Free cash flow remains highly volatile, swinging from a 20.9% margin in 2025Q3 to a negative 19.3% in 2025Q4, complicating capital allocation strategies.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -21.71M | 11.67M | 117.27M | 319.61M | 124.08M | -7.47M | 124.13M | 146.28M | 112.47M | 144.38M | 178.75M | 131.79M | 92.64M | 128.67M | 76.02M | -1.17M | -30.69M | -7.01M | 30.67M | 59.33M | 51.77M | 50.5M | 56.92M | 41.79M | 104.28M | 6.39M | -13.67M | 63.5M | 123.1M | -51.8M | -6M |
| Operating CF Margin % | - | 0.76% | 6.02% | 12.6% | 4.96% | -0.41% | 8.38% | 6.31% | 4.96% | 8.17% | 9.69% | 6.5% | 4.97% | 7.87% | 5.2% | -0.1% | -4.79% | -2.08% | 3.67% | 5.38% | 3.95% | 4.16% | 5.47% | 4.71% | 12.72% | 0.74% | -1.03% | 4.37% | 9.53% | -6.12% | -0.95% |
| Operating CF Growth % | -12587.53% | -90.05% | -63.31% | 157.57% | 1761.1% | -106.02% | -15.14% | 30.06% | -22.1% | -19.23% | 35.63% | 42.27% | -28.01% | 69.26% | 6613.88% | 96.2% | -337.57% | -122.87% | -48.31% | 14.6% | 2.51% | -11.29% | 36.2% | -59.92% | 1531.96% | 146.75% | -121.53% | -48.42% | 337.64% | -763.33% | 74.68% |
| Net Income | -64.61M | 211.64M | -284.07M | 231.25M | 112.77M | 1.16M | -97.41M | 89.58M | 69.42M | 111.42M | 119.43M | 104.29M | 60.93M | 46.53M | 105.63M | 15.04M | -141.76M | -101.77M | -124.65M | 16.29M | 9.42M | 111.09M | 58.41M | -57.23M | -56.19M | -232.17M | -6.74M | 38.8M | 23.3M | 15.2M | 3.6M |
| Depreciation & Amortization | 58.73M | 58.73M | 56.98M | 45.32M | 46.97M | 48.84M | 47.97M | 42.36M | 40.68M | 35.05M | 36.77M | 38M | 38.83M | 38.34M | 25.57M | 15.59M | 16.86M | 19.59M | 21.47M | 19.47M | 20.6M | 15.55M | 19.44M | 23.79M | 28.63M | 32.14M | 30.05M | 21.8M | 18.4M | 16.6M | 15.3M |
| Stock-Based Compensation | 8.82M | 11.48M | 0 | 11.8M | 9.75M | 7.06M | 4.51M | 9.04M | 10.17M | 10.43M | 12.04M | 10.01M | 7.83M | 7.48M | 5.15M | 3.4M | 3.49M | 3.38M | 4.99M | -33K | -352K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -13.53M | 85.83M | -111.68M | -13.46M | -7.61M | -8.15M | 5.02M | 3.42M | -1.98M | -14.81M | 2.45M | -7.75M | 16.57M | 30.09M | -55.29M | -14.38M | 0 | 248K | 17.29M | 8.18M | 7.74M | -37.35M | 0 | 0 | 0 | -14.44M | -8.91M | -6.9M | 6.4M | 5.5M | 2.3M |
| Other Non-Cash Items | 28.07M | 21.45M | 19.86M | 824K | 374K | 38.16M | 102.66M | 705K | 15.23M | -13.52M | 7.05M | 5.16M | 7.56M | 9.48M | 129K | 15.04M | 121.59M | 33.45M | 66.77M | 606K | 18.55M | 2.26M | -1.23M | 48.73M | 23.29M | -261K | -1.11M | 6M | -100K | 700K | -100K |
| Working Capital Changes | -39.13M | -377.46M | 436.18M | 43.87M | -38.16M | -94.54M | 61.39M | 1.19M | -21.05M | 15.81M | 1.01M | -17.91M | -39.09M | -3.24M | -5.17M | -35.86M | -30.86M | 38.09M | 44.81M | 14.82M | -4.2M | -41.59M | -19.69M | 26.51M | 108.55M | 58.84M | -82.23M | 3.8M | 73.3M | -89.8M | -27.3M |
