WABASH NATIONAL CORP, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Feb. 09, 2026
Jun. 30, 2025
Cover [Abstract]        
Document Type 10-K      
Document Annual Report true      
Document Period End Date Dec. 31, 2025      
Current Fiscal Year End Date --12-31      
Document Transition Report false      
Entity File Number 001-10883      
Entity Registrant Name WABASH NATIONAL CORPORATION      
Entity Incorporation, State or Country Code DE      
Entity Tax Identification Number 52-1375208      
Entity Address, Address Line One 3900 McCarty Lane      
Entity Address, City or Town Lafayette      
Entity Address, State or Province IN      
Entity Address, Postal Zip Code 47905      
City Area Code 765      
Local Phone Number 771-5310      
Title of 12(b) Security Common Stock, $.01 Par Value      
Trading Symbol WNC      
Security Exchange Name NYSE      
Entity Well-known Seasoned Issuer No      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Interactive Data Current Yes      
Entity Filer Category Accelerated Filer      
Entity Small Business false      
Entity Emerging Growth Company false      
ICFR Auditor Attestation Flag true      
Document Financial Statement Error Correction [Flag] false      
Entity Shell Company false      
Entity Public Float       $ 427,551,493
Entity Common Stock, Shares Outstanding (in shares)     40,436,437  
Documents Incorporated by Reference
Part III of this Form 10-K incorporates by reference certain portions of the registrant’s Proxy Statement for its Annual Meeting of Stockholders to be filed within 120 days after December 31, 2025.
      
Amendment Flag false      
Document Fiscal Year Focus 2025      
Document Fiscal Period Focus FY      
Entity Central Index Key 0000879526      
Common Stock Shares Issued Not Disclosed true true    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Location Indianapolis, Indiana
Auditor Name Ernst & Young LLP
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 31,923 $ 115,484
Accounts receivable, net 119,874 143,946
Inventories, net 181,153 258,825
Prepaid expenses and other 86,136 76,233
Total current assets 419,086 594,488
Property, plant, and equipment, net 300,477 339,247
Deferred income taxes 9,047 94,873
Goodwill 191,222 188,441
Intangible assets, net 63,561 74,445
Investment in unconsolidated entities 7,250 7,250
Other assets 180,538 112,785
Total assets 1,171,181 1,411,529
Current liabilities:    
Current portion of long-term debt 0 0
Accounts payable 145,739 146,738
Other accrued liabilities 156,556 161,671
Total current liabilities 302,295 308,409
Long-term debt 442,852 397,142
Other non-current liabilities 57,492 516,152
Total liabilities 802,639 1,221,703
Commitments and contingencies
Noncontrolling interest 1,184 996
Wabash National Corporation stockholders' equity:    
Common stock, $0.01 par value: 200,000,000 shares authorized; 40,436,437 and 42,882,308 shares outstanding, respectively 787 781
Additional paid-in capital 700,697 689,216
Retained earnings 303,615 105,633
Accumulated other comprehensive loss (398) (3,229)
Treasury stock, at cost: 38,263,966 and 35,253,489 common shares, respectively (637,343) (603,571)
Total Wabash National Corporation stockholders' equity 367,358 188,830
Total liabilities, noncontrolling interest, and equity $ 1,171,181 $ 1,411,529
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares outstanding (in shares) 40,436,437 42,882,308
Treasury stock, common, share (in shares) 38,263,966 35,253,489
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Net sales $ 1,542,754 $ 1,946,740 $ 2,536,500
Cost of sales 1,472,843 1,681,668 2,038,313
Gross profit 69,911 265,072 498,187
General and administrative expenses (286,775) 580,684 146,658
Selling expenses 24,444 28,035 26,532
Amortization of intangible assets 11,184 11,973 12,813
Impairment and other, net 13,553 484 235
Income (loss) from operations 307,505 (356,104) 311,949
Other income (expense):      
Interest expense (21,316) (19,839) (19,854)
Other, net 3,956 5,434 3,393
Other expense, net (17,360) (14,405) (16,461)
Loss from unconsolidated entity (6,982) (6,089) (803)
Income (loss) before income tax expense 283,163 (376,598) 294,685
Income tax expense (benefit) 71,524 (93,523) 62,830
Net income (loss) 211,639 (283,075) 231,855
Net income attributable to noncontrolling interest 188 996 603
Net income (loss) attributable to common stockholders $ 211,451 $ (284,071) $ 231,252
Net income (loss) attributable to common stockholders per share:      
Basic (in usd per share) $ 5.09 $ (6.40) $ 4.92
Diluted (in usd per share) $ 5.07 $ (6.40) $ 4.81
Weighted average common shares outstanding (in thousands):      
Basic (in shares) 41,511 44,359 47,011
Diluted (in shares) 41,746 44,359 48,030
Dividends declared per share (in usd per share) $ 0.32 $ 0.32 $ 0.32
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income (loss) $ 211,639 $ (283,075) $ 231,855
Other comprehensive income (loss), net of tax:      
Foreign currency translation adjustment 1,762 (2,183) 975
Unrealized gain (loss) on derivative instruments 1,069 (618) (521)
Total other comprehensive income (loss) 2,831 (2,801) 454
Comprehensive income (loss) 214,470 (285,876) 232,309
Comprehensive income attributable to noncontrolling interest 188 996 0
Comprehensive income (loss) attributable to common stockholders $ 214,282 $ (286,872) $ 232,309
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings (Deficit)
Accumulated Other Comprehensive (Loss) Income
Treasury Stock
Balance beginning of period (in shares) at Dec. 31, 2022   47,675,796        
Balance at beginning of period at Dec. 31, 2022 $ 397,613 $ 766 $ 665,941 $ 188,241 $ (882) $ (456,453)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) attributable to common stockholders for the year 231,252     231,252    
Foreign currency translation 975       975  
Stock-based compensation (in shares)   516,747        
Stock-based compensation 11,798 $ 8 11,790      
Stock repurchase (in shares)   (2,810,716)        
Stock repurchase (76,206)         (76,206)
Common stock dividends (15,570)     (15,570)    
Unrealized gain (loss) on derivative instruments (521)       (521)  
Stock option exercises (in shares)   11,433        
Stock option exercises 155 155      
Balance end of period (in shares) at Dec. 31, 2023   45,393,260        
Balance at end of period at Dec. 31, 2023 549,496 $ 774 677,886 403,923 (428) (532,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) attributable to common stockholders for the year (284,071)     (284,071)    
Foreign currency translation (2,183)       (2,183)  
Stock-based compensation (in shares)   359,674        
Stock-based compensation 11,309 $ 7 11,302      
Stock repurchase (in shares)   (2,872,626)        
Stock repurchase (70,912)         (70,912)
Common stock dividends (14,219)     (14,219)    
Unrealized gain (loss) on derivative instruments (618)       (618)  
Stock option exercises (in shares)   2,000        
Stock option exercises $ 28   28      
Balance end of period (in shares) at Dec. 31, 2024 42,882,308 42,882,308        
Balance at end of period at Dec. 31, 2024 $ 188,830 $ 781 689,216 105,633 (3,229) (603,571)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) attributable to common stockholders for the year 211,451     211,451    
Foreign currency translation 1,762       1,762  
Stock-based compensation (in shares)   331,390        
Stock-based compensation 11,476 $ 6 11,470      
Stock repurchase (in shares)   (2,778,011)        
Stock repurchase (33,772)         (33,772)
Common stock dividends (13,469)     (13,469)    
Unrealized gain (loss) on derivative instruments $ 1,069       1,069  
Stock option exercises (in shares) 750 750        
Stock option exercises $ 11   11      
Balance end of period (in shares) at Dec. 31, 2025 40,436,437 40,436,437        
Balance at end of period at Dec. 31, 2025 $ 367,358 $ 787 $ 700,697 $ 303,615 $ (398) $ (637,343)
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 211,639 $ (283,075) $ 231,855
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 47,551 45,012 32,507
Amortization of intangibles 11,184 11,973 12,813
Net loss (gain) on sale of property, plant and equipment and business divestiture 93 (493) 235
Deferred income taxes 85,826 (111,683) (13,459)
Stock-based compensation 11,476 11,309 11,799
Non-cash interest expense 1,008 962 946
Equity in loss from unconsolidated entity 6,982 6,089 803
Impairment 13,371 994 0
Accounts receivable 24,072 39,044 72,587
Inventories 77,672 8,810 (23,765)
Prepaid expenses and other (7,348) 4,020 (10,727)
Accounts payable and accrued liabilities (6,213) (68,687) 5,775
Other, net (465,647) 452,997 (1,763)
Net cash provided by operating activities 11,666 117,272 319,606
Cash flows from investing activities:      
Cash payments for capital expenditures (24,711) (72,188) (98,093)
Expenditures for revenue generating assets (47,544) (6,948) (5,650)
Proceeds from sale of assets 138 4,448 154
Acquisitions, net of cash acquired (1,666) 0
Notes receivable issued to unconsolidated entity (18,900) (20,100) (2,450)
Net cash used in investing activities (92,683) (94,788) (106,039)
Cash flows from financing activities:      
Proceeds from exercise of stock options 11 28 155
Dividends paid (13,782) (14,779) (15,861)
Borrowings under revolving credit facilities 127,429 884 104,199
Payments under revolving credit facilities (82,429) (884) (104,199)
Debt issuance costs paid (1) (5) (117)
Stock repurchases (33,772) (70,912) (76,206)
Distribution to noncontrolling interest (603) (512)
Net cash used in financing activities (2,544) (86,271) (92,541)
Cash and cash equivalents:      
Net (decrease) increase in cash and cash equivalents (83,561) (63,787) 121,026
Cash and cash equivalents at beginning of period 115,484 179,271 58,245
Cash and cash equivalents at end of period 31,923 115,484 179,271
Supplemental disclosures of cash flow information:      
Cash paid for interest 20,103 18,786 18,938
Net cash (refunds) payments for income taxes (1,334) 29,831 82,589
Period end balance of payables for property, plant, and equipment $ 2,280 $ 5,915 $ 11,662
v3.25.4
BUSINESS COMBINATIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATION BUSINESS COMBINATIONS
Trailerhawk.AI, LLC
The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations (“ASC 805”). The guidance requires consideration given, including contingent consideration, assets acquired, and liabilities assumed to be valued at their fair values at the acquisition date. The guidance further provides that: (1) acquisition costs will generally be expensed as incurred, (2) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (3) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. ASC 805 requires that any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed, be recognized as goodwill.
On February 3, 2025, the Company acquired substantially all of the assets and certain of the liabilities of TrailerHawk.ai, LLC, a Delaware limited liability company (“Trailerhawk”), from Loadsmith Holding Corporation for an initial purchase price of $2.5 million less an allowance of $0.8 million for 2025 development activities, plus the release of $3.0 million and accrued interest of $0.1 million on convertible promissory notes, and contingent consideration related to the earnout liability as described below. Trailerhawk is an innovation leader leveraging artificial intelligence and telematics to create digital solutions that allow customers to protect trailer and cargo through the logistics chain. This investment is synergistic with our recurring revenue initiatives, particularly for our Linq Venture Holdings, LLC and Trailers as a Service (TaaS)SM offerings. Trailerhawk is included within the Parts and Services reportable segment. The acquisition agreement includes a purchase price adjustment clause that provides for the possibility of additional earnout payments of up to $15.0 million over a period of seven years after the closing date of the transaction based on certain profitability metrics as a percentage of revenue for each of the subsequent seven years from the acquisition.
The purchase accounting for the business combination was finalized in the fourth quarter of 2025, with identifiable intangible assets of software valued at $2.5 million, trademark intangibles of $0.3 million, goodwill of $2.8 million, and earnout liability of $1.2 million. The Goodwill from this transaction is deductible for tax purposes.
v3.25.4
DESCRIPTION OF THE BUSINESS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS DESCRIPTION OF THE BUSINESS
Wabash National Corporation, which we refer to herein as “Wabash,” the “Company,” “us,” “we,” or “our,” is Changing How the World Reaches You®. Wabash was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana, as a dry van trailer manufacturer. Today we combine physical and digital technologies to deliver innovative, end-to-end solutions that optimize supply chains across transportation, logistics, and infrastructure markets.
To that end, we design, manufacture, and service a diverse range of products supporting first-to-final mile operations, including dry freight and refrigerated trailers, platform trailers, tank trailers, dry and refrigerated truck bodies, structural composite panels and products, trailer aerodynamic solutions, and specialty food grade processing equipment. In addition, through Wabash Hub, customers gain access to a nationwide parts and service network, Trailers as a Service (TaaS)℠, and advanced tools designed to streamline operations and drive growth. We have achieved this diversification through acquisitions, organic growth, and product innovation.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation. The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions, and balances have been eliminated in consolidation.
Use of Estimates. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates.
Cash and Cash Equivalents. Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase.
Accounts Receivable. Accounts receivable are shown net of expected losses and primarily include trade receivables. The Company records expected losses for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding, and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates of expected losses with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Expected losses are charged to General and administrative expenses and Selling expenses in the Consolidated Statements of Operations. The following table presents the changes in expected losses (in thousands):
Years ended December 31,
202520242023
Balance at beginning of year$1,402 $1,079 $428 
Expected losses571 381 651 
Write-offs, net of recoveries(4)(58)— 
Balance at end of year$1,969 $1,402 $1,079 
Inventories. Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. The cost of manufactured inventory includes raw material, labor and overhead.
Prepaid Expenses and Other. Prepaid expenses and other as of December 31, 2025 and 2024 consists of the following (in thousands):
December 31,
20252024
Chassis converter pool agreements$61,925 $57,109 
Income tax receivables11,694 10,269 
Insurance premiums & maintenance/subscription agreements7,503 5,595 
Commodity swap contracts1,422 163 
All other3,592 3,097 
$86,136 $76,233 
Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. As further described in Note 12, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets.
Property, Plant, and Equipment. Property, plant, and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 years for buildings and building improvements and range from three to ten years for machinery and equipment.
Goodwill. Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles - Goodwill and Other, goodwill is reviewed for impairment utilizing either a qualitative assessment or a quantitative process.
The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test, which is the option the Company has historically chosen.
For reporting units in which the Company performs the quantitative analysis, the Company compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, the difference is recognized as an impairment loss charged to the reporting unit. After an impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis.
As of December 31, 2025, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $70.7 million, respectively.
Long-Lived Assets. Long-lived assets, consisting primarily of intangible assets and property, plant, and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate.
Other Assets. The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three to seven years. As of December 31, 2025 and 2024, the Company had software costs, net of amortization, of $13.7 million and $9.9 million, respectively. Amortization expense for 2025, 2024, and 2023 was $3.4 million, $3.4 million, and $1.9 million, respectively.
The Company maintains life insurance policies on certain employees. These contracts are reported at their net cash surrender value, which represents the amount that would be realized upon surrender of the policies, determined by the insurer as the cash value minus any surrender charges or outstanding loans. As of December 31, 2025 and 2024, the Company had policy cash surrender values of $26.9 million and $22.4 million, respectively.
Warranties. The Company offers a limited warranty for its products with a coverage period that ranges between one and five years, except that the coverage period for DuraPlate® trailer panels is ten years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale.
The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$16,958 $21,286 
Provision and revisions to estimates2,703 2,581 
Payments(6,759)(6,909)
Balance as of December 31$12,902 $16,958 
Self-Insured Liabilities. The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate.
The following table presents the changes in the self-insurance accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$12,198 $11,311 
Expense44,391 40,511 
Payments(44,945)(39,624)
Balance as of December 31$11,644 $12,198 
Income Taxes. The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets.
The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements.
Concentration of Credit Risk. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables.
Research and Development. Research and development expenses are charged to Cost of sales and General and administrative expenses in the Consolidated Statements of Operations as incurred and were $5.9 million, $8.6 million, and $7.5 million in 2025, 2024, and 2023, respectively.
v3.25.4
NEW ACCOUNTING PRONOUNCEMENTS
 12 Months Ended
Dec. 31, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
NEW ACCOUNTING PRONOUNCEMENTS NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and retrospective application is permitted. The Company implemented these required income tax disclosures retrospectively.
In November 2024, FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure of the nature of expenses included in the consolidated financial statements. The effective date of this ASU is for annual periods beginning after December 15, 2026. The Company is evaluating the effect this guidance will have on the consolidated financial statements.
v3.25.4
REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs are included in Cost of sales in the Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats it as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.
The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to or pick up by the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control, which is recorded as customer deposits in Other accrued liabilities as shown in Note 10. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill and Related Annual Impairment Assessments
As of December 31, 2025, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $70.7 million, respectively.
During the fourth quarters of both 2025 and 2024, the Company chose to use a quantitative assessment to determine if it was more likely than not that the fair value of the TS and P&S reporting units were less than their respective carrying amounts. In accordance with the relevant accounting guidance, in order to perform the quantitative assessment, the Company considered many factors including, but not limited to, general economic conditions, industry and market conditions, financial performance and key business drivers, and future operating plans. Based on the analysis of the factors and considerations described above, the Company concluded that it was more likely than not that the fair value of each reporting unit continued to be greater than the respective carrying value. Therefore, no impairment charges were recorded.
For the years ended December 31, 2025, 2024, and 2023, the changes in the carrying amounts of goodwill were as follows (in thousands):
Transportation SolutionsParts & ServicesTotal
Balance at December 31, 2023
   Goodwill$188,743 $108,066 $296,809 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance at December 31, 2023120,486 67,923 188,409 
   Effects of foreign currency20 12 32 
Balance at December 31, 2024
Goodwill188,763 108,078 296,841 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2024120,506 67,935 188,441 
   Acquisition of Trailerhawk AI, LLC— 2,801 2,801 
   Effects of foreign currency (8)(12)(20)
Balance as of December 31, 2025
Goodwill188,755 110,867 299,622 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2025$120,498 $70,724 $191,222 
Intangible Assets
Intangible asset amortization expense was $11.2 million, $12.0 million, and $12.8 million for 2025, 2024, and 2023, respectively. Annual intangible asset amortization expense for the next 5 fiscal years is estimated to be $10.7 million in 2026; $10.2 million in 2027; $9.7 million in 2028; $9.3 million in 2029; and $8.9 million in 2030. As of December 31, 2025, the balances of intangible assets, other than goodwill, were as follows (in thousands):
Weighted Average
Amortization Period		Gross Intangible
Assets		Accumulated
Amortization		Net Intangible
Assets
Customer relationships13 years$270,016 $(206,727)$63,289 
Technology12 years11,708 (11,708)— 
Tradenames and trademarks10 years300 (28)272 
Backlog6 months2,400 (2,400)— 
Total$284,424 $(220,863)$63,561 
As of December 31, 2024, the balances of intangible assets, other than goodwill, were as follows (in thousands):
Weighted Average
Amortization Period		Gross Intangible
Assets		Accumulated
Amortization		Net Intangible
Assets
Customer relationships13 years$270,016 $(195,571)$74,445 
Technology12 years11,708 (11,708)— 
Total$281,724 $(207,279)$74,445 
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS
VIEs & Consolidation
The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either the variable interest model (the “VIE model”) or the voting interest model (the “VOE model”).
