WNC · Wabash National Corporation

Wabash National's first quarter 2026 results reflect a challenging demand environment, particularly in the Truck Body business, which led to revenue of $303.2 million falling short of the company's guidance range. The 20.4% year-over-year decline was driven by cautious customer behavior and uneven order patterns. Gross margin turned negative at -3.5%, resulting in a GAAP operating loss of $52 million, which included a $6 million gain from purchase accounting and $2.8 million in facility idling costs. On a non-GAAP basis, adjusted operating loss was $55.5 million. GAAP diluted EPS of $(1.11) and non-GAAP adjusted EPS of $(1.17) missed analyst expectations due to the revenue shortfall and operational inefficiencies from lower volumes. Despite the weak quarter, total backlog increased to $837 million, up $132 million sequentially, indicating improving demand visibility. Management noted early signs of stabilization and expects market conditions to improve throughout 2026, with Q2 guidance of revenue between $380 million and $400 million and non-GAAP EPS in the range of $(0.40) to $(0.60). The Parts & Services segment showed resilience with 4.1% revenue growth year-over-year, partially offsetting weakness in Transportation Solutions. The company's balance sheet remains manageable with $43.4 million in cash and $498 million in total debt.