The sequential backlog growth (+14%) and Q3 revenue guidance midpoint ($450M) suggest the freight recovery is gaining traction, but the company remains unprofitable with negative free cash flow. Watch for continued improvement in Transportation Solutions margins and further backlog growth as confirmation of a sustained recovery. The stock may trade on the beat and backlog momentum in the near term.
Price Chart
Executive Summary
Wabash National reported Q2 2026 revenue of $417.2M, down 9.1% YoY, and a GAAP EPS loss of $(0.56), which was in line with the consensus estimate of $(0.56). The Non-GAAP adjusted EPS loss of $(0.53) beat the consensus by 5.4%. Backlog grew 14% sequentially to $956M, and Q3 guidance midpoint of $450M revenue implies sequential improvement, but the company remains unprofitable with negative operating cash flow. The freight recovery narrative is intact, but the financials remain weak, making this a mixed report with a slightly positive tilt on the beat and backlog growth.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $417.2M, down 9.1% YoY from $458.8M
- GAAP EPS $(0.56) in line with consensus; Non-GAAP adjusted EPS $(0.53) beat consensus of $(0.56) by 5.4%
- Backlog $956M, up 14% vs Q1 2026 and up $119M sequentially
- Q3 2026 guidance: revenue $440M-$460M (midpoint $450M), Non-GAAP adjusted EPS $(0.50) to $(0.40)
- Transportation Solutions operating loss $(13.9)M; Parts & Services operating income $6.0M, up 6.1% YoY
- Operating cash flow was negative $(28.5)M in H1 2026; free cash flow negative $(34.2)M
Financial Impact
Revenue decline of 9.1% YoY; GAAP operating loss of $25.3M; backlog growth of $119M sequentially
Risk Factors
- Freight market recovery may be slower or more uneven than anticipated
- Continued operating losses and negative free cash flow pressure balance sheet
- Transportation Solutions segment remains deeply unprofitable with negative operating margins
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000879526-26-000087 |
| Document: wnc-20260729.htm | 0000879526-26-000087 |
| Document: 0000879526-26-000087-index-headers.html | 0000879526-26-000087 |
| Document: 0000879526-26-000087-index.html | 0000879526-26-000087 |
| Document: 0000879526-26-000087.txt | 0000879526-26-000087 |
| 8-K Data (Synthetic) | 0000879526-26-000087 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $12.49 $12.55 | ▲ +0.48% | ▲ +2.23% | $14.04 (+12.41%) |
Jul 31, 2026 9w ago | 8-K | $12.56 $13.33 | ▲ +6.13% | ▲ +3.14% | $14.04 (+11.78%) |
Jul 29, 2026 9w ago | 8-K | $12.40 $12.51 | ▲ +0.89% | ▼ −4.13% | $14.04 (+13.23%) |
Jul 10, 2026 12w ago | Court Ruling | $12.90 $12.93 | ▲ +0.23% | ▼ −2.19% | $14.04 (+8.84%) |
May 14, 2026 20w ago | Press Release | $6.89 $9.71 | ▲ +40.93% | ▲ +38.81% | $14.04 (+103.77%) |
May 1, 2026 22w ago | Press Release | $7.68 $7.64 | ▼ −0.52% | ▼ −5.81% | $14.04 (+82.81%) |
US Market Status
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