Revenue has contracted for ten straight quarters, with gross margin deteriorating from 16.3% in 2024Q2 to -3.5% in 2026Q1, indicating severe pricing pressure and an unsustainable cost structure.
Wabash National Corporation (WNC) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 1.42B | 1.54B | 1.95B | 2.54B | 2.5B | 1.8B | 1.48B | 2.32B | 2.27B | 1.77B | 1.85B | 2.03B | 1.86B | 1.64B | 1.46B | 1.19B | 640.37M | 337.84M | 836.21M | 1.1B | 1.31B | 1.21B | 1.04B | 887.94M | 819.57M | 863.39M | 1.33B | 1.45B | 1.29B | 846.1M | 631.5M |
| Revenue Growth % | -17.26% | -20.75% | -23.25% | 1.37% | 38.76% | 21.69% | -36.1% | 2.29% | 28.3% | -4.24% | -8.98% | 8.81% | 13.92% | 11.89% | 23.13% | 85.4% | 89.55% | -59.6% | -24.16% | -15.98% | 8.11% | 16.58% | 17.25% | 8.34% | -5.08% | -35.19% | -8.42% | 12.56% | 52.74% | 33.98% | -14% |
| Cost of Goods Sold | 1.42B | 1.48B | 1.68B | 2.04B | 2.18B | 1.61B | 1.32B | 2.01B | 1.98B | 1.51B | 1.52B | 1.72B | 1.63B | 1.42B | 1.3B | 1.12B | 612.29M | 360.75M | 814.75M | 1.01B | 1.21B | 1.08B | 915.31M | 810.75M | 779.12M | 982.61M | 1.19B | 1.3B | 1.17B | 762M | 587.3M |
| COGS % of Revenue | - | 96.19% | 86.38% | 80.36% | 87.1% | 89.1% | 89.22% | 86.79% | 87.49% | 85.24% | 82.36% | 85.03% | 87.52% | 86.85% | 88.79% | 94.38% | 95.61% | 106.78% | 97.43% | 91.68% | 92.04% | 88.92% | 87.92% | 91.31% | 95.06% | 113.81% | 89.04% | 89.45% | 90.89% | 90.06% | 93% |
| Gross Profit | 3.08M | 58.73M | 265.07M | 498.19M | 322.69M | 196.47M | 159.75M | 306.38M | 283.65M | 260.88M | 325.53M | 303.44M | 232.63M | 215.12M | 163.82M | 66.72M | 28.08M | -22.91M | 21.46M | 91.72M | 104.49M | 134.51M | 125.79M | 77.19M | 40.45M | -119.21M | 146.02M | 153.5M | 117.7M | 84.1M | 44.2M |
| Gross Margin % | 0.22% | 3.81% | 13.62% | 19.64% | 12.9% | 10.9% | 10.78% | 13.21% | 12.51% | 14.76% | 17.64% | 14.97% | 12.48% | 13.15% | 11.21% | 5.62% | 4.39% | -6.78% | 2.57% | 8.32% | 7.96% | 11.08% | 12.08% | 8.69% | 4.94% | -13.81% | 10.96% | 10.55% | 9.11% | 9.94% | 7% |
| Gross Profit Growth % | - | -77.84% | -46.79% | 54.39% | 64.25% | 22.98% | -47.86% | 8.01% | 8.73% | -19.86% | 7.28% | 30.44% | 8.14% | 31.31% | 145.54% | 137.58% | 222.58% | -206.73% | -76.6% | -12.22% | -22.32% | 6.94% | 62.95% | 90.83% | 133.93% | -181.64% | -4.87% | 30.42% | 39.95% | 90.27% | -35.29% |
| Operating Expenses | 69.47M | -262.33M | 621.18M | 186.24M | 155.36M | 162.93M | 245.36M | 163.6M | 147.63M | 120.45M | 123M | 123.07M | 110.25M | 111.05M | 78.93M | 46.93M | 43.5M | 43.16M | 57.75M | 65.25M | 81.6M | 54.52M | 56.58M | 57.72M | 77.4M | 80.73M | 85.92M | 72.6M | 60.9M | 42.9M | 28.7M |
