Additionally, our 2023 investment to add 20% more dry van manufacturing capacity at our Lafayette facility has reinforced our go-to-market strategy with a portfolio-based selling approach that leverages the breadth of our products. In addition to our commitment to sustain profitable growth within each of our existing reporting segments, our long-term strategic initiatives include a focus on diversification efforts, both organic and strategic, to continue to transform Wabash into a lean, visionary leader of connected solutions with a higher growth and margin profile to successfully deliver a greater value to our shareholders. Our strategy is centered around our ability to scale core competencies by growing in and around core markets with known customers. Our ability to generate solid margins and cash flows and a healthy balance sheet should position the Company with ample resources to (1) fund our internal capital needs to support both organic growth and productivity improvements, (2) optimize our debt leverage and other financial ratios, (3) return capital to shareholders, and (4) selectively pursue strategic acquisitions. We will continue our internal effort to strategically identify potential acquisition or partnership targets that we believe can create shareholder value and accelerate our growth and diversification efforts, while leveraging our strong competencies in manufacturing execution, sourcing and innovative engineering leadership to assure strong value creation. Organically, our focus is on profitably growing and diversifying our operations through leveraging our existing assets, capabilities, and technology into higher margin products and markets and thereby providing value-added customer solutions. Throughout 2025, we demonstrated our commitment to being responsible stewards of the business by maintaining a balanced approach to capital allocation. The resilience of our operations and our strong financial position provided us the opportunity to take specific actions as part of our ongoing commitment to prudently manage the overall financial risks of the Company, returning capital to our shareholders, and optimizing our capital structure for long-term growth. These actions included repurchasing $30.9 million (inclusive of excise tax) of common stock under the share repurchase program approved by our Board of Directors and paying dividends of $13.8 million. In addition, as further described in the “Liquidity and Capital Resources” section below, in September 2022 we amended our Revolving Credit Agreement. The amendment increased the total credit facility to $350 million, extended the maturity to September 2027, which is the nearest maturity date of our long-term debt, and as of December 31, 2025, there was $45.0 million outstanding under the Revolving Credit Agreement. Collectively, these actions demonstrate our confidence in the financial outlook of the Company and our ability to generate cash flow, both near and long term, and reinforce our overall commitment to deliver shareholder value while maintaining the flexibility to continue to execute our strategic plan for profitable growth and diversification. In addition to overall industry risks, there are downside risks relating to issues with both the domestic and global economies, including the housing, energy, and construction-related markets in the U.S. Other potential risks as we proceed into 2026 primarily relate to the fact that we rely on a limited number of suppliers for certain key components and raw materials in the manufacturing of our products, including tires, landing gear, axles, suspensions, aluminum extrusions, chassis and specialty steel coil. While we have taken actions to mitigate certain of these risks, there may be additional or increased shortages of supplies of raw materials or components which would have an adverse impact on our ability to meet demand for our products. Despite these risks, we believe we are well positioned to capitalize on a historically normalized overall demand level while maintaining or growing margins through improvements in product pricing as well as productivity and other operational excellence initiatives. 36 Table of Contents As we enter 2026, we will continue to adjust to changes in the current environment, preserve the strength of our balance sheet, prioritize the safety of our employees, and ensure the liquidity and financial well-being of the Company. We believe we remain well-positioned for both near-term and long-term success in the transportation, logistics, and infrastructure industries because: (1) our core customers are among the major participants in these industries; (2) our technology and innovation provides value-added solutions for our customers by reducing operating costs, improving revenue opportunities, and solving unique transportation problems; (3) our Wabash Management System (“WMS”) principles and processes and enterprise-wide lean efforts drive focus on the interconnected processes that are critical for success across our business; (4) our significant brand recognition, presence throughout North America, and the utilization of our extensive dealer network to market and sell our products; and (5) our One Wabash approach to create a consistent, superior experience for all customers who seek our connected solutions in the transportation, logistics, and infrastructure markets. By continuing to be a premier provider of diverse solutions aimed at optimizing end-to-end supply chains across the transportation, logistics, and infrastructure industries we expect to leverage our existing assets and capabilities into higher margin products and markets by delivering connected value-added customer solutions. Operating Performance We generally measure our operating performance in five key areas – Safety/Morale, Quality, Delivery, Cost Reduction, and Environment. We maintain a continuous improvement mindset in each of these key performance areas. Safety/Morale. The safety of our employees is a core value. We demonstrate this core value by working on innovations to protect the people who operate our equipment and partnering with others to promote higher standards in transportation and manufacturing. We continually focus on reducing the severity and frequency of workplace injuries to create a safe environment for our employees and minimize workers compensation costs. We believe that our improved environmental, health, and safety management translates into higher labor productivity and lower costs as a result of less time away from work and improved system management. See the “Human Capital Resources and Management” section in Part I, Item 1, "Business" of this Annual Report on Form 10-K for additional detail on our commitment to safety and human capital. Quality. Our commitment to quality and safety is backed by a robust concern reporting system and associated processes. Any Wabash employee can report a potential safety-related concern that could cause an unreasonable risk of harm. Potential or reported safety concerns are routed to a cross-functional Product Safety Team that includes members from Quality, Warranty, Engineering, Sales and Strategic Sourcing. The Product Safety Team investigates submissions and serves as an initial filter of potential safety issues. Issues that need to be escalated are sent to the Product Safety Council, which consists of executive team members who will coach and give final direction to the Product Safety Team. We monitor product quality on a continual basis through a number of means for both internal and external performance as follows: ▪Internal performance. Key process indicators for our quality measurement include both First Time Quality (“FTQ”) and Defects Per Unit (“DPU”). FTQ is a performance metric that measures the impact of all aspects of the business on our ability to ship our products at the end of the production process and DPU is a measurement of defects found at the end of the production process. As with previous years, the expectations of the highest quality product continue to increase while maintaining FTQ performance and reducing rework. In addition, we currently maintain ISO 9001 registrations at our Lafayette, Indiana (since 2012) and Cadiz, Kentucky facilities (since 2014). ▪External performance. We actively track our warranty claims and costs to identify and drive improvement opportunities in quality and reliability for [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/WNC/mda/fy2025/ All MD&A years: /company/WNC/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/WNC/mda/fy2024/): filed 2025-02-18; accession 0000879526-25-000012 (https://www.sec.gov/Archives/edgar/data/879526/000087952625000012/wnc-20241231.htm) - [FY 2023 MD&A](/company/WNC/mda/fy2023/): filed 2024-02-22; accession 0000879526-24-000008 (https://www.sec.gov/Archives/edgar/data/879526/000087952624000008/wnc-20231231.htm) - [FY 2022 MD&A](/company/WNC/mda/fy2022/): filed 2023-02-23; accession 0000879526-23-000014 (https://www.sec.gov/Archives/edgar/data/879526/000087952623000014/wnc-20221231.htm) - [FY 2021 MD&A](/company/WNC/mda/fy2021/): filed 2022-02-24; accession 0000879526-22-000014 (https://www.sec.gov/Archives/edgar/data/879526/000087952622000014/wnc-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 3715 Truck Trailers) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/WNC.md · JSON record: /company/WNC.json · verified financials: /company/WNC/financials.json / /company/WNC/financials.csv · machine TOC for the whole site: /llms.txt