WABASH NATIONAL CORP, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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, $0.01 par value  
Trading Symbol WNC  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   40,516,637
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000879526  
Current Fiscal Year End Date --12-31  
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 91,675 $ 115,484
Accounts receivable, net 147,180 143,946
Inventories, net 219,505 258,825
Prepaid expenses and other 145,104 76,233
Total current assets 603,464 594,488
Property, plant, and equipment, net 321,619 339,247
Goodwill 196,645 188,441
Deferred income taxes 4,730 94,873
Intangible assets, net 66,077 74,445
Investment in unconsolidated entities 7,250 7,250
Other assets 150,029 112,785
Total assets 1,349,814 1,411,529
Current liabilities:    
Current portion of long-term debt 0 0
Accounts payable 182,815 146,738
Other accrued liabilities 264,409 161,671
Total current liabilities 447,224 308,409
Long-term debt 422,672 397,142
Other non-current liabilities 59,894 516,152
Total liabilities 929,790 1,221,703
Commitments and contingencies
Noncontrolling interest 1,299 996
Wabash National Corporation stockholders’ equity:    
Common stock 200,000,000 shares authorized, $0.01 par value, 40,516,637 and 42,882,308 shares outstanding, respectively 787 781
Additional paid-in capital 698,116 689,216
Retained earnings 356,964 105,633
Accumulated other comprehensive loss (465) (3,229)
Treasury stock at cost, 38,178,768 and 35,253,489 common shares, respectively (636,677) (603,571)
Total Wabash National Corporation stockholders' equity 418,725 188,830
Total liabilities, noncontrolling interest, and equity $ 1,349,814 $ 1,411,529
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, shares outstanding (in shares) 40,516,637 42,882,308
Treasury stock, shares (in shares) 38,178,768 35,253,489
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net sales $ 381,595 $ 464,040 $ 1,221,301 $ 1,529,926
Cost of sales 365,887 408,031 1,145,190 1,307,813
Gross profit 15,708 56,009 76,111 222,113
General and administrative expenses (50,520) 479,051 (318,196) 549,693
Selling expenses 5,590 7,125 18,308 22,103
Amortization of intangible assets 2,789 2,912 8,367 9,061
Impairment and other, net 203 (51) 186 946
Income (loss) from operations 57,646 (433,028) 367,446 (359,690)
Other income (expense):        
Interest expense (5,373) (4,958) (15,707) (14,894)
Other, net 1,240 1,384 2,821 4,565
Other expense, net (4,133) (3,574) (12,886) (10,329)
Loss from unconsolidated entity (1,845) (1,677) (5,890) (4,578)
Income (loss) before income tax expense 51,668 (438,279) 348,670 (374,597)
Income tax expense (benefit) 11,629 (108,406) 87,038 (92,215)
Net income (loss) 40,039 (329,873) 261,632 (282,382)
Net income attributable to noncontrolling interest 62 293 303 659
Net income (loss) attributable to common stockholders $ 39,977 $ (330,166) $ 261,329 $ (283,041)
Net income (loss) attributable to common stockholders per share:        
Basic (in usd per share) $ 0.98 $ (7.53) $ 6.25 $ (6.33)
Diluted (in usd per share) $ 0.97 $ (7.53) $ 6.22 $ (6.33)
Weighted average common shares outstanding (in thousands):        
Basic (in shares) 40,928 43,832 41,795 44,700
Diluted (in shares) 41,170 43,832 42,014 44,700
Dividends declared per share (in usd per share) $ 0.08 $ 0.08 $ 0.24 $ 0.24
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 40,039 $ (329,873) $ 261,632 $ (282,382)
Other comprehensive (loss) income, net of tax:        
Foreign currency translation adjustment 305 (787) 1,652 (1,795)
Unrealized (loss) gain on derivative instruments (568) (237) 1,112 (902)
Total other comprehensive (loss) income (263) (1,024) 2,764 (2,697)
Comprehensive income (loss) 39,776 (330,897) 264,396 (285,079)
Comprehensive income attributable to noncontrolling interest 62 293 303 659
Comprehensive income (loss) attributable to common stockholders $ 39,714 $ (331,190) $ 264,093 $ (285,738)
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 261,632 $ (282,382)
Adjustments to reconcile net income (loss) to net cash provided by operating activities    
Depreciation 35,345 31,333
Amortization of intangibles 8,367 9,061
Net loss (gain) on sale of property, plant and equipment 100 (32)
Deferred income taxes 90,142 (115,065)
Stock-based compensation 8,895 9,915
Non-cash interest expense 749 719
Equity in loss from unconsolidated entity 5,890 4,578
Impairment 0 994
Accounts receivable (3,234) (55,667)
Inventories 39,320 7,036
Prepaid expenses and other (54,185) (2,652)
Accounts payable and accrued liabilities 128,216 (23,990)
Other, net (452,137) 452,540
Net cash provided by operating activities 69,100 36,388
Cash flows from investing activities    
Cash payments for capital expenditures (20,207) (50,843)
Expenditures for revenue generating assets (40,189) (1,435)
Proceeds from the sale of assets 138 2,844
Acquisition, net of cash acquired (1,666) 0
Notes receivable issued to unconsolidated entity (12,350) (10,200)
Net cash used in investing activities (74,274) (59,634)
Cash flows from financing activities    
Proceeds from exercise of stock options 11 7
Dividends paid (10,539) (11,309)
Borrowings under revolving credit facilities 41,751 688
Payments under revolving credit facilities (16,751) (688)
Debt issuance costs paid (1) (5)
Stock repurchases (33,106) (62,273)
Distribution to noncontrolling interest 0 (603)
Net cash used in financing activities (18,635) (74,183)
Cash and cash equivalents:    
Net decrease in cash and cash equivalents (23,809) (97,429)
Cash and cash equivalents at beginning of period 115,484 179,271
Cash and cash equivalents at end of period 91,675 81,842
Supplemental disclosures of cash flow information:    
Cash paid for interest 10,453 9,593
Net cash (refunds) payments for income taxes (307) 35,461
Period end balance of payables for property, plant, and equipment $ 2,916 $ 16,072
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2023   45,393,260        
Balance at beginning 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 attributable to common stockholders for the period 18,167     18,167    
Foreign currency translation 184       184  
Stock-based compensation (in shares)   334,955        
Stock-based compensation 3,246 $ 6 3,240      
Stock repurchase (in shares)   (589,144)        
Stock repurchases (22,138)         (22,138)
Common stock dividends (3,152)     (3,152)    
Unrealized gain on derivative instruments, net of tax 276       276  
Stock option exercises (in shares)   500        
Stock option exercises 7   7      
Balance at end of period (in shares) at Mar. 31, 2024   45,139,571        
Balance at end of period at Mar. 31, 2024 546,086 $ 780 681,133 418,938 32 (554,797)
Balance at beginning of period (in shares) at Dec. 31, 2023   45,393,260        
Balance at beginning 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 attributable to common stockholders for the period (283,041)          
Foreign currency translation (1,795)          
Unrealized gain on derivative instruments, net of tax (902)          
Balance at end of period (in shares) at Sep. 30, 2024   43,336,755        
Balance at end of period at Sep. 30, 2024 200,520 $ 781 687,801 109,995 (3,125) (594,932)
Balance at beginning of period (in shares) at Mar. 31, 2024   45,139,571        
Balance at beginning of period at Mar. 31, 2024 546,086 $ 780 681,133 418,938 32 (554,797)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period 28,958     28,958    
Foreign currency translation (1,192)       (1,192)  
Stock-based compensation (in shares)   21,500        
Stock-based compensation 3,372 $ 1 3,371      
Stock repurchase (in shares)   (935,856)        
Stock repurchases (21,696)         (21,696)
Common stock dividends (4,162)     (4,162)    
Unrealized gain on derivative instruments, net of tax (941)       (941)  
Balance at end of period (in shares) at Jun. 30, 2024   44,225,215        
Balance at end of period at Jun. 30, 2024 550,425 $ 781 684,504 443,734 (2,101) (576,493)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period (330,166)     (330,166)    
Foreign currency translation (787)       (787)  
Stock-based compensation (in shares)   2,419        
Stock-based compensation 3,297   3,297      
Stock repurchase (in shares)   (890,879)        
Stock repurchases (18,439)         (18,439)
Common stock dividends (3,573)     (3,573)    
Unrealized gain on derivative instruments, net of tax (237)       (237)  
Balance at end of period (in shares) at Sep. 30, 2024   43,336,755        
Balance at end of period at Sep. 30, 2024 $ 200,520 $ 781 687,801 109,995 (3,125) (594,932)
Balance at beginning of period (in shares) at Dec. 31, 2024 42,882,308 42,882,308        
Balance at beginning 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 attributable to common stockholders for the period 230,941     230,941    
Foreign currency translation 167       167  
Stock-based compensation (in shares)   298,701        
Stock-based compensation 3,249 $ 5 3,244      
Stock repurchase (in shares)   (1,033,764)        
Stock repurchases (16,504)         (16,504)
Common stock dividends (3,465)     (3,465)    
Unrealized gain on derivative instruments, net of tax 612       612  
Stock option exercises (in shares)   750        
Stock option exercises 11   11      
Balance at end of period (in shares) at Mar. 31, 2025   42,147,995        
Balance at end of period at Mar. 31, 2025 $ 403,841 $ 786 692,471 333,109 (2,450) (620,075)
Balance at beginning of period (in shares) at Dec. 31, 2024 42,882,308 42,882,308        
Balance at beginning 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 attributable to common stockholders for the period 261,329          
Foreign currency translation 1,652          
Unrealized gain on derivative instruments, net of tax $ 1,112          
Balance at end of period (in shares) at Sep. 30, 2025 40,516,637 40,516,637        
Balance at end of period at Sep. 30, 2025 $ 418,725 $ 787 698,116 356,964 (465) (636,677)
Balance at beginning of period (in shares) at Mar. 31, 2025   42,147,995        
Balance at beginning of period at Mar. 31, 2025 403,841 $ 786 692,471 333,109 (2,450) (620,075)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period (9,589)     (9,589)    
Foreign currency translation 1,180       1,180  
Stock-based compensation (in shares)   26,868        
Stock-based compensation 2,361 $ 1 2,372     (12)
Stock repurchase (in shares)   (1,085,489)        
Stock repurchases (10,412)         (10,412)
Common stock dividends (3,232)     (3,232)    
Unrealized gain on derivative instruments, net of tax 1,068       1,068  
Balance at end of period (in shares) at Jun. 30, 2025   41,089,374        
Balance at end of period at Jun. 30, 2025 385,217 $ 787 694,843 320,288 (202) (630,499)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income attributable to common stockholders for the period 39,977     39,977    
Foreign currency translation 305       305  
Stock-based compensation (in shares)   2,835        
Stock-based compensation 3,258   3,273     (15)
Stock repurchase (in shares)   (575,572)        
Stock repurchases (6,163)         (6,163)
Common stock dividends (3,301)     (3,301)    
Unrealized gain on derivative instruments, net of tax $ (568)       (568)  
Balance at end of period (in shares) at Sep. 30, 2025 40,516,637 40,516,637        
Balance at end of period at Sep. 30, 2025 $ 418,725 $ 787 $ 698,116 $ 356,964 $ (465) $ (636,677)
v3.25.3
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION DESCRIPTION OF THE BUSINESS & BASIS OF PRESENTATION
Wabash National Corporation (the “Company,” “Wabash,” “we,” “our,” or “us”) was founded in 1985 and incorporated as a corporation in Delaware in 1991, with its principal executive offices in Lafayette, Indiana. The Company was founded as a dry van trailer manufacturer—today, the Company enables customers to thrive by providing insight into tomorrow and delivering pragmatic solutions today to move everything from first to final mile. The Company designs, manufactures, and services a diverse range of products, 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. This diversification has been achieved through acquisitions, organic growth, and product innovation.