| OpEx % of Revenue | - | -17% | 31.91% | 7.34% | 6.21% | 9.04% | 16.56% | 7.05% | 6.51% | 6.82% | 6.67% | 6.07% | 5.92% | 6.79% | 5.4% | 3.95% | 6.79% | 12.78% | 6.91% | 5.92% | 6.22% | 4.49% | 5.43% | 6.5% | 9.44% | 9.35% | 6.45% | 4.99% | 4.71% | 5.07% | 4.54% |
| Selling, General & Admin | 71.14M | 311.22M | 608.72M | 173.19M | 140.15M | 112.5M | 117.82M | 143.13M | 128.16M | 103.41M | 101.4M | 100.73M | 88.37M | 89.26M | 68.34M | 46.93M | 43.5M | 43.16M | 57.75M | 65.25M | 66.23M | 54.52M | 56.58M | 57.72M | 77.4M | 82.33M | 55.87M | 50.8M | 42.5M | 26.3M | 13.4M |
| SG&A % of Revenue | - | 20.17% | 31.27% | 6.83% | 5.6% | 6.24% | 7.95% | 6.17% | 5.65% | 5.85% | 5.49% | 4.97% | 4.74% | 5.46% | 4.67% | 3.95% | 6.79% | 12.78% | 6.91% | 5.92% | 5.05% | 4.49% | 5.43% | 6.5% | 9.44% | 9.54% | 4.19% | 3.49% | 3.29% | 3.11% | 2.12% |
| Research & Development | 0 | 0 | 0 | 0 | 5.3M | 13.6M | 21.9M | 19.5M | 8.8M | 3.9M | 6.4M | 4.8M | 1.7M | 2.2M | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | 0.21% | 0.75% | 1.48% | 0.84% | 0.39% | 0.22% | 0.35% | 0.24% | 0.09% | 0.13% | 0.27% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -573.55M | 12.46M | 13.05M | 9.91M | 36.83M | 105.64M | 971K | 13.78M | 8.12M | -1.45M | 2.49M | -1.76M | 2.63M | -97K | 0 | 0 | 0 | 0 | 0 | 15.37M | 0 | 0 | 0 | 0 | -1.59M | 30.05M | 21.8M | 18.4M | 16.6M | 15.3M |
| Operating Income | -66.4M | 321.06M | -356.1M | 311.95M | 166.64M | 33.54M | -85.61M | 142.79M | 110.99M | 130.82M | 202.53M | 180.37M | 122.39M | 103.19M | 70.48M | 19.79M | -15.42M | -66.07M | -102.61M | 26.47M | 22.89M | 79.99M | 69.21M | -9.02M | -38.76M | -239.4M | 60.09M | 80.9M | 56.8M | 41.2M | 15.5M |
| Operating Margin % | -4.66% | 20.81% | -18.29% | 12.3% | 6.66% | 1.86% | -5.78% | 6.16% | 4.9% | 7.4% | 10.97% | 8.9% | 6.57% | 6.31% | 4.82% | 1.67% | -2.41% | -19.56% | -12.27% | 2.4% | 1.74% | 6.59% | 6.65% | -1.02% | -4.73% | -27.73% | 4.51% | 5.56% | 4.4% | 4.87% | 2.45% |
| Operating Income Growth % | - | 190.16% | -214.15% | 87.2% | 396.82% | 139.18% | -159.96% | 28.65% | -15.16% | -35.41% | 12.29% | 47.38% | 18.6% | 46.4% | 256.16% | 228.36% | 76.67% | 35.6% | -487.69% | 15.61% | -71.38% | 15.58% | 867.11% | 76.72% | 83.81% | -498.39% | -25.72% | 42.43% | 37.86% | 165.81% | -66.23% |
| EBITDA | -21.22M | 379.79M | -299.12M | 357.27M | 213.61M | 82.38M | -37.64M | 185.19M | 151.67M | 165.87M | 239.3M | 218.37M | 161.22M | 141.53M | 96.05M | 35.38M | 1.44M | -46.49M | -81.14M | 45.93M | 43.49M | 95.54M | 88.65M | 14.77M | -10.13M | -207.26M | 90.14M | 102.7M | 75.2M | 57.8M | 30.8M |
| EBITDA Margin % | -1.49% | 24.62% | -15.37% | 14.09% | 8.54% | 4.57% | -2.54% | 7.99% | 6.69% | 9.39% | 12.97% | 10.77% | 8.65% | 8.65% | 6.57% | 2.98% | 0.22% | -13.76% | -9.7% | 4.17% | 3.31% | 7.87% | 8.52% | 1.66% | -1.24% | -24.01% | 6.77% | 7.06% | 5.82% | 6.83% | 4.88% |
