WABASH NATIONAL CorpWNC
WABASH NATIONAL Corp Segments Disclosure
SEGMENTS
Segment Reporting
The Company’s Chief Operating Decision Maker (“CODM”) is comprised of the Chief Executive Officer and the Board of Directors. Based on how the CODM manages the business, allocates resources, makes operating decisions, and evaluates operating performance, the Company manages its business in two operating and reportable segments: Transportation Solutions and Parts & Services.
Additional information related to the composition of each segment is included below.
▪Transportation Solutions (“TS”): The TS segment comprises the design and manufacturing operations for the Company’s transportation-related equipment and products. This includes dry and refrigerated van trailers, platform trailers, and the Company’s wood flooring production facility. Additionally, the TS segment includes tank trailers and truck-mounted tanks. Finally, truck-mounted dry and refrigerated bodies, as well as service and stake bodies, are also in the TS segment.
▪Parts & Services (“P&S”): The P&S segment comprises the Company’s Parts and Services business, as well as the Upfitting Solutions and Services business (a component of our Truck Bodies business). Additionally, the Company’s Composites business, which focuses on the use of DuraPlate® composite panels beyond the semi-trailer market, is also part of the P&S segment. This segment also includes the Wabash Parts LLC entity, which we created with our partner as further described in Note 7. Our Linq Venture Holdings LLC and Trailers as a Service (TaaS)SM initiatives, which combine our market-leading trailer products with emerging capabilities like parts distribution and a growing maintenance and repair network to provide a valuable suite of services to our customers, are included in the P&S segment as well. Finally, the P&S segment includes the Company’s Engineered Products business, which manufactures stainless-steel storage tanks and silos, mixers and processors for a variety of end markets. Growing and expanding our Parts and Services offerings continues to be a key strategic initiative for the Company.
The accounting policies of the TS and P&S segments are the same as those described in the summary of significant accounting policies except that the Company evaluates segment performance based on income (loss) from operations. The CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures. The Company has not allocated certain corporate related administrative costs, interest, and income taxes included in the corporate and eliminations segment to the Company’s other reportable segments. The Company accounts for intersegment sales and transfers at cost. Segment assets are not presented as it is not a measure reviewed by the CODM in allocating resources and assessing performance.
Reportable segment information is as follows (in thousands):
| Transportation Solutions | Parts & Services | Corporate and Eliminations | Consolidated | ||||||||||||||||||||
| 2025 | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| External customers | $ | 1,306,732 | $ | 236,022 | $ | — | $ | 1,542,754 | |||||||||||||||
| Intersegment sales | 37,645 | 1,098 | (38,743) | — | |||||||||||||||||||
| Total net sales | 1,344,377 | 237,120 | (38,743) | 1,542,754 | |||||||||||||||||||
| Cost of sales | 1,318,663 | 192,923 | (38,743) | 1,472,843 | |||||||||||||||||||
| Gross profit | 25,714 | 44,197 | — | 69,911 | |||||||||||||||||||
Other operating expenses (1) | 83,959 | 16,483 | (338,036) | (237,594) | |||||||||||||||||||
| (Loss) income from operations | $ | (58,245) | $ | 27,714 | $ | 338,036 | $ | 307,505 | |||||||||||||||
| Depreciation and amortization | $ | 48,652 | $ | 5,496 | $ | 4,587 | $ | 58,735 | |||||||||||||||
| 2024 | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| External customers | $ | 1,747,039 | $ | 199,701 | $ | — | $ | 1,946,740 | |||||||||||||||
| Intersegment sales | 8,094 | 5,361 | (13,455) | — | |||||||||||||||||||
