WABASH NATIONAL Corp WNC
Wabash National Corporation, which we refer to herein as "Wabash," the "Company," "us," "we," or "our," is Changing How the World Reaches You®. Wabash was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana, as a dry van trailer manufacturer. Today we combine physical and digital technologies to deliver innovative, end-to-end solutions that optimize supply chains across transportation, logistics, and infrastructure markets.
To that end, we design, manufacture, and service a diverse range of products supporting first-to-final mile operations, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. In addition, through Wabash Hub, customers gain access to a nationwide parts and service network, Trailers as a Service (TaaS)℠, and advanced tools designed to streamline operations and drive growth. We have achieved this diversification through acquisitions, organic growth, and product innovation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.95B | $2.54B | $2.50B | $1.80B | $1.48B | $2.32B | $2.27B | $1.77B | $1.85B |
| Cost of revenue | $1.47B | $1.68B | $2.04B | $2.18B | $1.61B | $1.32B | $2.01B | $1.98B | $1.51B | $1.52B |
| Gross profit | $69.9M | $265.1M | $498.2M | $322.7M | $196.5M | $159.8M | $306.4M | $283.7M | $260.9M | $325.5M |
| R&D | $5.9M | $8.6M | $7.5M | $5.3M | $13.6M | $21.9M | $19.5M | $8.8M | $3.9M | $6.4M |
| SG&A | — | $621.2M | $186.2M | $156.0M | $88.8M | $92.7M | $108.3M | $95.1M | $77.8M | $74.1M |
| Operating income | $307.5M | -$356.1M | $311.9M | $166.6M | $33.5M | -$85.6M | $142.8M | $111.0M | $130.8M | $202.5M |
| Interest expense | $21.3M | $19.8M | $19.9M | $20.5M | $23.1M | $24.2M | $27.3M | $28.8M | $16.4M | $15.7M |
| Pre-tax income | $283.2M | -$376.6M | $294.7M | $146.4M | $1.3M | -$109.2M | $117.7M | $96.0M | $122.5M | $185.4M |
| Income tax | $71.5M | $93.5M | $62.8M | $33.7M | $126.0K | $11.8M | $28.2M | $26.6M | $11.1M | $66.0M |
| Net income | $211.5M | -$284.1M | $231.3M | $112.3M | $1.2M | -$97.4M | $89.6M | $69.4M | $111.4M | $119.4M |
| EPS, basic | 5.09 | -6.40 | 4.92 | 2.31 | 0.02 | -1.84 | 1.64 | 1.22 | 1.88 | 1.87 |
| EPS, diluted | 5.07 | -6.40 | 4.81 | 2.25 | 0.02 | -1.84 | 1.62 | 1.19 | 1.78 | 1.82 |
| Shares, diluted (wtd. avg.) | $41.7M | $44.4M | $48.0M | $49.9M | $51.6M | $52.9M | $55.3M | $58.4M | $62.6M | $65.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $31.9M | $115.5M | $179.3M | $58.2M | $71.8M | $217.7M | $140.5M | $132.7M | $191.5M | $163.5M |
| Receivables | $119.9M | $143.9M | $183.0M | $255.6M | $176.5M | $101.3M | $172.7M | $181.1M | $146.8M | $153.6M |
| Inventory | $181.2M | $258.8M | $267.6M | $243.9M | $237.6M | $163.8M | $186.9M | $184.4M | $180.7M | $140.0M |
| Total current assets | $419.1M | $594.5M | $681.4M | $592.6M | $529.7M | $545.8M | $541.4M | $549.4M | $576.4M | $481.4M |
| Property, plant and equipment | — | — | — | — | — | — | $221.3M | $207.0M | $195.4M | $134.1M |
| Goodwill | $191.2M | $188.4M | $188.4M | $188.4M | $188.4M | $199.6M | $311.0M | $311.1M | $317.5M | $148.4M |
| Other intangibles | $63.6M | $74.4M | $86.4M | $99.2M | $114.4M | $166.9M | $189.9M | $210.3M | $237.0M | $94.4M |
| Total assets | $1.17B | $1.41B | $1.36B | $1.20B | $1.11B | $1.16B | $1.30B | $1.30B | $1.35B | $898.7M |
| Accounts payable | $145.7M | $146.7M | $156.6M | $189.1M | $173.9M | $104.4M | $134.8M | $153.1M | $108.4M | $71.3M |
| Short-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.9M | $46.0M | $2.5M |
| Total current liabilities | $302.3M | $308.4M | $352.2M | $347.5M | $289.3M | $235.8M | $259.4M | $271.7M | $283.7M | $166.6M |
| Long-term debt | $442.9M | $397.1M | $396.5M | $395.8M | $428.3M | $448.0M | $455.4M | $503.0M | $504.1M | $233.5M |
| Total liabilities | $802.6M | $1.22B | $812.7M | $805.4M | $781.5M | $756.6M | $783.6M | $830.5M | $845.5M | — |
| Retained earnings | $303.6M | $105.6M | $403.9M | $188.2M | $92.1M | $107.2M | $221.8M | $150.2M | $98.7M | $3.6M |
| Total equity | $367.4M | $188.8M | $549.5M | $397.6M | $325.5M | $404.9M | $521.0M | $473.8M | $506.1M | $472.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $11.7M | $117.3M | $319.6M | $124.1M | -$7.5M | $124.1M | $146.3M | $112.5M | $144.4M | $178.8M |
| Depreciation and amortisation | $47.6M | $45.0M | $32.5M | $31.8M | $26.0M | $26.0M | $21.9M | $21.2M | $18.0M | $16.8M |
| Stock-based compensation | $11.5M | $11.3M | $11.8M | $9.7M | $7.1M | $4.5M | $9.0M | $10.2M | $10.4M | $12.0M |
| Capital expenditure | $24.7M | $72.2M | $98.1M | $57.1M | $49.1M | $20.1M | $37.6M | $34.0M | $26.1M | $20.3M |
| Investing cash flow | -$92.7M | -$94.8M | -$106.0M | -$55.3M | -$27.1M | -$3.0M | -$36.9M | -$13.2M | -$332.2M | -$17.3M |
| Financing cash flow | -$2.5M | -$86.3M | -$92.5M | -$82.3M | -$111.4M | -$44.0M | -$101.6M | -$158.1M | $215.9M | -$176.8M |
| Dividends paid | $13.8M | $14.8M | $15.9M | $16.0M | $16.4M | $17.3M | $17.8M | $17.8M | $15.3M | $0 |
| Buybacks | $33.8M | $70.9M | $76.2M | $34.3M | $66.7M | $18.9M | $33.7M | $58.4M | $74.5M | $79.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000879526-26-000036.