The condensed consolidated financial statements of the Company have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements contain all material adjustments (consisting only of normal recurring adjustments) necessary to present fairly the consolidated financial position of the Company, its results of operations, and its cash flows. The Company consolidates into its financial statements the accounts of the Company and any partially owned subsidiary it has the ability to control (see Note 6). The Company does not have any subsidiaries it consolidates based solely on the power to direct the activities and significant participation in the entity’s expected results that would not otherwise be consolidated based on control through voting interests. Further, its affiliates are businesses established and maintained in connection with its operating strategy and are not special purposes entities. All intercompany transactions and balances have been eliminated.
The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
v3.25.3
NEW ACCOUNTING PRONOUNCEMENTS
 9 Months Ended
Sep. 30, 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. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
In November 2024, the 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.
v3.25.3
REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 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 Condensed Consolidated Statements of Operations. For shipping and handling costs that occur after the transfer of control, the Company applies the practical expedient and treats such costs 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 12. Customer deposits are recognized as revenue when the Company performs its obligations under the contract and transfers control of the product. Typically, customer deposits are recognized as revenue within 30 days under standard terms as customers pick up trailers.
v3.25.3
BUSINESS COMBINATIONS
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS 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 initial accounting for the business combination is incomplete due to the pending finalization of the valuation of certain tangible assets, intangible assets and the earnout liability. Consequently, provisional amounts for these assets and liabilities have been recorded based on the information currently available. The provisional amounts are as follows: Identifiable intangible assets $9.1 million, other assets $0.3 million, and earnout liability $4.7 million. The provisional amounts are subject to change as additional information becomes available and as the valuation studies are finalized. The primary areas of uncertainty include the fair values of identifiable intangible assets and earnout liabilities. During the measurement period, the Company will adjust the provisional amounts retrospectively to reflect any new information obtained about facts and circumstances that existed as of the acquisition date. Any such adjustments will be recognized in the reporting period in which the adjustment amounts are determined. Any significant measurement period adjustments will be disclosed in subsequent financial statements, including the impact on the statement of operations and balance sheet. As of September 30, 2025, the Company recognized $8.2 million of Goodwill due to the acquisition of Trailerhawk. The Goodwill from this transaction is deductible for tax purposes.
v3.25.3
GOODWILL & OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL & OTHER INTANGIBLE ASSETS GOODWILL & OTHER INTANGIBLE ASSETS
As further described in Note 19, the Company has established two operating and reportable segments: Transportation Solutions (“TS”) and Parts & Services (“P&S”). These operating and reportable segments have also been determined to be the applicable reporting units for purposes of goodwill assignment and evaluation. As of September 30, 2025, goodwill allocated to the TS and P&S segments was approximately $120.5 million and $76.1 million, respectively.
The changes in the carrying amounts of goodwill from December 31, 2023 through the nine-month period ended September 30, 2025 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 as of 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— 8,220 8,220 
Effects of foreign currency— 1 1 
Balance at March 31, 2025
Goodwill188,763 116,299 305,062 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of March 31, 2025120,506 76,156 196,662 
Effects of foreign currency(2)(10)(12)
Balance at June 30, 2025
Goodwill188,761 116,289 305,050 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of June 30, 2025120,504 76,146 196,650 
Effects of foreign currency(3)(2)(5)
Balance at September 30, 2025
Goodwill188,758 116,287 305,045 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of September 30, 2025$120,501 $76,144 $196,645 
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS
 9 Months Ended
Sep. 30, 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 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 holds 49% ownership of the membership units in Linq, while its partner holds 51%. Initial capital contributions to Linq were made in proportion to the respective ownership interests, with the Company contributing approximately $2.5 million and its partner contributing approximately $2.6 million. At 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, to be made 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 put rights that would require the Company to purchase its partner’s interest in Linq. In addition, the operating agreement provides 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 with an anticipated closing date of January 1, 2026.
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 has 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 is 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 are required to provide funding to Linq if needed.
As part of Linq’s formation, the Company executed a credit agreement with Linq, providing a $10 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 million subject to the approval of the Board of Directors as stipulated in the operating agreement. In the nine-month period ended September 30, 2025, $12.4 million was borrowed under the Wabash Notes and as of September 30, 2025, there was $23.5 million outstanding. As of and through the nine-month period ended September 30, 2024, there was $8.7 million borrowed under the Wabash Note. Interest income resulting from the Wabash Notes for the three- and nine-month periods ended September 30, 2025 was $0.4 million and $0.9 million, respectively. Interest income from the Wabash Notes for the three- and nine-month periods ended September 30, 2024 was $0.1 million and $0.2 million, respectively. Interest income under the Wabash Notes is included in Other, net in the Company’s Condensed Consolidated Statements of Operations. The Company does not provide financial or other support to Linq that it was not contractually obligated to provide.
Given the facts and circumstances specific to Linq, the Company concluded that it is not the primary beneficiary of this VIE. However, the Company has the ability to exercise significant influence over the operating and financial policies of Linq. The Company’s maximum exposure to loss in this unconsolidated VIE is limited to the Company’s initial capital contribution and any amounts borrowed under the Wabash Notes. The partner’s put right does not have a standalone value as it is based upon a fair value calculation when exercised, as stipulated in the operating agreement.
The Company’s equity method investment in Linq is recorded in Investment in unconsolidated entity on its Condensed Consolidated Balance Sheets. Any amounts borrowed under the Wabash Notes are recorded in Other assets on the Company’s Condensed Consolidated Balance Sheets. Linq is considered operationally integral. The Company’s share of the results from its equity method investment is included in Loss from unconsolidated entity in the Condensed Consolidated Statements of Operations.
The following table is a rollforward of activities related to the Company’s equity method investment (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31— 161 
Loss from unconsolidated entity(2,203)(1,415)
Equity deficit applied to note (1)
2,203 1,254 
Balance at June 30— — 
Loss from unconsolidated entity(1,845)(1,676)
Equity deficit applied to note (1)
1,845 1,676 
Balance at September 30$— $— 
___________________
(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 Notes.
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 Condensed 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 September 30, 2025, the Company did not provide financial or other support to this VIE that it was not contractually obligated to provide. As of September 30, 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 Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$6,666 $4,131 
Accounts receivable, net4,510 2,013 
Inventories, net8 30 
Prepaid expenses and other114 7 
Total current assets11,298 6,181 
Other assets420 277 
Total assets$11,718 $6,458 
Liabilities
Current liabilities:
Accounts payable$8,011 $4,437 
Other accrued liabilities32 29 
Total current liabilities8,043 4,466 
Total liabilities$8,043 $4,466 
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
20252024
Balance at January 1 $996 $603 
Net income attributable to noncontrolling interest255 120 
Distributions paid to noncontrolling interest— (603)
Balance at March 311,251 120 
Net (loss) income attributable to noncontrolling interest(14)246 
Balance at June 301,237 366 
Net income attributable to noncontrolling interest62 293 
Balance at September 30$1,299 $659 

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 covers the first contract year. The cost method investment is recorded in Investment in unconsolidated entities on the Company’s Condensed Consolidated Balance Sheets.
Additionally, for each contract year of the collaboration during the term, the Company pays 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.
v3.25.3
INVENTORIES, NET
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
INVENTORIES, NET INVENTORIES, NET
Inventories are stated at the lower of cost, determined on either the first-in, first-out or average cost method, or net realizable value. Inventories, net of reserves, consist of the following components (in thousands):
September 30,
2025		December 31,
2024
Raw materials and components$120,647 $134,975 
Finished goods79,198 92,662 
Work in progress10,222 15,984 
Aftermarket parts7,842 7,690 
Used trailers1,596 7,514 
$219,505 $258,825 
v3.25.3
PREPAID EXPENSES AND OTHER
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
PREPAID EXPENSES AND OTHER PREPAID EXPENSES AND OTHER
Prepaid expenses and other current assets consist of the following (in thousands):
September 30,
2025		December 31,
2024
Chassis converter pool agreements$71,891 $57,109 
Income tax receivables13,752 10,269 
Insurance premiums & maintenance/subscription agreements8,038 5,595 
Commodity swap contracts1,593 163 
All other49,830 3,097 
$145,104 $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. Insurance premiums and maintenance/subscription agreements are charged to expense over the contractual life, which is generally one year or less. As further described in Note 10, commodity swap contracts relate to our hedging activities (that are in an asset position) to mitigate the risks associated with fluctuations in commodity prices. Other items primarily consist of an insurance receivable due to the settlement of a large product liability claim, investments held by the Company’s captive insurance subsidiary and other various prepaid and other assets.
v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consists of the following (in thousands):
September 30,
2025		December 31,
2024
Senior Notes due 2028$400,000 $400,000 
Revolving Credit Agreement25,000 — 
425,000 400,000 
Less: unamortized discount and fees(2,328)(2,858)
Less: current portion— — 
$422,672 $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 Wells Fargo Bank, National Association, 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 September 30, 2025, the Company was in compliance with all covenants.
Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and nine-month period ended September 30, 2025 was $4.5 million and $0.2 million, and $13.5 million and $0.5 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes for each three- and nine-month period ended September 30, 2024 was $4.5 million and $0.2 million, and $13.5 million and $0.5 million, respectively. Contractual coupon interest expense and accretion of fees for the Senior Notes are included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.
Revolving Credit Agreement
On September 23, 2022, the Company entered into the Third Amendment to 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) 10.0% 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 September 30, 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 three-month period ended September 30, 2025, the Company had payments of principal totaling $15.8 million and borrowings of principal totaling $0.8 million under the Revolving Credit Agreement. During the nine-month period ended September 30, 2025, the Company had payments of principal totaling $16.8 million and borrowings of principal totaling $41.8 million. As of September 30, 2025, there was $25.0 million outstanding under the Revolving Credit Agreement.
During the three-month period ended September 30, 2024, the Company had payments of principal totaling $0.3 million and borrowings of principal totaling $0.3 million under the Revolving Credit Agreement. During the nine-month period ended September 30, 2024, the Company had payments of principal totaling $0.7 million and borrowings of principal totaling $0.7 million. As of September 30, 2024, there were no amounts outstanding under the Revolving Credit Agreement.
