Revenue has contracted by 20.75% in 2026Q1, driving gross margins into negative territory at -3.5% and reflecting an inability to maintain pricing power.
| 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 | 1.47B | 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 % | -19.16% | -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 | 1.12B | 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 | 29.15M | 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 % | 1.99% | 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 | 73.03M | -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 | 75.79M | 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 | 1000K | -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 | -45.85M | 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 % | -3.13% | 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 | -2.15M | 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 % | -0.15% | 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 % | 93.4% | 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) | 43.7M | 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 | -9.84M | 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 | -16.29M | -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 | 10.1M | 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 | -38.54M | -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 | -84.39M | 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 % | -5.76% | 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 | -19.6M | 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 % | 23.22% | 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 | -64.61M | 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 % | -4.41% | 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 % | 9.37% | 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) | -64.73M | 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 | 1.12M | 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) | -1.59 | 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 % | -2.97% | 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 | 40.74M | 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 | 40.74M | 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% | - | - | - | - | - | 14.18% | 18.88% | 20.39% | 63.89% |
Cyclical demand and margin erosion
According to recent financial disclosures, WNC has experienced a sustained period of top-line decline, with revenue contracting by 20.75% in the most recent quarter, reflecting a broader cyclical downturn in the North American freight market and reduced capital expenditure appetite among core fleet customers.
The consistent year-over-year revenue decay suggests that the company is struggling to find a floor in its primary transportation solutions segment. This trend appears to be a direct consequence of the multi-year replacement cycle for Class 8 trailers, which currently faces significant headwinds from reduced freight demand.
As reported in quarterly filings, the company's gross margin has deteriorated significantly, reaching a negative 3.5% in 2026Q1, which highlights an inability to effectively pass through input cost volatility or maintain pricing power during periods of lower production volume and reduced manufacturing absorption.
The collapse in gross margins suggests that the company's high variable cost structure is failing to scale during the current downturn. Investors should monitor whether this margin erosion is a temporary byproduct of inventory rationalization or a more permanent shift in the competitive landscape for trailer manufacturing.
Based on the provided income statement data, the company's net income has exhibited extreme volatility, including a notable 2025Q1 spike where net margins reached 60.6%, suggesting that non-operating items or one-time accounting adjustments are significantly distorting the underlying operational performance of the business.
The wide variance between operating and net income figures warrants deep investigation into the nature of these non-recurring items. Without adjusting for these anomalies, the reported EPS figures fail to provide a reliable indicator of the company's normalized earnings power or its ability to generate sustainable shareholder value.
Analysis of recent income statements indicates that SG&A expenses have remained relatively sticky despite the sharp 20.75% revenue decline, suggesting that management faces challenges in rightsizing the cost structure to align with the current lower-volume environment and reduced production throughput across its manufacturing facilities.
The lack of meaningful SG&A reduction in the face of falling revenue implies that the company may be carrying excess overhead that is further pressuring operating margins. This cost rigidity may indicate a strategic decision to maintain operational readiness, though it risks further eroding profitability if the freight recession persists.
While the company maintains a clean balance sheet, the persistent negative gross margins reported in recent periods suggest that the core business model may be facing structural impairment rather than just cyclical weakness, potentially challenging the long-term viability of its current pricing and manufacturing strategy.
Short-sellers would likely focus on the inability of the company to achieve positive gross margins, which suggests that the competitive moat provided by DuraPlate technology may be insufficient to offset broader industry pricing pressures. Investors should remain cautious until there is clear evidence of a return to sustainable, positive gross profitability.
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.