Wabash Announces Third Quarter 2025 Results

Quarterly revenue of $382 million - Softer than expected demand, particularly in our Truck Body business, led to revenue coming in below our guidance range. Parts & Services generated positive revenue growth sequentially and year-over-year.GAAP operating income of $58 million or Non-GAAP adjusted operating loss of $24 million; Excludes impact of $81 million gain related to the settlement of the Missouri legal verdict. Quarterly GAAP EPS of $0.97 or Non-GAAP adjusted EPS of $(0.51). Missing Expectations due to revenue miss and operational inefficiencies associated with lower than expected volumes.Total backlog of $829 million ending Q3; Market environment continues to be challenging as economic concerns and uncertainty remain.2025 revenue outlook reduced to $1.5B, Non-GAAP adjusted EPS outlook reduced to $(2.00), excluding impact in connection with the settlement of the Missouri legal verdict. LAFAYETTE, Ind., Oct. 30, 2025 (GLOBE NEWSWIRE) -- Wabash (NYSE: WNC), a leader in end-to-end supply chain solutions for the transportation, logistics and infrastructure markets, today reported results for the quarter ended September 30, 2025. The Company's net sales for the third quarter of 2025 were $381.6 million, reflecting a (17.8)% decrease compared to the same quarter of the previous year. The Company generated consolidated gross profit of $16 million, equivalent to 4.1% of sales. GAAP operating income amounted to $58 million as the company recognized a $81 million gain as a result of a settlement agreement related to the legal verdict. Non-GAAP adjusted operating loss was $23.6 million for the quarter. Third quarter GAAP diluted earnings per share was $0.97 or $(0.51) on a Non-GAAP adjusted basis. As of September 30, 2025, total Company backlog stood at approximately $829 million, as customers continue to take a wait-and-see approach to capital spending. For the full-year ending December 31, 2025, the Company reduced its revenue outlook to $1.5 billion and reduced its Non-GAAP adjusted EPS guidance to a range of $(1.95) to $(2.05). “Our Truck Body business continued to face challenging market conditions through the third quarter, reflected in softness across medium-duty chassis production. Demand eased across most end markets as freight activity, construction, and industrial sectors slowed further,” explained Yeagy. “Based on early customer discussions and the latest forecasts, we remain cautiously optimistic that 2026 could mark the beginning of a gradual recovery, supported by pent-up replacement needs and improving freight conditions. As we close out the third quarter, we’ve stayed true to our values while making the prudent—but sometimes difficult—decisions needed to manage our cost base in this environment. Our balance sheet is working, and our liquidity provides the flexibility to navigate near-term headwinds while investing in long-term growth.” Business Segment Highlights The table below is a summary of select segment operating and financial results prior to the elimination of intersegment sales for the third quarter of 2025 and 2024. A complete disclosure of the results by individual segment is included in the tables following this release. Wabash National Corporation Three Months Ended September 30, 2025 2024 New Units Shipped Trailers1 6,940 7,585 Truck bodies 3,065 3,630 Transportation Solutions Parts & ServicesThree Months Ended September 30, 2025 2024 2025 2024 (Unaudited, dollars in thousands)Net sales $334,474 $415,506 $60,964 $52,324 Gross profit $5,077 $44,938 $10,631 $11,071 Gross profit margin 1.5% 10.8% 17.4% 21.2%(Loss) income from operations $(13,116) $29,162 $6,621 $8,316 (Loss) income from operations margin (3.9)% 7.0% 10.9% 15.9% 1 Trailer shipments for Q3 2025 and 2024 do not include TaaS units transferred of 434 and 52 units, respectively. During the third quarter, Transportation Solutions generated net sales of $334.5 million, a decrease of 19.5% compared to the same quarter of the previous year. Operating loss for the quarter amounted to $13.1 million, representing 3.9% of sales. Parts & Services' net sales for the third quarter were $61.0 million, an increase of 16.5% compared to the prior year quarter. Operating income for the quarter amounted to $6.6 million, or 10.9% of sales. Non-GAAP Measures In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), the financial information included in this release contains non-GAAP financial measures including adjusted operating (loss) income, adjusted EBITDA, adjusted net (loss) income, adjusted diluted (loss) earnings per share, free cash flow, adjusted segment EBITDA, and adjusted segment EBITDA margin. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures and results calculated in accordance with GAAP, including net income (loss), and reconciliations to GAAP financial statements should be carefully evaluated. Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. A reconciliation of adjusted operating (loss) income to operating income (loss), the most comparable GAAP financial measure, is included in the tables following this release. Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating income (loss) and net income (loss), is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of adjusted EBITDA to net income (loss), the most comparable GAAP financial measure, is included in the tables following this release. Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. Management believes providing adjusted measures and excluding certain items facilitates comparisons to the Company’s prior year periods and, when combined with the GAAP presentation of net income (loss) and diluted net income (loss) per share, is beneficial to an investor’s understanding of the Company’s performance. A reconciliation of adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share to net income (loss) attributable to common stockholders and diluted earnings (loss) per share, the most comparable GAAP financial measures, are included in the tables following this release. Free cash flow is defined as net cash provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. A reconciliation of free cash flow to cash provided by operating activities, the most comparable GAAP financial measure, is included in the tables following this release. Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income (loss) under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA Margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. A reconciliation of adjusted segment EBITDA to (loss) income from operations, the most comparable GAAP financial measure, is included in the tables following this release. Information reconciling any forward-looking adjusted operating (loss) income, adjusted EBITDA, adjusted net (loss) income, adjusted diluted (loss) earnings per share, free cash flow, adjusted segment EBITDA and adjusted segment EBITDA margin to GAAP financial measures is unavailable to us without unreasonable effort. We cannot provide reconciliations of the above noted forward looking non-GAAP measures to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flows, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to us without unreasonable effort. Third Quarter 2025 Conference Call Wabash will discuss its results during its quarterly investor conference call on Thursday, October 30, 2025, beginning at 12:00 p.m. EDT. The call and an accompanying slide presentation will be accessible on the "Investors" section of the Company’s website at www.onewabash.com. The conference call will also be accessible by dialing (800) 715-9871, conference ID 9986205. A replay of the call will be available on the site shortly after the conclusion of the presentation. About Wabash (NYSE: WNC) is the visionary leader of connected solutions for the transportation, logistics and distribution industries that is Changing How the World Reaches You®. Headquartered in Lafayette, Indiana, the company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. Wabash designs, manufactures, and services a diverse range of products, including: dry freight and refrigerated trailers, flatbed trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. Learn more at www.onewabash.com. Safe Harbor Statement This press release contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this press release other than statements of historical fact are forward-looking statements. These forward-looking statements include, among other things, all statements regarding the Company’s outlook for trailer and truck body shipments, backlog, expectations regarding demand levels for trailers, truck bodies, non-trailer equipment and our other diversified product offerings, pricing, profitability and earnings, cash flow and liquidity, opportunity to capture higher margin sales, new product innovations, our growth and diversification strategies, our expectations for improved financial performance during the course of the year and our expectations with regards to capital allocation. These and the Company’s other forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Without limitation, these risks and uncertainties include the risks related to highly cyclical nature of our business, uncertain economic conditions including the possibility that customer demand may not meet our expectations, our backlog may not reflect future sales of our products, increased competition, reliance on certain customers and corporate partnerships, risks of customer pick-up delays, shortages and costs of raw materials including the impact of tariffs or other international trade developments, risks in implementing and sustaining improvements in the Company’s manufacturing operations and cost containment, dependence on industry trends and timing, supplier constraints, labor costs and availability, customer acceptance of and reactions to pricing changes, costs of indebtedness, and our ability to execute on our long-term strategic plan. Readers should review and consider