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (ii) have equity investors that do not have the ability to make significant decisions relating to the entity’s operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity.
The primary beneficiary of a VIE is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE through its interest in the VIE.
To assess whether the Company has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, the Company considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the parties that make the most significant decisions affecting the VIE (typically management and representation on the board of directors as well as control of the overall strategic direction of the entity) and have the right to unilaterally remove those decision-makers are deemed to have the power to direct the activities of a VIE.
To assess whether the Company has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, the Company considers all of its economic interests, which primarily include the obligation to absorb losses or fund expenditures or losses (if needed), that are deemed to be variable interests in the VIE. This assessment requires the Company to apply judgment in determining whether these interests, in the aggregate, are considered potentially significant to the VIE. Factors considered in assessing the significance include: the design of the VIE, including its capitalization structure; subordination of interests; payment priority; relative share of interests held across various classes within the VIE’s capital structure; and the reasons why the interests are held by the Company.
At the VIE’s inception, the Company determines whether it is the primary beneficiary and if the VIE should be consolidated based on the facts and circumstances. The Company then performs on-going reassessments of the VIE based on reconsideration events and reevaluates whether a change to the consolidation conclusion is required each reporting period. If the Company is not deemed to be the primary beneficiary in a VIE, the Company accounts for the investment or other variable interests in a VIE in accordance with the applicable GAAP.
Entities that do not qualify as a VIE are assessed for consolidation under the VOE model. Under the VOE model, the Company consolidates the entity if it determines that it, directly or indirectly, has greater than 50% of the voting shares and that other equity holders do not have substantive voting, participating or liquidation rights. The Company has no entities consolidated under the VOE model.
At each reporting period, the Company reassesses whether it remains the primary beneficiary for VIEs consolidated under the VIE model.
If the Company concludes it is not the primary beneficiary of a VIE, the Company evaluates whether it has the ability to exercise significant influence over operating and financial policies of the entity requiring the equity method of accounting. The Company’s judgment regarding the level of influence over an equity method investment includes, but is not limited to, considering key factors such as the Company’s ownership interest (generally represented by ownership of at least 20 percent but not more than 50 percent), representation on the board of directors, participation in policy making decisions, technological dependency, and material intercompany transactions. Generally, under the equity method, investments are recorded at cost and subsequently adjusted by the Company’s share of equity in income or losses after the date of the initial investment. Equity in income or losses is recorded according to the Company’s level of ownership; if losses accumulate, the Company records its share of losses until the investment has been fully depleted. If the Company’s investment has been fully depleted, the Company recognizes additional losses only when it is committed to provide further financial support. Dividends received from equity method reduce the amount of the Company’s investment when received and do not impact the Company’s earnings. The Company evaluates its equity method investments for an other-than-temporary impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.
Linq Venture Holdings LLC
During the fourth quarter of 2023, the Company continued to unify and expand its parts and services capabilities and ecosystem by executing an agreement with a partner to create Linq Venture Holdings LLC, (“Linq”). Linq aims to develop and scale a digital marketplace in and for the transportation and logistics distribution industry. It intends to serve as the digital channel for marketing Wabash equipment and parts & services, as well as non-Wabash parts & services, in a digital marketplace format to end-customers as well as dealers.
The Company held 49% ownership of the membership units in Linq while its partner held 51%. Initial capital contributions to Linq were in proportion to the respective ownership interests, with the Company contributing approximately $2.5 million and its partner’s contribution was approximately $2.6 million. At its formation, Linq had no debt or other financial obligations beyond typical operating expenses. Creditors of Linq do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year, in proportion to the respective ownership interests.
The operating agreement provided the Company’s partner with put rights that would require the Company to purchase its partner’s interest in Linq. In addition, the operating agreement provided the Company with call rights that would allow it to purchase its partner’s interest in Linq. These put and call rights vary depending upon when they may be exercised, which is generally from formation of Linq up to and including the seven-year anniversary of formation. Upon receiving notice that the Company’s partner has exercised the put right or the Company has exercised the call right, a valuation will occur as stipulated within the operating agreement. On October 1, 2025, the Company delivered notice of the Company’s exercise of a call right to its partner (the “Exercise Notice”). The Exercise Notice provides for the Company’s purchase of its partner’s entire equity position in Linq, at an aggregate purchase price of $6.4 million and the forgiveness of the loan receivable for amounts borrowed under the Wabash Notes and closed on January 1, 2026. See Note 24 (Subsequent Events) for additional information.
Because Linq does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that Linq is a VIE. The Company had the ability to significantly influence the activities of Linq through minority representation on the Board of Directors as well as through participation in certain management and strategic decisions of Linq. The Company’s partner was responsible for the overall development and management of the digital marketplace, the primary purpose for which Linq was formed. Both the Company and its partner had a requirement to provide funding to Linq if needed.
As part of the formation of Linq, the Company executed a credit agreement with Linq, providing a $10.0 million revolving line of credit (the “Wabash Note”) with a 7% simple accrued interest rate, paid quarterly. During the fourth quarter of 2024, an additional $15 million Wabash Note was approved by the Board of Directors, increasing the revolving line of credit to $25 million. The commitment under the Wabash Note may be increased to $35.0 million subject to the approval of the Board of Directors as stipulated in the operating agreement. In the years ended December 31, 2025 and 2024, $18.9 million and $11.1 million, respectively was borrowed under the Wabash Notes and as of December 31, 2025 and December 31, 2024, there was $30.0 million and $11.1 million, respectively outstanding. Interest income resulting from the Wabash Note for the years ended December 31, 2025 and 2024 was $1.4 million and $0.4 million, respectively. Interest income under the Wabash Note is included in Other, net in the Company’s Consolidated Statements of Operations. The Company did not provide financial or other support to Linq that it was not contractually obligated to provide.
Given the facts and circumstances specific to Linq, as of December 31, 2025, the Company concluded that it is not the primary beneficiary of this VIE. However, the Company had the ability to exercise significant influence over the operating and financial policies of Linq. The Company’s maximum exposure to loss in this unconsolidated VIE is limited to the Company’s initial capital contribution and any amounts borrowed under the Wabash Note. The partner’s put right did not have a standalone value as it was based upon a fair value calculation when exercised, as stipulated in the operating agreement.
The Company’s equity method investment in Linq is recorded in Investment in unconsolidated entity on its Consolidated Balance Sheets. Any amounts borrowed under the Wabash Note are recorded in Other assets on the Company’s Consolidated Balance Sheets. Linq is considered operationally integral. The Company’s share of the results from its equity method investment is included in Loss from unconsolidated entity in the Consolidated Statements of Operations.
The following table is a rollforward of activities related to the Company’s equity method investment (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31— 161 
Loss from unconsolidated entity(2,203)(1,415)
Equity deficit applied to note (1)
2,203 1,254 
Balance at June 30— — 
Loss from unconsolidated entity(1,845)(1,676)
Equity deficit applied to note (1)
1,845 1,676 
Balance at September 30— — 
Loss from unconsolidated entity(1,092)(1,512)
Equity deficit applied to note (1)
1,092 1,512 
Balance at December 31$— $— 

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond its initial investment have been recorded against the basis of its other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Note.
Wabash Parts LLC
During the second quarter of 2022, the Company unified and expanded its parts and distribution capabilities by executing an agreement with a partner to create (Wabash Parts LLC, “WP”) to operate a parts and services distribution platform. The Company holds 50% ownership in WP while its partner holds the remaining 50%. Initial capital contributions were insignificant. WP has no debt or other financial obligations other than typical operating expenses and costs. Creditors of WP do not have recourse to the general credit of the Company. The operating agreement requires excess cash distributions, as defined in the agreement, no later than 30 days after the end of the second and fourth quarters of each year in proportion to the respective ownership interests.
The operating agreement provides the Company’s partner with a put right that would require the Company to purchase its partner’s interest in WP. Upon receiving notice that the Company’s partner has exercised the put right, a valuation will occur as stipulated within the operating agreement. Such put right has not been exercised by the Company’s partner and is therefore not mandatorily redeemable as of the current period end date, however the existence of the put right that is beyond the Company’s control requires the noncontrolling interest to be presented in the temporary equity section of the Company’s Consolidated Balance Sheets.
Because the entity does not have sufficient equity at risk to permit it to carry on its activities without additional financial support, the Company concluded that WP is a VIE. The Company has the power to direct the activities of WP through majority representation on the Board of Directors as well as control related to the management and overall strategic direction of the entity. In addition, the Company has the obligation to absorb the benefits and losses of WP that could potentially be significant to the entity. The Company also has a requirement to provide funding to the entity if needed. Given the facts and circumstances specific to WP, the Company concluded that it is the primary beneficiary and, as such, is required to consolidate the entity. WP’s results of operations are included in the Parts & Services operating and reportable segment. Through December 31, 2025, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of December 31, 2025, the Company does not have any obligations to provide financial support to WP.
The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 (in thousands):
December 31,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$2,455 $4,131 
Accounts receivable, net4,559 2,013 
Inventories, net5 30 
Prepaid expenses and other177 7 
Total current assets7,196 6,181 
Other assets433 277 
Total assets$7,629 $6,458 
Liabilities
Current liabilities:
Accounts payable$3,571 $4,437 
Other accrued liabilities27 29 
Total current liabilities3,598 4,466 
Total liabilities$3,598 $4,466 
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
202520242023
Balance at January 1$996 $603 $512 
Net income attributable to noncontrolling interest188 996 603 
Distributions declared to noncontrolling interest— (603)(512)
Balance at December 31$1,184 $996 $603 
UpLabs Ventures, LLC
During the third quarter of 2024, the Company established a collaborative framework with UpLabs Ventures, LLC to identify, design, incubate, develop, and launch new businesses (Portfolio Companies) in the mobility and digital solutions sector. This partnership aims to leverage the strengths of both parties to create innovative solutions and new market opportunities. The agreement includes detailed provisions for investment, equity sharing, intellectual property, revenue recognition, indemnification, purchase options, governance, and terminations, ensuring a structured and mutually beneficial partnership.
The Company’s initial capital investment in the fourth quarter of 2024, was $6.0 million to launch venture labs aimed at providing solutions that optimize customer end-to-end supply chains across transportation, logistics and infrastructure markets. The $6.0 million nonrefundable investment covered the 2025 contract period. An additional $6.0 million nonrefundable investment for the 2026 contract period will be paid in the first quarter of 2026. The cost method investment is recorded in Other assets on the Company’s Consolidated Balance Sheets.
Additionally, for each contract year of the collaboration during the term, the Company will pay fees in the amount of 2% of the investment amount, inclusive of any inflation adjustments and expenses of $0.5 million, subject to equivalent upward inflation adjustment based on the Consumer Price Index, compounded annually. For the 2025 contract year, the Company paid fees and expenses totaling $0.6 million.
v3.25.4
INVENTORIES
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories, net of reserves, consist of the following (in thousands):
December 31,
20252024
Raw materials and components$94,600 $134,975 
Finished goods67,338 92,662 
Work in progress8,434 15,984 
Aftermarket parts8,311 7,690 
Used trailers2,470 7,514 
$181,153 $258,825 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT, AND EQUIPMENT
Depreciation expense on property, plant, and equipment, which is recorded in Cost of sales and General and administrative expenses in the Consolidated Statements of Operations, as appropriate, was $47.6 million, $45.0 million, and $32.5 million in 2025, 2024, and 2023, respectively.
See Note 22 for information related to property, plant, and equipment sales and impairment charges.
Property, plant, and equipment, net consist of the following (in thousands):
December 31,
20252024
Land$43,809 $41,676 
Buildings and building improvements166,715 167,384 
Machinery and equipment475,854 484,390 
Construction in progress8,687 25,098 
695,065 718,548 
Less: accumulated depreciation(394,588)(379,301)
$300,477 $339,247 
v3.25.4
OTHER ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
OTHER ACCRUED LIABILITIES OTHER ACCRUED LIABILITIES
The following table presents the major components of Other accrued liabilities (in thousands):
December 31,
20252024
Customer deposits$26,450 $31,029 
Chassis converter pool agreements59,599 57,109 
Warranty12,902 16,958 
Payroll and related taxes12,077 12,931 
Self-insurance11,644 12,198 
Accrued interest4,011 3,818 
Operating lease obligations13,319 11,782 
Accrued taxes6,731 6,572 
All other9,823 9,274 
$156,556 $161,671 
v3.25.4
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consists of the following (in thousands):
December 31, 2025December 31, 2024
Senior Notes$400,000 $400,000 
Revolving Credit Agreement45,000 — 
445,000 400,000 
Less: unamortized discount and fees(2,148)(2,858)
Less: current portion— — 
$442,852 $397,142 
Senior Notes
On October 6, 2021, the Company closed on an offering of $400 million in aggregate principal amount of its 4.50% unsecured Senior Notes (the “Senior Notes”). The Senior Notes were issued pursuant to an indenture dated as of October 6, 2021, by and among the Company, certain subsidiary guarantors named therein (the “Guarantors”) and Computershare Trust Company, N.A., as trustee (the “Indenture”). The Senior Notes bear interest at the rate of 4.50% and pay interest semi-annually in cash in arrears on April 15 and October 15 of each year. The Senior Notes will mature on October 15, 2028.
The Company may redeem some or all of the Senior Notes at redemption prices (expressed as percentages of principal amount) equal to 101.125% for the twelve-month period beginning October 15, 2025 and 100.000% beginning on October 15, 2026, plus accrued and unpaid interest to, but not including, the redemption date. Upon the occurrence of a Change of Control (as defined in the Indenture), unless the Company has exercised its optional redemption right in respect of the Senior Notes, the holders of the Senior Notes will have the right to require the Company to repurchase all or a portion of the Senior Notes at a price equal to 101% of the aggregate principal amount of the Senior Notes, plus any accrued and unpaid interest to, but not including, the date of repurchase.
The Senior Notes are guaranteed on a senior unsecured basis by all direct and indirect existing and future domestic restricted subsidiaries, subject to certain restrictions. The Senior Notes and related guarantees are the Company’s and the Guarantors’ general unsecured senior obligations and will be subordinated to all of the Company and the Guarantors’ existing and future secured debt to the extent of the assets securing that secured obligation. In addition, the Senior Notes are structurally subordinated to any existing and future debt of any of the Company’s subsidiaries that are not Guarantors, to the extent of the assets of those subsidiaries.
Subject to a number of exceptions and qualifications, the Indenture restricts the Company’s ability and the ability of certain of its subsidiaries to: (i) incur additional indebtedness; (ii) pay dividends or make other distributions in respect of, or repurchase or redeem, its capital stock or with respect to any other interest or participation in, or measured by, its profits; (iii) make loans and certain investments; (iv) sell assets; (v) create or incur liens; (vi) enter into transactions with affiliates; and (vii) consolidate, merge or sell all or substantially all of its assets. These covenants are subject to a number of important exceptions and qualifications.
During any time when the Senior Notes are rated investment grade by at least two of Moody’s, Fitch and Standard & Poor’s Ratings Services and no Default (as defined in the Indenture) has occurred and is continuing, many of such covenants will be suspended and the Company and its subsidiaries will cease to be subject to such covenants during such period.
The Indenture contains customary events of default, including payment defaults, breaches of covenants, failure to pay certain judgments and certain events of bankruptcy, insolvency and reorganization. If an event of default occurs and is continuing, the principal amount of the Senior Notes, plus accrued and unpaid interest, if any, may be declared immediately due and payable. These amounts automatically become due and payable if an event of default relating to certain events of bankruptcy, insolvency or reorganization occurs. As of December 31, 2025, the Company was in compliance with all covenants.
From time to time the Company may evaluate various alternatives available with respect to addressing the October 2028 maturity of the Senior Notes, including the purchase, redemption, refinancing, amending, exchanging, extending or otherwise retiring any amount of our outstanding indebtedness at any time, in open market or privately negotiated transactions with the holders of such indebtedness or otherwise.  No final decisions have been made at this time, and the timing, structure and terms of any such transactions will depend on capital market conditions and other relevant factors.
Contractual coupon interest expense and accretion of fees for the Senior Notes for the years ended December 31, 2025, 2024 and 2023 were $18.0 million and $0.7 million, $18.0 million and $0.7 million, and $18.0 million and $0.6 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes are included in Interest expense on the Company’s Consolidated Statements of Operations.
Revolving Credit Agreement
On September 23, 2022, the Company entered into the Third Amendment to the Second Amended and Restated Credit Agreement among the Company, certain of its subsidiaries as borrowers (together with the Company, the “Borrowers”), certain of its subsidiaries as guarantors, the lenders party thereto, and Wells Fargo Capital Finance, LLC, as the administrative agent (the “Agent”), which amended the Company’s existing Second Amended and Restated Credit Agreement, dated as of December 21, 2018 (as amended from time to time, the “Revolving Credit Agreement”).
Under the Revolving Credit Agreement, the lenders agree to make available a $350 million revolving credit facility to the Borrowers with a scheduled maturity date of September 23, 2027. The Company has the option to increase the total commitments under the facility by up to an additional $175 million, subject to certain conditions, including obtaining agreements from one or more lenders, whether or not party to the Revolving Credit Agreement, to provide such additional commitments. Availability under the Revolving Credit Agreement is based upon quarterly (or more frequent under certain circumstances) borrowing base certifications of the Borrowers’ eligible inventory, eligible leasing inventory and eligible accounts receivable, and is reduced by certain reserves in effect from time to time.
Subject to availability, the Revolving Credit Agreement provides for a letter of credit subfacility in the amount of $25 million, and allows for swingline loans in the amount of $35 million. Outstanding borrowings under the Revolving Credit Agreement bear interest at an annual rate, at the Borrowers’ election, equal to (i) adjusted term Secured Overnight Financing Rate plus a margin ranging from 1.25% to 1.75% or (ii) a base rate plus a margin ranging from 0.25% to 0.75%, in each case depending upon the monthly average excess availability under the Revolving Credit Agreement. The Borrowers are required to pay a monthly unused line fee equal to 0.20% times the average daily unused availability along with other customary fees and expenses of the Agent and the lenders.
The Revolving Credit Agreement is guaranteed by certain subsidiaries of the Company (the “Guarantors”) and is secured by substantially all personal property of the Borrowers and the Guarantors.
The Revolving Credit Agreement contains customary covenants limiting the ability of the Company and certain of its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock, enter into transactions with affiliates, merge, dissolve, repay subordinated indebtedness, make investments and dispose of assets. In addition, the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 as of the end of any period of 12 fiscal months when excess availability under the Revolving Credit Agreement is less than the greater of (a) 10% of the lesser of (i) the total revolving commitments and (ii) the borrowing base (such lesser amount, the “Line Cap”) and (b) $25 million. As of December 31, 2025, the Company was in compliance with all covenants.