| Change in Receivables | 13.1M | 24.07M | 39.04M | 72.59M | -79.07M | -80.88M | 71.44M | 8.33M | -39.54M | 31.94M | -809K | -17.62M | -14.85M | -23.69M | 1.18M | -14.37M | -20.77M | 20.84M | 30.83M | 41.71M | 26.14M | -43.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 80.36M | 77.67M | 8.81M | -23.77M | -6.25M | -74.8M | 21.1M | -2.51M | -18.71M | -13.16M | 24.97M | 10.16M | 3.12M | 6.26M | 41.7M | -78.68M | -59.06M | 41.09M | 20.23M | 19.96M | -20.33M | -13.9M | -8.48M | 51.42M | 58.34M | 107.75M | -64.88M | -37.6M | 2.4M | -51.2M | -7.9M |
| Change in Payables | -16.02M | -7M | -68.69M | 5.78M | 46.09M | 54.86M | 0 | 0 | 37.2M | -963K | -13M | -12.24M | 18.08M | 18.08M | -46.79M | 56.97M | 45.25M | -24.24M | -6.39M | -48.49M | -15.65M | 12.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -63.19M | -92.68M | -94.79M | -106.04M | -55.3M | -27.08M | -3.02M | -36.86M | -13.17M | -332.24M | -17.31M | -7.64M | -15.76M | -31.53M | -380.82M | -7.25M | 31K | -681K | -12.4M | -11.07M | -75.12M | -19.14M | -8.7M | 76.79M | 12.02M | -40.76M | -69.6M | -94.3M | -64.3M | -17.6M | -56.7M |
| Capital Expenditures | -16.75M | 0 | -79.14M | -98.09M | -57.09M | -49.1M | -20.13M | -37.65M | -34.01M | -26.06M | -20.34M | -20.85M | -19.96M | -18.35M | -14.92M | -7.26M | -1.78M | -981K | -12.61M | -6.71M | -12.93M | -30.88M | -15.49M | -6.52M | -15.49M | -76.34M | -60.34M | -80.5M | -40.6M | -20.2M | -11.2M |
| CapEx % of Revenue | 1.14% | 1.6% | 4.07% | 3.87% | 2.28% | 2.72% | 1.36% | 1.62% | 1.5% | 1.47% | 1.1% | 1.03% | 1.07% | 1.12% | 1.02% | 0.61% | 0.28% | 0.29% | 1.51% | 0.61% | 0.99% | 2.54% | 1.49% | 0.73% | 1.89% | 8.84% | 4.53% | 5.53% | 3.14% | 2.39% | 1.77% |
| Acquisitions | -15.22M | -1.67M | 4.45M | -2.45M | 1.78K | 22.03M | 0 | 0 | 17.78M | -323.49M | 19K | 0 | -15.98M | -15.98M | -364.01M | 0 | 0 | 0 | 0 | -4.5M | -69.31M | 0 | 0 | 0 | 0 | -6.34M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -15.66M | -91.02M | 0 | -3.05M | 1.78M | 0 | 17.11M | 785K | 20.84M | 17.3M | 3.03M | 13.2M | 20.18M | 2.81M | -1.89M | 17K | 1.81M | 300K | 213K | 147K | 7.12M | 11.74M | 6.8M | 83.31M | 27.51M | 41.92M | -9.26M | -13.8M | -23.7M | 28.2M | -20.6M |
| Cash from Financing | 47.29M | -2.54M | -86.27M | -92.54M | -82.31M | -111.35M | -43.96M | -101.6M | -158.13M | 215.91M | -176.83M | -91.41M | -44.03M | -65.32M | 366.28M | 7.19M | 50.75M | -20.96M | -29.73M | -36.92M | -14.2M | -5.85M | -18.85M | -141.69M | -91.78M | 41.31M | 64.98M | -13.8M | -6.2M | 78.5M | 66.1M |
| Debt Issued (Net) | 25M | 45M | -5K | -117K | -33.09M | -21.12M | -8.22M | -50.78M | -82.46M | 306.71M | -102.1M | -29.08M | -44.45M | -64.91M | 371.62M | 9.33M | 26.21M | -51.91M | -24.32M | -19.85M | -500K | -2M | -99.82M | -134.63M | -87.88M | 46.03M | 70.38M | -8.7M | -89.4M | 80.7M | 69M |
| Equity Issued (Net) | -17.27M | -33.76M | -70.88M | -76.21M | -34.28M | -66.73M | -18.89M | -33.71M | -58.38M | -74.49M | -79.56M | -61.76M | -1.5M | -35K | -564K | -688K | 23.77M | 32.36M | 0 | -11.67M | -8.4M | 389K | 80.96M | 4.8M | 351K | -2.85M | 186K | 300K | 87.5M | 900K | -700K |