| EBITDA Growth % | 73.71% | 226.97% | -183.72% | 67.25% | 159.29% | 318.89% | -120.32% | 22.1% | -8.56% | -30.69% | 9.59% | 35.45% | 13.91% | 47.35% | 171.47% | 2360.43% | 103.09% | 42.7% | -276.64% | 5.62% | -54.48% | 7.77% | 500.37% | 245.71% | 95.11% | -329.92% | -12.23% | 36.57% | 30.1% | 87.66% | -46.34% |
| D&A (Non-Cash Add-back) | 44.66M | 58.73M | 56.98M | 45.32M | 46.97M | 48.84M | 47.97M | 42.4M | 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 |
| EBIT | -79.7M | 304.48M | -356.76M | 314.54M | 167.28M | 24.42M | -85.02M | 142.79M | 124.76M | 138.94M | 201.08M | 182.86M | 122.39M | 103.19M | 70.39M | 19.35M | -137.67M | -100.39M | -104.11M | 30.44M | 22.89M | 79.99M | 68.78M | 19.25M | -34.95M | -199.95M | 60.09M | 80.87M | 60.66M | 41.2M | 15.5M |
| Net Interest Income | -23.86M | -21.32M | -19.84M | -19.85M | -20.52M | -23.13M | -24.19M | -27.34M | -28.76M | -16.4M | -15.66M | -19.55M | -22.16M | -26.31M | -21.72M | -4.14M | -4.14M | -4.38M | -4.66M | -5.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 23.86M | 21.32M | 19.84M | 19.85M | 20.52M | 23.13M | 24.19M | 27.34M | 28.76M | 16.4M | 15.66M | 19.55M | 22.16M | 26.31M | 21.72M | 4.14M | 4.14M | 4.38M | 4.66M | 5.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -37.17M | -37.9M | -20.49M | -17.26M | -20.21M | -32.25M | -23.61M | -25.05M | -14.98M | -8.28M | -17.11M | -17.06M | -23.92M | -25.57M | -21.82M | -4.58M | -126.39M | -38.69M | -4.99M | -1.78M | -6.59M | -5.94M | -10.2M | -47.98M | -32.71M | -35.62M | -71.14M | -16.17M | -22.16M | -15.4M | -9.5M |
| Pretax Income | -103.56M | 283.16M | -376.6M | 294.69M | 146.44M | 1.29M | -109.21M | 117.73M | 96M | 122.54M | 185.42M | 163.31M | 98.46M | 77.62M | 48.66M | 15.21M | -141.81M | -104.77M | -107.59M | 24.69M | 16.3M | 74.06M | 59.01M | -57.23M | -71.47M | -275.02M | -11.05M | 64.7M | 38.5M | 25.8M | 6M |
| Pretax Margin % | -7.28% | 18.35% | -19.35% | 11.62% | 5.85% | 0.07% | -7.37% | 5.08% | 4.23% | 6.93% | 10.05% | 8.05% | 5.28% | 4.75% | 3.33% | 1.28% | -22.15% | -31.01% | -12.87% | 2.24% | 1.24% | 6.1% | 5.67% | -6.44% | -8.72% | -31.85% | -0.83% | 4.45% | 2.98% | 3.05% | 0.95% |
| Income Tax | -25.76M | 71.52M | -93.52M | 62.83M | 33.66M | 126K | -11.8M | 28.16M | 26.58M | 11.12M | 65.98M | 59.02M | 37.53M | 31.09M | -56.97M | 171K | -51K | -3M | 17.06M | 8.4M | 6.88M | -37.03M | 600K | 0 | -15.28M | -42.86M | -4.31M | 25.9M | 15.2M | 10.6M | 2.4M |
| Effective Tax Rate % | 24.87% | 25.26% | 24.83% | 21.32% | 22.99% | 9.77% | 10.81% | 23.92% | 27.69% | 9.07% | 35.59% | 36.14% | 38.12% | 40.06% | -117.07% | 1.12% | 0.04% | 2.86% | -15.86% | 34.04% | 42.22% | -50% | 1.02% | 0% | 21.38% | 15.58% | 39.04% | 40.03% | 39.48% | 41.09% | 40% |
