Wabash reported on Feb. 4 net sales for the fourth quarter of 2025 were $321.5 million, down 22.9% from Q4 in 2024. Operating loss was $59.9 million. For the full year 2025, revenue totaled $1.54 billion with operating income of $307.5 million, down 20.8%, or non-GAAP adjusted operating loss of $95 million.
Total Company backlog as of December 31, 2025 was approximately $705 million, as capital spending decisions continue to be delayed and highly managed, the report noted.
Given the current market conditions and “lack of visibility,” Wabash provided guidance only for the first quarter, and will not be issuing full-year 2026 guidance at this time. For the first quarter, Wabash expects revenue be in the range of $310 million to $330 million, about the same as Q4.
“While conditions on the ground are improving for our customers, we have limited visibility into timing, pace and sustainability of the freight market recovery. With that said, the underlying conditions for a strong trailer demand response is growing once the freight market recovery threshold is met and our customers look to recapture profitability and get back to a growth mindset,” Brent Yeagy, president and CEO said. “But for now, our 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.
"While near-term conditions remain challenging, customer engagement around 2026 purchasing decisions is ongoing, and many fleet order commitments for the year remain open and active, a positive departure from historic norms for this period of the sales cycle for trailers. Based on these discussions and early order activity, we believe 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.”
Segment breakdown
The company’s reporting segments told two different stories during the final quarter of 2025. The Transportation Solutions segment, which includes its core trailer manufacturing, generated $263 million in revenue, down 29% from Q4 202.
In contrast, the Parts and Services segment remained a bright spot, continuing a year-long trend of growth. The segment generated $64.5 million in revenue, up 32.6%. This performance underscores the company's strategic efforts to diversify its revenue streams and leverage high-margin recurring business during periods of low equipment demand.
During an earnings call with investment analysts, Yeagy emphasized that the company is watching market signals closely.
“There’s a lot of reasons to believe and trust that the market, fundamentally, at the freight level and the drivers of that are getting substantially better from where they’ve been,” Yeagy said.
He highlighted that the company’s focus on liquidity and financial resilience is designed to allow Wabash to navigate near-term headwinds without losing momentum on longer-term strategic priorities.
About the Author
Kevin Jones
Editor
Kevin has served as editor-in-chief of Trailer/Body Builders magazine since 2017—just the third editor in the magazine’s 60 years. He is also editorial director for Endeavor Business Media’s Commercial Vehicle group, which includes FleetOwner, Bulk Transporter, Refrigerated Transporter, American Trucker, and Fleet Maintenance magazines and websites.
Working from Beaufort, S.C., Kevin has covered trucking and manufacturing for nearly 20 years. His writing and commentary about the trucking industry and, previously, business and government, has been recognized with numerous state, regional, and national journalism awards.