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Wabash National cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$40.8M in Q3 2026 · −$137M over twelve months

Operating cash flow−$37.3M
Capital spending−$3.5M
Free cash flow−$40.8M
Cash conversion cycle26 days

Analysis

In Q3 2026, Wabash National generated −$37.3M of operating cash flow and spent $3.5M on capital projects, leaving free cash flow of −$40.8M. That is $121M less than in Q3 2025 ($79.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$123M; the largest uses were operating cash flow ($123M), net borrowing (+) / repaid (−) ($25.0M), capital spending ($13.4M); besides operations, cash came from other financing ($137M), other investing ($19.4M); the cash balance fell by $22.4M.

Operating cash flow was −$37.3M against net income of −$20.4M. The largest differences: receivables −$26.8M, depreciation & amortization +$13.6M, gains on disposals −$6.9M.

Its cash conversion cycle was 26 days (receivables 36 + inventory 39 − payables 49).

Free cash flow

Wabash National: free cash flow by quarterWabash National: free cash flow by quarter$59.5MQ4 2024−$9.0MQ1 2025−$22.1MQ2 2025$79.9MQ3 2025−$61.9MQ4 2025−$37.1MQ1 2026$3.1MQ2 2026−$40.8MQ3 2026
Operating cash flow less capital spending.
Wabash National: operating cash flow against capital spendingWabash National: operating cash flow against capital spendingOperating cash flowCapital spending$80.9M$21.3MQ4 2024−$272K$8.7MQ1 2025−$15.8M$6.2MQ2 2025$85.2M$5.3MQ3 2025−$57.4M$4.5MQ4 2025−$33.7M$3.4MQ1 2026$5.1M$2.1MQ2 2026−$37.3M$3.5MQ3 2026
Latest (Q3 2026): Operating cash flow −$37.3M, Capital spending $3.5M.

Capital allocation, year by year

Wabash National: where the cash came from (up) and went (down), by fiscal yearWabash National: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow −$7.5MFY2021: Net borrowing $118MFY2021: Shares issued $2.2MFY2021: Capital spending −$49.1MFY2021: Buybacks −$66.7MFY2021: Dividends −$16.4M$120MFY2021FY2022: Operating cash flow $124MFY2022: Net borrowing −$33.1MFY2022: Shares issued $2.2MFY2022: Capital spending −$57.1MFY2022: Buybacks −$34.3MFY2022: Dividends −$16.0M$126MFY2022FY2023: Operating cash flow $320MFY2023: Shares issued $155KFY2023: Capital spending −$98.1MFY2023: Buybacks −$76.2MFY2023: Dividends −$15.9M$320MFY2023FY2024: Operating cash flow $117MFY2024: Shares issued $28KFY2024: Capital spending −$72.2MFY2024: Buybacks −$70.9MFY2024: Dividends −$14.8M$117MFY2024FY2025: Operating cash flow $11.7MFY2025: Net borrowing $45.0MFY2025: Shares issued $11KFY2025: Capital spending −$24.7MFY2025: Acquisitions −$1.7MFY2025: Buybacks −$33.8MFY2025: Dividends −$13.8M$56.7MFY2025
Over these 5 years operating cash flow totalled $565M; the largest uses were capital spending ($301M) and buybacks ($282M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$69.3M
Debt$550M
Net debt$481M
Cash runway6 months

Wabash National is burning cash: its operations consume cash, a free cash flow of −$137M a year at the current rate against $69.3M of cash and investments: a runway of about 6 months before any new financing.

Where the cash came from and went

Wabash National: sources (+) and uses (−) of cash, Q3 2026Wabash National: sources (+) and uses (−) of cash, Q3 2026Other financing$139MNet borrowing (+) / repaid (−)−$115MOperating cash flow−$37.3MAsset & business sales$17.8MCapital spending−$3.5MDividends−$3.3MCash drawn (+) / kept (−)$2.2MOther investing$58K
Wabash National: sources (+) and uses (−) of cash, TTM to Q3 2026Wabash National: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$137MOperating cash flow−$123MNet borrowing (+) / repaid (−)−$25.0MCash drawn (+) / kept (−)$22.4MOther investing$19.4MCapital spending−$13.4MDividends−$13.3MAcquisitions−$2.9MBuybacks−$666K

From profit to cash

Wabash National: net income to operating cash flow, Q3 2026Wabash National: net income to operating cash flow, Q3 2026Net income−$20.4MDepreciation & amortization$13.6MStock-based pay$2.5MDeferred taxes−$6.4MGains on disposals−$6.9MReceivables−$26.8MInventory−$3.5MPayables$6.1MPrepaid and other assets$3.3MOther operating capital$620KOperating cash flow−$37.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202636394926
Q2 202636445229
Q1 202641545144
Q4 202538564648
Q3 202541594555
Q2 202536584251
Q1 202537674560
Q4 202442644165

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$37.3M−$3.5M——−$3.3M−$115M—$2.2M−$40.8M
Q2 2026$5.1M−$2.1M——−$3.3M$15.0M—−$28.1M$3.1M
Q1 2026−$33.7M−$3.4M−$2.9M—−$3.5M$55.0M—−$11.5M−$37.1M
Q4 2025−$57.4M−$4.5M—−$666K−$3.2M$20.0M—$59.8M−$61.9M
Q3 2025$85.2M−$5.3M—−$6.2M−$3.3M−$15.0M—−$34.3M$79.9M
Q2 2025−$15.8M−$6.2M—−$10.4M−$3.4M$20.0M—$23.6M−$22.1M
Q1 2025−$272K−$8.7M−$1.7M−$16.5M−$3.9M$20.0M$11K$34.4M−$9.0M
Q4 2024$80.9M−$21.3M—−$8.6M−$3.5M—$21K−$33.6M$59.5M

Wabash National: income statement and cash flow

Wabash National, Q3 2026: revenue $476M (+25% year over year), operating margin -4.2%. The chart follows the revenue to costs, profit and cash.

Wabash National: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.