Filing Flows › Wabash National (WNC) › Q1 2025
Wabash National (WNC) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 30, 2025
Wabash National (WNC) reported revenue of $381M for the first quarter 2025 (Q1 2025), -26% from a year earlier and -9% from the quarter before. Operating margin was 82.6%, net earnings $231M (60.7% of revenue).
Wabash National, Q1 2025: revenue $381M (-26% year over year), operating margin 82.6%, net earnings $231M, operating cash flow −$272K. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $381M | -9% | -26% |
| Gross profit | $19.0M | -56% | -75% |
| Operating profit | $315M | 88× | +964% |
| Net earnings | $231M | — | 13× |
| Operating cash flow | −$272K | — | — |
What changed
Revenue was $380.9M in Q1 2025, down 26% year over year and down 9% from the previous quarter. New trailers was the largest line at 61% of revenue. New trailers lost $132.0M year over year (down 36%), 98% of the total change.
Gross margin was 5.0%, down 9.8 points from a year earlier. Operating profit was $314.6M, a 82.6% margin (up 76.8 points year over year). Net earnings were $230.9M, up 1171% year over year. The effective tax rate was 25.3%.
Operating cash flow was −$272K. Non-cash charges added back $15.0M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $249.7M. Capital expenditures of $8.7M exceeded it, leaving free cash flow of −$9.0M.
Questions
What was Wabash National's revenue in the first quarter 2025?
Wabash National (WNC) reported revenue of $381M for the first quarter 2025 (Q1 2025), -26% from a year earlier and -9% from the quarter before.
Was Wabash National profitable in the first quarter 2025?
Operating profit was $315M (82.6% of revenue) and net earnings $231M.
Source: Wabash National 10-Q on SEC EDGAR.