WNC · Wabash National Corporation

0000879526-26-000053

Summary

Q1 2026 delivered a net loss of $45.2 million with negative gross profit of $10.6 million, driven by lower shipment volumes and industry demand softening despite material cost reductions.

Key takeaways

Revenue declined 20.4% to $303.2M from $380.9M YoY due to lower shipment volumes across product lines.
Gross loss of $10.6M (-155.6% YoY) versus $19.0M profit, with gross margin turning negative at -3.5% on reduced volumes.
Operating loss widened to $52.4M (-116.6% YoY) from $314.6M profit, yielding -17.3% operating margin amid volume declines.
Net loss of $45.2M and diluted EPS of -$1.11 versus $230.9M profit and $5.36 YoY, reflecting shipment-driven profitability erosion.
Operating cash flow used $33.7M with free cash flow at -$37.1M, tied to working capital needs from lower volumes.
Inventory turns improved to 6.9x (+1.2x YoY), enhancing working capital efficiency despite demand softness.

Full analysis

Cash flow reflected operational strain: net cash used in operating activities rose to $33.7 million from near-breakeven, driving free cash flow to -$37.1 million after $3.4 million capex (down from $8.7 million YoY). Management attributes working capital usage to inventory dynamics, offset by efficiency gains—inventory turns reached 6.9x, up 1.2x YoY, signaling improved management of assets amid uncertainty.