| Dividends Paid | -13.39M | -13.78M | -14.78M | -15.86M | -16.02M | -16.43M | -17.32M | -17.8M | -17.77M | -15.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.51M | -5.51M | -5.65M | -4.24M | 0 | -1.58M | -443K | -1.88M | -5.58M | -5.5M | -4.4M | -3.1M | -2.3M |
| Share Repurchases | -17.27M | -33.77M | -70.91M | -76.21M | -34.28M | -66.73M | -18.89M | -33.71M | -58.38M | -74.49M | -79.56M | -61.76M | -1.5M | -35K | -564K | -533K | 0 | -2.64M | 0 | -11.67M | -9.16M | -3.37M | 0 | 0 | 0 | -2.99M | 0 | 0 | 0 | 0 | -800K |
| Other Financing | 52.95M | 0 | -603K | -357K | 1.09M | -7.07M | 482K | 684K | 485K | -993K | 4.83M | -575K | 1.92M | -381K | -4.78M | -1.45M | 768K | -1.42M | -7.09M | 107K | 352K | 0 | 0 | -10.28M | -3.81M | 0 | 0 | 100K | 100K | 0 | 100K |
| Net Change in Cash | -37.61M | -83.56M | -63.79M | 121.03M | -13.53M | -145.9M | 77.16M | 7.83M | -58.83M | 28.05M | -15.39M | 32.74M | 32.85M | 31.81M | 61.47M | -1.22M | 20.09M | -28.66M | -11.46M | 11.34M | -37.55M | 25.51M | 29.38M | -23.11M | 24.52M | 6.94M | -18.29M | -44.6M | 52.6M | 9.1M | 3.4M |
| Free Cash Flow | -37.73M | -13.04M | 45.08M | 221.51M | 67M | -56.58M | 104M | 108.64M | 78.46M | 118.32M | 158.41M | 110.95M | 72.68M | 110.32M | 61.1M | -8.43M | -32.47M | -8M | 18.05M | 52.61M | 38.84M | 19.62M | 41.43M | 35.28M | 88.79M | -69.95M | -74.01M | -17M | 82.5M | -72M | -17.2M |
| FCF Margin % | -2.58% | -0.85% | 2.32% | 8.73% | 2.68% | -3.14% | 7.02% | 4.68% | 3.46% | 6.7% | 8.58% | 5.47% | 3.9% | 6.74% | 4.18% | -0.71% | -5.07% | -2.37% | 2.16% | 4.77% | 2.96% | 1.62% | 3.98% | 3.97% | 10.83% | -8.1% | -5.56% | -1.17% | 6.38% | -8.51% | -2.72% |
| FCF Growth % | -151.89% | -128.93% | -79.65% | 230.63% | 218.42% | -154.4% | -4.27% | 38.46% | -33.69% | -25.3% | 42.78% | 52.66% | -34.12% | 80.55% | 824.72% | 74.04% | -306.17% | -144.28% | -65.68% | 35.47% | 97.95% | -52.64% | 17.44% | -60.27% | 226.92% | 5.48% | -335.36% | -120.61% | 214.58% | -318.6% | 72.08% |
| FCF per Share | -0.93 | -0.31 | 1.02 | 4.61 | 1.34 | -1.10 | 1.96 | 1.96 | 1.34 | 1.89 | 2.41 | 1.60 | 1.02 | 1.60 | 0.89 | -0.12 | -0.65 | -0.26 | 0.60 | 1.75 | 1.24 | 0.54 | 1.28 | 1.37 | 3.74 | -3.04 | -3.26 | -0.74 | 3.73 | -3.67 | -0.91 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.06x | -0.41x | 1.38x | 1.11x | -6.42x | -1.27x | 1.63x | 1.62x | 1.30x | 1.50x | 1.26x | 1.52x | 2.77x | 0.72x | -0.08x | 0.22x | 0.07x | -0.25x | 3.64x | 5.50x | 0.45x | 0.97x | -0.73x | -1.86x | -0.03x | 2.03x | 1.64x | 5.28x | -3.41x | -1.67x |
| Interest Paid | 787K | 0 | 0 | 0 | 20.13M | 22.04M | 23.41M | 26.23M | 27.39M | 9.48M | 12.66M | 14.58M | 16.14M | 20.91M | 16.05M | 3.84M | 3.47M | 5.05M | 5.25M | 4.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 18.33M | 467K | 0 | 20.38M | 24.24M | 41.39M | 68.87M | 66.28M | 20.22M | 941K | 594K | 73K | 3.08M | 865K | 4K | 890K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical cash flow volatility