| Total net sales | 1,755,133 | 205,062 | (13,455) | 1,946,740 | |||||||||||||||||||
| Cost of sales | 1,537,515 | 157,608 | (13,455) | 1,681,668 | |||||||||||||||||||
| Gross profit | 217,618 | 47,454 | — | 265,072 | |||||||||||||||||||
Other operating expenses (1) | 69,341 | 12,037 | 539,798 | 621,176 | |||||||||||||||||||
| Income (loss) from operations | $ | 148,277 | $ | 35,417 | $ | (539,798) | $ | (356,104) | |||||||||||||||
| Depreciation and amortization | $ | 49,987 | $ | 2,681 | $ | 4,317 | $ | 56,985 | |||||||||||||||
| 2023 | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| External customers | $ | 2,320,274 | $ | 216,226 | $ | — | $ | 2,536,500 | |||||||||||||||
| Intersegment sales | 18,330 | 4,647 | (22,977) | — | |||||||||||||||||||
| Total net sales | 2,338,604 | 220,873 | (22,977) | 2,536,500 | |||||||||||||||||||
| Cost of sales | 1,898,740 | 162,550 | (22,977) | 2,038,313 | |||||||||||||||||||
| Gross profit | 439,864 | 58,323 | — | 498,187 | |||||||||||||||||||
Other operating expenses (1) | 72,936 | 13,674 | 99,628 | 186,238 | |||||||||||||||||||
| Income (loss) from operations | $ | 366,928 | $ | 44,649 | $ | (99,628) | $ | 311,949 | |||||||||||||||
| Depreciation and amortization | $ | 40,443 | $ | 2,201 | $ | 2,676 | $ | 45,320 | |||||||||||||||
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(1)Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
Customer Concentration
The Company is subject to a concentration of risk as the five largest customers together accounted for approximately 35%, 42%, and 32% of the Company’s aggregate net sales in 2025, 2024, and 2023, respectively. No individual customer accounted for more than 10% of our aggregate net sales in 2025. Our largest customer, included as part of the Transportation Solutions segment, accounted for 15% and 12% of our aggregate net sales in 2024 and 2023. International sales accounted for less than 10% in each of the last three years.
Product Information
The Company offers products primarily in four general categories: (1) new trailers, (2) used trailers, (3) components, parts and services, and (4) equipment and other (which includes new truck body sales). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
| Year ended December 31, 2025 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
| New trailers | $ | 1,045,677 | $ | — | $ | (37,403) | $ | 1,008,274 | 65.3% | |||||||||||||||||||||||
| Used trailers | — | 4,570 | — | 4,570 | 0.3% | |||||||||||||||||||||||||||
| Components, parts and services | — | 127,341 | — | 127,341 | 8.3% | |||||||||||||||||||||||||||
| Equipment and other | 298,700 | 105,209 | (1,340) | 402,569 | 26.1% | |||||||||||||||||||||||||||
| Total net external sales | $ | 1,344,377 | $ | 237,120 | $ | (38,743) | $ | 1,542,754 | 100.0% | |||||||||||||||||||||||
| Year ended December 31, 2024 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
| New trailers | $ | 1,335,902 | $ | — | $ | (3,978) | $ | 1,331,924 | 68.4% | |||||||||||||||||||||||
| Used trailers | 71 | 4,012 | (71) | 4,012 | 0.2% | |||||||||||||||||||||||||||
| Components, parts and services | — | 128,565 | — | 128,565 | 6.6% | |||||||||||||||||||||||||||
| Equipment and other | 419,160 | 72,485 | (9,406) | 482,239 | 24.8% | |||||||||||||||||||||||||||
| Total net external sales | $ | 1,755,133 | $ | 205,062 | $ | (13,455) | $ | 1,946,740 | 100.0% | |||||||||||||||||||||||
| Year ended December 31, 2023 | Transportation Solutions | Parts & Services | Eliminations | Consolidated | ||||||||||||||||||||||||||||
| New trailers | $ | 1,924,700 | $ | — | $ | (5,901) | $ | 1,918,799 | 75.7% | |||||||||||||||||||||||
| Used trailers | — | 4,978 | — | 4,978 | 0.2% | |||||||||||||||||||||||||||
| Components, parts and services | — | 148,256 | — | 148,256 | 5.8% | |||||||||||||||||||||||||||
| Equipment and other | 413,904 | 67,639 | (17,076) | 464,467 | 18.3% | |||||||||||||||||||||||||||
| Total net external sales | $ | 2,338,604 | $ | 220,873 | $ | (22,977) | $ | 2,536,500 | 100.0% | |||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.