Interest expense under the Revolving Credit Agreement for each three- and nine-month period ended September 30, 2025 was approximately $0.6 million and $1.5 million, respectively. During each three- and nine-month period ended September 30, 2024, interest expense was approximately $0.2 million and $0.6 million, respectively. Interest expense under the Revolving Credit Agreement is included in Interest expense in the Company’s Condensed Consolidated Statements of Operations.
v3.25.3
FINANCIAL DERIVATIVE INSTRUMENTS
 9 Months Ended
Sep. 30, 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 $18.7 million as of September 30, 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 January 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 September 30, 2025 and December 31, 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionSeptember 30,
2025		December 31,
2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$1,593 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(26)(299)
Total derivatives designated as hedging instruments$1,567 $(136)
The following table summarizes the gain or loss recognized in AOCI as of September 30, 2025 and December 31, 2024 and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2025 and 2024 (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
September 30,
2025		December 31,
2024		Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Derivatives instruments
Commodity swap contracts$882 $(230)Cost of sales$1,438 $(175)$1,605 $(299)
Over the next 12 months, the Company expects to reclassify approximately $1.2 million of pretax deferred gains, related to the commodity swap contracts, from AOCI to cost of sales as inventory purchases are settled.
v3.25.3
LEASES
 9 Months Ended
Sep. 30, 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 Accounting Standards Codification (“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 these 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 spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally 1 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 at 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.
During the nine months ended September 30, 2025, leased assets obtained in exchange for new operating lease liabilities totaled approximately $8.2 million. During the nine months ended September 30, 2024, leased assets obtained in exchange for new operating lease liabilities totaled approximately $7.5 million. As of September 30, 2025 and September 30, 2024, obligations related to operating leases that the Company has executed but have not yet commenced were $4.8 million and nominal, respectively.

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationSeptember 30, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,522 $36,423 
Total leased ROU assets$35,522 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,987 $11,782 
Noncurrent
OperatingOther non-current liabilities22,535 24,641 
Total lease liabilities$35,522 $36,423 
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,701 $3,111 
Net lease cost$3,701 $3,111 
ClassificationNine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$10,824 $8,776 
Net lease cost$10,824 $8,776 

Maturity of the Company’s lease liabilities as of September 30, 2025 is as follows (in thousands):
Operating Leases
2025 (remainder)$3,528 
202614,277 
20279,364 
20285,486 
20293,915 
Thereafter2,718 
Total lease payments$39,288 
Less: interest3,766 
Present value of lease payments$35,522 
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:
September 30, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.74 %5.38 %

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,604 $8,837 
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 sales-type or direct financing lease arrangements as of September 30, 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.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.
Lease income is included in Net sales on the Company’s Condensed Consolidated Statements of Operations, and is recorded in the Parts & Services operating segment. For the three and nine months ended September 30, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease income
Fixed lease income$1,635 $580 
Variable lease income— — 
Total lease income
$1,635 $580 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease income
Fixed lease income$3,286 $1,782 
Variable lease income— — 
Total lease income$3,286 $1,782 

The following table shows the Company’s future contractual receipts from noncancelable operating leases as of September 30, 2025 (in thousands):
Operating Leases(1)
2025 (remainder)$515 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$5,682 
—————————
(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.
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 Accounting Standards Codification (“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 these 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 spaces, land, and equipment. Some leases include one or more options to renew, with renewal terms that can extend the lease term from generally 1 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 at 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.
During the nine months ended September 30, 2025, leased assets obtained in exchange for new operating lease liabilities totaled approximately $8.2 million. During the nine months ended September 30, 2024, leased assets obtained in exchange for new operating lease liabilities totaled approximately $7.5 million. As of September 30, 2025 and September 30, 2024, obligations related to operating leases that the Company has executed but have not yet commenced were $4.8 million and nominal, respectively.

Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationSeptember 30, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,522 $36,423 
Total leased ROU assets$35,522 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,987 $11,782 
Noncurrent
OperatingOther non-current liabilities22,535 24,641 
Total lease liabilities$35,522 $36,423 
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,701 $3,111 
Net lease cost$3,701 $3,111 
ClassificationNine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$10,824 $8,776 
Net lease cost$10,824 $8,776 

Maturity of the Company’s lease liabilities as of September 30, 2025 is as follows (in thousands):
Operating Leases
2025 (remainder)$3,528 
202614,277 
20279,364 
20285,486 
20293,915 
Thereafter2,718 
Total lease payments$39,288 
Less: interest3,766 
Present value of lease payments$35,522 
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:
September 30, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.74 %5.38 %

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,604 $8,837 
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 sales-type or direct financing lease arrangements as of September 30, 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.
Certain of the Company’s leases and subleases are with a related party—such transactions were at market value and at arm’s length.
Lease income is included in Net sales on the Company’s Condensed Consolidated Statements of Operations, and is recorded in the Parts & Services operating segment. For the three and nine months ended September 30, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease income
Fixed lease income$1,635 $580 
Variable lease income— — 
Total lease income
$1,635 $580 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease income
Fixed lease income$3,286 $1,782 
Variable lease income— — 
Total lease income$3,286 $1,782 

The following table shows the Company’s future contractual receipts from noncancelable operating leases as of September 30, 2025 (in thousands):
Operating Leases(1)
2025 (remainder)$515 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$5,682 
—————————
(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.
v3.25.3
OTHER ACCRUED LIABILITIES
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
OTHER ACCRUED LIABILITIES OTHER ACCRUED LIABILITIES
The following table presents the major components of Other accrued liabilities (in thousands):
September 30,
2025		December 31,
2024
Warranty$14,135 $16,958 
Chassis converter pool agreements70,299 57,109 
Payroll and related taxes18,125 12,931 
Customer deposits36,147 31,029 
Self-insurance10,986 12,198 
Accrued interest8,319 3,818 
Operating lease obligations12,987 11,782 
Accrued taxes6,271 6,572 
All other(1)
87,140 9,274 
___________________$264,409 $161,671 
(1)All other primarily consists of a liability due to the settlement of a large product liability claim.

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 
Provisions and revisions to estimates1,982 3,811 
Payments(4,805)(4,533)
Balance as of September 30$14,135 $20,564 
The Company offers a limited warranty for its products with a coverage period that ranges between 1 and 5 years, except that the coverage period for DuraPlate® trailer panels is 10 years and the coverage period for steel main beams on flatbed trailer products exceeds 10 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 or when a specific recall notice has been issued.
v3.25.3
FAIR VALUE MEASUREMENTS
 9 Months Ended
Sep. 30, 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.
The investments purchased by the Company include mutual funds, which are classified as Level 1, and life-insurance contracts valued based on the performance of underlying mutual funds, which are classified as Level 2. Additionally, the Company holds a pool of investments made by a wholly owned captive insurance subsidiary. These investments are comprised of mutual funds, which are 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, and are classified as Level 2.
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 September 30, 2025 and December 31, 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)
September 30, 2025
Commodity swap contractsRecurring$1,567 $— $1,567 $— 
Mutual fundsRecurring$15,795 $15,795 $— $— 
Life-insurance contractsRecurring$24,266 $— $24,266 $— 
December 31, 2024
Commodity swap contractsRecurring$(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 September 30, 2025 consists of the Senior Notes due 2028 (see Note 9). The fair value of the Senior Notes due 2028 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 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 Company’s carrying and estimated fair value of debt at September 30, 2025 and December 31, 2024 were as follows (in thousands):
September 30, 2025December 31, 2024
Carrying
Value		Fair ValueCarrying
Value		Fair Value
Level 1Level 2Level 3Level 1Level 2Level 3
Instrument
Senior Notes due 2028$397,672 $— $369,338 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement25,000 — 25,000 — — — — — 
$422,672 $— $394,338 $— $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, since long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the condensed consolidated financial statements.
v3.25.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation
As of September 30, 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. Accrual 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 Condensed Consolidated Statements of Operations.
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 will be covered by insurance, other than a $30 million contribution to be made by the Company. The Company, after taking into account the insurance coverage, recognized a $81.2 million reduction to the charge taken in the third quarter of 2024, as previously reported within General and Administrative expenses in the Company’s Condensed Consolidated Statements of Operation. This reduction reflects the reversal of an (1) insurance receivable of $11.5 million included in Other assets (the “Insurance Receivable”) and (2) aggregate liability for the Product Liability Matter of $122.7 million included in Other non-current liabilities (the “Matter Liability”), each, as previously reflected in the Company’s Condensed Consolidated Balance Sheet as of June 30, 2025. As of the nine months ended September 30, 2025, the Company has recognized a $418.6 million reduction in charges related to the Product Liability Matter in the Company’s Condensed Consolidated Statements of Operation within General and Administrative expenses. The Company’s Condensed Consolidated Balance Sheet as of September 30, 2025, includes a current insurance receivable of $47 million recorded in Prepaid expenses and other and $77 million recorded in Other accrued liabilities related to the Settlement.
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.
As previously disclosed in the Company’s filings with the SEC, on September 5, 2024, a jury awarded compensatory damages of $12 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”).
Based on the Adjusted Award, in the first quarter of 2025, the Company recognized a $342 million reduction to the $461.5 million charge taken in the third quarter of 2024. During the second quarter of 2025, the Company accrued a $3.2 million contingent liability for penalty costs using an annual interest rate based on the amended judgment. As of June 30, 2025, the Company (1) recognized the Matter Liability and (2) included the $342 million adjustment and a total of $4.6 million bond and contingent penalty interest expenses in the Company’s Condensed Consolidated Statements of Operation within General and Administrative expenses for the period ended June 30, 2025.
The Settlement does not constitute an admission of liability or wrongdoing by the Company.
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 September 30, 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.
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 September 30, 2025, the Company’s outstanding chassis converter pool with the manufacturer totaled $70.3 million and has included this financing agreement on the Company’s Condensed 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.
v3.25.3
NET INCOME (LOSS) PER COMMON SHARE
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE NET INCOME (LOSS) PER COMMON SHARE
Basic earnings per common share is calculated based on the weighted average number of common shares outstanding during the period, including vested shares deferred under our non-qualified deferred compensation plan. Diluted earnings per common 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 attributable to common stockholders per common share is determined using net income attributable to common stockholders as the numerator and the number of shares included in the denominator as shown below (in thousands, except per share amounts). The number of antidilutive securities that could potentially dilute basic earnings per share (“EPS”) in the future but were not included in the computation of diluted EPS because to do so would be antidilutive was 304,077 and 657,074 shares, respectively for the three- and nine-months ended September 30, 2025. For the three- and nine-months ended September 30, 2024, there were 299,944 and 249,891 antidilutive shares, respectively.
