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Here are a few brief analogies for Wabash National (WNC):

• They're like the 'Ford of commercial trailers and truck bodies', manufacturing a wide array of the back-end solutions that haul goods behind or on commercial vehicles.

• Imagine them as a specialized 'Caterpillar for the road and industrial plants', providing essential heavy equipment such as trailers, truck bodies, and specialized storage tanks for logistics, food, and chemical industries.

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• Trailers: Designs and manufactures various trailers including dry van, platform, refrigerated, converter dollies, dry bulk, and specialized tank trailers for liquids and chemicals.
• Truck Bodies: Produces a range of truck bodies such as dry freight, cutaway, service, insulated, stake, refrigerated, and flatbed.
• Aftermarket Parts & Accessories: Provides a variety of parts including shelving, partitions, roof racks, hitches, liftgates, and thermal solutions.
• Repair & Maintenance Services: Offers services such as door repair and replacement, collision repair, and basic maintenance for transportation equipment.
• Industrial Processing & Storage Equipment: Manufactures stainless steel storage tanks, silos, mixers, and processors for the dairy, food, beverage, pharmaceutical, and chemical industries.
• Composite Products: Creates advanced composite products including truck bodies, overhead doors, and other industrial application products.

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Wabash National (WNC) primarily sells its engineered solutions to other companies within the transportation, logistics, and distribution industries. Based on the company description, its major customers fall into the following categories:

• Freight Carriers: This includes both truckload common carriers and less-than-truckload (LTL) common carriers that utilize trailers for transporting goods.
• Leasing Companies: Companies that lease trailers and other transportation equipment to various businesses.
• Package Carriers: Entities involved in package delivery, which would include large logistics and shipping companies.

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Brent L. Yeagy
President and Chief Executive Officer

Brent L. Yeagy has served as President and Chief Executive Officer of Wabash National Corporation since June 2018. He joined Wabash in 2003 and held several positions of increasing responsibility, including President and Chief Operating Officer from October 2016 to June 2018. Before joining Wabash, Mr. Yeagy held various roles in human resources, environmental engineering, and safety management for Delco Remy International from 1999 to 2003, and plant engineering roles at Rexnord Corporation from December 1995 to 1999. He also served in the United States Navy from 1991 to 1994, participating in the Navy's Nuclear Power Program.

Patrick Keslin
Senior Vice President, Chief Financial Officer

Patrick Keslin was appointed Senior Vice President, Chief Financial Officer on September 1, 2024. Prior to this, he served as Vice President, Finance since 2022. Mr. Keslin joined Wabash in 2017 and has held various finance positions, including Senior Director of Business Finance and Senior Director of Finance – Commercial Trailer Products. Before his tenure at Wabash, from 2001 to 2017, he held numerous finance positions at Honeywell, including Director of Finance at Honeywell UOP.

Donald Winston
Senior Vice President, Chief Operating Officer

Donald Winston was appointed Senior Vice President, Chief Operating Officer on January 15, 2025. He previously served as Senior Vice President, Global Operations since September 2024, after joining Wabash in January 2024 as Vice President, Global Operations. Mr. Winston brings over 25 years of manufacturing leadership experience, including senior roles at Novolex, Closure Systems International, Ardagh Group, and Ford Motor Company.

Mike Pettit
Senior Vice President, Chief Growth Officer

Mike Pettit was appointed Senior Vice President, Chief Growth Officer on September 1, 2024. In this role, he focuses on driving growth initiatives and overseeing the company's Parts and Services segment. Before this appointment, Mr. Pettit served as Senior Vice President, Chief Financial Officer since January 2020. His prior roles at Wabash include Senior Vice President and Group President, Final Mile Products (2018–2020), and Vice President of Finance and Investor Relations (2014–2018). He joined Wabash in 2012 as Director of Finance for Commercial Trailer Products. Prior to Wabash, he spent 14 years at Ford Motor Company in various finance positions.

Kristin Glazner
Senior Vice President, Chief Administrative Officer, General Counsel, and Chief Human Resources Officer

Kristin Glazner was appointed Senior Vice President, Chief Administrative Officer on December 8, 2023. She also continues to serve as General Counsel and Chief Human Resources Officer, a role she has held since June 1, 2020. Ms. Glazner joined Wabash in February 2010 as Corporate Counsel. Before joining Wabash, she was an attorney with the law firm Baker & Daniels LLP (now Faegre Drinker Biddle & Reath LLP) from 2002 to 2010.

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1. Cyclical Demand in the Transportation and Logistics Industries: Wabash National's core business of manufacturing trailers and engineered solutions for transportation is highly sensitive to the economic health and capital expenditure cycles of its customers, including truckload common carriers, leasing companies, private fleet carriers, and package carriers. Economic downturns, reduced freight volumes, or decreased investment in new equipment by these customers can significantly reduce demand for new trailers, truck bodies, and related products, directly impacting the company's revenue and profitability.
2. Volatility in Raw Material Costs and Supply Chain Disruptions: The manufacturing of Wabash National's products, such as various types of trailers, truck bodies, and tanks, relies heavily on raw materials like stainless steel, aluminum, and other components. Significant fluctuations in the prices of these commodities can impact the company's production costs and profit margins. Furthermore, disruptions in the global supply chain for these raw materials or critical components could lead to production delays, increased costs, and an inability to meet customer demand.

