Wabash (WNC) Q3 2026 Earnings Call: Dry Van Backlog Accelerates
Source Tradingkey
Key Takeaways
- Wabash reported Q3 2026 revenue of more than $476 million, adjusted EBITDA of negative $10.4 million and adjusted diluted EPS of negative $0.63.
- Dry van demand strengthened materially. The 2027 dry van backlog rose from more than 12,000 units shortly before quarter-end to almost 16,000 at quarter-end and nearly 20,000 by mid-October.
- Total backlog reached $1.3 billion by mid-October. Management said the 2027 dry van backlog carried an average material margin more than 600 basis points above Q2 2026.
- Wabash accelerated hiring and production readiness spending originally planned for early 2027. As a result, management no longer expects positive EBITDA in late 2026 but targets quarterly profitability by Q2 2027 consistent with a $150 million-$170 million annualized EBITDA run rate.
- Q4 guidance calls for revenue of $420 million-$450 million, an adjusted operating margin of negative 8% to negative 5%, and adjusted EPS of negative $0.75 to negative $0.55.
- Management sees truck body recovery lagging dry vans by approximately six to nine months, while ramp inefficiencies are expected to continue into the first half of 2027.
Core Financial Data
| Metric | Q3 2026 result | Change or context |
|---|---|---|
| Consolidated revenue | More than $476 million | Above the expectations communicated on the Q2 earnings call |
| Adjusted gross margin | 3.2% | Low truck body volumes and manufacturing inefficiencies remained headwinds |
| Adjusted operating margin | Negative 5.7% | Included production readiness costs |
| Adjusted EBITDA | Negative $10.4 million | Negative 2.2% of sales |
| Adjusted net income attributable to common shareholders | Negative $26 million | — |
| Adjusted diluted EPS | Negative $0.63 | Management said EPS was below its guided range |
| GAAP diluted EPS | Negative $0.51 | Included an approximately $7.5 million gain from an Indiana facility sale |
| Operating cash flow | Negative $37 million | Reflected the planned working-capital ramp |
| Free cash flow | Negative $41 million | — |
| Total liquidity | $277 million | Up 44% sequentially |
| Capital expenditures | Approximately $3.5 million | Capital spending remained controlled |
| Dividends paid | $3.3 million | Quarterly shareholder return |
Business and Operating Performance
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