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Basic net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$39,977 $(330,166)$261,329 $(283,041)
Weighted average common shares outstanding40,928 43,832 41,795 44,700 
Basic net income (loss) attributable to common stockholders per share$0.98 $(7.53)$6.25 $(6.33)
Diluted net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$39,977 $(330,166)$261,329 $(283,041)
Weighted average common shares outstanding40,928 43,832 41,795 44,700 
Dilutive stock options and restricted stock242 — 219 — 
Diluted weighted average common shares outstanding41,170 43,832 42,014 44,700 
Diluted net income (loss) attributable to common stockholders per share$0.97 $(7.53)$6.22 $(6.33)
v3.25.3
STOCK-BASED COMPENSATION
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
The Company recognizes all share-based payments based upon their grant date fair value. The Company grants restricted stock units subject to specific service, performance, and/or market conditions. 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. The fair value of service and performance-based units is based on the market price of a share of underlying common stock at 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. The amount of compensation costs related to restricted stock units and performance units not yet recognized, excluding estimated forfeitures, was $13.7 million at September 30, 2025, for which the expense will be recognized through 2028.
v3.25.3
STOCKHOLDERS' EQUITY
 9 Months Ended
Sep. 30, 2025
Equity [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 September 30, 2025, $94 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 $0.01 per share, as well as to fix dividends, voting and conversion rights, redemption provisions, liquidation preferences, and other rights and restrictions.
Accumulated Other Comprehensive Income (Loss)
Changes in AOCI by component, net of tax, for the nine months ended September 30, 2025 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2024$(2,999)$(230)$(3,229)
Net unrealized gains (losses) arising during the period(a)
167 409 576 
Less: Net realized gains (losses) reclassified to net income(b)
— (203)(203)
Net change during the period167 612 779 
Balances at March 31, 2025(2,832)382 (2,450)
Net unrealized gains (losses) arising during the period(c)
1,180 1,396 2,576 
Less: Net realized gains (losses) reclassified to net income(d)
— 328 328 
Net change during the period1,180 1,068 2,248 
Balances at June 30, 2025(1,652)1,450 (202)
Net unrealized gains (losses) arising during the period(e)
305 508 813 
Less: Net realized gains (losses) reclassified to net income(f)
— 1,076 1,076 
Net change during the period305 (568)(263)
Balances at September 30, 2025$(1,347)$882 $(465)
—————————
(a) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2025.
(b) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2025.
(c) Derivative instruments net of $0.5 million of tax liability for the three months ended June 30, 2025.
(d) Derivative instruments net of $0.1 million of tax liability for the three months ended June 30, 2025.
(e) Derivative instruments net of $0.2 million of tax liability for the three months ended September 30, 2025.
(f) Derivative instruments net of $0.4 million of tax liability for the three months ended September 30, 2025.
Changes in AOCI by component, net of tax, for the nine months ended September 30, 2024 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2023$(816)$388 $(428)
Net unrealized gains (losses) arising during the period(g)
184 (290)(106)
Less: Net realized gains (losses) reclassified to net income(h)
— (566)(566)
Net change during the period184 276 460 
Balances at March 31, 2024(632)664 32 
Net unrealized gains (losses) arising during the period(i)
(1,192)(464)(1,656)
Less: Net realized gains (losses) reclassified to net income(j)
— 477 477 
Net change during the period(1,192)(941)(2,133)
Balances at June 30, 2024(1,824)(277)(2,101)
Net unrealized gains (losses) arising during the period (k)
(787)(369)(1,156)
Less: Net realized gains (losses) reclassified to net income (l)
— (132)(132)
Net change during the period(787)(237)(1,024)
Balances at September 30, 2024$(2,611)$(514)$(3,125)
—————————
(g) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.
(h) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.
(i) Derivative instruments net of $0.2 million of tax benefit for the three months ended June 30, 2024.
(j) Derivative instruments net of $0.2 million of tax liability for the three months ended June 30, 2024.
(k) Derivative instruments net of $0.1 million of tax benefit for the three months ended September 30, 2024.
(l) Derivative instruments net of less than $0.1 million of tax benefit for the three months ended September 30, 2024.
v3.25.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
For the three months ended September 30, 2025, the Company recognized income tax expense of $11.6 million compared to income tax benefit of $108.4 million for the same period in the prior year. The Company recognized income tax expense of $87.0 million in the first nine months of 2025 compared to income tax benefit of $92.2 million for the same period in the prior year. The effective tax rates for the three- and nine-months of 2025 were 22.5% and 25.0%, respectively. For the three- and nine-month period of 2024, the effective tax rates were 24.7% and 24.6%. The effective three- and nine-month tax rates from 2025 and 2024 differ from the U.S. Federal statutory rate of 21% primarily due to the impact of state taxes.
On July 4, 2025, The One Big Beautiful Bill Act was signed into legislation and includes numerous tax incentives and provisions. The Company is evaluating the impact of the new legislation but does not expect a material impact on the consolidated financial statements.
v3.25.3
SEGMENTS
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
a. 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. The Company’s EcoNex™ products, which are part of the Company’s AcuthermTM portfolio of solutions designed for intelligent thermal management, are also reported in the TS segment. 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 and Linq Venture Holdings LLC entities, which we created with our partners as further described in Note 6. Our 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 the 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 from operations. The CODM evaluates performance by considering comparative period and forecast-to-actual variances for these measures monthly. 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):
Three Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$320,932 $60,663 $— $381,595 
Intersegment sales13,542 301 (13,843)— 
Total net sales334,474 60,964 (13,843)381,595 
Cost of sales329,397 50,333 (13,843)365,887 
     Gross profit5,077 10,631 — 15,708 
Other operating expenses (1)
18,193 4,010 (64,141)(41,938)
     (Loss) income from operations$(13,116)$6,621 $64,141 $57,646 
Depreciation and amortization$12,299 $1,132 $1,179 $14,610 
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$413,321 $50,719 $— $464,040 
Intersegment sales2,185 1,605 (3,790)— 
Total net sales415,506 52,324 (3,790)464,040 
Cost of sales370,568 41,253 (3,790)408,031 
     Gross profit44,938 11,071 — 56,009 
Other operating expenses (1)
15,776 2,755 470,506 489,037 
     Income (loss) from operations$29,162 $8,316 $(470,506)$(433,028)
Depreciation and amortization$12,285 $551 $1,094 $13,930 
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,049,332 $171,969 $— $1,221,301 
Intersegment sales32,159 694 (32,853)— 
Total net sales1,081,491 172,663 (32,853)1,221,301 
Cost of sales1,039,400 138,643 (32,853)1,145,190 
     Gross profit42,091 34,020 — 76,111 
Other operating expenses (1)
52,487 11,429 (355,251)(291,335)
     (Loss) income from operations$(10,396)$22,591 $355,251 $367,446 
Depreciation and amortization$36,689 $3,561 $3,462 $43,712 
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,377,544 $152,382 $— $1,529,926 
Intersegment sales7,095 4,077 (11,172)— 
Total net sales1,384,639 156,459 (11,172)1,529,926 
Cost of sales1,201,901 117,084 (11,172)1,307,813 
     Gross profit182,738 39,375 — 222,113 
Other operating expenses (1)
52,403 8,452 520,948 581,803 
     Income (loss) from operations$130,335 $30,923 $(520,948)$(359,690)
Depreciation and amortization$35,696 $1,627 $3,071 $40,394 
___________________
(1) Other operating expenses include General and administrative expenses, Selling expenses, Amortization of intangible assets and Impairment and other, net.
b.  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 truck bodies). The following table sets forth the major product categories and their percentage of consolidated net sales (dollars in thousands):
Three Months Ended September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$259,038 $— $(13,473)$245,565 64.4 %
Used trailers— 929 — 929 0.2 %
Components, parts and services— 32,584 — 32,584 8.5 %
Equipment and other75,436 27,451 (370)102,517 26.9 %
Total net sales$334,474 $60,964 $(13,843)$381,595 100.0 %
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$308,577 $(1,661)$306,916 66.1 %
Used trailers71 396 (71)396 0.1 %
Components, parts and services31,539 31,539 6.8 %
Equipment and other106,858 20,389 (2,058)125,189 27.0 %
Total net sales$415,506 $52,324 $(3,790)$464,040 100.0 %
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$823,014 $(31,914)$791,100 64.8 %
Used trailers3,549 3,549 0.3 %
Components, parts and services96,841 96,841 7.9 %
Equipment and other258,477 72,273 (939)329,811 27.0 %
Total net sales$1,081,491 $172,663 $(32,853)$1,221,301 100.0 %
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,057,880 $(3,162)$1,054,718 68.9 %
Used trailers71 2,884 (71)2,884 0.2 %
Components, parts and services101,622 101,622 6.6 %
Equipment and other326,688 51,953 (7,939)370,702 24.2 %
Total net sales$1,384,639 $156,459 $(11,172)$1,529,926 100.0 %
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
During the third quarter of 2025, none of our directors or executive officers adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K) except as set forth in the table below.
Name and Title
Action Taken
Date
Type of Trading Arrangement (1)
Duration of Trading Arrangement (2)
Aggregate Number of Shares to be Sold
Michael N. Pettit Senior Vice President, Chief Growth Officer
Adoption
8/11/2025
Rule 10b5-1 trading arrangement
5/1/2026
Up to 66,000 shares
Brent L. Yeagy President, Chief Executive Officer
Adoption
8/27/2025
Rule 10b5-1 trading arrangement
12/31/2026
Up to 466,326 shares and up to 100% of net shares acquired upon settlement of restricted stock units in 2026 not to exceed 43,674
—————————
(1) Each trading arrangement marked as a Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).
(2) Each trading arrangement permits transactions through and including the earlier to occur of the completion of all sales under the trading arrangement or the date listed in the table.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Michael N. Pettit [Member]  
Trading Arrangements, by Individual  
Name Michael N. Pettit
Title Senior Vice President, Chief Growth Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/11/2025
Expiration Date 5/1/2026
Arrangement Duration 263 days
Aggregate Available 66,000
Brent L. Yeagy [Member]  
Trading Arrangements, by Individual  
Name Brent L. Yeagy
Title President, Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date 8/27/2025
Expiration Date 12/31/2026
Arrangement Duration 491 days
Bren L. Yeagy, Rule Trading Arrangement, Common Stock [Member] | Brent L. Yeagy [Member]  
Trading Arrangements, by Individual  
Aggregate Available 466,326
Bren L. Yeagy, Rule Trading Arrangement, Restricted Stock [Member] | Brent L. Yeagy [Member]  
Trading Arrangements, by Individual  
Aggregate Available 43,674
v3.25.3
NEW ACCOUNTING PRONOUNCEMENTS (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
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. Although the ASU only modifies the Company's required income tax disclosures, the Company is currently evaluating the impact of adopting this guidance on the consolidated financial statements.