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Addressable Markets for Wabash National Products and Services

• Dry Van Trailers:
  • The global dry van trailers sales market was valued at approximately USD 22.5 billion in 2023 and is projected to reach around USD 35.8 billion by 2032, with a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
  • North America holds the largest share of the global dry van trailers market. The dry van segment was the largest revenue-generating type in the North America semi-trailer market in 2024, with a 45.48% share. The North America semi-trailer market, which includes dry vans, was valued at USD 13,063.7 million in 2023 and is projected to reach USD 20,833.3 million by 2033, growing at a CAGR of 5.1% from 2024 to 2033.
• Refrigerated Trailers:
  • The global refrigerated trailer market size was estimated at USD 7.24 billion in 2024 and is projected to reach USD 10.32 billion by 2030, with a CAGR of 6.3% from 2025 to 2030.
  • In North America, the refrigerated trailer industry accounted for 38.1% of the global share in 2024. The North America refrigerated trailer market is projected to grow from USD 2.12 billion in 2023 to USD 3.05 billion by 2032. The U.S. refrigerated trailer market was worth over USD 2.4 billion in 2024.
• Tank Trailers (Stainless steel and aluminum tank trailers for dairy, food and beverage, oil, gas, and chemical end markets; dry bulk trailers):
  • The global tank trailers market size was estimated at USD 6.792 billion in 2024 and is projected to grow to USD 10.01 billion by 2035, exhibiting a CAGR of 3.59% during the forecast period.
  • North America is the largest market for tank trailers, accounting for approximately 45% of the global market share. The U.S. is estimated to hold the largest tank trailers market across the region.
• Truck Bodies (Van bodies, cutaway van bodies, service bodies, insulated van bodies, refrigerated truck bodies):
  • The global truck bodies market size was USD 940.96 million in 2023 and is projected to reach USD 1,604.7 million by 2032, expanding at a CAGR of 6.4% during 2024–2032.
  • The vocational/work truck industry in the United States and Canada (including various truck body segments) was assessed at USD 8.4 billion in 2021. North America held a major share of the global truck bodies market in 2023. North America remains the largest producer of truck bodies, holding 38% of the global market share.
  • For service truck bodies specifically, the global market size was valued at USD 929.45 million in 2025 and is poised to grow to USD 1662.05 million by 2035, at a CAGR of 6.4%. Approximately 42% of the 1.9 million operational service trucks globally in 2023 were in North America.
• Aftermarket Parts and Services:
  • The global commercial vehicle spare parts aftermarket size was USD 107,837.2 million in 2024 and is projected to grow to USD 141,542.27 million by 2034, with a CAGR of 2.8%. Another estimate for the global commercial vehicle aftermarket spare parts market shows a value of USD 121.4 billion in 2024, expected to grow to USD 165.3 billion by 2035 with a CAGR of 2.9%.
  • The North America commercial vehicle aftermarket spare parts market was valued at USD 40 billion in 2024 and is projected to rise to USD 52 billion by 2035. The global medium & heavy-duty commercial vehicle aftermarket market is forecast to grow from approximately USD 152.86 billion in 2024 to reach USD 212.91 billion by 2030, at a CAGR of 5.7%. North America's medium & heavy-duty automotive aftermarket is projected to grow at a CAGR of 5.9%.

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Wabash National (WNC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market improvements:

1. Growth in Parts & Services Segment: The company's Parts & Services segment has consistently demonstrated robust year-over-year and sequential revenue growth. Wabash National is strategically focused on expanding this segment, viewing it as a resilient business that provides stability through economic cycles and contributes higher margins. Management has set ambitious targets, including a planned 20% revenue growth for this segment in 2024.
2. Expansion of Trailers as a Service (TaaS) Offering: Wabash is actively investing in and expanding its "Trailers as a Service" (TaaS) initiative. This offering combines equipment with maintenance and data analytics, aiming to create predictable, recurring revenue streams and provide a comprehensive solution for fleet operators.
3. Increased Adoption and Capacity of EcoNex Technology: Wabash National's proprietary EcoNex Technology, a lightweight composite for refrigerated trailers and other products, is a significant growth driver. The company is expanding its manufacturing capacity for EcoNex to meet growing customer demand, leveraging its benefits in thermal efficiency, strength, and weight. This technology is expected to drive sales in refrigerated offerings and potentially expand into other applications beyond core markets.
4. Strategic Expansion of Upfit Centers and Service Network: The company is focused on increasing the capacity and geographic reach of its upfit centers, with targets for higher unit volumes in upcoming years (e.g., over 2,000 units in 2025 and 2,500 units in 2026). Additionally, Wabash is expanding its Preferred Partner Network to enhance parts distribution and accelerate repair services, further supporting both new and existing customers.
5. Recovery and Normalization of the Freight Market: While Wabash has faced near-term headwinds from a soft freight market, management anticipates a stabilization of industry demand and a subsequent improvement in the second half of 2026, leading to a stronger 2027. This recovery is expected as freight rates trough, carrier profitability improves, and trailer replacement cycles reaccelerate amidst aging fleets.

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Share Repurchases

• Wabash National repurchased $34 million in shares during the full year 2025.
• In the fourth quarter of 2025, the company made $0.7 million in share repurchases.

Outbound Investments

• In 2024, Wabash National made approximately $20.1 million in investments related to unconsolidated entities.
• The company invested $48 million in revenue-generating assets for its "Trailers as a Service" initiative during the full year 2025, including $7 million in the fourth quarter.
• Wabash opened three new upfit centers in 2025 as part of its strategy to expand parts and services offerings.

Capital Expenditures

• Capital expenditures for property, plant, and equipment totaled $72.2 million in 2024, a decrease from $98.1 million in 2023.
• Traditional capital expenditures for the full year 2025 were $25 million.
• Capital expenditures for 2026 are expected to be similar to 2025, focusing on growth initiatives but excluding further near-term investment in the "Trailers as a Service" program, as customers continue to defer spending decisions.