the various disclosures made by the Company in this press release and in the Company’s reports to its stockholders and periodic reports on Forms 10-K and 10-Q. WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited - dollars in thousands) September 30,2025 December 31,2024Assets Current assets: Cash and cash equivalents$91,675 $115,484 Accounts receivable, net 147,180 143,946 Inventories, net 219,505 258,825 Prepaid expenses and other 145,104 76,233 Total current assets 603,464 594,488 Property, plant, and equipment, net 321,619 339,247 Goodwill 196,645 188,441 Deferred income taxes 4,730 94,873 Intangible assets, net 66,077 74,445 Investment in unconsolidated entities 7,250 7,250 Other assets 150,029 112,785 Total assets$1,349,814 $1,411,529 Liabilities and Stockholders’ Equity Current liabilities: Current portion of long-term debt$— $— Accounts payable 182,815 146,738 Other accrued liabilities 264,409 161,671 Total current liabilities 447,224 308,409 Long-term debt 422,672 397,142 Other non-current liabilities 59,894 516,152 Total liabilities 929,790 1,221,703 Commitments and contingencies Noncontrolling interest 1,299 996 Wabash National Corporation stockholders’ equity: Common stock 200,000,000 shares authorized, $0.01 par value, 40,516,637 and 42,882,308 shares outstanding, respectively 787 781 Additional paid-in capital 698,116 689,216 Retained earnings 356,964 105,633 Accumulated other comprehensive loss (465) (3,229)Treasury stock at cost, 38,178,768 and 35,253,489 common shares, respectively (636,677) (603,571)Total Wabash National Corporation stockholders' equity 418,725 188,830 Total liabilities, noncontrolling interest, and equity$1,349,814 $1,411,529 WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - dollars in thousands, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net sales$381,595 $464,040 $1,221,301 $1,529,926 Cost of sales 365,887 408,031 1,145,190 1,307,813 Gross profit 15,708 56,009 76,111 222,113 General and administrative expenses (50,520) 479,051 (318,196) 549,693 Selling expenses 5,590 7,125 18,308 22,103 Amortization of intangible assets 2,789 2,912 8,367 9,061 Impairment and other, net 203 (51) 186 946 Income (loss) from operations 57,646 (433,028) 367,446 (359,690)Other income (expense): Interest expense (5,373) (4,958) (15,707) (14,894)Other, net 1,240 1,384 2,821 4,565 Other expense, net (4,133) (3,574) (12,886) (10,329)Loss from unconsolidated entity (1,845) (1,677) (5,890) (4,578)Income (loss) before income tax expense 51,668 (438,279) 348,670 (374,597)Income tax expense (benefit) 11,629 (108,406) 87,038 (92,215)Net income (loss) 40,039 (329,873) 261,632 (282,382)Net income attributable to noncontrolling interest 62 293 303 659 Net income (loss) attributable to common stockholders$39,977 $(330,166) $261,329 $(283,041) Net income (loss) attributable to common stockholders per share: Basic$0.98 $(7.53) $6.25 $(6.33)Diluted$0.97 $(7.53) $6.22 $(6.33)Weighted average common shares outstanding (in thousands): Basic 40,928 43,832 41,795 44,700 Diluted 41,170 43,832 42,014 44,700 Dividends declared per share$0.08 $0.08 $0.24 $0.24 WABASH NATIONAL CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited - dollars in thousands) Nine Months Ended September 30, 2025 2024 Cash flows from operating activities Net income (loss)$261,632 $(282,382)Adjustments to reconcile net income (loss) to net cash provided by operating activities Depreciation 35,345 31,333 Amortization of intangibles 8,367 9,061 Net loss (gain) on sale of property, plant and equipment 100 (32)Deferred income taxes 90,142 (115,065)Stock-based compensation 8,895 9,915 Non-cash interest expense 749 719 Equity in loss from unconsolidated entity 5,890 4,578 Impairment — 994 Accounts receivable (3,234) (55,667)Inventories 39,320 7,036 Prepaid expenses and other (54,185) (2,652)Accounts payable and accrued liabilities 128,216 (23,990)Other, net (452,137) 452,540 Net cash provided by operating activities 69,100 36,388 Cash flows from investing activities Cash payments for capital expenditures (20,207) (50,843)Expenditures for revenue generating assets (40,189) (1,435)Proceeds from the sale of assets 138 2,844 Acquisition, net of cash acquired (1,666) — Notes receivable issued to unconsolidated entity (12,350) (10,200)Net cash used in investing activities (74,274) (59,634)Cash flows from financing activities Proceeds from exercise of stock options 11 7 Dividends paid (10,539) (11,309)Borrowings under revolving credit facilities 41,751 688 Payments under revolving credit facilities (16,751) (688)Debt issuance costs paid (1) (5)Stock repurchases (33,106) (62,273)Distribution to noncontrolling interest — (603)Net cash used in financing activities (18,635) (74,183)Cash and cash equivalents: Net decrease in cash and cash equivalents (23,809) (97,429)Cash and cash equivalents at beginning of period 115,484 179,271 Cash and cash equivalents at end of period$91,675 $81,842 Supplemental disclosures of cash flow information: Cash paid for