In November 2024, the 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 Condensed Consolidated Statements of Operations. For shipping and handling costs that occur after the transfer of control, the Company applies the practical expedient and treats such costs as a fulfillment cost. Incidental items that are immaterial in the context of the contract are recognized as expense.
v3.25.3
GOODWILL & OTHER INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The changes in the carrying amounts of goodwill from December 31, 2023 through the nine-month period ended September 30, 2025 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 as of 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— 8,220 8,220 
Effects of foreign currency— 1 1 
Balance at March 31, 2025
Goodwill188,763 116,299 305,062 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of March 31, 2025120,506 76,156 196,662 
Effects of foreign currency(2)(10)(12)
Balance at June 30, 2025
Goodwill188,761 116,289 305,050 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of June 30, 2025120,504 76,146 196,650 
Effects of foreign currency(3)(2)(5)
Balance at September 30, 2025
Goodwill188,758 116,287 305,045 
Accumulated impairment losses(68,257)(40,143)(108,400)
Net balance as of September 30, 2025$120,501 $76,144 $196,645 
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Equity Method Investments
The following table is a rollforward of activities related to the Company’s equity method investment (in thousands):
20252024
Balance at January 1$— $1,647 
Loss from unconsolidated entity(1,842)(1,486)
Equity deficit applied to note (1)
1,842 — 
Balance at March 31— 161 
Loss from unconsolidated entity(2,203)(1,415)
Equity deficit applied to note (1)
2,203 1,254 
Balance at June 30— — 
Loss from unconsolidated entity(1,845)(1,676)
Equity deficit applied to note (1)
1,845 1,676 
Balance at September 30$— $— 
___________________
(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 Notes.
Schedule of Variable Interest Entities
The following table presents the assets and liabilities of the WP VIE consolidated on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (in thousands):
September 30,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$6,666 $4,131 
Accounts receivable, net4,510 2,013 
Inventories, net8 30 
Prepaid expenses and other114 7 
Total current assets11,298 6,181 
Other assets420 277 
Total assets$11,718 $6,458 
Liabilities
Current liabilities:
Accounts payable$8,011 $4,437 
Other accrued liabilities32 29 
Total current liabilities8,043 4,466 
Total liabilities$8,043 $4,466 
Schedule of Noncontrolling Interest Activity
The following table is a rollforward of activities in the Company’s noncontrolling interest (in thousands):
20252024
Balance at January 1 $996 $603 
Net income attributable to noncontrolling interest255 120 
Distributions paid to noncontrolling interest— (603)
Balance at March 311,251 120 
Net (loss) income attributable to noncontrolling interest(14)246 
Balance at June 301,237 366 
Net income attributable to noncontrolling interest62 293 
Balance at September 30$1,299 $659 
v3.25.3
INVENTORIES, NET (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current Inventories, net of reserves, consist of the following components (in thousands):
September 30,
2025		December 31,
2024
Raw materials and components$120,647 $134,975 
Finished goods79,198 92,662 
Work in progress10,222 15,984 
Aftermarket parts7,842 7,690 
Used trailers1,596 7,514 
$219,505 $258,825 
v3.25.3
PREPAID EXPENSES AND OTHER (Tables)
 9 Months Ended
Sep. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
September 30,
2025		December 31,
2024
Chassis converter pool agreements$71,891 $57,109 
Income tax receivables13,752 10,269 
Insurance premiums & maintenance/subscription agreements8,038 5,595 
Commodity swap contracts1,593 163 
All other49,830 3,097 
$145,104 $76,233 
v3.25.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt
Long-term debt consists of the following (in thousands):
September 30,
2025		December 31,
2024
Senior Notes due 2028$400,000 $400,000 
Revolving Credit Agreement25,000 — 
425,000 400,000 
Less: unamortized discount and fees(2,328)(2,858)
Less: current portion— — 
$422,672 $397,142 
v3.25.3
FINANCIAL DERIVATIVE INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
As of September 30, 2025 and December 31, 2024, the fair value carrying amount of the Company’s derivative instruments were recorded as follows (in thousands):
Asset / (Liability) Derivatives
Balance Sheet CaptionSeptember 30,
2025		December 31,
2024
Derivatives designated as hedging instruments
Commodity swap contractsPrepaid expenses and other$1,593 $163 
Commodity swap contractsAccounts payable and Other accrued liabilities(26)(299)
Total derivatives designated as hedging instruments$1,567 $(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 September 30, 2025 and December 31, 2024 and the amounts reclassified from AOCI into earnings for the three and nine months ended September 30, 2025 and 2024 (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
September 30,
2025		December 31,
2024		Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Derivatives instruments
Commodity swap contracts$882 $(230)Cost of sales$1,438 $(175)$1,605 $(299)
v3.25.3
LEASES (Tables)
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
Assets and Liabilities, Lessee
Leased assets and liabilities included within the Condensed Consolidated Balance Sheets consist of the following (in thousands):
ClassificationSeptember 30, 2025December 31, 2024
Right-of-Use Assets
OperatingOther assets$35,522 $36,423 
Total leased ROU assets$35,522 $36,423 
Liabilities
Current
OperatingOther accrued liabilities$12,987 $11,782 
Noncurrent
OperatingOther non-current liabilities22,535 24,641 
Total lease liabilities$35,522 $36,423 
Lease, Cost
Lease costs included in the Condensed Consolidated Statements of Operations consist of the following (in thousands):
ClassificationThree Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$3,701 $3,111 
Net lease cost$3,701 $3,111 
ClassificationNine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease costCost of sales, selling expenses and general and administrative expense$10,824 $8,776 
Net lease cost$10,824 $8,776 
Remaining lease term and discount rates are as follows:
September 30, 2025December 31, 2024
Weighted average remaining lease term (years)
Operating leases3.43.5
Weighted average discount rate
Operating leases5.74 %5.38 %

Lease costs included in the Condensed Consolidated Statements of Cash Flows are as follows (in thousands):
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$10,604 $8,837 
Operating Lease, Liability, Maturity
Maturity of the Company’s lease liabilities as of September 30, 2025 is as follows (in thousands):
Operating Leases
2025 (remainder)$3,528 
202614,277 
20279,364 
20285,486 
20293,915 
Thereafter2,718 
Total lease payments$39,288 
Less: interest3,766 
Present value of lease payments$35,522 
Finance Lease, Liability, Maturity
Maturity of the Company’s lease liabilities as of September 30, 2025 is as follows (in thousands):
Operating Leases
2025 (remainder)$3,528 
202614,277 
20279,364 
20285,486 
20293,915 
Thereafter2,718 
Total lease payments$39,288 
Less: interest3,766 
Present value of lease payments$35,522 
Operating Lease, Lease Income For the three and nine months ended September 30, 2025 and 2024, the Company’s lease income consisted of the following components (in thousands):
Three Months Ended
September 30, 2025		Three Months Ended
September 30, 2024
Operating lease income
Fixed lease income$1,635 $580 
Variable lease income— — 
Total lease income
$1,635 $580 
Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Operating lease income
Fixed lease income$3,286 $1,782 
Variable lease income— — 
Total lease income$3,286 $1,782 
Lessor, Operating Lease, Payment to be Received, Maturity
The following table shows the Company’s future contractual receipts from noncancelable operating leases as of September 30, 2025 (in thousands):
Operating Leases(1)
2025 (remainder)$515 
20262,061 
20271,949 
20281,157 
2029— 
Thereafter— 
Total contractual receipts$5,682 
—————————
(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.
v3.25.3
OTHER ACCRUED LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Other Accrued Liabilities
The following table presents the major components of Other accrued liabilities (in thousands):
September 30,
2025		December 31,
2024
Warranty$14,135 $16,958 
Chassis converter pool agreements70,299 57,109 
Payroll and related taxes18,125 12,931 
Customer deposits36,147 31,029 
Self-insurance10,986 12,198 
Accrued interest8,319 3,818 
Operating lease obligations12,987 11,782 
Accrued taxes6,271 6,572 
All other(1)
87,140 9,274 
___________________$264,409 $161,671 
(1)All other primarily consists of a liability due to the settlement of a large product liability claim.
Changes in Product Warranty Accrual
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 
Provisions and revisions to estimates1,982 3,811 
Payments(4,805)(4,533)
Balance as of September 30$14,135 $20,564 
v3.25.3
FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities
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 September 30, 2025 and December 31, 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)
September 30, 2025
Commodity swap contractsRecurring$1,567 $— $1,567 $— 
Mutual fundsRecurring$15,795 $15,795 $— $— 
Life-insurance contractsRecurring$24,266 $— $24,266 $— 
December 31, 2024
Commodity swap contractsRecurring$(136)$— $(136)$— 
Mutual fundsRecurring$14,447 $14,447 $— $— 
Life-insurance contractsRecurring$22,358 $— $22,358 $— 
Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis
The Company’s carrying and estimated fair value of debt at September 30, 2025 and December 31, 2024 were as follows (in thousands):
September 30, 2025December 31, 2024
Carrying
Value		Fair ValueCarrying
Value		Fair Value
Level 1Level 2Level 3Level 1Level 2Level 3
Instrument
Senior Notes due 2028$397,672 $— $369,338 $— $397,142 $— $363,385 $— 
Revolving Credit Agreement25,000 — 25,000 — — — — — 
$422,672 $— $394,338 $— $397,142 $— $363,385 $— 
v3.25.3
NET INCOME (LOSS) PER COMMON SHARE (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Basic and Diluted Net Income Per Share
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Basic net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$39,977 $(330,166)$261,329 $(283,041)
Weighted average common shares outstanding40,928 43,832 41,795 44,700 
Basic net income (loss) attributable to common stockholders per share$0.98 $(7.53)$6.25 $(6.33)
Diluted net income (loss) attributable to common stockholders per share:
Net income (loss) attributable to common stockholders$39,977 $(330,166)$261,329 $(283,041)
Weighted average common shares outstanding40,928 43,832 41,795 44,700 
Dilutive stock options and restricted stock242 — 219 — 
Diluted weighted average common shares outstanding41,170 43,832 42,014 44,700 
Diluted net income (loss) attributable to common stockholders per share$0.97 $(7.53)$6.22 $(6.33)
v3.25.3
STOCKHOLDERS' EQUITY (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Changes in AOCI by Component
Changes in AOCI by component, net of tax, for the nine months ended September 30, 2025 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2024$(2,999)$(230)$(3,229)
Net unrealized gains (losses) arising during the period(a)
167 409 576 
Less: Net realized gains (losses) reclassified to net income(b)
— (203)(203)
Net change during the period167 612 779 
Balances at March 31, 2025(2,832)382 (2,450)
Net unrealized gains (losses) arising during the period(c)
1,180 1,396 2,576 
Less: Net realized gains (losses) reclassified to net income(d)
— 328 328 
Net change during the period1,180 1,068 2,248 
Balances at June 30, 2025(1,652)1,450 (202)
Net unrealized gains (losses) arising during the period(e)
305 508 813 
Less: Net realized gains (losses) reclassified to net income(f)
— 1,076 1,076 
Net change during the period305 (568)(263)
Balances at September 30, 2025$(1,347)$882 $(465)
—————————
(a) Derivative instruments net of $0.1 million of tax liability for the three months ended March 31, 2025.
(b) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2025.
(c) Derivative instruments net of $0.5 million of tax liability for the three months ended June 30, 2025.