If availability under the Revolving Credit Agreement is less than the greater of (i) 10% of the Line Cap and (ii) $25 million for three consecutive business days, or if there exists an event of default, amounts in any of the Borrowers’ and the Guarantors’ deposit accounts (other than certain excluded accounts) will be transferred daily into a blocked account held by the Agent and applied to reduce the outstanding amounts under the facility.
The Revolving Credit Agreement contains customary events of default. If an event of default occurs and is continuing, the lenders may, among other things, require the immediate payment of all amounts outstanding and foreclose on collateral. In addition, in the case of an event of default arising from certain events of bankruptcy or insolvency, the lenders’ obligations under the Revolving Credit Agreement would automatically terminate, and all amounts outstanding under the Revolving Credit Agreement would automatically become due and payable.
During the year ended December 31, 2025, the Company had payments of principal totaling $82.4 million and borrowings of principal totaling $127.4 million under the Revolving Credit Agreement. As of December 31, 2025, there was $45.0 million outstanding.
During the year ended December 31, 2024, the Company had payments of principal totaling $0.9 million and borrowings of principal totaling $0.9 million under the Revolving Credit Agreement. As of December 31, 2024, there were no amounts outstanding.
Interest expense under the Revolving Credit Agreement for the years ended December 31, 2025, 2024, and 2023, was approximately $2.3 million, $0.8 million, and $0.9 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense on the Company’s Consolidated Statements of Operations.
v3.25.4
FINANCIAL DERIVATIVE INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL DERIVATIVE INSTRUMENTS FINANCIAL DERIVATIVE INSTRUMENTS
Commodity Pricing Risk
The Company was party to commodity swap contracts for specific commodities with notional amounts of approximately $21.5 million as of December 31, 2025 and $15.0 million as of December 31, 2024. The Company uses commodity swap contracts to mitigate the risks associated with fluctuations in commodity prices impacting its cash flows related to inventory purchases from suppliers. The Company does not hedge all commodity price risk.
At inception, the Company designated the commodity swap contracts as cash flow hedges. The contracts mature at specified monthly settlement dates and will be recognized into earnings through November 2026. The effective portion of the hedging transaction is recognized in Accumulated Other Comprehensive Income (Loss) (“AOCI”) and transferred to earnings when the forecasted hedged transaction takes place or when the forecasted hedged transaction is no longer probable to occur.
Financial Statement Presentation
As of December 31, 2025 and 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionDecember 31, 2025December 31, 2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$1,422 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(26)(299)
Total derivatives designated as hedging instruments$1,396 $(136)

The following table summarizes the gain or loss recognized in AOCI as of December 31, 2025 and 2024 and the amounts reclassified from AOCI into earnings for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Amount of Gain (Loss) Recognized in
AOCI on Derivatives
(Effective Portion, net of tax)		Location of Gain (Loss) Reclassified from AOCI into Earnings
(Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI into Earnings
Year Ended December 31,
December 31, 2025December 31, 2024202520242023
Derivatives instruments
Commodity swap contracts$839 $(230)Cost of sales$2,859 $(950)$(3,359)
Within the next 12 months, the Company expects to reclassify approximately $1.1 million of pretax deferred gains related to the commodity swap contracts from AOCI to cost of sales as inventory purchases are settled.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Lessee Activities
The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration.
The Company leases certain industrial spaces, office space, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised upon lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Leased assets obtained in exchange for new operating lease liabilities during the year ended December 31, 2025 and December 31, 2024 were approximately $12.1 million and $13.2 million, respectively. As of December 31, 2025, obligations related to leases that the Company has executed but have not yet commenced were insignificant.
Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands):
ClassificationDecember 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,412 $36,423 
Total leased ROU assets$35,412 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$13,319 $11,782 
Noncurrent
OperatingOther non-current liabilities23,184 24,641 
Total lease liabilities$36,503 $36,423 
Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands):
ClassificationTwelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease costCost of sales, selling expenses, and general and administrative expense$15,222 $12,096 
Net lease cost$15,222 $12,096 
Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
Operating LeasesTotal
2026$15,035 $15,035 
202710,298 10,298 
20286,447 6,447 
20294,896 4,896 
20303,279 3,279 
Thereafter602 602 
Total lease payments$40,557 $40,557 
Less: interest4,054 
Present value of lease payments$36,503 
As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.89 %5.38 %
Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,222 $12,130 
Lessor and Sublessor Activities
The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no material sales-type or direct financing lease arrangements as of December 31, 2025.
The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets.
Initial lease terms are generally three to five years. Certain of the Company’s leases provide customers with renewal options that provide the ability to extend the lease term for a period of generally one to five years. In addition, some leases include options for the customer to purchase the trailers at fair market value, as determined by the Company at or near the end of the lease. The Company’s lease agreements generally do not have residual value guarantees nor permit customers to terminate the lease agreements prior to natural expiration. As stipulated in the lease agreements, the Company may receive reimbursements from customers for certain damage or required repairs to the trailers. We expect to derive an immaterial amount from the underlying assets following the end of the respective lease terms.
During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for all periods presented but such revenue is included in the tables below.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and entered into at arm’s length.
Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease income
Fixed lease income$8,984 $2,335 
Variable lease income— — 
Total lease income(1)
$8,984 $2,335 
—————————
(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.
The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2025 (in thousands):
Operating Leases(1)
2026$2,061 
20271,949 
20281,157 
2029— 
2030— 
Thereafter— 
Total contractual receipts$5,167 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue generating assets, net consists of the following (in thousands):
December 31, 2025December 31, 2024
Revenue generating assets$55,890 $7,457 
Less: accumulated depreciation(3,694)(746)
Revenue generating assets, net$52,196 $6,711 
LEASES LEASES
Lessee Activities
The Company records a right-of-use ("ROU") asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASC 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration.
The Company leases certain industrial spaces, office space, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally one to 5 years. The exercise of lease renewal options is at the Company’s sole discretion, and are included in the lease term only to the extent such renewal options are reasonably certain of being exercised upon lease commencement. Certain leases also include options to purchase the leased property. The depreciable life of assets and leasehold improvements are limited by the expected lease term unless there is a transfer of title or purchase option reasonably certain of exercise. Leased assets obtained in exchange for new operating lease liabilities during the year ended December 31, 2025 and December 31, 2024 were approximately $12.1 million and $13.2 million, respectively. As of December 31, 2025, obligations related to leases that the Company has executed but have not yet commenced were insignificant.
Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands):
ClassificationDecember 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,412 $36,423 
Total leased ROU assets$35,412 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$13,319 $11,782 
Noncurrent
OperatingOther non-current liabilities23,184 24,641 
Total lease liabilities$36,503 $36,423 
Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands):
ClassificationTwelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease costCost of sales, selling expenses, and general and administrative expense$15,222 $12,096 
Net lease cost$15,222 $12,096 
Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
Operating LeasesTotal
2026$15,035 $15,035 
202710,298 10,298 
20286,447 6,447 
20294,896 4,896 
20303,279 3,279 
Thereafter602 602 
Total lease payments$40,557 $40,557 
Less: interest4,054 
Present value of lease payments$36,503 
As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Remaining lease term and discount rates are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.89 %5.38 %
Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,222 $12,130 
Lessor and Sublessor Activities
The Company leases dry van trailers to customers under full-service lease agreements and operating lease agreements. At the inception of a contract, in accordance with the applicable accounting guidance (ASC 842, Leases) the Company considers whether the arrangement contains a lease and, as applicable, performs the required lease classification tests. The Company, as a lessor, has no material sales-type or direct financing lease arrangements as of December 31, 2025.
The Company’s full-service lease agreements are an integrated service that include lease component amounts related to the use of the trailer, as well as non-lease components for preventative maintenance, certain repairs as defined in the related agreement, and ad valorem taxes. In accordance with the applicable accounting guidance (ASC 842, Leases), the Company has elected to combine lease and non-lease components when reporting revenue for the full-service underlying class of leased assets.
Initial lease terms are generally three to five years. Certain of the Company’s leases provide customers with renewal options that provide the ability to extend the lease term for a period of generally one to five years. In addition, some leases include options for the customer to purchase the trailers at fair market value, as determined by the Company at or near the end of the lease. The Company’s lease agreements generally do not have residual value guarantees nor permit customers to terminate the lease agreements prior to natural expiration. As stipulated in the lease agreements, the Company may receive reimbursements from customers for certain damage or required repairs to the trailers. We expect to derive an immaterial amount from the underlying assets following the end of the respective lease terms.
During the year ended December 31, 2022, the Company entered into sale-leaseback-sublease transactions. Such contracts were entered into in contemplation of each other and are thus recorded on a net basis. The net revenue from these contracts was insignificant for all periods presented but such revenue is included in the tables below.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and entered into at arm’s length.
Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease income
Fixed lease income$8,984 $2,335 
Variable lease income— — 
Total lease income(1)
$8,984 $2,335 
—————————
(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.
The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2025 (in thousands):
Operating Leases(1)
2026$2,061 
20271,949 
20281,157 
2029— 
2030— 
Thereafter— 
Total contractual receipts$5,167 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue generating assets, net consists of the following (in thousands):
December 31, 2025December 31, 2024
Revenue generating assets$55,890 $7,457 
Less: accumulated depreciation(3,694)(746)
Revenue generating assets, net$52,196 $6,711 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company’s fair value measurements are based upon a three-level valuation hierarchy. These valuation techniques are based upon the transparency of inputs (observable and unobservable) to the valuation of an asset or liability as of the measurement date. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs create the following fair value hierarchy:
▪Level 1 — Valuation is based on quoted prices for identical assets or liabilities in active markets;
▪Level 2 — Valuation is based on quoted prices for similar assets or liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for the full term of the financial instrument; and
▪Level 3 — Valuation is based upon other unobservable inputs that are significant to the fair value measurement.
Recurring Fair Value Measurements
The Company maintains a non-qualified deferred compensation plan which is offered to senior management and other key employees. The amount owed to participants is an unfunded and unsecured general obligation of the Company. Participants are offered various investment options with which to invest the amount owed to them, and the plan administrator maintains a record of the liability owed to participants by investment. To minimize the impact of the change in market value of this liability, the Company has elected to purchase a separate portfolio of investments through the plan administrator similar to those chosen by the participant.
These investments purchased by the Company include mutual funds, which are classified as Level 1. An additional pool of investments is made by a wholly owned captive insurance subsidiary. These investments are also comprised of mutual funds and classified as Level 1.
The fair value of the Company’s derivatives is estimated with a market approach using third-party pricing services, which have been corroborated with data from active markets or broker quotes.
Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 are shown below (in thousands):
FrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
December 31, 2025
Commodity swap contractsRecurring$1,396 $— $1,396 $— 
Mutual fundsRecurring$13,435 $13,435 $— $— 
December 31, 2024
Commodity swap contractsRecurring$(136)$— $(136)$— 
Mutual fundsRecurring$14,447 $14,447 $— $— 
Life-insurance contractsRecurring$22,358 $— $22,358 $— 
Estimated Fair Value of Debt
The estimated fair value of debt at December 31, 2025 consists of the Senior Notes (see Note 11). The interest rates on the Company’s borrowings under the Revolving Credit Agreement are adjusted regularly to reflect current market rates and thus carrying value approximates fair value for any borrowings. The fair value of the Senior Notes as of December 31, 2025 and 2024 are based upon third party pricing sources, which generally do not represent daily market activity or represent data obtained from an exchange, and are classified as Level 2.
The Company’s carrying and estimated fair value of debt at December 31, 2025 and December 31, 2024 were as follows (in thousands):
December 31, 2025December 31, 2024
Fair ValueFair Value
Carrying
Value		Level 1Level 2Level 3Carrying
Value		Level 1Level 2Level 3
Instrument
Senior Notes$397,852 $— $370,003 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement45,000 — 45,000 — — — — — 
$442,852 $— $415,003 $— $397,142 $— $363,385 $— 
The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of any unamortized premium or discount and unamortized deferred financing costs in the consolidated financial statements.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
a.    Litigation
As of December 31, 2025, the Company was named as a defendant or was otherwise involved in numerous legal proceedings and governmental examinations, including class action lawsuits, in connection with the conduct of its business activities, in various jurisdictions, both in the United States and internationally. Accruals for losses have been recorded in accordance with GAAP. Based on the information currently available, management does not believe that existing proceedings and investigations will have a material impact on our consolidated financial condition or liquidity if determined in a manner adverse to the Company except as otherwise described below. However, such matters are unpredictable, and we could incur judgments or enter into settlements for current or future claims that could materially and adversely affect our financial statements. Costs associated with the litigation and settlements of legal matters are reported within General and administrative expenses in the Consolidated Statements of Operations.
Legal Matter Estimated Liability
The Company has been named as a defendant in California state court in a purported class action lawsuit, alleging wage and hour claims under California-specific employment laws (“Pending Class Action”). During the fourth quarter of 2025, in accordance with ASC 450, the Company concluded a liability related to the Matters was probable and estimable. As such, an estimated liability of $0.7 million was included in General & administrative expenses in the Consolidated Statements of Operations for the year ended December 31, 2025. During the fourth quarter of 2025, the Company reached an agreement to resolve the Pending Class Action via settlement for an amount materially consistent with the estimated liability. The court continues to evaluate the settlement agreement, so the matter remains open until the agreement is approved by the court and satisfied.
Product Liability Claims
The Company is and has been, and may in the future be, subject to product liability claims and litigation incidental to the Company’s normal operating activities. On October 9, 2025, the Company finalized a settlement (the “Settlement”) with the plaintiffs in a lawsuit, Eileen Williams, Elizabeth Perkins, et al. v. Wabash National Corporation, et al., filed in the Circuit Court of the City of St. Louis, Missouri (the “Product Liability Matter”), in which the Company was named as co-defendant. The Product Liability Matter related to a vehicle accident that resulted in two fatalities following a rear-end collision by a passenger vehicle with an unobstructed view which struck the back of a nearly stopped tractor-trailer owned and operated by co-defendant GDS Express Inc.
The Settlement was covered by insurance, other than a $30 million contribution made by the Company. In 2025, the Company, after taking into account the insurance coverage, recognized an $418.6 million gain as a reduction to the $450 million charge taken in 2024, as previously reported within General and Administrative expenses in the Company’s Consolidated Statements of Operation. In addition, the Company paid a total of $4.6 million for bond and contingent penalty interest expenses in 2025
As previously disclosed in the Company’s filings with the SEC, on September 5, 2024, a jury awarded compensatory damages of $12.0 million and punitive damages of $450 million against the Company in the Product Liability Matter. On November 22, 2024, applying an offset related to the plaintiff’s settlement with a separate defendant, the Circuit Court entered judgment in the Product Liability Matter consisting of compensatory damages of $11.5 million and punitive damages of $450 million. On March 20, 2025, the Circuit Court determined that the punitive damage award in the Product Liability Matter did not comport with the Company’s constitutional rights. Accordingly, the Circuit Court ordered the punitive damages award reduced to $108 million with the compensatory damages award remaining at $11.5 million (collectively, the “Adjusted Award”).
The evidence in the Product Liability Matter was undisputed that the trailer fully complied with all applicable regulations. Despite precedent to the contrary, the jury was prevented from hearing critical evidence in the case, including that the driver’s blood alcohol level was over the legal limit at the time of the accident and the fact that neither the driver nor the passenger was wearing a seatbelt.
The Settlement does not constitute an admission of liability or wrongdoing by the Company. The Product Liability Matter is now closed.
Environmental Disputes
In August 2014, the Company received notice as a potentially responsible party (“PRP”) by the South Carolina Department of Health and Environmental Control (the “DHEC”) pertaining to the Philip Services Site located in Rock Hill, South Carolina pursuant to the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) and corresponding South Carolina statutes. PRPs include parties identified through manifest records as having contributed to deliveries of hazardous substances to the Philip Services Site between 1979 and 1999. The DHEC’s allegation that the Company was a PRP arises out of four manifest entries in 1989 under the name of a company unaffiliated with Wabash National Corporation (or any of its former or current subsidiaries) that purport to be delivering a de minimis amount of hazardous waste to the Philip Services Site “c/o Wabash National Corporation.” As such, the Philip Services Site PRP Group (the “PRP Group”) notified Wabash in August 2014 that it was offering the Company the opportunity to resolve any liabilities associated with the Philip Services Site by entering into a Cash Out and Reopener Settlement Agreement (the “Settlement Agreement”) with the PRP Group, as well as a Consent Decree with the DHEC. The Company has accepted the offer from the PRP Group to enter into the Settlement Agreement and Consent Decree, while reserving its rights to contest its liability for any deliveries of hazardous materials to the Philips Services Site. The requested settlement payment is immaterial to the Company’s financial condition and results of operations, and as a result, if the Settlement Agreement and Consent Decree are finalized, the payment to be made by the Company thereunder is not expected to have a material adverse effect on the Company’s financial condition or results of operations.
On November 13, 2019, the Company received a notice that it was considered one of several PRPs by the Indiana Department of Environmental Management (“IDEM”) under CERCLA and state law related to substances found in soil and groundwater at a property located at 817 South Earl Avenue, Lafayette, Indiana (the “Site”). The Company has never owned or operated the Site, but the Site is near certain of the Company’s owned properties. In 2020, the Company agreed to implement a limited work plan to further investigate the source of the contamination at the Site and worked with IDEM and other PRPs to finalize the terms of the work plan. The Company submitted its initial site investigation report to IDEM during the third quarter of 2020, indicating that the data collected by the Company’s consultant confirmed that the Company’s properties are not the source of contamination at the Site. In December 2021, after completing further groundwater sampling work, the Company submitted to IDEM a supplemental written report, which again stated that the Company is not a responsible party and the Company’s properties are not a source of any contamination. In June 2022, the Company and other PRPs finalized Work Plan Addendum No. 3, which provided for additional groundwater sampling on another PRP property. The Company completed all additional sampling and submitted supplemental reports to IDEM as of the first quarter of 2024. All available information and reports establish there is no source of any contamination on the Company’s owned properties. As of December 31, 2025, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations.