| Net Income | -77.9M | 211.45M | -284.07M | 231.25M | 112.26M | 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 |
| Net Margin % | -5.47% | 13.71% | -14.59% | 9.12% | 4.49% | 0.06% | -6.57% | 3.86% | 3.06% | 6.31% | 6.47% | 5.14% | 3.27% | 2.84% | 7.23% | 1.27% | -22.14% | -30.12% | -14.91% | 1.48% | 0.72% | 9.15% | 5.61% | -6.44% | -6.86% | -26.89% | -0.51% | 2.67% | 1.8% | 1.8% | 0.57% |
| Net Income Growth % | 29.09% | 174.44% | -222.84% | 106% | 9544.16% | 101.19% | -208.75% | 29.03% | -37.7% | -6.71% | 14.52% | 71.16% | 30.95% | -55.95% | 602.24% | 110.61% | -39.3% | 18.36% | -865.45% | 72.88% | -91.52% | 90.2% | 202.06% | -1.85% | 75.8% | -3346.67% | -117.36% | 66.52% | 53.29% | 322.22% | -85.83% |
| Net Income (Continuing) | -77.74M | 211.64M | -283.07M | 231.85M | 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 | -125.83M | 16.29M | 9.42M | 111.09M | 58.41M | -57.23M | -56.19M | -232.17M | -6.74M | 38.8M | 23.3M | 15.2M | 3.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.4M | 1.18M | 996K | 603K | 512K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.91 | 5.07 | -6.40 | 4.81 | 2.25 | 0.02 | -1.84 | 1.62 | 1.19 | 1.78 | 1.82 | 1.50 | 0.85 | 0.67 | 1.53 | 0.22 | -2.85 | -3.37 | -4.16 | 0.52 | 0.30 | 3.06 | 1.80 | -2.22 | -2.36 | -10.09 | -0.30 | 1.59 | 0.99 | 0.74 | 0.19 |
| EPS Growth % | 20.37% | 179.22% | -233.06% | 113.78% | 9855.75% | 101.23% | -213.58% | 36.13% | -33.15% | -2.2% | 21.33% | 76.47% | 26.87% | -56.21% | 595.45% | 107.72% | 15.43% | 18.99% | -900% | 73.33% | -90.2% | 70% | 181.08% | 5.93% | 76.61% | -3263.33% | -118.87% | 60.61% | 33.78% | 289.47% | -85.82% |
| EPS (Basic) | - | 5.09 | -6.40 | 4.92 | 2.31 | 0.02 | -1.84 | 1.64 | 1.22 | 1.88 | 1.87 | 1.55 | 0.88 | 0.67 | 1.53 | 0.22 | -2.85 | -3.37 | -4.16 | 0.54 | 0.30 | 3.57 | 2.10 | -2.22 | -2.36 | -10.09 | -0.30 | 1.60 | 1.00 | 0.74 | 0.19 |
| Diluted Shares Outstanding | 40.83M | 41.75M | 44.36M | 48.03M | 49.88M | 51.61M | 52.95M | 55.29M | 58.43M | 62.6M | 65.76M | 69.37M | 71.06M | 69.08M | 68.56M | 68.42M | 49.82M | 30.24M | 29.96M | 30.06M | 31.4M | 36.3M | 32.45M | 25.79M | 23.77M | 23.01M | 22.73M | 23.08M | 22.12M | 19.59M | 18.95M |
| Basic Shares Outstanding | 40.83M | 41.51M | 44.36M | 47.01M | 48.63M | 50.68M | 52.95M | 54.7M | 57M | 59.36M | 63.73M | 67.2M | 68.89M | 68.46M | 68.33M | 68.09M | 49.82M | 30.24M | 29.96M | 30.06M | 31.4M | 31.12M | 27.81M | 25.79M | 23.77M | 23.01M | 22.73M | 22.94M | 21.9M | 19.59M | 18.95M |
| Dividend Payout Ratio | - | 6.52% | - | 6.86% | 14.27% | 1411.94% | - | 19.87% | 25.59% | 13.74% | - | - | - | - | - | - | - | - | - | 33.82% | 60.02% | 3.81% | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WNC stock.
