Wabash National Corporation

For Q2 2026, Wabash reported consolidated revenue of $417 million, adjusted non-GAAP gross margin of 4.1%, adjusted non-GAAP operating margin of -5.6%, adjusted non-GAAP EBITDA of -$9 million (-2.1%), and adjusted non-GAAP net income of -$21.6 million, or -$0.53 per diluted share. The company shipped 8,290 new trailers and 1,380 truck bodies. Segment revenue included Transportation Solutions at $355 million and Parts and Services at $63 million. Cash from operations was $5.1 million, free cash flow was $3.1 million, and total liquidity at June 30 was $193 million, before the post-quarter-end addition of $150 million of liquidity. For Q3, management guided to revenue of $440 million to $460 million, adjusted EPS of -$0.50 to -$0.40, and operating margin of approximately -4%. Management said Q4 should see lower top-line versus Q3 due to seasonality, but sequential EPS improvement as pricing recovery and cost control flow through, and it reiterated expectations for positive EBITDA in the second half of 2026.

Brent Yeagy framed the quarter as evidence that the freight recovery is taking shape, citing stronger spot and tender-rejection data, improving backlog, and customer behavior shifting from deferral to committed demand. He emphasized that Wabash is leaning into safety, capacity expansion, U.S. manufacturing, and liquidity so it can respond quickly when replacement demand accelerates. His tone was confident but still measured, repeatedly noting that the company is in a transitionary period and that recovery will show up gradually through pricing and backlog conversion.

Pat Keslin said Q2 revenue of $417 million came with a return to positive gross margin at 4.1%, though margins were still pressured by higher material costs that pricing has not yet fully recovered. He highlighted $5.1 million of operating cash flow, $3.1 million of free cash flow, $193 million of total liquidity at June 30, and the added $150 million of liquidity after quarter-end. He also noted approximately $2 million of traditional capex, $3.3 million returned via dividend, and that the revolver refinancing has $300 million already committed and should close very soon. For the second half, he expects positive EBITDA in 2026 and said Q4 material margin should improve by 200 to 300 basis points versus Q2, backed by current backlog.

Analysts focused on why EPS and Q3 guidance remain weak despite an improving market, and management said the answer is timing: older, lower-priced backlog is still rolling through Q3, while new pricing is only beginning to hit the P&L. On 2027, management said a replacement-demand market around 260,000 trailers would support normalized profitability, with Pat Keslin pointing to a return to roughly $150 million to $170 million of EBITDA if that demand materializes. Questions about market share, pricing, and early order-book opening were met with comments that customers asked Wabash to open earlier, that the response has been positive, and that early quoting is giving customers capacity certainty while giving Wabash better visibility and a path to regain share.