On December 1, 2025, the Company received a notice that it was considered one of several PRP’s by the Environmental Protection Agency (“EPA”) under CERCLA pertaining to the Motorola, Inc. 52nd Street Superfund Site in Maricopa, Arizona. The Superfund Site is divided into three operable units (“OUs"). The EPA’s allegation that the Company was a PRP arises out of the Company’s acquisition of a former branch facility located approximately five miles from the original Superfund Site. The Company acquired this facility in 1997, operated the facility until 2000, and sold the facility to a third party in 2002. In June 2010, the Company was contacted by the Roosevelt Irrigation District (“RID”) informing it that the Arizona Department of Environmental Quality (“ADEQ”) had approved a remediation plan in excess of $100 million for the RID portion of the Superfund Site, and demanded that the Company contribute to the cost of the plan or be named as a defendant in a CERCLA action to be filed in July 2010. The Company initiated settlement discussions with the RID and the ADEQ in July 2010 to provide a full release from the RID, and a covenant not-to-sue and contribution protection regarding the former branch property from the ADEQ, in exchange for payment from the Company. In May 2016, the Company, the ADEQ and the RID executed the originally proposed settlement agreements and, following a statutorily required 30-day public comment period, the settlement agreements were finalized and the Company paid $0.2 million, which had been accrued by the Company since 2010. ADEQ is the lead agency for OU1 and OU2 of the Superfund Site, while EPA is the lead agency for OU3. In October 2025, EPA finalized a Record of Decision for a final remedy for OU3, in which it approved a remediation plan for targeted in-situ injection and monitored attenuation, with an estimated cost of $12.9 million as to all relevant parties. As of December 31, 2025, based on the information available, the Company does not expect this matter to have a material adverse effect on its financial condition or results of operations.
b.    Environmental Litigation Commitments and Contingencies
The Company generates and handles certain material, wastes and emissions in the normal course of operations that are subject to various and evolving federal, state and local environmental laws and regulations.
The Company assesses its environmental liabilities on an on-going basis by evaluating currently available facts, existing technology, presently enacted laws and regulations as well as experience in past treatment and remediation efforts. Based on these evaluations, the Company estimates a lower and upper range for treatment and remediation efforts and recognizes a liability for such probable costs based on the information available at the time. As of December 31, 2025, the Company had reserved an insignificant amount for estimated remediation costs for activities at existing and former properties which are recorded within Other accrued liabilities on the Consolidated Balance Sheets.
c.    Letters of Credit
As of December 31, 2025, the Company had standby letters of credit totaling $5.6 million issued in connection with workers compensation claims and surety bonds.
d. Purchase Commitments
The Company had $21.5 million in purchase commitments at December 2025 for various raw material commodities, including aluminum, steel, nickel, and polyethylene, as well as other raw material components which are within normal production requirements.
e.    Chassis Converter Pool Agreements
The Company obtains vehicle chassis for its specialized vehicle products directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled, nor expects to in the future settle, any related obligations in cash. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. Accordingly, as of December 31, 2025, the Company’s outstanding chassis converter pool with the manufacturer totaled $59.6 million and has included this financing agreement on the Company’s Consolidated Balance Sheets within Other accrued liabilities. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company.
v3.25.4
NET INCOME (LOSS) PER SHARE OF COMMON STOCK
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE OF COMMON STOCK NET INCOME (LOSS) PER SHARE OF COMMON STOCK
Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined based on the weighted average number of common shares outstanding during the period combined with the incremental average common shares that would have been outstanding assuming the conversion of all potentially dilutive common shares into common shares as of the earliest date possible. The calculation of basic and diluted net income (loss) attributable to common stockholders per share is determined using net income (loss) applicable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). Due to the net loss applicable to common stockholders, 235 and 548 shares, respectively of potentially dilutive securities are not included in diluted weighted average common shares outstanding for the year ended December 31, 2025 and December 31, 2024, because to do so would be antidilutive for this period.
Year Ended December 31,
202520242023
Basic net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Basic net income (loss) attributable to common stockholders per share$5.09 $(6.40)$4.92 
Diluted net income (loss)attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Dilutive stock options and restricted stock235 — 1,019 
Diluted weighted average common shares outstanding41,746 44,359 48,030 
Diluted net income (loss) attributable to common stockholders per share$5.07 $(6.40)$4.81 
For the years ended December 31, 2025, 2024, and 2023, there were no options excluded from average diluted shares outstanding as the average market price of the common shares was greater than the exercise price.
v3.25.4
STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
On May 14, 2025, the shareholders of the Company approved the 2025 Omnibus Incentive Plan (the “2025 Incentive Plan”) which authorizes 2,190,570 shares for issuance under the plan. Awards granted under the 2025 Incentive Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, other share-based awards, and cash awards to directors, officers, and other eligible employees of the Company.
The Company recognizes all share-based awards to eligible employees based upon their grant date fair value. The Company’s policy is to recognize expense for awards that have service conditions only subject to graded vesting using the straight-line attribution method. In addition, the Company’s policy is to estimate expected forfeitures on share-based awards. Total stock-based compensation expense was $11.5 million, $11.3 million, and $11.8 million in the years ended December 31, 2025, 2024 and 2023, respectively, and is included in Cost of sales, General and administrative expenses, and Selling expenses within the Consolidated Statements of Operations. The amount of compensation cost related to non-vested restricted stock not yet recognized was approximately $10.9 million at December 31, 2025, for which the weighted average remaining life was approximately 1.9 years. There were no non-vested stock options at December 31, 2025.
Restricted Stock
Restricted stock awards vest over a period of one to three years and may be based on the achievement of specific financial performance metrics and market conditions. Awards based strictly on time-based vesting and those awards with performance metrics are valued at the market price on the date of grant. The fair values of the awards that contain market conditions are estimated using a Monte Carlo simulation approach in a risk-neutral framework to model future stock price movements based upon historical volatility, risk-free rates of return, and correlation matrix. Restricted stock awards are generally forfeitable in the event of terminated employment prior to vesting.
A summary of all restricted stock activity during 2025 is as follows:
Number of
Shares		Weighted
Average
Grant Date
Fair Value
Restricted Stock Outstanding at December 31, 20241,176,312 $25.60 
Granted1,186,372 11.77 
Vested(593,506)19.85 
Forfeited(101,817)24.68 
Restricted Stock Outstanding at December 31, 20251,667,361 $17.57 
During 2025, 2024, and 2023, the Company granted 1,186,372, 650,221, and 630,445 shares of restricted stock, respectively, with aggregate fair values on the date of grant of approximately $14.0 million, $17.0 million, and $16.1 million, respectively. The total fair value of restricted stock that vested during 2025, 2024, and 2023 was approximately $7.1 million, $16.5 million, and $25.1 million, respectively.
Stock Options
Stock options are awarded with an exercise price equal to the market price of the underlying stock on the date of grant, become fully exercisable three years after the date of grant, and expire ten years after the date of grant. No stock options have been granted by the Company since February 2015.
A summary of all stock option activity during 2025 is as follows:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate
Intrinsic Value
($ in millions)
Options Outstanding at December 31, 20242,083 $14.16 1.1$— 
Exercised(750)$14.78 $— 
Forfeited(1,333)$14.16 $— 
Options Outstanding at December 31, 2025— $— — $— 
Options Exercisable at December 31, 2025— $— — $— 
The total intrinsic value of stock options exercised during 2025, 2024, and 2023 was approximately less than $0.1 million, less than $0.1 million, and $0.2 million, respectively.
v3.25.4
STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Share Repurchase Program
On February 15, 2024, the Company announced that the Board of Directors approved the repurchase of an additional $150 million in shares of common stock over a three-year period. This authorization was an increase to the previous $150 million repurchase program approved in August 2021 and the previous $100 million repurchase programs approved in November 2018, February 2017, and February 2016. The repurchase program is set to expire in February 2027. Stock repurchases under this program may be made in the open market or in private transactions at times and in amounts determined by the Company. As of December 31, 2025, $93.2 million remained available under the program.
Common and Preferred Stock
The Board of Directors has the authority to issue common and unclassed preferred stock of up to 200 million shares and 25 million shares, respectively, with par value of $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences, and other rights and restrictions.
Accumulated Other Comprehensive Income (Loss) (“AOCI”)
Changes in AOCI by component, net of tax, for the years ended December 31, 2025, 2024, and 2023 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2022$(1,791)$909 $(882)
Net unrealized gains (losses) arising during the period(a)
975 (3,063)(2,088)
Less: Net realized gains (losses) reclassified to net loss(b)
— (2,542)(2,542)
Net change during the period975 (521)454 
Balances at December 31, 2023(816)388 (428)
Net unrealized gains (losses) arising during the period(c)
(2,183)(1,328)(3,511)
Less: Net realized gains (losses) reclassified to net income(d)
— (710)(710)
Net change during the period(2,183)(618)(2,801)
Balances at December 31, 2024(2,999)(230)(3,229)
Net unrealized gains (losses) arising during the period(e)
1,762 3,218 4,980 
Less: Net realized gains (losses) reclassified to net income(f)
— 2,149 2,149 
Net change during the period1,762 1,069 2,831 
Balances at December 31, 2025$(1,237)$839 $(398)
—————————
(a) Derivative instruments net of $1.0 million of tax benefit for the year ended December 31, 2023.
(b) Derivative instruments net of $0.8 million of tax benefit for the year ended December 31, 2023.
(c) Derivative instruments net of $0.4 million of tax benefit for the year ended December 31, 2024.
(d) Derivative instruments net of $0.2 million of tax benefit for the year ended December 31, 2024.
(e) Derivative instruments net of $1.1 million of tax liability for the year ended December 31, 2025.
(f) Derivative instruments net of $0.7 million of tax liability for the year ended December 31, 2025.
v3.25.4
EMPLOYEE SAVINGS PLANS
 12 Months Ended
Dec. 31, 2025
Employee Savings Plans [Abstract]  
EMPLOYEE SAVINGS PLANS EMPLOYEE SAVINGS PLANS
Substantially all of the Company’s employees are eligible to participate in a defined contribution plan under Section 401(k) of the Internal Revenue Code. The Company also provides a non-qualified defined contribution plan for senior management and certain key employees. Both plans provide for the Company to match, in cash, a percentage of each employee’s contributions up to certain limits. The Company’s matching contribution and related expense for these plans was approximately $9.2 million, $8.1 million, and $10.1 million for 2025, 2024, and 2023, respectively.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income (Loss) Before Income Taxes
The consolidated income (loss) before income taxes for 2025, 2024, and 2023 consists of the following (in thousands):
Years Ended December 31,
 202520242023
Domestic$283,533 $(380,944)$291,816 
Foreign(370)4,346 2,869 
Total income (loss) before income taxes$283,163 $(376,598)$294,685 
Income Tax Expense (Benefit)
On July 4, 2025, the One Big Beautiful Bill Act (the “OBBA”) was enacted in the United States, which extended and modified certain provisions of the 2017 Tax Cuts and Jobs Act (the “TCJA”). The OBBA makes permanent keys elements of the TCJA, including 100 percent bonus depreciation and domestic research cost expensing. The Company continues to evaluate the impact of the OBBA’s provisions that take effect in future years.
The consolidated income tax expense (benefit) for 2025, 2024, and 2023 consists of the following components (in thousands):
Years Ended December 31,
 202520242023
Current   
Federal$(15,275)$13,449 $65,797 
State418 4,112 9,322 
Foreign555 599 1,170 
 (14,302)18,160 76,289 
Deferred
Federal73,063 (90,460)(14,889)
State12,763 (21,223)1,430 
 85,826 (111,683)(13,459)
Total consolidated expense (benefit)$71,524 $(93,523)$62,830 
The following table provides a reconciliation of differences from the U.S. Federal statutory rates as follows (in thousands):
Years Ended December 31,
 202520242023
US federal statutory tax$59,464 21.0 %$(79,086)21.0 %$61,884 21.0 %
State and local income taxes (net of federal benefit)(1)
10,574 3.7 %(13,880)3.7 %9,398 3.2 %
Foreign tax effects556 0.2 %600 (0.2)%568 0.2 %
Tax credits— 0.0 %(228)0.1 %(9,572)(3.2)%
Nontaxable or nondeductible items930 0.4 %(929)0.2 %552 0.2 %
Total income tax expense (benefit)$71,524 25.3 %$(93,523)24.8 %$62,830 21.4 %
(1)State taxes in Indiana made up the majority (greater than 50 percent) of the tax effect in this category.
Deferred Taxes
The Company’s deferred income taxes are primarily due to temporary differences between financial and income tax reporting for a legal reserve, incentive compensation, depreciation of property, plant and equipment, amortization of intangibles, and other accrued liabilities.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Companies are required to assess whether valuation allowances should be established against their deferred tax assets based on the consideration of all available evidence, both positive and negative, using a “more likely than not” standard. In making such judgments, significant weight is given to evidence that can be objectively verified.
The Company assesses, on a quarterly basis, the realizability of its deferred tax assets by evaluating all available evidence, both positive and negative, including: (1) the cumulative results of operations in recent years, (2) the nature of recent losses, if applicable, (3) estimates of future taxable income, (4) the length of net operating loss carryforwards (“NOLs”) and (5) the uncertainty associated with a possible change in ownership, which imposes an annual limitation on the use of these carryforwards.
As of December 31, 2025 and 2024, the Company retained a valuation allowance of $0.5 million and $0.7 million, respectively, against deferred tax assets related to various state and local NOLs that are subject to restrictive rules for future utilization.
As of December 31, 2025 and 2024, the Company had U.S. federal tax NOLs of approximately $220.5 million and none, respectively, which have no expiration. The Company has various multi-state income tax NOLs aggregating, approximately $208.5 million which will expire between 2026 and 2045, if unused.
The components of deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 were as follows (in thousands):
December 31,
 20252024
Deferred tax assets  
Loss carryforwards and tax credits$56,303 $1,792 
Accrued liabilities6,243 117,569 
Incentive compensation10,068 9,360 
Operating lease assets9,358 8,990 
Research expenditure amortization13,407 21,523 
Other8,830 2,918 
 104,209 162,152 
Deferred tax liabilities
Property, plant and equipment(44,883)(21,837)
Intangibles(37,961)(34,493)
Operating lease liabilities(9,087)(8,990)
Other(2,933)(1,495)
 (94,864)(66,815)
Net deferred tax asset before valuation allowances and reserves9,345 95,337 
Valuation allowances(298)(464)
Net deferred tax asset$9,047 $94,873 
Tax Reserves
The Company’s policy with respect to interest and penalties associated with reserves or allowances for uncertain tax positions is to classify such interest and penalties in Income tax expense (benefit) on the Consolidated Statements of Operations. As of December 31, 2025 and 2024, the total amount of unrecognized income tax benefits, which are included in either Other noncurrent liabilities or Deferred income taxes in the Company’s Consolidated Balance Sheets, was approximately $1.5 million and $1.5 million, respectively, including interest and penalties, all of which, if recognized, would impact the effective income tax rate of the Company. We maintained our uncertain tax positions for the current period and we increased our prior period uncertain positions by $0.1 million. As of December 31, 2025 and 2024, the Company had recorded a total of $0.6 million and $0.5 million, respectively, of accrued interest and penalties related to uncertain tax positions. The Company expects no significant changes to the facts and circumstances underlying its reserves and allowances for uncertain income tax positions as reasonably possible during the next 12 months. As of December 31, 2025, the Company is subject to unexpired statutes of limitation for U.S. federal income taxes for the years 2022 through 2024. The Company is also subject to unexpired statutes of limitation for Indiana state income taxes for the years 2022 through 2024.
Income Taxes Paid (Received)
The following table provides a reconciliation of income taxes paid (received) (in thousands):
December 31,
 2025
Federal$— 
State and local
FL(175)
IN(760)
MN(166)
MO(222)
NJ(93)
PA(326)
TX229 
All other state and local11 
Foreign
MX168 
$(1,334)
The amount of cash income taxes paid by the Company during the years ended December 31, 2024 and 2023 was $29.8 million and $82.6 million, respectively.
v3.25.4
SEGMENTS
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENTS 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 SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2025
Net sales
     External customers$1,306,732 $236,022 $— $1,542,754 
     Intersegment sales37,645 1,098 (38,743)— 
Total net sales1,344,377 237,120 (38,743)1,542,754 
Cost of sales1,318,663 192,923 (38,743)1,472,843 
     Gross profit25,714 44,197 — 69,911 
Other operating expenses (1)
83,959 16,483 (338,036)(237,594)
     (Loss) income from operations$(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 sales8,094 5,361 (13,455)— 
Total net sales1,755,133 205,062 (13,455)1,946,740 
Cost of sales1,537,515 157,608 (13,455)1,681,668 
     Gross profit217,618 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 sales18,330 4,647 (22,977)— 
Total net sales2,338,604 220,873 (22,977)2,536,500 
Cost of sales1,898,740 162,550 (22,977)2,038,313 
     Gross profit439,864 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 
—————————
(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, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
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 other298,700 105,209 (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, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,335,902 $— $(3,978)$1,331,924 68.4%
Used trailers71 4,012 (71)4,012 0.2%
Components, parts and services— 128,565 — 128,565 6.6%
Equipment and other419,160 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, 2023Transportation SolutionsParts & ServicesEliminationsConsolidated
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 other413,904 67,639 (17,076)464,467 18.3%
Total net external sales$2,338,604 $220,873 $(22,977)$2,536,500 100.0%
v3.25.4
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT IMPAIRMENT, DIVESTITURES, AND SALES OF PROPERTY, PLANT, AND EQUIPMENT
On January 5, 2026, the Company announced and initiated a plan to idle its facilities in Little Falls, Minnesota and in Goshen, Indiana. The Company reviewed the asset group for impairment and as a result, machinery and equipment assets at the Little Falls, Minnesota facility previously valued at $17.2 million were determined to have a fair value of $3.8 million, resulting in a $13.4 million impairment charge recognized in the fourth quarter of 2025. Little Falls, Minnesota production is a part of the Transportation Solutions segment. The review of the Goshen, Indiana asset group, which is also a part of the Transportation Solutions segment, did not result in an impairment.
In 2024, the Company sold property, plant, and equipment with proceeds totaling approximately $4.4 million, recognizing a gain on the sale of approximately $0.5 million. In 2024, the Company also impaired approximately $1.0 million due to a construction-in-progress project that was no longer expected to be completed.
The impairments and gains on sale of assets are included in Impairment and other, net in the Consolidated Statements of Operations.
v3.25.4
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Data [Abstract]  
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED)
The following is a summary of the unaudited quarterly results of operations for fiscal years 2025, 2024, and 2023 (dollars in thousands, except per share amounts):
First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
2025
Net sales$380,890 $458,816 $381,595 $321,453 
Gross profit (loss)$19,003 $41,400 $15,708 $(6,200)
Net income (loss) attributable to common stockholders$230,941 $(9,589)$39,977 $(49,878)
Basic net income (loss) attributable to common stockholders per share(1)
$5.41 $(0.23)$0.98 $(1.23)
Diluted net income (loss) attributable to common stockholders per share(1)
$5.36 $(0.23)$0.97 $(1.23)
2024
Net sales$515,276 $550,610 $464,040 $416,814 
Gross profit$76,446 $89,658 $56,009 $42,959 
Net income (loss) attributable to common stockholders$18,167 $28,958 $(330,166)$(1,030)
Basic net income (loss) attributable to common stockholders per share(1)
$0.40 $0.65 $(7.53)$(0.02)
Diluted net income (loss) attributable to common stockholders per share(1)
$0.39 $0.64 $(7.53)$(0.02)
2023
Net sales$620,952 $686,620 $632,828 $596,100 
Gross profit$116,027 $151,027 $122,910 $108,223 
Net income attributable to common stockholders$51,213 $74,328 $55,329 $50,382 
Basic net income attributable to common stockholders per share(1)
$1.07 $1.57 $1.18 $1.10 
Diluted net income attributable to common stockholders per share(1)
$1.04 $1.54 $1.16 $1.07 
—————————
(1)Basic and diluted net income (loss) attributable to common stockholders per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) attributable to common stockholders per share may differ from annual net income (loss) attributable to common stockholders per share due to rounding.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
On January 1, 2026, the Company completed its acquisition of 51% of the interest in Linq Venture Holdings LLC (“Linq”), increasing its interest from 49% to 100%, and providing the Company control over Linq Venture Holdings LLC. On, and as of, January 1, 2026, Linq became, and is, a wholly-owned subsidiary of the Company and Linq will have its financial position and results consolidated with those of the Company. Purchase accounting for this business combination was incomplete at the time of filing as asset appraisals could not be completed before the filing date. The Company previously accounted for its 49% interest in Linq Venture Holdings LLC as an equity method investment.
