Wabash National reported a 24.8% year-over-year increase in third-quarter revenue, supported by shipments in its core Dry Van business and growth in Parts & Services. The company still posted an operating loss and a per-share loss, while its backlog grew sharply from the prior quarter.
The trailer and transportation-equipment maker said customer orders prompted it to move planned production-capacity additions forward into the third quarter. For the fourth quarter, Wabash expects revenue to remain below the latest quarter’s level and adjusted earnings per share to remain negative.
Key details
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Revenue rose to $476.4 million, up 24.8% from the third quarter of 2025. Wabash cited strong shipments in the core Dry Van market; Parts & Services also recorded year-over-year revenue growth.
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Gross profit was $15 million, equal to a 3.1% gross margin.
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Wabash reported a GAAP operating loss of $20 million and diluted loss per share of 51 cents. On an adjusted basis, the operating loss was $27 million and the loss per share was 63 cents. The adjusted operating figure excludes a $7.5 million gain from selling a manufacturing facility and $0.5 million in facility-idling costs.
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Backlog reached about $1.20 billion at September 30, up $242 million, or about 25%, from the end of the second quarter. The company said the increase exceeded typical seasonal trends.
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Capacity additions for Dry Van production were accelerated. CEO Brent Yeagy said Wabash moved actions previously planned for the first half of 2027 into the third quarter, responding to customer order activity.
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Fourth-quarter guidance calls for revenue of $420 million to $450 million, with adjusted loss per share of 55 cents to 75 cents. The midpoint is $435 million in revenue and a 65-cent adjusted loss per share.
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Wabash said it expects market conditions and financial performance to improve sequentially after the fourth quarter.
The larger backlog and earlier capacity actions point to stronger customer orders, but the quarter’s low gross margin and operating losses show that the increase in sales has not yet translated into profitability.