Wabash National hits low point as trailer shipments slump

Wabash National (NYSE:WNC) reported a wider-than-expected loss for the fourth quarter, as a prolonged downturn in the freight market forced the trailer manufacturer to idle plants and slash production.

The Lafayette, Indiana-based company reported a fourth-quarter net loss of $49.9 million, or $1.23 per share.

On an adjusted basis, the loss was 93 cents per share, deeper than the 76-cent loss analysts had forecast.

Revenue for the period hit $321.5 million, a 23% decline from the prior year, as fleet customers continued to postpone large capital investments.

The primary culprit for the slump was a sharp drop in shipments.

Truck body production fell to just 1,343 units in the quarter, compared to over 3,000 units a year ago.

Trailer shipments also sagged to 5,901 units.

This underutilization of factory capacity led to significant operational inefficiencies, prompting Wabash to recently announce the idling of two manufacturing facilities and the elimination of 270 jobs.

A bright spot for the company was its Parts & Services segment, which grew revenue by 32.6% to $64.5 million.

Wabash ended 2025 with a total backlog of $705 million, down from the $1.2 billion levels seen during the post-pandemic boom.

Looking ahead, Wabash issued a cautious forecast for the first quarter of 2026, projecting revenue between $310 million and $330 million and an adjusted loss per share of $0.95 to $1.05.