According to reported financial statements, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio fluctuating wildly from -78.53 in 2024Q4 to 2.13 in 2025Q3, suggesting that accounting accruals are significantly obscuring the underlying cash-generating capacity of the business.
The extreme variance in the OCF/NI ratio indicates that net income is a poor proxy for the company's actual cash performance. Investors should monitor whether these discrepancies are driven by non-cash charges or aggressive revenue recognition practices that fail to translate into realized cash inflows.
As reported in recent filings, Wabash's free cash flow trajectory has been deeply inconsistent, swinging from a positive 20.9% FCF margin in 2025Q3 to a negative 19.3% in 2025Q4, reflecting the company's high sensitivity to cyclical demand shifts and volatile working capital requirements.
The inability to maintain positive free cash flow during periods of revenue contraction suggests that the company's cost structure remains too rigid. This volatility warrants further investigation into whether the current cash burn is a temporary cyclical phenomenon or a sign of structural margin erosion.
Based on the provided cash flow data, working capital changes have acted as a significant drag on liquidity, most notably in 2025Q1 when a $338.3 million outflow severely impacted the company's ability to generate positive operating cash flow despite reported net income of $230.9 million.
The massive swings in working capital suggest that inventory management and accounts receivable collections are highly susceptible to the timing of large fleet orders. This dependency implies that cash flow will remain unpredictable until the company can stabilize its production cycles and customer payment terms.
As indicated by recent cash flow statements, Wabash has continued to prioritize dividend payments and share repurchases despite periods of negative free cash flow, with $666,000 in buybacks and $3.2 million in dividends paid during the 2025Q4 quarter alone, despite a $61.9 million FCF deficit.
This capital allocation strategy appears aggressive given the current cyclical downturn and the volatility of operating cash flows. Investors should monitor whether this commitment to shareholder returns is sustainable if the current revenue contraction persists and further depletes the company's cash reserves.
Quick answers to the most common questions about buying WNC stock.
Wabash National Corporation (WNC) generated $11.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wabash National Corporation (WNC) reported negative free cash flow of $13.0M in 2025, indicating capital requirements exceeded cash from operations.
Wabash National Corporation (WNC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Wabash National Corporation (WNC) returned $13.8M to shareholders via cash dividends and spent $33.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.