$WNC

WABASH NATIONAL CORP /DE

CIK:0000879526|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 417,241	$ 458,816	$ 720,470	$ 839,706
Cost of sales	401,912	417,416	715,716	779,303
Gross profit	15,329	41,400	4,754	60,403
General and administrative expenses	32,366	37,009	64,463	(267,676)
Selling expenses	6,336	6,339	14,054	12,718
Amortization of intangible assets	2,674	2,789	5,348	5,578
Impairment and other, net	(752)	14	(1,457)	(17)
(Loss) income from operations	(25,295)	(4,751)	(77,654)	309,800
Other income (expense):
Interest expense	(6,693)	(5,308)	(12,879)	(10,334)
Other, net	367	(33)	657	1,581
Other expense, net	(6,326)	(5,341)	(12,222)	(8,753)
Income (loss) from unconsolidated entity	151	(2,203)	151	(4,045)
(Loss) income before income tax expense	(31,470)	(12,295)	(89,725)	297,002
Income tax (benefit) expense	(8,856)	(2,692)	(21,876)	75,409
Net (loss) income	(22,614)	(9,603)	(67,849)	221,593
Net income (loss) attributable to noncontrolling interest	277	(14)	213	241
Net (loss) income attributable to common stockholders	$ (22,891)	$ (9,589)	$ (68,062)	$ 221,352
Net (loss) income attributable to common stockholders per share:
Basic (in usd per share)	$ (0.56)	$ (0.23)	$ (1.67)	$ 5.24
Diluted (in usd per share)	$ (0.56)	$ (0.23)	$ (1.67)	$ 5.21
Weighted average common shares outstanding (in thousands):
Basic (in shares)	40,917	41,753	40,828	42,231
Diluted (in shares)	40,917	41,753	40,828	42,458
Dividends declared per share (in usd per share)	$ 0.08	$ 0.08	$ 0.16	$ 0.16

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net (loss) income	$ (67,849)	$ 221,593
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation	23,291	23,524
Amortization of intangibles	5,348	5,578
Net (gain) loss on sale of property, plant and equipment	(1,855)	21
Deferred income taxes	(22,801)	86,749
Stock-based compensation	5,082	5,623
Non-cash interest expense	526	494
Equity in (income) loss from unconsolidated entity	(151)	4,045
Impairment	0	(20)
Accounts receivable	(51,351)	(45,783)
Inventories	(11,108)	6,371
Prepaid expenses and other	5,874	(18,767)
Accounts payable and accrued liabilities	92,988	40,079
Other, net	(6,511)	(345,613)
Net cash used in operating activities	(28,517)	(16,106)
Cash flows from investing activities
Cash payments for capital expenditures	(5,490)	(14,925)
Expenditures for revenue generating assets	(235)	(20,885)
Proceeds from the sale of assets	21,859	40
Acquisition, net of cash acquired	(2,872)	(1,666)
Investment in unconsolidated affiliates and other	(6,175)	(10,350)
Net cash provided by (used in) investing activities	7,087	(47,786)
Cash flows from financing activities
Proceeds from exercise of stock options	0	11
Dividends paid	(6,770)	(7,251)
Borrowings under revolving credit facilities	188,366	40,904
Payments under revolving credit facilities	(118,366)	(904)
Debt issuance costs paid	(171)	(1)
Stock repurchases	0	(26,928)
Other	(2,056)	0
Net cash provided by financing activities	61,003	5,831
Cash and cash equivalents:
Net increase (decrease) in cash and cash equivalents	39,573	(58,061)
Cash and cash equivalents at beginning of period	31,923	115,484
Cash and cash equivalents at end of period	71,496	57,423
Supplemental disclosures of cash flow information:
Cash paid for interest	12,362	9,666
Net cash (refunds received) paid for income taxes	(10,052)	174
Period end balance of payables for property, plant, and equipment	$ 1,563	$ 2,501

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 71,496	$ 31,923
Accounts receivable, net	171,818	119,874
Inventories, net	192,261	181,153
Prepaid expenses and other	56,179	86,136
Total current assets	491,754	419,086
Property, plant, and equipment, net	283,363	300,477
Goodwill	213,333	191,222
Deferred income taxes	31,848	9,047
Intangible assets, net	58,213	63,561
Investment in unconsolidated entities	16,261	7,250
Other assets	144,010	180,538
Total assets	1,238,782	1,171,181
Current liabilities:
Current portion of long-term debt	0	0
Accounts payable	244,191	145,739
Other accrued liabilities	129,955	156,556
Total current liabilities	374,146	302,295
Long-term debt	513,220	442,852
Other non-current liabilities	57,564	57,492
Total liabilities	944,930	802,639
Commitments and contingencies
Noncontrolling interest	1,397	1,184
Wabash National Corporation stockholders’ equity:
Common stock 200,000,000 shares authorized, $0.01 par value, 40,737,173 and 40,436,437 shares outstanding, respectively	790	787
Additional paid-in capital	703,705	700,697
Retained earnings	228,943	303,615
Accumulated other comprehensive loss	(3,640)	(398)
Treasury stock at cost, 38,263,966 and 38,263,966 common shares, respectively	(637,343)	(637,343)
Total Wabash National Corporation stockholders' equity	292,455	367,358
Total liabilities, noncontrolling interest, and equity	$ 1,238,782	$ 1,171,181