Wabash (NYSE: WNC) has just released its fourth-quarter and full-year 2025 results, revealing a quarterly revenue of $321 million. The company reported a GAAP operating loss of $59.9 million, or (18.6)% of sales, and a net loss attributable to common stockholders of $49.9 million, or $(1.23) per diluted share. The non-GAAP adjusted operating loss was $43.8 million, or (13.6)% of sales, with a non-GAAP adjusted net loss attributable to common stockholders of $37.8 million, or $(0.93) per diluted share.
For the full year 2025, Wabash reported revenue of $1.54 billion, with operating income of $307.5 million or non-GAAP adjusted operating loss of $95 million, representing (6.2)% of sales. The full-year net income attributable to common stockholders was $211.5 million, or $5.07 per diluted share. On a non-GAAP adjusted basis, full-year net income was $(89.9) million, or $(2.15) per diluted share.
The company's total backlog at the end of Q4 was approximately $705 million, with the market environment remaining challenging as fleets remain cautious in the near term. However, Wabash noted that the market environment is showing early signs of stabilization, setting up for demand improvement in the second half of 2026 and a stronger 2027.
Wabash's transportation solutions segment saw net sales for the fourth quarter of 2025 at $262.9 million, a decrease of 29.0% compared to the prior year quarter, and reported an operating loss of $47.8 million, or (18.2)% of sales. Meanwhile, the parts & services segment recorded net sales of $64.5 million, an increase of 32.6% compared to the prior year quarter, with operating income of $5.1 million, or 7.9% of sales during the quarter.
Wabash highlighted that its customers continue to defer capital spending decisions, and order patterns remain uneven, reflecting a highly managed near-term reality across freight, construction, and industrial end markets. The company is providing guidance only for the first quarter of 2026 and will not be issuing full-year 2026 guidance at this time. For the first quarter, Wabash expects revenue to be in the range of $310 million to $330 million and adjusted earnings per share to be in the range of ($0.95) to ($1.05).
Brent Yeagy, President, and Chief Executive Officer of Wabash, noted that customer engagement around 2026 purchasing decisions is ongoing, and many fleet order commitments for the year remain open and active, indicating a positive departure from historic norms for this period of the sales cycle for trailers. Based on these discussions and early order activity, the company believes full-year 2026 revenue and operating margin is likely to be higher than 2025, even though the timing and shape of demand recovery remain uncertain.
Wabash's complete disclosure of the results by individual segment is included in the tables following the release. The company will discuss its results during its quarterly investor conference call on Wednesday, February 4, 2026, beginning at 12:00 p.m. EST. The call and an accompanying slide presentation will be accessible on the "Investors" section of Wabash’s website. A replay of the call will be available shortly after the conclusion of the presentation. The market has reacted to these announcements by moving the company's shares -3.78% to a price of $10.44. For the full picture, make sure to review WABASH NATIONAL Corp's 8-K report.