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
The Company’s Board of Directors (the “Board”) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Board is actively involved in oversight of the Company’s risk management program, and cybersecurity represents an important component of the Company’s overall approach to enterprise risk management (“ERM”). The Company’s cybersecurity policies, standards, processes, and practices are aligned with the National Institute of Standards and Technology Cybersecurity Framework and are fully integrated into the Company’s ERM program. In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.
Risk Management and Strategy
As one of the critical elements of the Company’s overall ERM approach, the Company’s cybersecurity program is focused on the following key areas:
Governance: The Board’s oversight of cybersecurity risk management is supported by the Audit Committee of the Board, which regularly interacts with the Company’s General Counsel, ERM committee, the Sr. Director, IT and executive leadership. The ERM committee is a cross-functional team of high-level leaders that meet at least quarterly to anticipate, identify, prioritize and manage material risks to the Company’s strategic objectives. It conducts an extensive bi-annual survey and interview process to identify the material risks and continues to monitor for any emerging material risks between surveys. The ERM committee reports on its findings and activities twice annually to the Audit Committee of the Board. The Company conducts a self-assessment on an annual basis to evaluate performance against the National Institute of Standards and Technology Cybersecurity Framework’s categories and subcategories to help the Company adapt and improve its management of cybersecurity risks.
Collaborative Approach: The Company has implemented a comprehensive, cross-functional approach to identifying, preventing and mitigating cybersecurity threats and incidents, while also implementing controls and procedures, including an incident response team, that provide for the prompt escalation of certain cybersecurity incidents so that decisions regarding the public disclosure and reporting of such incidents can be made by management in a timely manner. Senior leadership also briefs the Board on information security matters with quarterly updates.
Technical Safeguards: The Company deploys technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats, like security solutions that leverage artificial intelligence and machine learning to detect, investigate, and respond to threats, extensive encryption, firewalls, an extended detection and response (XDR) platform with automated incident detection and response features, anti-malware functionality and access controls, which are evaluated and improved through vulnerability assessments and cybersecurity threat intelligence. The Company’s cybersecurity controls are incorporated into our internal control environment, managed and tested in accordance with the Sarbanes-Oxley Act. When a weakness in the Company’s technical safeguards is identified, the Company works to mitigate and prevent exploitation of the Company’s information.
Incident Response Planning: The Company has developed a comprehensive incident response plan. This plan outlines specific protocols for identifying, containing and eradicating cybersecurity incidents and threats to minimize their impact on our operations and stakeholders. A dedicated internal incident response team is responsible for executing this plan. The plan is regularly tested and updated to address evolving threats and industry best practices. Additionally, the Company works with relevant authorities and third-party specialists, as needed, to enhance cybersecurity threat response capabilities. The Company also has a cybersecurity risk insurance policy.
Third-Party Risk Management: The Company leverages third parties that support various operational and technical functions, some of which require limited access to internal systems and data. The Company has implemented a comprehensive third-party risk management program that includes vendor assessments and ongoing third-party monitoring to mitigate these risks and ensure compliance with security policies and industry standards. All third-party access is protected and managed by the same security controls, processes and policies used by the Company for internal accounts.
Education and Awareness: The Company employs a variety of security-focused training/awareness practices to equip the Company’s personnel with effective tools to address cybersecurity threats. Information Technology (“IT”) and cybersecurity-based training is performed during employee on-boarding to communicate the Company’s evolving information security policies, standards, processes and practices. Additional personnel training occurs on an ongoing basis. The Company also regularly conducts tabletop exercises for security scenarios, including both leadership-focused exercises and IT-driven exercises. Phishing simulations are performed on a monthly basis and Company-wide notifications and/or cyber awareness messages are sent on an as-needed basis.
The Audit Committee also surveys data and factors that impact costs and incident response efforts.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
The Company’s Board of Directors (the “Board”) recognizes the critical importance of maintaining the trust and confidence of our customers, clients, business partners and employees. The Board is actively involved in oversight of the Company’s risk management program, and cybersecurity represents an important component of the Company’s overall approach to enterprise risk management (“ERM”). The Company’s cybersecurity policies, standards, processes, and practices are aligned with the National Institute of Standards and Technology Cybersecurity Framework and are fully integrated into the Company’s ERM program. In general, the Company seeks to address cybersecurity risks through a comprehensive, cross-functional approach that is focused on preserving the confidentiality, security and availability of the information that the Company collects and stores by identifying, preventing and mitigating cybersecurity threats and effectively responding to cybersecurity incidents when they occur.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
The Board, in coordination with the Audit Committee, oversees the Company’s ERM process, including the management of risks arising from cybersecurity threats. The Board and the Audit Committee each receive regular presentations and reports on cybersecurity risks from the Sr. Director, IT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. The Board and the Audit Committee regularly discuss topics that include regulatory compliance, incident response and data privacy and on at least an annual basis, discuss the Company’s approach to cybersecurity risk management with members of management.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Board, in coordination with the Audit Committee, oversees the Company’s ERM process, including the management of risks arising from cybersecurity threats. The Board and the Audit Committee each receive regular presentations and reports on cybersecurity risks from the Sr. Director, IT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. The Board and the Audit Committee regularly discuss topics that include regulatory compliance, incident response and data privacy and on at least an annual basis, discuss the Company’s approach to cybersecurity risk management with members of management.
The Sr. Director, IT, in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Risks are evaluated with cross functional input using external guidance, risk matrices, governmental guidelines, and other cybersecurity best practices. This evaluation is shared with executive leadership via the ERM committee and through regular updates provided by the Sr. Director, IT.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Sr. Director, IT, in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Risks are evaluated with cross functional input using external guidance, risk matrices, governmental guidelines, and other cybersecurity best practices. This evaluation is shared with executive leadership via the ERM committee and through regular updates provided by the Sr. Director, IT.
To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary processes and controls are in place to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with the ERM committee and the cybersecurity team, management monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and reports such threats and incidents to the Audit Committee when appropriate.
Cybersecurity Risk Role of Management [Text Block]
To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary processes and controls are in place to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with the ERM committee and the cybersecurity team, management monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and reports such threats and incidents to the Audit Committee when appropriate.
The Sr. Director, IT holds a chief information security officer certification from Heinze College at Carnegie Mellon and has over 15 years of cybersecurity experience.
The Company has not experienced a material information security breach in the last three years.
The Company has not experienced a material third-party information security breach.
Cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected the Company, including its business strategy, results of operations or financial condition. For a discussion of whether and how any risks from cybersecurity threats are reasonably likely to materially affect the Company, including our business strategy, results of operations or financial condition, refer to Part I, Item 1A, “Risk Factors” - “We rely significantly on information technology to support our operations and if we are unable to protect against service interruptions or security breaches, it could have a material adverse effect on our business, financial condition, cash flows and results of operations,” which is incorporated by reference into this Item 1C.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Sr. Director, IT, in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Risks are evaluated with cross functional input using external guidance, risk matrices, governmental guidelines, and other cybersecurity best practices. This evaluation is shared with executive leadership via the ERM committee and through regular updates provided by the Sr. Director, IT.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The Sr. Director, IT holds a chief information security officer certification from Heinze College at Carnegie Mellon and has over 15 years of cybersecurity experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The Board, in coordination with the Audit Committee, oversees the Company’s ERM process, including the management of risks arising from cybersecurity threats. The Board and the Audit Committee each receive regular presentations and reports on cybersecurity risks from the Sr. Director, IT. The Board and the Audit Committee also receive prompt and timely information regarding any cybersecurity incident that meets established reporting thresholds, as well as ongoing updates regarding any such incident until it has been addressed. The Board and the Audit Committee regularly discuss topics that include regulatory compliance, incident response and data privacy and on at least an annual basis, discuss the Company’s approach to cybersecurity risk management with members of management.
The Sr. Director, IT, in coordination with management, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any cybersecurity incidents in accordance with the Company’s incident response plans. Risks are evaluated with cross functional input using external guidance, risk matrices, governmental guidelines, and other cybersecurity best practices. This evaluation is shared with executive leadership via the ERM committee and through regular updates provided by the Sr. Director, IT.
To facilitate the success of the Company’s cybersecurity risk management program, multidisciplinary processes and controls are in place to address cybersecurity threats and to respond to cybersecurity incidents. Through ongoing communications with the ERM committee and the cybersecurity team, management monitors the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and reports such threats and incidents to the Audit Committee when appropriate.
The Sr. Director, IT holds a chief information security officer certification from Heinze College at Carnegie Mellon and has over 15 years of cybersecurity experience.
The Company has not experienced a material information security breach in the last three years.
The Company has not experienced a material third-party information security breach.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] false
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Consolidation The consolidated financial statements reflect the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All significant intercompany profits, transactions, and balances have been eliminated in consolidation.
Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that directly affect the amounts reported in its consolidated financial statements and accompanying notes. Actual results could differ from these estimates.
Cash and Cash Equivalents Cash and cash equivalents include all highly liquid investments with a maturity of three months or less at the time of purchase.
Accounts Receivable Accounts receivable are shown net of expected losses and primarily include trade receivables. The Company records expected losses for customers based upon a variety of factors including the Company’s historical collection experience, the length of time the account has been outstanding, and the financial condition of the customer. If the circumstances related to specific customers were to change, the Company’s estimates of expected losses with respect to the collectability of the related accounts could be further adjusted. The Company’s policy is to write-off receivables when they are determined to be uncollectible. Expected losses are charged to General and administrative expenses and Selling expenses in the Consolidated Statements of Operations.
Inventories Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. The cost of manufactured inventory includes raw material, labor and overhead.
Prepaid Expenses and Other Chassis converter pool agreements represent chassis transferred to the Company on a restricted basis by the manufacturer, who retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales to the manufacturer’s dealers. As further described in Note 12, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. Other items primarily consist of investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets.
Property, Plant and Equipment Property, plant, and equipment are recorded at cost, net of accumulated depreciation. Maintenance and repairs are charged to expense as incurred, while expenditures that extend the useful life of an asset are capitalized. Depreciation is recorded using the straight-line method over the estimated useful lives of the depreciable assets. The estimated useful lives are up to 33 years for buildings and building improvements and range from three to ten years for machinery and equipment.
Goodwill Goodwill represents the excess purchase price over fair value of the net assets acquired. The Company determines its reporting units at the individual operating segment level, or one level below, when there is discrete financial information available that is regularly reviewed by segment management for evaluating operating results. The Company reviews goodwill for impairment, at the reporting unit level, annually on October 1 and whenever events or changes in circumstances indicate its carrying value may not be recoverable. In accordance with ASC 350, Intangibles - Goodwill and Other, goodwill is reviewed for impairment utilizing either a qualitative assessment or a quantitative process.
The Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. An entity has an unconditional option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative impairment test, which is the option the Company has historically chosen.
For reporting units in which the Company performs the quantitative analysis, the Company compares the carrying value, including goodwill, of each reporting unit with its estimated fair value. If the fair value of the reporting unit exceeds its carrying value, the goodwill is not considered impaired. If the carrying value is greater than the fair value, the difference is recognized as an impairment loss charged to the reporting unit. After an impairment loss is recognized, the adjusted carrying amount of goodwill shall be its new accounting basis.
As of December 31, 2025, goodwill allocated to the Transportation Solutions (“TS”) and Parts & Services (“P&S”) segments was approximately $120.5 million and $70.7 million, respectively.
Long-Lived Assets Long-lived assets, consisting primarily of intangible assets and property, plant, and equipment, are reviewed for impairment whenever facts and circumstances indicate that the carrying amount may not be recoverable. Specifically, this process involves comparing an asset’s carrying value to the estimated undiscounted future cash flows the asset is expected to generate over its remaining life. If this process were to result in the conclusion that the carrying value of a long-lived asset would not be recoverable, a write-down of the asset to fair value would be recorded through a charge to operations. Fair value is determined based upon discounted cash flows or appraisals as appropriate.
Other Assets The Company capitalizes the cost of computer software developed or obtained for internal use. Capitalized software is amortized using the straight-line method over three to seven years.
Warranties The Company offers a limited warranty for its products with a coverage period that ranges between one and five years, except that the coverage period for DuraPlate® trailer panels is ten years. The Company passes through component manufacturers’ warranties to our customers. The Company’s policy is to accrue the estimated cost of warranty coverage at the time of the sale.
Self Insured Liabilities The Company is self-insured up to specified limits for medical and workers’ compensation coverage. The self-insurance reserves have been recorded to reflect the undiscounted estimated liabilities, including claims incurred but not reported, as well as catastrophic claims as appropriate.
Income Taxes The Company determines its provision or benefit for income taxes under the asset and liability method. The asset and liability method measures the expected tax impact at current enacted rates of future taxable income or deductions resulting from differences in the tax and financial reporting basis of assets and liabilities reflected in the Consolidated Balance Sheets. Future tax benefits of tax losses and credit carryforwards are recognized as deferred tax assets. Deferred tax assets are reduced by a valuation allowance to the extent management determines that it is more-likely-than-not the Company would not realize the value of these assets.
The Company accounts for income tax contingencies by prescribing a “more-likely-than-not” recognition threshold that a tax position is required to meet before being recognized in the financial statements.
Concentration of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash, cash equivalents, and customer receivables. We place our cash and cash equivalents with high quality financial institutions. Generally, we do not require collateral or other security to support customer receivables.
Research and Development Research and development expenses are charged to Cost of sales and General and administrative expenses
New Accounting Pronouncements NEW ACCOUNTING PRONOUNCEMENTS
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and retrospective application is permitted. The Company implemented these required income tax disclosures retrospectively.
In November 2024, FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure of the nature of expenses included in the consolidated financial statements. The effective date of this ASU is for annual periods beginning after December 15, 2026. The Company is evaluating the effect this guidance will have on the consolidated financial statements.
Revenue Recognition
The Company recognizes revenue from the sale of its products when obligations under the terms of a contract with our customers are satisfied; this occurs with the transfer of control of our products and replacement parts or throughout the completion of service work. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring promised goods or services to a customer and excludes all taxes collected from the customer. Shipping and handling fees are included in Net sales and the associated costs are included in Cost of sales in the Consolidated Statements of Operations. For shipping and handling costs that take place after the transfer of control, the Company applies the practical expedient and treats it as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.
The Company has identified three separate and distinct performance obligations: (1) the sale of a trailer or equipment, (2) the sale of replacement parts, and (3) service work. For trailer, truck body, equipment, and replacement part sales, control is transferred and revenue is recognized from the sale upon shipment to or pick up by the customer in accordance with the contract terms. The Company does not have any material extended payment terms as payment is received shortly after the point of sale. Accounts receivable are recorded when the right to consideration becomes unconditional. The Company does have customers who pay for the product prior to the transfer of control, which is recorded as customer deposits in Other accrued liabilities as shown in Note 10. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product.
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Changes in the Allowance for Doubtful Accounts The following table presents the changes in expected losses (in thousands):
Years ended December 31,
202520242023
Balance at beginning of year$1,402 $1,079 $428 
Expected losses571 381 651 
Write-offs, net of recoveries(4)(58)— 
Balance at end of year$1,969 $1,402 $1,079 
Prepaid Expenses and Other Current Assets Prepaid expenses and other as of December 31, 2025 and 2024 consists of the following (in thousands):
December 31,
20252024
Chassis converter pool agreements$61,925 $57,109 
Income tax receivables11,694 10,269 
Insurance premiums & maintenance/subscription agreements7,503 5,595 
Commodity swap contracts1,422 163 
All other3,592 3,097 
$86,136 $76,233 
Schedule of Product Warranty Liability
The following table presents the changes in the product warranty accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$16,958 $21,286 
Provision and revisions to estimates2,703 2,581 
Payments(6,759)(6,909)
Balance as of December 31$12,902 $16,958 
Changes in the Self-Insurance Accrual Included in Other Accrued Liabilities
The following table presents the changes in the self-insurance accrual included in Other accrued liabilities (in thousands):
20252024
Balance as of January 1$12,198 $11,311 
Expense44,391 40,511 
Payments(44,945)(39,624)
Balance as of December 31$11,644 $12,198 
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
For the years ended December 31, 2025, 2024, and 2023, the changes in the carrying amounts of goodwill were as follows (in thousands):
Transportation SolutionsParts & ServicesTotal
Balance at December 31, 2023
   Goodwill$188,743 $108,066 $296,809 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance at December 31, 2023120,486 67,923 188,409 
   Effects of foreign currency20 12 32 
Balance at December 31, 2024
Goodwill188,763 108,078 296,841 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2024120,506 67,935 188,441 
   Acquisition of Trailerhawk AI, LLC— 2,801 2,801 
   Effects of foreign currency (8)(12)(20)
Balance as of December 31, 2025
Goodwill188,755 110,867 299,622 
   Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of December 31, 2025$120,498 $70,724 $191,222 
Schedule of Finite-Lived Intangible Assets As of December 31, 2025, the balances of intangible assets, other than goodwill, were as follows (in thousands):
Weighted Average
Amortization Period		Gross Intangible
Assets		Accumulated
Amortization		Net Intangible
Assets
Customer relationships13 years$270,016 $(206,727)$63,289 
Technology12 years11,708 (11,708)— 
Tradenames and trademarks10 years300 (28)272 
Backlog6 months2,400 (2,400)— 
Total$284,424 $(220,863)$63,561 
As of December 31, 2024, the balances of intangible assets, other than goodwill, were as follows (in thousands):
Weighted Average
Amortization Period		Gross Intangible
Assets		Accumulated
Amortization		Net Intangible
Assets
Customer relationships13 years$270,016 $(195,571)$74,445 
Technology12 years11,708 (11,708)— 
Total$281,724 $(207,279)$74,445 
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Equity Method Investments
The following table is a rollforward of activities related to the Company’s equity method investment (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31— 161 
Loss from unconsolidated entity(2,203)(1,415)
Equity deficit applied to note (1)
2,203 1,254 
Balance at June 30— — 
Loss from unconsolidated entity(1,845)(1,676)
Equity deficit applied to note (1)
1,845 1,676 
Balance at September 30— — 
Loss from unconsolidated entity(1,092)(1,512)
Equity deficit applied to note (1)
1,092 1,512 
Balance at December 31$— $— 

(1) As the Company is not required to advance additional funds to Linq, excess losses beyond its initial investment have been recorded against the basis of its other investments in Linq, which is comprised of the loan receivable for amounts borrowed under the Wabash Note.