(d) Derivative instruments net of $0.1 million of tax liability for the three months ended June 30, 2025.
(e) Derivative instruments net of $0.2 million of tax liability for the three months ended September 30, 2025.
(f) Derivative instruments net of $0.4 million of tax liability for the three months ended September 30, 2025.
Changes in AOCI by component, net of tax, for the nine months ended September 30, 2024 are summarized as follows (in thousands):
Foreign Currency TranslationDerivative InstrumentsTotal
Balances at December 31, 2023$(816)$388 $(428)
Net unrealized gains (losses) arising during the period(g)
184 (290)(106)
Less: Net realized gains (losses) reclassified to net income(h)
— (566)(566)
Net change during the period184 276 460 
Balances at March 31, 2024(632)664 32 
Net unrealized gains (losses) arising during the period(i)
(1,192)(464)(1,656)
Less: Net realized gains (losses) reclassified to net income(j)
— 477 477 
Net change during the period(1,192)(941)(2,133)
Balances at June 30, 2024(1,824)(277)(2,101)
Net unrealized gains (losses) arising during the period (k)
(787)(369)(1,156)
Less: Net realized gains (losses) reclassified to net income (l)
— (132)(132)
Net change during the period(787)(237)(1,024)
Balances at September 30, 2024$(2,611)$(514)$(3,125)
—————————
(g) Derivative instruments net of $0.1 million of tax benefit for the three months ended March 31, 2024.
(h) Derivative instruments net of $0.2 million of tax benefit for the three months ended March 31, 2024.
(i) Derivative instruments net of $0.2 million of tax benefit for the three months ended June 30, 2024.
(j) Derivative instruments net of $0.2 million of tax liability for the three months ended June 30, 2024.
(k) Derivative instruments net of $0.1 million of tax benefit for the three months ended September 30, 2024.
(l) Derivative instruments net of less than $0.1 million of tax benefit for the three months ended September 30, 2024.
v3.25.3
SEGMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Reportable Segment Information
Reportable segment information is as follows (in thousands):
Three Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$320,932 $60,663 $— $381,595 
Intersegment sales13,542 301 (13,843)— 
Total net sales334,474 60,964 (13,843)381,595 
Cost of sales329,397 50,333 (13,843)365,887 
     Gross profit5,077 10,631 — 15,708 
Other operating expenses (1)
18,193 4,010 (64,141)(41,938)
     (Loss) income from operations$(13,116)$6,621 $64,141 $57,646 
Depreciation and amortization$12,299 $1,132 $1,179 $14,610 
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$413,321 $50,719 $— $464,040 
Intersegment sales2,185 1,605 (3,790)— 
Total net sales415,506 52,324 (3,790)464,040 
Cost of sales370,568 41,253 (3,790)408,031 
     Gross profit44,938 11,071 — 56,009 
Other operating expenses (1)
15,776 2,755 470,506 489,037 
     Income (loss) from operations$29,162 $8,316 $(470,506)$(433,028)
Depreciation and amortization$12,285 $551 $1,094 $13,930 
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,049,332 $171,969 $— $1,221,301 
Intersegment sales32,159 694 (32,853)— 
Total net sales1,081,491 172,663 (32,853)1,221,301 
Cost of sales1,039,400 138,643 (32,853)1,145,190 
     Gross profit42,091 34,020 — 76,111 
Other operating expenses (1)
52,487 11,429 (355,251)(291,335)
     (Loss) income from operations$(10,396)$22,591 $355,251 $367,446 
Depreciation and amortization$36,689 $3,561 $3,462 $43,712 
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesCorporate and
Eliminations		Consolidated
Net sales
External customers$1,377,544 $152,382 $— $1,529,926 
Intersegment sales7,095 4,077 (11,172)— 
Total net sales1,384,639 156,459 (11,172)1,529,926 
Cost of sales1,201,901 117,084 (11,172)1,307,813 
     Gross profit182,738 39,375 — 222,113 
Other operating expenses (1)
52,403 8,452 520,948 581,803 
     Income (loss) from operations$130,335 $30,923 $(520,948)$(359,690)
Depreciation and amortization$35,696 $1,627 $3,071 $40,394 
___________________
(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):
Three Months Ended September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$259,038 $— $(13,473)$245,565 64.4 %
Used trailers— 929 — 929 0.2 %
Components, parts and services— 32,584 — 32,584 8.5 %
Equipment and other75,436 27,451 (370)102,517 26.9 %
Total net sales$334,474 $60,964 $(13,843)$381,595 100.0 %
Three Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$308,577 $(1,661)$306,916 66.1 %
Used trailers71 396 (71)396 0.1 %
Components, parts and services31,539 31,539 6.8 %
Equipment and other106,858 20,389 (2,058)125,189 27.0 %
Total net sales$415,506 $52,324 $(3,790)$464,040 100.0 %
Nine Months Ended September 30, 2025Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$823,014 $(31,914)$791,100 64.8 %
Used trailers3,549 3,549 0.3 %
Components, parts and services96,841 96,841 7.9 %
Equipment and other258,477 72,273 (939)329,811 27.0 %
Total net sales$1,081,491 $172,663 $(32,853)$1,221,301 100.0 %
Nine Months Ended September 30, 2024Transportation SolutionsParts & ServicesEliminationsConsolidated
New trailers$1,057,880 $(3,162)$1,054,718 68.9 %
Used trailers71 2,884 (71)2,884 0.2 %
Components, parts and services101,622 101,622 6.6 %
Equipment and other326,688 51,953 (7,939)370,702 24.2 %
Total net sales$1,384,639 $156,459 $(11,172)$1,529,926 100.0 %
v3.25.3
REVENUE RECOGNITION (Details)
 9 Months Ended
Sep. 30, 2025
performance_obligation
Revenue from Contract with Customer [Abstract]  
Number of separate and distinct performance obligations 3
v3.25.3
BUSINESS COMBINATIONS (Details) - USD ($)
$ in Thousands
Feb. 03, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]            
Goodwill   $ 196,645 $ 196,650 $ 196,662 $ 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          
Intangibles $ 9,100          
Other assets 300          
Contingent consideration liability $ 4,700          
Goodwill   $ 8,200        
v3.25.3
GOODWILL & OTHER INTANGIBLE ASSETS - Narrative (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
segment
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Goodwill [Line Items]          
Number of operating segments | segment 2        
Number of reportable segments | segment 2        
Goodwill $ 196,645 $ 196,650 $ 196,662 $ 188,441 $ 188,409
Transportation Solutions          
Goodwill [Line Items]          
Goodwill 120,501 120,504 120,506 120,506 120,486
Parts & Services          
Goodwill [Line Items]          
Goodwill $ 76,144 $ 76,146 $ 76,156 $ 67,935 $ 67,923
v3.25.3
GOODWILL & OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2025
Goodwill [Roll Forward]          
Goodwill, gross $ 305,045 $ 305,062 $ 296,841 $ 296,809 $ 305,050
Accumulated impairment losses (108,400) (108,400) (108,400) (108,400) (108,400)
Net goodwill 196,645 196,662 188,441 188,409 196,650
Acquisition of Trailerhawk AI, LLC     8,220    
Effects of foreign currency (5) (12) 1 32  
Transportation Solutions          
Goodwill [Roll Forward]          
Goodwill, gross 188,758 188,763 188,763 188,743 188,761
Accumulated impairment losses (68,257) (68,257) (68,257) (68,257) (68,257)
Net goodwill 120,501 120,506 120,506 120,486 120,504
Acquisition of Trailerhawk AI, LLC     0    
Effects of foreign currency (3) (2) 0 20  
Parts & Services          
Goodwill [Roll Forward]          
Goodwill, gross 116,287 116,299 108,078 108,066 116,289
Accumulated impairment losses (40,143) (40,143) (40,143) (40,143) (40,143)
Net goodwill 76,144 76,156 67,935 67,923 $ 76,146
Acquisition of Trailerhawk AI, LLC     8,220    
Effects of foreign currency $ (2) $ (10) $ 1 $ 12  
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Oct. 01, 2025
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2025
Sep. 30, 2024
Other Ownership Interests [Line Items]              
Notes receivable issued to unconsolidated entity           $ 12,350,000 $ 10,200,000
Long-term debt, gross   $ 425,000,000 $ 400,000,000     425,000,000  
Linq              
Other Ownership Interests [Line Items]              
Notes receivable issued to unconsolidated entity         $ 2,500,000    
Excess cash distribution, term         30 days    
Linq | Wabash              
Other Ownership Interests [Line Items]              
Long-term line of credit   23,500,000       23,500,000  
Linq | Wabash | Line of Credit              
Other Ownership Interests [Line Items]              
Line of credit facility, maximum borrowing capacity   $ 10,000,000       $ 10,000,000  
Interest rate, stated percentage   7.00%       7.00%  
Line of credit facility, additional borrowing capacity     15,000,000        
Line of credit facility accordion feature increase amount   $ 35,000,000       $ 35,000,000  
Long-term debt, gross   12,400,000   $ 8,700,000   12,400,000 8,700,000
Interest income (less than)   $ 400,000   $ 100,000   $ 900,000 $ 200,000
Linq | Wabash | Revolving Credit Agreement | Line of Credit              
Other Ownership Interests [Line Items]              
Line of credit facility, maximum borrowing capacity     $ 25,000,000        
Partners | Linq              
Other Ownership Interests [Line Items]              
Notes receivable issued to unconsolidated entity         $ 2,600,000    
Linq              
Other Ownership Interests [Line Items]              
Ownership percentage         49.00%    
Put and call exercise rights duration (in years)         7 years    
Linq | Subsequent Event              
Other Ownership Interests [Line Items]              
Notes receivable issued to unconsolidated entity $ 6,400,000            
Linq | Partners              
Other Ownership Interests [Line Items]              
Ownership percentage         51.00%    
Wabash Parts LLC              
Other Ownership Interests [Line Items]              
Excess cash distribution, term     30 days        
Noncontrolling interest, ownership percentage by parent   50.00%       50.00%  
Noncontrolling interest, ownership percentage by noncontrolling owners   50.00%       50.00%  
Up Labs Ventures              
Other Ownership Interests [Line Items]              
Notes receivable issued to unconsolidated entity     $ 6,000,000        
Investment fee percentage           2.00%  
Inflation adjustments and expenses, amount           $ 500,000  
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS -Summary of Investment Balance (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                
Beginning balance     $ 7,250       $ 7,250  
Loss from unconsolidated entity $ (1,845)     $ (1,677)     (5,890) $ (4,578)
Ending balance 7,250           7,250  
Variable Interest Entity, Primary Beneficiary                
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                
Beginning balance 0 $ 0 0 0 $ 161 $ 1,647 0 1,647
Loss from unconsolidated entity (1,845) (2,203) (1,842) (1,676) (1,415) (1,486)    
Notes receivable issued to unconsolidated entity 1,845 2,203 1,842 1,676 1,254 0    
Ending balance $ 0 $ 0 $ 0 $ 0 $ 0 $ 161 $ 0 $ 0
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Variable Interest Entity Balance Sheet (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 91,675 $ 115,484
Accounts receivable, net 147,180 143,946
Inventories, net 219,505 258,825
Total current assets 603,464 594,488
Other assets 150,029 112,785
Total assets 1,349,814 1,411,529
Accounts payable 182,815 146,738
Other accrued liabilities 87,140 9,274