For fiscal year 2025, Wabash National Corporation (WNC) reported total revenue of $1.54B. This represents a 144.3% increase compared to $631.5M in 1996.
Wabash National Corporation (WNC) is profitable, generating $211.5M in net income for the fiscal year ending 2025 with a net profit margin of 13.7%.
Wabash National Corporation (WNC) reported an operating income of $321.1M, resulting in an operating profit margin of 20.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Wabash National Corporation (WNC) generated $58.7M in gross profit for the year, representing a gross profit margin of 3.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe margin compression and losses
Metrics are mathematically derived from official filings.
Revenue Decline Deepens Sequentially
Wabash National's revenue has contracted for ten consecutive quarters, with the decline accelerating to -20.4% year-over-year in 2026Q1, indicating a severe and sustained downturn in demand for its industrial products.
The persistent negative revenue growth, which has worsened from -17.0% in 2024Q1 to -20.4% in 2026Q1, suggests the company is facing a prolonged cyclical trough rather than a temporary blip. This trajectory implies significant market share loss or a deep contraction in its end markets, making a near-term recovery to positive growth appear unlikely without a major shift in industry conditions.
Gross Margins Collapse to Negative Territory
Gross margin has deteriorated from a healthy 16.3% in 2024Q2 to a negative -3.5% in 2026Q1, a catastrophic shift that indicates pricing power has evaporated and cost structures are no longer aligned with current revenue levels.
The swing to negative gross margins is a critical red flag, suggesting that Wabash is now selling its products for less than the direct cost to produce them. This level of margin compression is unsustainable and points to either severe competitive pricing pressure, significant underutilization of manufacturing capacity, or a combination of both, which will require drastic operational restructuring to correct.
Fixed Cost Burden Overwhelms Shrinking Revenue
Despite a 30%+ decline in revenue since 2024Q2, SG&A expenses have remained relatively sticky in the $37M-$44M range per quarter, creating a massive operating loss as the company cannot scale its overhead down proportionally.
The data shows a clear failure to align the cost structure with the new revenue reality. With SG&A consuming over 10% of revenue in recent quarters (e.g., 12.9% in 2026Q2), the company's fixed overhead is now a crippling burden. This suggests management's expense discipline has been insufficient, and further, more aggressive cost-cutting measures may be necessary to reach breakeven.
2024Q3: The Catastrophic Impairment Quarter
The 2024Q3 results, featuring a -$433.0M operating loss and -$330.2M net loss, represent a clear inflection point where a massive non-cash charge fundamentally altered the company's financial profile and erased years of retained earnings.
This quarter's results, driven by what appears to be a significant asset impairment or write-down, mark the definitive end of Wabash's prior profitability era. The lasting impact is a severely weakened balance sheet and a reset of investor expectations, as the company now operates from a position of financial recovery rather than growth.
Path to Profitability Remains Unclear
The strongest challenge to any recovery narrative is that Wabash has posted negative operating income in seven of the last ten quarters, with losses deepening recently, suggesting the core business model is fundamentally challenged at current scale.
Short-sellers would focus on the fact that even in quarters with positive gross profit (e.g., 2026Q2), the company still generates significant operating losses due to its bloated SG&A. This indicates that simply stabilizing revenue may not be enough; a radical restructuring of the cost base appears necessary before sustainable profitability can be achieved. The negative gross margin in 2026Q1 is particularly alarming, as it implies the company is destroying value on every unit sold.