Schedule of Variable Interest Entities
The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Consolidated Balance Sheets as of December 31, 2025 and December 31, 2024 (in thousands):
December 31,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$2,455 $4,131 
Accounts receivable, net4,559 2,013 
Inventories, net5 30 
Prepaid expenses and other177 7 
Total current assets7,196 6,181 
Other assets433 277 
Total assets$7,629 $6,458 
Liabilities
Current liabilities:
Accounts payable$3,571 $4,437 
Other accrued liabilities27 29 
Total current liabilities3,598 4,466 
Total liabilities$3,598 $4,466 
Schedule of Noncontrolling Interest Activity
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
202520242023
Balance at January 1$996 $603 $512 
Net income attributable to noncontrolling interest188 996 603 
Distributions declared to noncontrolling interest— (603)(512)
Balance at December 31$1,184 $996 $603 
v3.25.4
INVENTORIES (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current
Inventories, net of reserves, consist of the following (in thousands):
December 31,
20252024
Raw materials and components$94,600 $134,975 
Finished goods67,338 92,662 
Work in progress8,434 15,984 
Aftermarket parts8,311 7,690 
Used trailers2,470 7,514 
$181,153 $258,825 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, plant, and equipment, net consist of the following (in thousands):
December 31,
20252024
Land$43,809 $41,676 
Buildings and building improvements166,715 167,384 
Machinery and equipment475,854 484,390 
Construction in progress8,687 25,098 
695,065 718,548 
Less: accumulated depreciation(394,588)(379,301)
$300,477 $339,247 
v3.25.4
OTHER ACCRUED LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
The following table presents the major components of Other accrued liabilities (in thousands):
December 31,
20252024
Customer deposits$26,450 $31,029 
Chassis converter pool agreements59,599 57,109 
Warranty12,902 16,958 
Payroll and related taxes12,077 12,931 
Self-insurance11,644 12,198 
Accrued interest4,011 3,818 
Operating lease obligations13,319 11,782 
Accrued taxes6,731 6,572 
All other9,823 9,274 
$156,556 $161,671 
v3.25.4
LONG-TERM DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following (in thousands):
December 31, 2025December 31, 2024
Senior Notes$400,000 $400,000 
Revolving Credit Agreement45,000 — 
445,000 400,000 
Less: unamortized discount and fees(2,148)(2,858)
Less: current portion— — 
$442,852 $397,142 
v3.25.4
FINANCIAL DERIVATIVE INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of December 31, 2025 and 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionDecember 31, 2025December 31, 2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$1,422 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(26)(299)
Total derivatives designated as hedging instruments$1,396 $(136)
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the gain or loss recognized in AOCI as of December 31, 2025 and 2024 and the amounts reclassified from AOCI into earnings for the years ended December 31, 2025, 2024, and 2023 (in thousands):
Amount of Gain (Loss) Recognized in
AOCI on Derivatives
(Effective Portion, net of tax)		Location of Gain (Loss) Reclassified from AOCI into Earnings
(Effective Portion)		Amount of Gain (Loss) Reclassified from AOCI into Earnings
Year Ended December 31,
December 31, 2025December 31, 2024202520242023
Derivatives instruments
Commodity swap contracts$839 $(230)Cost of sales$2,859 $(950)$(3,359)
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Assets and Liabilities, Lessee
Leased assets and liabilities included within the Consolidated Balance Sheets consist of the following (in thousands):
ClassificationDecember 31, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,412 $36,423 
Total leased ROU assets$35,412 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$13,319 $11,782 
Noncurrent
OperatingOther non-current liabilities23,184 24,641 
Total lease liabilities$36,503 $36,423 
Lease, Cost
Lease costs included in the Consolidated Statements of Operations consist of the following (in thousands):
ClassificationTwelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease costCost of sales, selling expenses, and general and administrative expense$15,222 $12,096 
Net lease cost$15,222 $12,096 
Remaining lease term and discount rates are as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.89 %5.38 %
Lease costs included in the Consolidated Statements of Cash Flows are as follows (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$15,222 $12,130 
Operating Lease, Liability, Maturity
Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
Operating LeasesTotal
2026$15,035 $15,035 
202710,298 10,298 
20286,447 6,447 
20294,896 4,896 
20303,279 3,279 
Thereafter602 602 
Total lease payments$40,557 $40,557 
Less: interest4,054 
Present value of lease payments$36,503 
Finance Lease, Liability, Maturity
Maturity of the Company’s lease liabilities for leases that have commenced is as follows (in thousands):
Operating LeasesTotal
2026$15,035 $15,035 
202710,298 10,298 
20286,447 6,447 
20294,896 4,896 
20303,279 3,279 
Thereafter602 602 
Total lease payments$40,557 $40,557 
Less: interest4,054 
Present value of lease payments$36,503 
Operating Lease, Lease Income
Lease income is included in Net sales on the Company’s Consolidated Statements of Operations and is recorded in the P&S operating segment. For the twelve months ended December 31, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Twelve Months Ended December 31, 2025Twelve Months Ended December 31, 2024
Operating lease income
Fixed lease income$8,984 $2,335 
Variable lease income— — 
Total lease income(1)
$8,984 $2,335 
—————————
(1) As noted above, net revenue related to subleases was insignificant for all periods presented but such revenue is included in the tables above.
Lessor, Operating Lease, Payment to be Received, Maturity
The following table shows the Company’s future contractual receipts from noncancelable operating leases for the years ended December 31 as of December 31, 2025 (in thousands):
Operating Leases(1)
2026$2,061 
20271,949 
20281,157 
2029— 
2030— 
Thereafter— 
Total contractual receipts$5,167 
—————————
(1) The future contractual receipts due under the Company’s full-service operating leases include amounts related to preventative maintenance, certain repairs as defined in the related agreements, and ad valorem taxes. Net revenue related to the Company’s subleases are also included in the table above.
Carrying Value of Assets Subject to Leases
The leased trailers are recorded on the Company’s Consolidated Balance Sheets within Other assets at cost, net of accumulated depreciation. Depreciation is recorded using the straightline method over the estimated useful lives of the trailers, which is generally 12 years. Revenue generating assets, net consists of the following (in thousands):
December 31, 2025December 31, 2024
Revenue generating assets$55,890 $7,457 
Less: accumulated depreciation(3,694)(746)
Revenue generating assets, net$52,196 $6,711 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
Fair value measurements and the fair value hierarchy level for the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 are shown below (in thousands):
FrequencyAsset / (Liability)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
December 31, 2025
Commodity swap contractsRecurring$1,396 $— $1,396 $— 
Mutual fundsRecurring$13,435 $13,435 $— $— 
December 31, 2024
Commodity swap contractsRecurring$(136)$— $(136)$— 
Mutual fundsRecurring$14,447 $14,447 $— $— 
Life-insurance contractsRecurring$22,358 $— $22,358 $— 
Fair Value, Liabilities Measured on Recurring Basis
The Company’s carrying and estimated fair value of debt at December 31, 2025 and December 31, 2024 were as follows (in thousands):
December 31, 2025December 31, 2024
Fair ValueFair Value
Carrying
Value		Level 1Level 2Level 3Carrying
Value		Level 1Level 2Level 3
Instrument
Senior Notes$397,852 $— $370,003 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement45,000 — 45,000 — — — — — 
$442,852 $— $415,003 $— $397,142 $— $363,385 $— 
v3.25.4
NET INCOME (LOSS) PER SHARE OF COMMON STOCK (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Year Ended December 31,
202520242023
Basic net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Basic net income (loss) attributable to common stockholders per share$5.09 $(6.40)$4.92 
Diluted net income (loss)attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$211,451 $(284,071)$231,252 
Weighted average common shares outstanding41,511 44,359 47,011 
Dilutive stock options and restricted stock235 — 1,019 
Diluted weighted average common shares outstanding41,746 44,359 48,030 
Diluted net income (loss) attributable to common stockholders per share$5.07 $(6.40)$4.81 
v3.25.4
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
A summary of all restricted stock activity during 2025 is as follows:
Number of
Shares		Weighted
Average
Grant Date
Fair Value
Restricted Stock Outstanding at December 31, 20241,176,312 $25.60 
Granted1,186,372 11.77 
Vested(593,506)19.85 
Forfeited(101,817)24.68 
Restricted Stock Outstanding at December 31, 20251,667,361 $17.57 
Schedule of Share-based Compensation, Stock Options, Activity
A summary of all stock option activity during 2025 is as follows:
Number of OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual LifeAggregate
Intrinsic Value
($ in millions)
Options Outstanding at December 31, 20242,083 $14.16 1.1$— 
Exercised(750)$14.78 $— 
Forfeited(1,333)$14.16 $— 
Options Outstanding at December 31, 2025— $— — $— 
Options Exercisable at December 31, 2025— $— — $— 
v3.25.4
STOCKHOLDERS' EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in AOCI by component, net of tax, for the years ended December 31, 2025, 2024, and 2023 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2022$(1,791)$909 $(882)
Net unrealized gains (losses) arising during the period(a)
975 (3,063)(2,088)
Less: Net realized gains (losses) reclassified to net loss(b)
— (2,542)(2,542)
Net change during the period975 (521)454 
Balances at December 31, 2023(816)388 (428)
Net unrealized gains (losses) arising during the period(c)
(2,183)(1,328)(3,511)
Less: Net realized gains (losses) reclassified to net income(d)
— (710)(710)
Net change during the period(2,183)(618)(2,801)
Balances at December 31, 2024(2,999)(230)(3,229)
Net unrealized gains (losses) arising during the period(e)
1,762 3,218 4,980 
Less: Net realized gains (losses) reclassified to net income(f)
— 2,149 2,149 
Net change during the period1,762 1,069 2,831 
Balances at December 31, 2025$(1,237)$839 $(398)
—————————
(a) Derivative instruments net of $1.0 million of tax benefit for the year ended December 31, 2023.
(b) Derivative instruments net of $0.8 million of tax benefit for the year ended December 31, 2023.
(c) Derivative instruments net of $0.4 million of tax benefit for the year ended December 31, 2024.
(d) Derivative instruments net of $0.2 million of tax benefit for the year ended December 31, 2024.
(e) Derivative instruments net of $1.1 million of tax liability for the year ended December 31, 2025.
(f) Derivative instruments net of $0.7 million of tax liability for the year ended December 31, 2025.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
The consolidated income (loss) before income taxes for 2025, 2024, and 2023 consists of the following (in thousands):
Years Ended December 31,
 202520242023
Domestic$283,533 $(380,944)$291,816 
Foreign(370)4,346 2,869 
Total income (loss) before income taxes$283,163 $(376,598)$294,685 
Schedule of Components of Income Tax (Benefit) Expense
The consolidated income tax expense (benefit) for 2025, 2024, and 2023 consists of the following components (in thousands):
Years Ended December 31,
 202520242023
Current   
Federal$(15,275)$13,449 $65,797 
State418 4,112 9,322 
Foreign555 599 1,170 
 (14,302)18,160 76,289 
Deferred
Federal73,063 (90,460)(14,889)
State12,763 (21,223)1,430 
 85,826 (111,683)(13,459)
Total consolidated expense (benefit)$71,524 $(93,523)$62,830 
Schedule of Effective Income Tax Rate Reconciliation
The following table provides a reconciliation of differences from the U.S. Federal statutory rates as follows (in thousands):
Years Ended December 31,
 202520242023
US federal statutory tax$59,464 21.0 %$(79,086)21.0 %$61,884 21.0 %
State and local income taxes (net of federal benefit)(1)
10,574 3.7 %(13,880)3.7 %9,398 3.2 %
Foreign tax effects556 0.2 %600 (0.2)%568 0.2 %
Tax credits— 0.0 %(228)0.1 %(9,572)(3.2)%
Nontaxable or nondeductible items930 0.4 %(929)0.2 %552 0.2 %
Total income tax expense (benefit)$71,524 25.3 %$(93,523)24.8 %$62,830 21.4 %
(1)State taxes in Indiana made up the majority (greater than 50 percent) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 were as follows (in thousands):
December 31,
 20252024
Deferred tax assets  
Loss carryforwards and tax credits$56,303 $1,792 
Accrued liabilities6,243 117,569 
Incentive compensation10,068 9,360 
Operating lease assets9,358 8,990 
Research expenditure amortization13,407 21,523 
Other8,830 2,918 
 104,209 162,152 
Deferred tax liabilities
Property, plant and equipment(44,883)(21,837)
Intangibles(37,961)(34,493)
Operating lease liabilities(9,087)(8,990)
Other(2,933)(1,495)
 (94,864)(66,815)
Net deferred tax asset before valuation allowances and reserves9,345 95,337 
Valuation allowances(298)(464)
Net deferred tax asset$9,047 $94,873 
Schedule of Components of Income Taxes Paid
The following table provides a reconciliation of income taxes paid (received) (in thousands):
December 31,
 2025
Federal$— 
State and local
FL(175)
IN(760)
MN(166)
MO(222)
NJ(93)
PA(326)
TX229 
All other state and local11 
Foreign
MX168 
$(1,334)
v3.25.4
SEGMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable segment information is as follows (in thousands):
Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
2025
Net sales
     External customers$1,306,732 $236,022 $— $1,542,754 
     Intersegment sales37,645 1,098 (38,743)— 
Total net sales1,344,377 237,120 (38,743)1,542,754 
Cost of sales1,318,663 192,923 (38,743)1,472,843 
     Gross profit25,714 44,197 — 69,911 
Other operating expenses (1)
83,959 16,483 (338,036)(237,594)
     (Loss) income from operations$(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 sales8,094 5,361 (13,455)— 
Total net sales1,755,133 205,062 (13,455)1,946,740 
Cost of sales1,537,515 157,608 (13,455)1,681,668 
     Gross profit217,618 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 sales18,330 4,647 (22,977)— 
Total net sales2,338,604 220,873 (22,977)2,536,500 
Cost of sales1,898,740 162,550 (22,977)2,038,313 
     Gross profit439,864 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 
—————————
(1)Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
Major Product Categories and Percentage of Consolidated Net Sales The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Year ended December 31, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
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 other298,700 105,209 (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, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,335,902 $— $(3,978)$1,331,924 68.4%
Used trailers71 4,012 (71)4,012 0.2%
Components, parts and services— 128,565 — 128,565 6.6%
Equipment and other419,160 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, 2023Transportation SolutionsParts & ServicesEliminationsConsolidated
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 other413,904 67,639 (17,076)464,467 18.3%
Total net external sales$2,338,604 $220,873 $(22,977)$2,536,500 100.0%
v3.25.4
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2025
Quarterly Financial Data [Abstract]  
Schedule of Quarterly Financial Information
The following is a summary of the unaudited quarterly results of operations for fiscal years 2025, 2024, and 2023 (dollars in thousands, except per share amounts):
First
Quarter		Second
Quarter		Third
Quarter		Fourth
Quarter
2025
Net sales$380,890 $458,816 $381,595 $321,453 
Gross profit (loss)$19,003 $41,400 $15,708 $(6,200)
Net income (loss) attributable to common stockholders$230,941 $(9,589)$39,977 $(49,878)
Basic net income (loss) attributable to common stockholders per share(1)
$5.41 $(0.23)$0.98 $(1.23)
Diluted net income (loss) attributable to common stockholders per share(1)
$5.36 $(0.23)$0.97 $(1.23)
2024
Net sales$515,276 $550,610 $464,040 $416,814 
Gross profit$76,446 $89,658 $56,009 $42,959 
Net income (loss) attributable to common stockholders$18,167 $28,958 $(330,166)$(1,030)
Basic net income (loss) attributable to common stockholders per share(1)
$0.40 $0.65 $(7.53)$(0.02)
Diluted net income (loss) attributable to common stockholders per share(1)
$0.39 $0.64 $(7.53)$(0.02)
2023
Net sales$620,952 $686,620 $632,828 $596,100 
Gross profit$116,027 $151,027 $122,910 $108,223 
Net income attributable to common stockholders$51,213 $74,328 $55,329 $50,382 
Basic net income attributable to common stockholders per share(1)
$1.07 $1.57 $1.18 $1.10 
Diluted net income attributable to common stockholders per share(1)
$1.04 $1.54 $1.16 $1.07 
—————————
(1)Basic and diluted net income (loss) attributable to common stockholders per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly net income (loss) attributable to common stockholders per share may differ from annual net income (loss) attributable to common stockholders per share due to rounding.