Total current liabilities 447,224 308,409
Total liabilities 929,790 1,221,703
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 6,666 4,131
Accounts receivable, net 4,510 2,013
Inventories, net 8 30
Prepaid expenses and other 114 7
Total current assets 11,298 6,181
Other assets 420 277
Total assets 11,718 6,458
Accounts payable 8,011 4,437
Other accrued liabilities 32 29
Total current liabilities 8,043 4,466
Total liabilities $ 8,043 $ 4,466
v3.25.3
NONCONTROLLING INTEREST, VARIABLE INTEREST ENTITIES (“VIEs”) AND INVESTMENTS - Summary of Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]                
Balance at January 1 $ 1,237 $ 1,251 $ 996 $ 366 $ 120 $ 603 $ 996 $ 603
Net income attributable to noncontrolling interest 62 (14) 255 293 246 120 303 659
Distributions paid to noncontrolling interest     0     (603)    
Ending balance $ 1,299 $ 1,237 $ 1,251 $ 659 $ 366 $ 120 $ 1,299 $ 659
v3.25.3
INVENTORIES, NET (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials and components $ 120,647 $ 134,975
Finished goods 79,198 92,662
Work in progress 10,222 15,984
Aftermarket parts 7,842 7,690
Used trailers 1,596 7,514
Total inventory $ 219,505 $ 258,825
v3.25.3
PREPAID EXPENSES AND OTHER (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Chassis converter pool agreements $ 71,891 $ 57,109
Income tax receivables 13,752 10,269
Insurance premiums & maintenance/subscription agreements 8,038 5,595
Commodity swap contracts 1,593 163
All other 49,830 3,097
Prepaid expenses and other current assets $ 145,104 $ 76,233
v3.25.3
DEBT - Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt, gross $ 425,000 $ 400,000
Less: unamortized discount and fees (2,328) (2,858)
Less: current portion 0 0
Long-term debt 422,672 397,142
Senior Notes due 2028    
Debt Instrument [Line Items]    
Long-term debt, gross 400,000 400,000
Revolving Credit Agreement    
Debt Instrument [Line Items]    
Long-term debt, gross $ 25,000 $ 0
v3.25.3
DEBT - Senior Notes (Details) - Senior Notes due 2028 - New Senior Notes - USD ($)
 3 Months Ended 9 Months Ended
Oct. 06, 2021
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]          
Notes issued, aggregate principal amount $ 400,000,000        
Notes issued, interest rate 4.50%        
Interest expense   $ 4,500,000 $ 4,500,000 $ 13,500,000 $ 13,500,000
Accretion expense   $ 200,000 $ 200,000 $ 500,000 $ 500,000
Debt Instrument, Redemption, Period Two          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage 101.125%        
Debt Instrument, Redemption, Period Three          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage 100.00%        
Debt Instrument, Redemption, Period Four          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage 101.00%        
v3.25.3
DEBT - Revolving Credit Agreement (Details)
 3 Months Ended 9 Months Ended
Sep. 23, 2022
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Repayments of lines of credit       $ 16,751,000 $ 688,000  
Borrowings under revolving credit facilities       41,751,000 688,000  
Long-term debt, gross   $ 425,000,000   425,000,000   $ 400,000,000
Revolving Credit Agreement            
Debt Instrument [Line Items]            
Line of credit facility, 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 1.0          
Line of credit facility, excess availability, commitment percentage, threshold 10.00%          
Line of credit facility, excess availability, amount $ 25,000,000          
Line of credit facility, excess availability applied to principal, commitment percentage 10.00%          
Debt instrument, covenant period 3 years          
Repayments of lines of credit   15,800,000 $ 300,000 16,800,000 700,000  
Borrowings under revolving credit facilities   800,000 300,000 41,800,000 700,000  
Long-term debt, gross   25,000,000.0 0 25,000,000.0 0  
Interest expense   $ 600,000 $ 200,000 $ 1,500,000 $ 600,000  
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]            
Line of credit facility, maximum borrowing capacity $ 25,000,000          
Bridge Loan | Revolving Credit Agreement            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity $ 35,000,000          
v3.25.3
FINANCIAL DERIVATIVE INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative notional amount $ 18.7 $ 15.0
Pretax deferred gains expected to be reclassified $ 1.2  
v3.25.3
FINANCIAL DERIVATIVE INSTRUMENTS - Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Derivative [Line Items]    
Total derivatives designated as hedging instruments $ 1,567 $ (136)
Prepaid expenses and other    
Derivative [Line Items]    
Derivative asset, fair value, gross asset 1,593 163
Accounts payable and Other accrued liabilities    
Derivative [Line Items]    
Liability derivatives $ (26) $ (299)
v3.25.3
FINANCIAL DERIVATIVE INSTRUMENTS - Summary of Gain or Loss Recognized in AOCI (Details) - Commodity swap contracts - Cash Flow Hedging - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]          
Amount of Gain (Loss) Recognized in AOCI on Derivatives (Effective Portion, net of tax) $ 882   $ 882   $ (230)
Amount of Gain (Loss) Reclassified from AOCI into Earnings $ 1,438 $ (175) $ 1,605 $ (299)  
v3.25.3
LEASES - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Lessee, Lease, Description [Line Items]    
Right-of-use asset obtained in exchange for operating lease liability $ 8.2 $ 7.5
Lease not yet commenced $ 4.8  
Minimum    
Lessee, Lease, Description [Line Items]    
Lessee renewal term 1 year  
Lessor, operating lease, term of contract 3 years  
Lessor renewal term 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Lessee renewal term 5 years  
Lessor, operating lease, term of contract 5 years  
Lessor renewal term 5 years  
v3.25.3
LEASES - Leased Assets and Liabilities Included Within the Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Right-of-Use Assets    
Operating lease, right-of-use asset, statement of financial position [Extensible List] Other assets Other assets
Operating $ 35,522 $ 36,423
Total leased ROU assets $ 35,522 $ 36,423
Current    
Operating lease, liability, current, statement of financial position [Extensible List] Other accrued liabilities Other accrued liabilities
Operating $ 12,987 $ 11,782
Noncurrent    
Operating lease, liability, noncurrent, statement of financial position [Extensible List] Other non-current liabilities Other non-current liabilities
Operating $ 22,535 $ 24,641
Total lease liabilities $ 35,522 $ 36,423
v3.25.3
LEASES - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Operating lease cost $ 3,701 $ 3,111 $ 10,824 $ 8,776
Net lease cost $ 3,701 $ 3,111 $ 10,824 $ 8,776
v3.25.3
LEASES - Maturity of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Operating Leases  
2025 (remainder) $ 3,528
2026 14,277
2027 9,364
2028 5,486
2029 3,915
Thereafter 2,718
Total lease payments 39,288
Less: interest 3,766
Present value of lease payments $ 35,522
v3.25.3
LEASES - Lease Terms and Discount Rates (Details)
Sep. 30, 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 5.74% 5.38%
v3.25.3
LEASES - Lease Costs Included in the Condensed Consolidated Statements of Cash Flows (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities    
Operating cash flows from operating leases $ 10,604 $ 8,837
v3.25.3
LEASES - Lessor Operating Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Leases [Abstract]        
Fixed lease income $ 1,635 $ 580 $ 3,286 $ 1,782
Variable lease income 0 0 0 0
Total lease income $ 1,635 $ 580 $ 3,286 $ 1,782
v3.25.3
LEASES - Lessor Maturity Schedule (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Leases [Abstract]  
2025 (remainder) $ 515
2026 2,061
2027 1,949
2028 1,157
2029 0
Thereafter 0
Total contractual receipts $ 5,682
v3.25.3
OTHER ACCRUED LIABILITIES - Other Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]        
Warranty $ 14,135 $ 16,958 $ 20,564 $ 21,286
Chassis converter pool agreements 70,299 57,109    
Payroll and related taxes 18,125 12,931    
Customer deposits 36,147 31,029    
Self-insurance 10,986 12,198    
Accrued interest 8,319 3,818    
Operating lease obligations 12,987 11,782    
Accrued taxes 6,271 6,572    
All other 87,140 9,274    
Other accrued liabilities $ 264,409 $ 161,671    
v3.25.3
OTHER ACCRUED LIABILITIES - Changes in Product Warranty Accrual (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Product Warranty Accrual [Roll Forward]    
Balance at beginning of period $ 16,958 $ 21,286
Provisions and revisions to estimates 1,982 3,811
Payments (4,805) (4,533)
Balance at end of period $ 14,135 $ 20,564
v3.25.3
OTHER ACCRUED LIABILITIES - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
Minimum  
Accrued Liabilities [Line Items]  
Warranty coverage period 1 year
Maximum  
Accrued Liabilities [Line Items]  
Warranty coverage period 5 years
DuraPlate Trailer Panels  
Accrued Liabilities [Line Items]  
Warranty coverage period 10 years
Steel Main Beams On Flatbed Trailers  
Accrued Liabilities [Line Items]  
Warranty coverage period 10 years
v3.25.3
FAIR VALUE MEASUREMENTS - Fair Value Measurements and Fair Value Hierarchy for Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts $ 24,266 $ 22,358
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 15,795 14,447
Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 1,567 (136)
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 0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 15,795 14,447
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 0 0
Significant Other Observable Inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts 24,266 22,358
Significant Other Observable Inputs (Level 2) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 0 0
Significant Other Observable Inputs (Level 2) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts 1,567 (136)
Significant Unobservable Inputs (Level 3)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Life-insurance contracts 0 0
Significant Unobservable Inputs (Level 3) | Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Mutual funds 0 0
Significant Unobservable Inputs (Level 3) | Commodity swap contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commodity swap contracts $ 0 $ 0
v3.25.3
FAIR VALUE MEASUREMENTS - Financial Assets and Liabilities Accounted For at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 422,672 $ 397,142
Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 397,672 397,142
Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 25,000 0
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 1 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 1 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 394,338 363,385
Level 2 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 369,338 363,385
Level 2 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 25,000 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 3 | Senior Notes due 2028    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value 0 0
Level 3 | Revolving Credit Agreement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-term debt, fair value $ 0 $ 0
v3.25.3
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended
Mar. 20, 2025
Nov. 22, 2024
Sep. 05, 2024
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Loss Contingencies [Line Items]                  
Loan payable, accrued interest       $ 3,200          
Outstanding chassis converter pool               $ 70,299 $ 57,109