interest$10,453 $9,593 Net cash (refunds) payments for income taxes$(307) $35,461 Period end balance of payables for property, plant, and equipment$2,916 $16,072 WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED INFORMATION(Unaudited - dollars in thousands) Wabash National Corporation Three Months Ended September 30, 2025 2024 Units Shipped New trailers1 6,940 7,585 New truck bodies 3,065 3,630 Used trailers 20 10 Three Months Ended September 30, Transportation Solutions Parts & Services Corporate andEliminations Consolidated2025 New trailers $259,038 $— $(13,473) $245,565 Used trailers — 929 — 929 Components, parts and service — 32,584 — 32,584 Equipment and other 75,436 27,451 (370) 102,517 Total net external sales $334,474 $60,964 $(13,843) $381,595 Gross profit $5,077 $10,631 $— $15,708 (Loss) income from operations $(13,116) $6,621 $64,141 $57,646 Adjusted (loss) income from operations2 $(13,116) $6,621 $(17,066) $(23,561) 2024 New trailers $308,577 $— $(1,661) $306,916 Used trailers 71 396 (71) 396 Components, parts and service — 31,539 — 31,539 Equipment and other 106,858 20,389 (2,058) 125,189 Total net external sales $415,506 $52,324 $(3,790) $464,040 Gross profit $44,938 $11,071 $— $56,009 Income (loss) from operations $29,162 $8,316 $(470,506) $(433,028)Adjusted income (loss) from operations2 $29,162 $8,316 $(20,506) $16,972 1 Trailer shipments for Q3 2025 and 2024 do not include TaaS units transferred of 434 and 52 units, respectively. 2 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. WABASH NATIONAL CORPORATIONSEGMENTS AND RELATED INFORMATION(Unaudited - dollars in thousands) Wabash National Corporation Nine Months Ended September 30, 2025 2024 Units Shipped New trailers1 21,869 25,330 New truck bodies 9,257 11,245 Used trailers 85 45 Nine Months Ended September 30, Transportation Solutions Parts & Service Corporate andEliminations Consolidated2025 New trailers $823,014 $— $(31,914) $791,100 Used trailers — 3,549 — 3,549 Components, parts and service — 96,841 — 96,841 Equipment and other 258,477 72,273 (939) 329,811 Total net external sales $1,081,491 $172,663 $(32,853) $1,221,301 Gross profit $42,091 $34,020 $— $76,111 (Loss) income from operations $(10,396) $22,591 $355,251 $367,446 Adjusted (loss) income from operations2 $(10,396) $22,591 $(63,343) $(51,148) 2024 New trailers $1,057,880 $— $(3,162) $1,054,718 Used trailers 71 2,884 (71) 2,884 Components, parts and service — 101,622 — 101,622 Equipment and other 326,688 51,953 (7,939) 370,702 Total net external sales $1,384,639 $156,459 $(11,172) $1,529,926 Gross profit $182,738 $39,375 $— $222,113 Income (loss) from operations $130,335 $30,923 $(520,948) $(359,690)Adjusted income (loss) from operations2 $130,335 $30,923 $(70,948) $90,310 1 YTD Trailer shipments for 2025 and 2024 do not include TaaS units transferred of 1,025 and 63 units, respectively. 2 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. WABASH NATIONAL CORPORATIONSEGMENT AND COMPANY FINANCIAL INFORMATION(Unaudited - dollars in thousands)Adjusted Operating (Loss) Income1Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025 2024 2025 2024 Transportation Solutions (Loss) Income from operations$(13,116) $29,162 $(10,396) $130,335 Adjustments: N/A — — — — Adjusted operating (loss) income (13,116) 29,162 (10,396) 130,335 Parts & Services Income from operations 6,621 8,316 22,591 30,923 Adjustments: N/A — — — — Adjusted operating income 6,621 8,316 22,591 30,923 Corporate Income (loss) from operations 64,141 (470,506) 355,251 (520,948)Adjustments: Missouri legal matter (81,207) 450,000 (418,594) 450,000 Adjusted operating loss (17,066) (20,506) (63,343) (70,948) Consolidated Income (loss) from operations 57,646 (433,028) 367,446 (359,690)Adjustments: Missouri legal matter (81,207) 450,000 (418,594) 450,000 Adjusted operating (loss) income$(23,561) $16,972 $(51,148) $90,310 1 Adjusted operating (loss) income, a non-GAAP financial measure, excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating income under U.S. GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’s continuing activities. Accordingly, the Company presents adjusted operating (loss) income excluding these special items to help investors evaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating (loss) income to provide investors with a better understanding of the Company’s view of our results as compared to prior periods. WABASH NATIONAL CORPORATIONRECONCILIATION OF GAAP FINANCIAL MEASURES TONON-GAAP FINANCIAL MEASURES(Unaudited - dollars in thousands, except per share amounts)Adjusted EBITDA1:Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss)$40,039 $(329,873) $261,632 $(282,382)Income tax expense (benefit) 11,629 (108,406) 87,038 (92,215)Interest expense 5,373 4,958 15,707 14,894 Depreciation and amortization 14,610 13,930 43,712 40,394 Stock-based compensation 3,272 3,297 8,895 9,915 Missouri legal matter (81,207) 450,000 (418,594) 450,000 Impairment and other, net 203 (51) 186 946 Other, net (1,240) (1,384) (2,821) (4,565)Loss from unconsolidated entity 1,845 1,677 5,890 4,578 Adjusted EBITDA$(5,476) $34,148 $1,645 $141,565 Adjusted Net (Loss) Income Attributable to Common Stockholders2:Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (loss) attributable to common stockholders$39,977 $(330,166) $261,329 $(283,041)Adjustments: Missouri legal matter (81,207) 450,000 (418,594) 450,000 Tax effect of aforementioned items 20,015 (111,213) 105,105 (111,213)Adjusted net (loss) income attributable to common stockholders$(21,215) $8,621 $(52,160) $55,746 Adjusted Diluted (Loss) Earnings2:Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Diluted earnings (loss) per share$0.97 $(7.53) $6.22 $(6.33)Adjustments: Missouri legal matter (1.97) 10.26 (9.96) 10.06 Tax effect of aforementioned items 0.49 (2.54) 2.50 (2.50)Adjusted diluted (loss) earnings per share$(0.51) $0.19 $(1.24) $1.23 Weighted average diluted shares outstanding (in thousands)3 41,170 44,287 42,014 45,242 1 Adjusted EBITDA includes noncontrolling interest & excludes loss from unconsolidated entity and is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation, the Missouri legal matter, impairment and other, net, and other non-operating income and expense. Management believes providing adjusted EBITDA is useful for investors to understand the Company’s performance and results of operations period to period with the exclusion of the items identified above. Management believes the presentation of adjusted EBITDA, when combined with the GAAP presentations of operating income (loss) and net income (loss), is beneficial to an investor’s understanding of the Company’s operating performance. 2 Adjusted net (loss) income attributable to common stockholders and adjusted diluted (loss) earnings per share reflect an adjustment for the Missouri legal matter and the related tax effect of that adjustment. 3 Weighted average diluted shares outstanding for 2024 differ from the GAAP presentation on the Company's Condensed Consolidated Statement of Operations due to the Company being in a loss position on an unadjusted basis. WABASH NATIONAL CORPORATIONRECONCILIATION OF FREE CASH FLOW1(Unaudited - dollars in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities$85,206 $42,776 $69,100 $36,388 Cash payments for capital expenditures (5,282) (14,555) (20,207) (50,843)Expenditures for revenue generating assets (19,304) (1,435) (40,189) (1,435)Free Cash Flow1$60,620 $26,786 $8,704 $(15,890) 1 Free cash flow is defined as net cash provided by operating activities minus cash payments for capital expenditures minus expenditures for revenue generating assets. Management believes providing free cash flow is useful for investors to understand the Company’s performance and results of cash generation period to period with the exclusion of the item identified above. Management believes the presentation of free cash flow, when combined with the GAAP presentations of cash provided by operating activities, is beneficial to an investor’s understanding of the Company’s operating performance. WABASH NATIONAL CORPORATIONRECONCILIATION OF ADJUSTED SEGMENT EBITDA1AND ADJUSTED SEGMENT EBITDA MARGIN1(Unaudited - dollars in thousands) Transportation Solutions Parts & ServicesThree Months Ended September 30, 2025 2024 2025 2024 (Loss) income from operations$(13,116) $29,162 $6,621 $8,316 Depreciation and amortization 12,299 12,285 1,132 551 Impairment and other, net 219 (51) (15) — Adjusted segment EBITDA1$(598) $41,396 $7,738 $8,867 Adjusted segment EBITDA margin1(0.2)% 10.0% 12.7% 16.9% Transportation Solutions Parts & ServicesNine Months Ended September 30, 2025 2024 2025 2024 (Loss) income from operations$(10,396) $130,335 $22,591 $30,923 Depreciation and amortization 36,689 35,696 3,561 1,626 Impairment and other, net 212 (41) (26) (13)Adjusted segment EBITDA1$26,505 $165,990 $26,126 $32,536 Adjusted segment EBITDA margin1 2.5% 12.0% 15.1% 20.8% 1 Adjusted segment EBITDA, a non-GAAP financial measure, includes noncontrolling interest & excludes loss from unconsolidated entity and is calculated by adding back segment depreciation and amortization expense to segment operating (loss) income, and excludes certain costs, expenses, other charges, gains or income that are included in the determination of operating (loss) income under GAAP, but that management would not consider important in evaluating the quality of the Company’s segment operating results as they are not indicative of each segment's core operating results or may obscure trends useful in evaluating the segment's continuing activities. Adjusted segment EBITDA margin is calculated by dividing Adjusted segment EBITDA by segment total net sales. Media Contact:Dana StelselDirector, Communications(765) 771-5766dana.stelsel@onewabash.com Investor Relations:Jacob PageSenior Analyst, Corporate Development & IR(765) 414-2835jacob.page@onewabash.com

Wabash Announces Third Quarter 2025 Results

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