v3.25.4
BUSINESS COMBINATIONS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Feb. 03, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Goodwill   $ 191,222 $ 188,441 $ 188,409
Trailerhawk.ai, LLC        
Business Combination [Line Items]        
Payments to acquire businesses, gross $ 2,500      
Allowance for development activities 800      
Convertible debt 3,000      
Liabilities incurred 100      
Earnout payments $ 15,000      
Earnout payment period (in years) 7 years      
Contingent consideration, liability $ 1,200      
Trailerhawk.ai, LLC | Technology        
Business Combination [Line Items]        
Intangibles   2,500    
Trailerhawk.ai, LLC | Tradenames and trademarks        
Business Combination [Line Items]        
Intangibles   300    
Trailerhawk.ai, LLC | Backlog        
Business Combination [Line Items]        
Intangibles   $ 2,800    
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Changes in Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]      
Balance at beginning of year $ 1,402 $ 1,079 $ 428
Expected losses 571 381 651
Write-offs, net of recoveries (4) (58) 0
Balance at end of year $ 1,969 $ 1,402 $ 1,079
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Prepaid Expenses and Other (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Chassis converter pool agreements $ 61,925 $ 57,109
Income tax receivables 11,694 10,269
Insurance premiums & maintenance/subscription agreements 7,503 5,595
Commodity swap contracts 1,422 163
All other 3,592 3,097
Prepaid expenses and other $ 86,136 $ 76,233
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]      
Goodwill $ 191,222 $ 188,441 $ 188,409
Capitalized computer software, net 13,700 9,900  
Capitalized computer software, amortization 3,400 3,400 1,900
Cash surrender value of life insurance 26,900 22,400  
Research and development expense 5,900 8,600 7,500
Transportation Solutions      
Property, Plant and Equipment [Line Items]      
Goodwill 120,498 $ 120,506 $ 120,486
Parts & Services      
Property, Plant and Equipment [Line Items]      
Goodwill $ 70,700    
Buildings and building improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 33 years    
Minimum      
Property, Plant and Equipment [Line Items]      
Capitalized computer software, amortization period 3 years    
Standard product warranty, coverage period 1 year    
Minimum | Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 3 years    
Maximum      
Property, Plant and Equipment [Line Items]      
Capitalized computer software, amortization period 7 years    
Standard product warranty, coverage period 5 years    
Maximum | Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment, useful life 10 years    
DuraPlate Trailer Panels      
Property, Plant and Equipment [Line Items]      
Standard product warranty, coverage period 10 years    
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranty Accrual Included in Other Accrued Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]    
Balance as of January 1 $ 16,958 $ 21,286
Provision and revisions to estimates 2,703 2,581
Payments (6,759) (6,909)
Balance as of December 31 $ 12,902 $ 16,958
v3.25.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Self-Insurance Accrual Included In Other Accrued Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Self Insurance Reserve [Roll Forward]    
Balance as of January 1 $ 12,198 $ 11,311
Expense 44,391 40,511
Payments (44,945) (39,624)
Balance as of December 31 $ 11,644 $ 12,198
v3.25.4
REVENUE RECOGNITION (Details)
Dec. 31, 2025
obligation
Revenue from Contract with Customer [Abstract]  
Number of performance obligations 3
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Line Items]      
Goodwill $ 191,222 $ 188,441 $ 188,409
Amortization of intangibles 11,184 11,973 12,813
2026 10,700    
2027 10,200    
2028 9,700    
2029 9,300    
2030 8,900    
Transportation Solutions      
Goodwill [Line Items]      
Goodwill 120,498 $ 120,506 $ 120,486
Parts & Services      
Goodwill [Line Items]      
Goodwill $ 70,700    
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]      
Goodwill $ 299,622 $ 296,841 $ 296,809
Accumulated impairment losses (108,400) (108,400) (108,400)
Net goodwill 191,222 188,441 188,409
Acquisition of Trailerhawk AI, LLC 2,801    
Effects of foreign currency (20) 32  
Transportation Solutions      
Goodwill [Roll Forward]      
Goodwill 188,755 188,763 188,743
Accumulated impairment losses (68,257) (68,257) (68,257)
Net goodwill 120,498 120,506 120,486
Acquisition of Trailerhawk AI, LLC 0    
Effects of foreign currency (8) 20  
Parts & Services      
Goodwill [Roll Forward]      
Goodwill 110,867 108,078 108,066
Accumulated impairment losses (40,143) (40,143) (40,143)
Net goodwill 70,724 67,935 $ 67,923
Acquisition of Trailerhawk AI, LLC 2,801    
Effects of foreign currency $ (12) $ 12  
v3.25.4
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Intangible Assets $ 284,424 $ 281,724
Accumulated Amortization (220,863) (207,279)
Net Intangible Assets $ 63,561 $ 74,445
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period 13 years 13 years
Gross Intangible Assets $ 270,016 $ 270,016
Accumulated Amortization (206,727) (195,571)
Net Intangible Assets $ 63,289 $ 74,445
Technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period 12 years 12 years
Gross Intangible Assets $ 11,708 $ 11,708
Accumulated Amortization (11,708) (11,708)
Net Intangible Assets $ 0 $ 0
Tradenames and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period 10 years  
Gross Intangible Assets $ 300  
Accumulated Amortization (28)  
Net Intangible Assets $ 272  
Backlog    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Amortization Period 6 months  
Gross Intangible Assets $ 2,400  
Accumulated Amortization (2,400)  
Net Intangible Assets $ 0  
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Oct. 01, 2025
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Ownership Interests [Line Items]                
Notes receivable issued to unconsolidated entity           $ 18,900,000 $ 20,100,000 $ 2,450,000
Linq                
Other Ownership Interests [Line Items]                
Excess cash distribution, term         30 days     30 days
Notes receivable issued to unconsolidated entity         $ 2,500,000      
Partners | Linq                
Other Ownership Interests [Line Items]                
Notes receivable issued to unconsolidated entity         $ 2,600,000      
Linq | Wabash                
Other Ownership Interests [Line Items]                
Long-term line of credit       $ 11,100,000   30,000,000 11,100,000  
Linq | Wabash | Line of Credit                
Other Ownership Interests [Line Items]                
Maximum borrowing capacity           $ 10,000,000    
Debt instrument, interest rate, stated percentage           7.00%    
Line of credit facility, additional borrowing capacity     $ 15,000,000          
Line of credit facility accordion feature increase amount           $ 35,000,000    
Long-term debt       11,100,000   18,900,000 11,100,000  
Interest income           $ 1,400,000 400,000  
Linq | Wabash | Revolving Credit Agreement                
Other Ownership Interests [Line Items]                
Maximum borrowing capacity       25,000,000     $ 25,000,000  
Wabash Parts LLC                
Other Ownership Interests [Line Items]                
Noncontrolling interest, ownership percentage by parent           50.00%    
Noncontrolling interest, ownership percentage by noncontrolling owners           50.00%    
Excess cash distribution, term           30 days    
UpLabs Ventures, LLC                
Other Ownership Interests [Line Items]                
Notes receivable issued to unconsolidated entity       $ 6,000,000.0   $ 6,000,000    
Investment fee, percentage             2.00%  
Inflation adjustments and expenses, amount           $ 600,000 $ 500,000  
Linq                
Other Ownership Interests [Line Items]                
Notes receivable issued to unconsolidated entity $ 6,400,000              
Ownership percentage         49.00%      
Put and call exercise rights duration (in years)         7 years     7 years
Linq | Partners                
Other Ownership Interests [Line Items]                
Ownership percentage         51.00%      
Up Labs Ventures | Subsequent Event                
Other Ownership Interests [Line Items]                
Notes receivable issued to unconsolidated entity   $ 6,000,000            
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS -Summary of Investment Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]                      
Beginning balance       $ 7,250         $ 7,250    
Loss from unconsolidated entity                 (6,982) $ (6,089) $ (803)
Ending balance $ 7,250       $ 7,250       7,250 7,250  
Variable Interest Entity, Primary Beneficiary                      
Variable Interest Entity [Line Items]                      
Beginning balance 0 $ 0 $ 0 0 0 $ 0 $ 161 $ 1,647 0 1,647  
Loss from unconsolidated entity (1,092) (1,845) (2,203) (1,842) (1,512) (1,676) (1,415) (1,486)      
Equity deficit applied to note 1,092 1,845 2,203 1,842 1,512 1,676 1,254 0      
Ending balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 161 $ 0 $ 0 $ 1,647
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 31,923 $ 115,484
Accounts receivable, net 119,874 143,946
Inventories, net 181,153 258,825
Prepaid expenses and other 86,136 76,233
Total current assets 419,086 594,488
Other assets 180,538 112,785
Total assets 1,171,181 1,411,529
Accounts payable 145,739 146,738
Other accrued liabilities 9,823 9,274
Total current liabilities 302,295 308,409
Total liabilities 802,639 1,221,703
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 2,455 4,131
Accounts receivable, net 4,559 2,013
Inventories, net 5 30
Prepaid expenses and other 177 7
Total current assets 7,196 6,181
Other assets 433 277
Total assets 7,629 6,458
Accounts payable 3,571 4,437
Other accrued liabilities 27 29
Total current liabilities 3,598 4,466
Total liabilities $ 3,598 $ 4,466
v3.25.4
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Schedule Of Noncontrolling Interest Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]      
Balance at January 1 $ 996 $ 603 $ 512
Net income attributable to noncontrolling interest 188 996 603
Distributions declared to noncontrolling interest 0 (603) (512)
Balance at December 31 $ 1,184 $ 996 $ 603
v3.25.4
INVENTORIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and components $ 94,600 $ 134,975
Finished goods 67,338 92,662
Work in progress 8,434 15,984
Aftermarket parts 8,311 7,690
Used trailers 2,470 7,514
Inventories $ 181,153 $ 258,825
v3.25.4
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 47.6 $ 45.0 $ 32.5
v3.25.4
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 695,065 $ 718,548
Less: accumulated depreciation (394,588) (379,301)
Property, plant, and equipment, net 300,477 339,247
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 43,809 41,676
Buildings and building improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 166,715 167,384
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 475,854 484,390
Property, plant, and equipment, net 17,200  
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 8,687 $ 25,098
v3.25.4
OTHER ACCRUED LIABILITIES (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]      
Customer deposits $ 26,450 $ 31,029  
Chassis converter pool agreements 59,599 57,109  
Warranty 12,902 16,958 $ 21,286
Payroll and related taxes 12,077 12,931  
Self-insurance 11,644 12,198 $ 11,311
Accrued interest 4,011 3,818  
Operating lease obligations 13,319 11,782  
Accrued taxes 6,731 6,572  
All other 9,823 9,274  
Other accrued liabilities $ 156,556 $ 161,671  
v3.25.4
LONG-TERM DEBT - Components of Long Term Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 445,000 $ 400,000
Less: unamortized discount and fees (2,148) (2,858)
Less: current portion 0 0
Long-term debt 442,852 397,142
Senior Notes    
Debt Instrument [Line Items]    
Long-term debt 400,000 400,000
Revolving Credit Agreement    
Debt Instrument [Line Items]    
Long-term debt $ 45,000 $ 0
v3.25.4
LONG-TERM DEBT - Senior Notes (Details) - Senior Notes - USD ($)
 12 Months Ended
Oct. 06, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]        
Debt instrument, face amount $ 400,000,000      
Notes issued, interest rate 4.50%      
Interest expense   $ 18,000,000.0 $ 18,000,000.0 $ 18,000,000.0
Accretion expense   $ 700,000 $ 700,000 $ 600,000
Debt Instrument, Redemption, Period Three        
Debt Instrument [Line Items]        
Debt instrument, redemption price, percentage 101.125%      
Debt Instrument, Redemption, Period Four        
Debt Instrument [Line Items]        
Debt instrument, redemption price, percentage 100.00%      
Debt Instrument, Redemption, Period Five        
Debt Instrument [Line Items]        
Debt instrument, redemption price, percentage 101.00%      
v3.25.4
LONG-TERM DEBT - Revolving Credit Agreement (Details)
 12 Months Ended
Sep. 23, 2022
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]        
Repayments of lines of credit   $ 82,429,000 $ 884,000 $ 104,199,000
Borrowings under revolving credit facilities   127,429,000 884,000 104,199,000
Revolving Credit Agreement        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 350,000,000      
Line of credit facility accordion feature increase amount $ 175,000,000      
Line of credit facility, unused capacity, commitment fee percentage 0.20%      
Fixed charge coverage ratio minimum 1.0      
Line of credit facility, excess availability, commitment percentage 10.00%      
Line of credit facility, excess availability, amount $ 25,000,000      
Debt instrument, covenant period 3 days      
Repayments of lines of credit   82,400,000 900,000  
Borrowings under revolving credit facilities   127,400,000 900,000  
Long-term line of credit   45,000,000.0 0  
Interest expense   $ 2,300,000 $ 800,000 $ 900,000
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 1.25%      
Revolving Credit Agreement | Secured Overnight Financing Rate (SOFR) | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 1.75%      
Revolving Credit Agreement | Base Rate | Minimum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 0.25%      
Revolving Credit Agreement | Base Rate | Maximum        
Debt Instrument [Line Items]        
Debt instrument, basis spread on variable rate 0.75%      
Letter of Credit | Revolving Credit Agreement        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 25,000,000      
Bridge Loan | Revolving Credit Agreement        
Debt Instrument [Line Items]        
Maximum borrowing capacity $ 35,000,000      
v3.25.4
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative, notional amount $ 21.5 $ 15.0
Derivative instruments, gain (loss) reclassified from accumulated OCI into income over the next 12 months $ 1.1  
v3.25.4
FINANCIAL DERIVATIVE INSTRUMENTS - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives designated as hedging instruments    
Total derivatives designated as hedging instruments $ 1,396 $ (136)
Prepaid expenses and other    
Derivatives designated as hedging instruments    
Derivative asset, fair value, gross asset 1,422 163
Accounts payable and Other accrued liabilities    
Derivatives designated as hedging instruments    
Derivative liability, fair value, gross liability $ (26) $ (299)
v3.25.4
FINANCIAL DERIVATIVE INSTRUMENTS - Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) $ 839 $ (230)  
Amount of Gain (Loss) Reclassified from AOCI into Earnings $ 2,859 $ (950) $ (3,359)
v3.25.4
LEASES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
option
Dec. 31, 2024
USD ($)
Lessee, Lease, Description [Line Items]    
Lessee, operating lease, number of options to renew | option 1  
Leased assets obtained in exchange for new operating lease liabilities | $ $ 12.1 $ 13.2
Lessor, estimated useful life 12 years  
Minimum    
Lessee, Lease, Description [Line Items]    
Renewal term 1 year  
Lease term 3 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Renewal term 5 years  
Lease term 5 years  
v3.25.4
LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Right-of-Use Assets    
Operating $ 35,412 $ 36,423
Total leased ROU assets $ 35,412 $ 36,423
Operating lease, right-of-use asset, statement of financial position [Extensible List] Other assets Other assets
Current    
Operating $ 13,319 $ 11,782
Operating lease, liability, current, statement of financial position [Extensible List] Other accrued liabilities Other accrued liabilities
Noncurrent    
Operating $ 23,184 $ 24,641
Total lease liabilities $ 36,503 $ 36,423
Operating lease, liability, noncurrent, statement of financial position [Extensible List] Other non-current liabilities Other non-current liabilities
v3.25.4
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating lease cost $ 15,222 $ 12,096
Net lease cost $ 15,222 $ 12,096
v3.25.4
LEASES - Maturity of Lease Liabilities (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Operating Leases  
2026 $ 15,035
2027 10,298
2028 6,447
2029 4,896
2030 3,279
Thereafter 602
Total lease payments 40,557
Less: interest 4,054
Present value of lease payments 36,503
Total  
2026 15,035
2027 10,298
2028 6,447
2029 4,896
2030 3,279
Thereafter 602
Total lease payments $ 40,557
v3.25.4
LEASES - Lease Terms and Discount Rates (Details)
Dec. 31, 2025
Dec. 31, 2024
Weighted average remaining lease term (years)    
Operating leases 3 years 4 months 24 days 3 years 6 months
Weighted average discount rate    
Operating leases 5.89% 5.38%
v3.25.4
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases $ 15,222 $ 12,130
v3.25.4
LEASES - Lessor Operating Lease Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Fixed lease income $ 8,984 $ 2,335
Variable lease income $ 0 $ 0
Operating lease, lease income, statement of income or comprehensive income [Extensible Enumeration] Other Nonoperating Income (Expense) Other Nonoperating Income (Expense)
Total lease income $ 8,984 $ 2,335
v3.25.4
LEASES - Lessor Maturity Schedule (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 2,061
2027 1,949
2028 1,157
2029 0
2030 0
Thereafter 0
Total contractual receipts $ 5,167
v3.25.4
LEASES - Lessor Maturity Schedule - Lessor Carrying Value of Assets Subject to Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Revenue generating assets $ 55,890 $ 7,457
Less: accumulated depreciation (3,694) (746)
Revenue generating assets, net $ 52,196 $ 6,711
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy Level of Assets and Liabilities Measure at Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts   $ 22,358
Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts   0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts   22,358
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts   0
Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts $ 1,396 (136)
Commodity swap contracts | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 0 0
Commodity swap contracts | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 1,396 (136)
Commodity swap contracts | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 0 0
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 13,435 14,447
Mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 13,435 14,447
Mutual funds | Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 0 0
Mutual funds | Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds $ 0 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS - Carrying and Estimated Fair Value of Debt (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 442,852 $ 397,142
Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 397,852 397,142
Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 45,000 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 0 0
Level 1 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 0 0
Level 1 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 415,003 363,385
Level 2 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 370,003 363,385
Level 2 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 45,000 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 0 0
Level 3 | Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt 0 0
Level 3 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt $ 0 $ 0
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 01, 2025
segment
miles
party
Oct. 09, 2025
fatalities
Mar. 20, 2025
USD ($)
Nov. 22, 2024
USD ($)
Sep. 05, 2024
USD ($)
Nov. 13, 2019
party
May 31, 2016
USD ($)
Aug. 14, 2014
manifest
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Jun. 30, 2010
USD ($)
Loss Contingencies [Line Items]                        
Environmental disputes, number of manifest entries | manifest               4        
Environmental loss contingency, number of operable units | segment 3                      
Number of miles apart original superfund site located from former branch facility | miles 5                      
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag                   Environmental Quality    
Purchase obligation                   $ 21,500    
Chassis converter pool agreements                   $ 59,599 $ 57,109  
Chassis converter pool, delivery period                   90 days    
Pending Litigation                        
Loss Contingencies [Line Items]                        
Estimated litigation liability                   $ 700    
Product Liability Claims                        
Loss Contingencies [Line Items]                        
Litigation settlement, product liability claims, number of fatalities | fatalities   2                    
Product Liability Claims | Missouri Product Liability Claim                        
Loss Contingencies [Line Items]                        
Bond related expenses                   4,600    
Product Liability Claims | Missouri Product Liability Claim | Settled Litigation                        
Loss Contingencies [Line Items]                        
Litigation settlement, fee expense                   30,000    
Litigation reduction charges                 $ 418,600      
Compensatory damages     $ 11,500   $ 11,500              
Punitive damages     $ 108,000 $ 450,000 $ 450,000              
Standby Letters of Credit                        
Loss Contingencies [Line Items]                        
Letters of credit outstanding, amount                   5,600    
Indiana Department of Environmental Management                        
Loss Contingencies [Line Items]                        
Environmental loss contingency, potentially responsible party | party           1            
Environmental Protection Agency                        
Loss Contingencies [Line Items]                        
Environmental loss contingency, potentially responsible party | party 1                      
Arizona Department of Environmental Quality                        
Loss Contingencies [Line Items]                        