Chassis converter pool, delivery period               90 days  
Product Liability Claims | Missouri Product Liability Claim                  
Loss Contingencies [Line Items]                  
Litigation reduction charges         $ 342,000 $ 461,500 $ 342,000 $ 418,600  
Contingency, receivable       11,500     11,500    
Product liability, net       $ 122,700     122,700    
Insurance receivable, current               47,000  
Bond related expenses             $ 4,600    
Product Liability Claims | Settled Litigation | Missouri Product Liability Claim                  
Loss Contingencies [Line Items]                  
Litigation settlement               30,000  
Litigation reduction charges           $ 81,200      
Aggregate liability recorded               $ 77,000  
Compensatory damages $ 11,500 $ 11,500 $ 12,000            
Punitive damages $ 108,000 $ 450,000 $ 450,000            
v3.25.3
NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share, amount (in shares) 304,077 299,944 657,074 249,891
Basic net income (loss) attributable to common stockholders per share:        
Net income (loss) attributable to common stockholders $ 39,977 $ (330,166) $ 261,329 $ (283,041)
Weighted average common shares outstanding (in shares) 40,928,000 43,832,000 41,795,000 44,700,000
Basic net income attributable to common stockholders per share (in usd per share) $ 0.98 $ (7.53) $ 6.25 $ (6.33)
Diluted net income (loss) attributable to common stockholders per share:        
Net income (loss) attributable to common stockholders $ 39,977 $ (330,166) $ 261,329 $ (283,041)
Weighted average common shares outstanding (in shares) 40,928,000 43,832,000 41,795,000 44,700,000
Dilutive stock options and restricted stock (in shares) 242,000 0 219,000 0
Diluted weighted average common shares outstanding (in shares) 41,170,000 43,832,000 42,014,000 44,700,000
Diluted net income income attributable to common stockholders per share (in usd per share) $ 0.97 $ (7.53) $ 6.22 $ (6.33)
v3.25.3
STOCK-BASED COMPENSATION (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Compensation costs related to restricted stock units and performance units not yet recognized $ 13.7
v3.25.3
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
Feb. 15, 2024
Sep. 30, 2025
Dec. 31, 2024
Aug. 31, 2021
Nov. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Stock repurchase program, authorized amount $ 150     $ 150 $ 100
Stock repurchase program, period in force 3 years        
Stock repurchase program, remaining authorized repurchase amount   $ 94      
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          
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Preferred stock, shares authorized (in shares)   25,000,000      
v3.25.3
STOCKHOLDERS' EQUITY - Changes in AOCI by Component (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of period $ 385,217 $ 403,841 $ 188,830 $ 550,425 $ 546,086 $ 549,496 $ 188,830 $ 549,496
Net unrealized gains (losses) arising during the period 813 2,576 576 (1,156) (1,656) (106)    
Less: Net realized gains (losses) reclassified to net income 1,076 328 (203) (132) 477 (566)    
Total other comprehensive (loss) income (263) 2,248 779 (1,024) (2,133) 460 2,764 (2,697)
Balance at end of period 418,725 385,217 403,841 200,520 550,425 546,086 418,725 200,520
Other comprehensive income (loss) before reclassifications, tax expense (benefit) 200 500 100 (100) (200) (100)    
Reclassification from AOCI, current period, tax expense (benefit) (400) (100) 100 100 (200) 200    
Total                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of period (202) (2,450) (3,229) (2,101) 32 (428) (3,229) (428)
Balance at end of period (465) (202) (2,450) (3,125) (2,101) 32 (465) (3,125)
Foreign Currency Translation                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of period (1,652) (2,832) (2,999) (1,824) (632) (816) (2,999) (816)
Net unrealized gains (losses) arising during the period 305 1,180 167 (787) (1,192) 184    
Less: Net realized gains (losses) reclassified to net income 0 0 0 0 0 0    
Total other comprehensive (loss) income 305 1,180 167 (787) (1,192) 184    
Balance at end of period (1,347) (1,652) (2,832) (2,611) (1,824) (632) (1,347) (2,611)
Derivative Instruments                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Balance at beginning of period 1,450 382 (230) (277) 664 388 (230) 388
Net unrealized gains (losses) arising during the period 508 1,396 409 (369) (464) (290)    
Less: Net realized gains (losses) reclassified to net income 1,076 328 (203) (132) 477 (566)    
Total other comprehensive (loss) income (568) 1,068 612 (237) (941) 276    
Balance at end of period $ 882 $ 1,450 $ 382 $ (514) $ (277) $ 664 $ 882 $ (514)
v3.25.3
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) $ 11,629 $ (108,406) $ 87,038 $ (92,215)
Effective tax rate 22.50% 24.70% 25.00% 24.60%
v3.25.3
SEGMENTS - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
product_category
Segment Reporting [Abstract]  
Number of reportable segments 2
Number of operating segments 2
Number of products | product_category 4
v3.25.3
SEGMENTS - Reportable Segment Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net sales        
Total net sales $ (381,595) $ (464,040) $ (1,221,301) $ (1,529,926)
Cost of sales 365,887 408,031 1,145,190 1,307,813
Gross profit 15,708 56,009 76,111 222,113
Other operating expenses (41,938) 489,037 (291,335) 581,803
(Loss) income from operations 57,646 (433,028) 367,446 (359,690)
Depreciation and amortization 14,610 13,930 43,712 40,394
Transportation Solutions        
Net sales        
Total net sales (320,932) (413,321) (1,049,332) (1,377,544)
Parts & Services        
Net sales        
Total net sales (60,663) (50,719) (171,969) (152,382)
Operating Segments | Transportation Solutions        
Net sales        
Total net sales (334,474) (415,506) (1,081,491) (1,384,639)
Cost of sales 329,397 370,568 1,039,400 1,201,901
Gross profit 5,077 44,938 42,091 182,738
Other operating expenses 18,193 15,776 52,487 52,403
(Loss) income from operations (13,116) 29,162 (10,396) 130,335
Depreciation and amortization 12,299 12,285 36,689 35,696
Operating Segments | Parts & Services        
Net sales        
Total net sales (60,964) (52,324) (172,663) (156,459)
Cost of sales 50,333 41,253 138,643 117,084
Gross profit 10,631 11,071 34,020 39,375
Other operating expenses 4,010 2,755 11,429 8,452
(Loss) income from operations 6,621 8,316 22,591 30,923
Depreciation and amortization 1,132 551 3,561 1,627
Corporate And Eliminations        
Net sales        
Total net sales 13,843 3,790 32,853 11,172
Intersegment Eliminations        
Net sales        
Total net sales 13,843 3,790 32,853 11,172
Intersegment Eliminations | Transportation Solutions        
Net sales        
Total net sales 13,542 2,185 32,159 7,095
Intersegment Eliminations | Parts & Services        
Net sales        
Total net sales 301 1,605 694 4,077
Corporate and Eliminations        
Net sales        
Total net sales 0 0 0 0
Cost of sales (13,843) (3,790) (32,853) (11,172)
Gross profit 0 0 0 0
Other operating expenses (64,141) 470,506 (355,251) 520,948
(Loss) income from operations 64,141 (470,506) 355,251 (520,948)
Depreciation and amortization $ 1,179 $ 1,094 $ 3,462 $ 3,071
v3.25.3
SEGMENTS - Major Product Categories and Percentage of Consolidated Net Sales (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Product Information [Line Items]        
Net sales $ 381,595 $ 464,040 $ 1,221,301 $ 1,529,926
Sales Revenue, Net | Product Concentration Risk        
Product Information [Line Items]        
Percentage of consolidated net sales 100.00% 100.00% 100.00% 100.00%
Eliminations        
Product Information [Line Items]        
Net sales $ (13,843) $ (3,790) $ (32,853) $ (11,172)
Transportation Solutions        
Product Information [Line Items]        
Net sales 320,932 413,321 1,049,332 1,377,544
Transportation Solutions | Operating Segments        
Product Information [Line Items]        
Net sales 334,474 415,506 1,081,491 1,384,639
Transportation Solutions | Eliminations        
Product Information [Line Items]        
Net sales (13,542) (2,185) (32,159) (7,095)
Parts & Services        
Product Information [Line Items]        
Net sales 60,663 50,719 171,969 152,382
Parts & Services | Operating Segments        
Product Information [Line Items]        
Net sales 60,964 52,324 172,663 156,459
Parts & Services | Eliminations        
Product Information [Line Items]        
Net sales (301) (1,605) (694) (4,077)
New trailers        
Product Information [Line Items]        
Net sales $ 245,565 $ 306,916 $ 791,100 $ 1,054,718
New trailers | Sales Revenue, Net | Product Concentration Risk        
Product Information [Line Items]        
Percentage of consolidated net sales 64.40% 66.10% 64.80% 68.90%
New trailers | Eliminations        
Product Information [Line Items]        
Net sales $ (13,473) $ (1,661) $ (31,914) $ (3,162)
New trailers | Transportation Solutions | Operating Segments        
Product Information [Line Items]        
Net sales 259,038 308,577 823,014 1,057,880
New trailers | Parts & Services | Operating Segments        
Product Information [Line Items]        
Net sales 0
Used trailers        
Product Information [Line Items]        
Net sales $ 929 $ 396 $ 3,549 $ 2,884
Used trailers | Sales Revenue, Net | Product Concentration Risk        
Product Information [Line Items]        
Percentage of consolidated net sales 0.20% 0.10% 0.30% 0.20%
Used trailers | Eliminations        
Product Information [Line Items]        
Net sales $ 0 $ (71) $ (71)
Used trailers | Transportation Solutions | Operating Segments        
Product Information [Line Items]        
Net sales 0 71 71
Used trailers | Parts & Services | Operating Segments        
Product Information [Line Items]        
Net sales 929 396 3,549 2,884
Components, parts and services        
Product Information [Line Items]        
Net sales $ 32,584 $ 31,539 $ 96,841 $ 101,622
Components, parts and services | Sales Revenue, Net | Product Concentration Risk        
Product Information [Line Items]        
Percentage of consolidated net sales 8.50% 6.80% 7.90% 6.60%
Components, parts and services | Eliminations        
Product Information [Line Items]        
Net sales $ 0
Components, parts and services | Transportation Solutions | Operating Segments        
Product Information [Line Items]        
Net sales 0
Components, parts and services | Parts & Services | Operating Segments        
Product Information [Line Items]        
Net sales 32,584 31,539 96,841 101,622
Equipment and other        
Product Information [Line Items]        
Net sales $ 102,517 $ 125,189 $ 329,811 $ 370,702
Equipment and other | Sales Revenue, Net | Product Concentration Risk        
Product Information [Line Items]        
Percentage of consolidated net sales 26.90% 27.00% 27.00% 24.20%
Equipment and other | Eliminations        
Product Information [Line Items]        
Net sales $ (370) $ (2,058) $ (939) $ (7,939)
Equipment and other | Transportation Solutions | Operating Segments        
Product Information [Line Items]        
Net sales 75,436 106,858 258,477 326,688
Equipment and other | Parts & Services | Operating Segments        
Product Information [Line Items]        
Net sales $ 27,451 $ 20,389 $ 72,273 $ 51,953