Litigation settlement, fee expense                   $ 12,900    
Accrual for environmental loss contingencies                       $ 100,000
Environmental loss contingency, statutorily required public, period             30 days          
Payments for legal settlements             $ 200          
v3.25.4
NET INCOME (LOSS) PER SHARE OF COMMON STOCK - Calculation of Basic and Diluted Per Share Of Common Stock (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Basic net income (loss) attributable to common stockholders per share:                              
Net income (loss) attributable to common stockholders                         $ 211,451 $ (284,071) $ 231,252
Weighted average common shares outstanding (in shares)                         41,511 44,359 47,011
Basic net income (loss) attributable to common stockholders per share (in usd per share) $ (1.23) $ 0.98 $ (0.23) $ 5.41 $ (0.02) $ (7.53) $ 0.65 $ 0.40 $ 1.10 $ 1.18 $ 1.57 $ 1.07 $ 5.09 $ (6.40) $ 4.92
Diluted net income (loss)attributable to common stockholders per share:                              
Net income (loss) attributable to common stockholders                         $ 211,451 $ (284,071) $ 231,252
Weighted average common shares outstanding (in shares)                         41,511 44,359 47,011
Dilutive stock options and restricted stock (in shares)                         235 0 1,019
Diluted weighted average common shares outstanding (in shares)                         41,746 44,359 48,030
Diluted net income (loss) attributable to common stockholders per share (in usd per share) $ (1.23) $ 0.97 $ (0.23) $ 5.36 $ (0.02) $ (7.53) $ 0.64 $ 0.39 $ 1.07 $ 1.16 $ 1.54 $ 1.04 $ 5.07 $ (6.40) $ 4.81
v3.25.4
NET INCOME (LOSS) PER SHARE OF COMMON STOCK - Narrative (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Average diluted shares outstanding (in shares) 235 548  
Stock Option      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Average diluted shares outstanding (in shares) 0 0 0
v3.25.4
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended 118 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
May 14, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation $ 11,476 $ 11,309 $ 11,799    
Compensation costs not yet recognized $ 10,900        
Compensation costs not yet recognized, period for recognition 1 year 10 months 24 days        
Intrinsic value of options exercised $ 100 $ 100 $ 200    
Omnibus Incentive Plan 2017          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares authorized (in shares)         2,190,570
Restricted Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Options granted (in shares) 1,186,372 650,221 630,445    
Grant date fair value $ 14,000 $ 17,000 $ 16,100    
Vested in period, fair value $ 7,100 $ 16,500 $ 25,100    
Restricted Stock | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 1 year        
Restricted Stock | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting period 3 years        
Options granted (in shares)       0  
Expiration period 10 years        
v3.25.4
STOCK-BASED COMPENSATION - Summary of Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares      
Balance beginning of period (in shares) 2,083    
Vested (in shares) (750)    
Forfeited (in shares) (1,333)    
Balance end of period (in shares) 0 2,083  
Weighted Average Grant Date Fair Value      
Balance beginning of period (in usd per share) $ 14.16    
Vested (in usd per share) 14.78    
Forfeited (in usd per share) 14.16    
Balance end of period (in usd per share) $ 0 $ 14.16  
Restricted Stock      
Number of Shares      
Balance beginning of period (in shares) 1,176,312    
Granted (in shares) 1,186,372 650,221 630,445
Vested (in shares) (593,506)    
Forfeited (in shares) (101,817)    
Balance end of period (in shares) 1,667,361 1,176,312  
Weighted Average Grant Date Fair Value      
Balance beginning of period (in usd per share) $ 25.60    
Granted (in usd per share) 11.77    
Vested (in usd per share) 19.85    
Forfeited (in usd per share) 24.68    
Balance end of period (in usd per share) $ 17.57 $ 25.60  
v3.25.4
STOCK-BASED COMPENSATION - Summary of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Number of Shares    
Balance beginning of period (in shares) 2,083  
Exercised (in shares) (750)  
Forfeited (in shares) (1,333)  
Balance end of period (in shares) 0 2,083
Options exercisable (in shares) 0  
Weighted Average Grant Date Fair Value    
Balance beginning of period (in usd per share) $ 14.16  
Exercised (in usd per share) 14.78  
Forfeited (in usd per share) 14.16  
Balance end of period (in usd per share) 0 $ 14.16
Options exercisable (in usd per share) $ 0  
Weighted Average Remaining Contractual Life    
Options outstanding   1 year 1 month 6 days
Aggregate Intrinsic Value ($ in millions)    
Options outstanding $ 0.0 $ 0.0
Options exercisable $ 0.0  
v3.25.4
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Feb. 15, 2024
Dec. 31, 2025
Dec. 31, 2024
Aug. 31, 2021
Nov. 30, 2018
Feb. 28, 2017
Feb. 29, 2016
Class of Stock [Line Items]              
Stock repurchase program, authorized amount $ 150.0     $ 150.0 $ 100.0 $ 100.0 $ 100.0
Stock repurchase program, period in force 3 years            
Stock repurchase program, remaining authorized repurchase amount   $ 93.2          
Common stock, shares authorized (in shares)   200,000,000 200,000,000        
Common stock, par value (in usd per share)   $ 0.01 $ 0.01        
Preferred Class A              
Class of Stock [Line Items]              
Preferred stock, shares authorized (in shares)   25,000,000          
v3.25.4
STOCKHOLDERS' EQUITY - Changes in AOCI by Component (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period $ 188,830 $ 549,496 $ 397,613
Net unrealized gains (losses) arising during the period 4,980 (3,511) (2,088)
Less: Net realized gains (losses) reclassified to net (loss) income 2,149 (710) (2,542)
Total other comprehensive income (loss) 2,831 (2,801) 454
Balance at end of period 367,358 188,830 549,496
Foreign Currency Translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (2,999) (816) (1,791)
Net unrealized gains (losses) arising during the period 1,762 (2,183) 975
Less: Net realized gains (losses) reclassified to net (loss) income 0 0 0
Total other comprehensive income (loss) 1,762 (2,183) 975
Balance at end of period (1,237) (2,999) (816)
Derivative Instruments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (230) 388 909
Net unrealized gains (losses) arising during the period 3,218 (1,328) (3,063)
Less: Net realized gains (losses) reclassified to net (loss) income 2,149 (710) (2,542)
Total other comprehensive income (loss) 1,069 (618) (521)
Balance at end of period 839 (230) 388
Net unrealized gains (losses) arising during period, tax expense (benefit) 1,100 (400) (1,000)
Reclassification from AOCI, current period, tax expense (benefit) (700) 200 800
AOCI Attributable to Parent      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance at beginning of period (3,229) (428) (882)
Balance at end of period $ (398) $ (3,229) $ (428)
v3.25.4
EMPLOYEE SAVINGS PLANS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Savings Plans [Abstract]      
Labor and related expense $ 9.2 $ 8.1 $ 10.1
v3.25.4
INCOME TAXES - Consolidated Income (loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Domestic $ 283,533 $ (380,944) $ 291,816
Foreign (370) 4,346 2,869
Income (loss) before income tax expense $ 283,163 $ (376,598) $ 294,685
v3.25.4
INCOME TAXES - Consolidated Income Tax Expense (benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current      
Federal $ (15,275) $ 13,449 $ 65,797
State 418 4,112 9,322
Foreign 555 599 1,170
Current (14,302) 18,160 76,289
Deferred      
Federal 73,063 (90,460) (14,889)
State 12,763 (21,223) 1,430
Deferred 85,826 (111,683) (13,459)
Total consolidated expense (benefit) $ 71,524 $ (93,523) $ 62,830
v3.25.4
INCOME TAXES - Reconciliation of Differences from U.S. Federal Statutory Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
US federal statutory tax $ 59,464 $ (79,086) $ 61,884
State and local income taxes (net of federal benefit)(1) 10,574 (13,880) 9,398
Foreign tax effects 556 600 568
Tax credits 0 (228) (9,572)
Nontaxable or nondeductible items 930 (929) 552
Total consolidated expense (benefit) $ 71,524 $ (93,523) $ 62,830
Percent      
US federal statutory tax 21.00% 21.00% 21.00%
State and local income taxes (net of federal benefit)(1) 3.70% 3.70% 3.20%
Foreign tax effects 0.20% (0.20%) 0.20%
Tax credits (0.00%) 0.10% (3.20%)
Nontaxable or nondeductible items 0.40% 0.20% 0.20%
Total income tax expense (benefit) (as a percent) 25.30% 24.80% 21.40%
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Deferred tax assets, valuation allowance $ 298 $ 464  
Deferred tax assets, operating loss carryforwards, domestic 220,500 0  
Deferred tax assets, operating loss carryforwards, state and local 208,500    
Unrecognized tax benefits that would impact effective tax rate 1,500 1,500  
Unrecognized tax benefits, decrease resulting from prior period tax positions 100    
Unrecognized tax benefits, income tax penalties and interest accrued 600 500  
Cash income taxes paid   29,800 $ 82,600
State and Local Jurisdiction      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Deferred tax assets, valuation allowance $ 500 $ 700  
v3.25.4
INCOME TAXES - Components of Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Deferred tax assets    
Loss carryforwards and tax credits $ 56,303 $ 1,792
Accrued liabilities 6,243 117,569
Incentive compensation 10,068 9,360
Operating lease assets 9,358 8,990
Research expenditure amortization 13,407 21,523
Other 8,830 2,918
Deferred tax assets 104,209 162,152
Deferred tax liabilities    
Property, plant and equipment (44,883) (21,837)
Intangibles (37,961) (34,493)
Operating lease liabilities (9,087) (8,990)
Other (2,933) (1,495)
Deferred tax liabilities (94,864) (66,815)
Net deferred tax asset before valuation allowances and reserves 9,345 95,337
Valuation allowances (298) (464)
Net deferred tax asset $ 9,047 $ 94,873
v3.25.4
INCOME TAXES - Schedule of Components of Income Taxes Paid (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Federal $ 0    
Income Taxes Paid, Net (1,334) $ 29,831 $ 82,589
FL      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (175)    
IN      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (760)    
MN      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (166)    
MO      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (222)    
NJ      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (93)    
PA      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local (326)    
TX      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local 229    
All other state and local      
Effective Income Tax Rate Reconciliation [Line Items]      
State and local 11    
MX      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign $ 168    
v3.25.4
SEGMENTS - Narrative (Details) - segment
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Number of reportable segments 2    
Number of operating segments 2    
Sales revenue, net | Customer Concentration Risk | Five Largest Customers      
Segment Reporting Information [Line Items]      
Percentage of consolidated net sales 35.00% 42.00% 32.00%
Sales revenue, net | Customer Concentration Risk | Largest Customer | Transportation Solutions      
Segment Reporting Information [Line Items]      
Percentage of consolidated net sales   15.00% 12.00%
v3.25.4
SEGMENTS - Reportable Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net sales                              
Net sales $ 321,453 $ 381,595 $ 458,816 $ 380,890 $ 416,814 $ 464,040 $ 550,610 $ 515,276 $ 596,100 $ 632,828 $ 686,620 $ 620,952 $ 1,542,754 $ 1,946,740 $ 2,536,500
Cost of sales                         1,472,843 1,681,668 2,038,313
Gross profit (loss) $ (6,200) $ 15,708 $ 41,400 $ 19,003 $ 42,959 $ 56,009 $ 89,658 $ 76,446 $ 108,223 $ 122,910 $ 151,027 $ 116,027 69,911 265,072 498,187
Other operating expenses                         (237,594) 621,176 186,238
(Loss) income from operations                         307,505 (356,104) 311,949
Depreciation and amortization                         58,735 56,985 45,320
Transportation Solutions                              
Net sales                              
Net sales                         1,306,732 1,747,039 2,320,274
Parts & Services                              
Net sales                              
Net sales                         236,022 199,701 216,226
Operating Segments | Transportation Solutions                              
Net sales                              
Net sales                         1,344,377 1,755,133 2,338,604
Cost of sales                         1,318,663 1,537,515 1,898,740
Gross profit (loss)                         25,714 217,618 439,864
Other operating expenses                         83,959 69,341 72,936
(Loss) income from operations                         (58,245) 148,277 366,928
Depreciation and amortization                         48,652 49,987 40,443
Operating Segments | Parts & Services                              
Net sales                              
Net sales                         237,120 205,062 220,873
Cost of sales                         192,923 157,608 162,550
Gross profit (loss)                         44,197 47,454 58,323
Other operating expenses                         16,483 12,037 13,674
(Loss) income from operations                         27,714 35,417 44,649
Depreciation and amortization                         5,496 2,681 2,201
Corporate and Eliminations                              
Net sales                              
Net sales                         (38,743) (13,455) (22,977)
Intersegment sales                              
Net sales                              
Net sales                         (38,743) (13,455) (22,977)
Intersegment sales | Transportation Solutions                              
Net sales                              
Net sales                         (37,645) (8,094) (18,330)
Intersegment sales | Parts & Services                              
Net sales                              
Net sales                         (1,098) (5,361) (4,647)
Corporate and Eliminations                              
Net sales                              
Net sales                         0 0 0
Cost of sales                         (38,743) (13,455) (22,977)
Gross profit (loss)                         0 0 0
Other operating expenses                         (338,036) 539,798 99,628
(Loss) income from operations                         338,036 (539,798) (99,628)
Depreciation and amortization                         $ 4,587 $ 4,317 $ 2,676
v3.25.4
SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Product Information [Line Items]                              
Net sales $ 321,453 $ 381,595 $ 458,816 $ 380,890 $ 416,814 $ 464,040 $ 550,610 $ 515,276 $ 596,100 $ 632,828 $ 686,620 $ 620,952 $ 1,542,754 $ 1,946,740 $ 2,536,500
New trailers                              
Product Information [Line Items]                              
Net sales                         1,008,274 1,331,924 1,918,799
Used trailers                              
Product Information [Line Items]                              
Net sales                         4,570 4,012 4,978
Parts & Services                              
Product Information [Line Items]                              
Net sales                         127,341 128,565 148,256
Equipment and other                              
Product Information [Line Items]                              
Net sales                         402,569 482,239 464,467
Transportation Solutions                              
Product Information [Line Items]                              
Net sales                         1,306,732 1,747,039 2,320,274
Parts & Services                              
Product Information [Line Items]                              
Net sales                         236,022 199,701 216,226
Operating Segments | Transportation Solutions                              
Product Information [Line Items]                              
Net sales                         1,344,377 1,755,133 2,338,604
Operating Segments | Transportation Solutions | New trailers                              
Product Information [Line Items]                              
Net sales                         1,045,677 1,335,902 1,924,700
Operating Segments | Transportation Solutions | Used trailers                              
Product Information [Line Items]                              
Net sales                         0 71 0
Operating Segments | Transportation Solutions | Parts & Services                              
Product Information [Line Items]                              
Net sales                         0 0 0
Operating Segments | Transportation Solutions | Equipment and other                              
Product Information [Line Items]                              
Net sales                         298,700 419,160 413,904
Operating Segments | Parts & Services                              
Product Information [Line Items]                              
Net sales                         237,120 205,062 220,873
Operating Segments | Parts & Services | New trailers                              
Product Information [Line Items]                              
Net sales                         0 0 0
Operating Segments | Parts & Services | Used trailers                              
Product Information [Line Items]                              
Net sales                         4,570 4,012 4,978
Operating Segments | Parts & Services | Parts & Services                              
Product Information [Line Items]                              
Net sales                         127,341 128,565 148,256
Operating Segments | Parts & Services | Equipment and other                              
Product Information [Line Items]                              
Net sales                         105,209 72,485 67,639
Intersegment sales                              
Product Information [Line Items]                              
Net sales                         (38,743) (13,455) (22,977)
Intersegment sales | New trailers                              
Product Information [Line Items]                              
Net sales                         (37,403) (3,978) (5,901)
Intersegment sales | Used trailers                              
Product Information [Line Items]                              
Net sales                         0 (71) 0
Intersegment sales | Parts & Services                              
Product Information [Line Items]                              
Net sales                         0 0 0
Intersegment sales | Equipment and other                              
Product Information [Line Items]                              
Net sales                         (1,340) (9,406) (17,076)
Intersegment sales | Transportation Solutions                              
Product Information [Line Items]                              
Net sales                         (37,645) (8,094) (18,330)
Intersegment sales | Parts & Services                              
Product Information [Line Items]                              
Net sales                         $ (1,098) $ (5,361) $ (4,647)
Product Concentration Risk | Sales revenue, net                              
Product Information [Line Items]                              
Percentage of consolidated net sales                         100.00% 100.00% 100.00%
Product Concentration Risk | New trailers | Sales revenue, net                              
Product Information [Line Items]                              
Percentage of consolidated net sales                         65.30% 68.40% 75.70%
Product Concentration Risk | Used trailers | Sales revenue, net                              
Product Information [Line Items]                              
Percentage of consolidated net sales                         0.30% 0.20% 0.20%
Product Concentration Risk | Parts & Services | Sales revenue, net                              
Product Information [Line Items]                              
Percentage of consolidated net sales                         8.30% 6.60% 5.80%
Product Concentration Risk | Equipment and other | Sales revenue, net                              
Product Information [Line Items]                              
Percentage of consolidated net sales                         26.10% 24.80% 18.30%
v3.25.4
IMPAIRMENT, DIVESTITURES AND SALES OF PROPERTY, PLANT, AND EQUIPMENT (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jan. 05, 2026
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Property, plant, and equipment, net $ 300,477 $ 339,247   $ 300,477 $ 339,247    
Impairment       13,371 $ 994 $ 0  
Proceeds from sale of property, plant, and equipment   4,400          
Gain on disposition of property plant equipment   $ 500          
Subsequent Event              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Property, plant, and equipment, net             $ 3,800
Machinery and equipment              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Property, plant, and equipment, net 17,200     $ 17,200      
Impairment $ 13,400            
Construction in progress              
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]              
Impairment, long-lived asset, held-for-use, statement of income or comprehensive income [Extensible Enumeration]     Impairment and other, net        
Impairment, long-lived asset, held-for-use     $ 1,000        
v3.25.4
CONSOLIDATED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Quarterly Financial Data [Abstract]                              
Net sales $ 321,453 $ 381,595 $ 458,816 $ 380,890 $ 416,814 $ 464,040 $ 550,610 $ 515,276 $ 596,100 $ 632,828 $ 686,620 $ 620,952 $ 1,542,754 $ 1,946,740 $ 2,536,500
Gross profit (loss) (6,200) 15,708 41,400 19,003 42,959 56,009 89,658 76,446 108,223 122,910 151,027 116,027 69,911 265,072 498,187
Net income (loss) for the year $ (49,878) $ 39,977 $ (9,589) $ 230,941 $ (1,030) $ (330,166) $ 28,958 $ 18,167 $ 50,382 $ 55,329 $ 74,328 $ 51,213 $ 211,451 $ (284,071) $ 231,252
Basic net income (loss) attributable to common stockholders per share (in usd per share) $ (1.23) $ 0.98 $ (0.23) $ 5.41 $ (0.02) $ (7.53) $ 0.65 $ 0.40 $ 1.10 $ 1.18 $ 1.57 $ 1.07 $ 5.09 $ (6.40) $ 4.92
Diluted net income (loss) attributable to common stockholders per share (in usd per share) $ (1.23) $ 0.97 $ (0.23) $ 5.36 $ (0.02) $ (7.53) $ 0.64 $ 0.39 $ 1.07 $ 1.16 $ 1.54 $ 1.04 $ 5.07 $ (6.40) $ 4.81
v3.25.4
SUBSEQUENT EVENTS (Details) - Linq Venture Holdings LLC
Jan. 01, 2026
Dec. 31, 2025
Subsequent Event [Line Items]    
Ownership percentage acquired 51.00%  
Ownership percentage before acquisition   49.00%
Subsequent Event    
Subsequent Event [Line Items]    
Ownership acquired 100.00%