Adjusted operating profit was $2.9 billion with an adjusted operating profit margin of 17.6%, both better than expectations despite tariff headwinds.
Adjusted profit per share was $4.72, down from $5.99 in the prior year, excluding restructuring costs of $0.10 per share.
Capital deployment included $1.5 billion returned to shareholders via share repurchases and dividends; net debt was $5.2 billion with enterprise cash balance of $5.4 billion.
Financial Products revenues increased 4% to approximately $1.0 billion with segment profit up 9% to $248 million.
ME&T free cash flow was about $2.4 billion, slightly lower than prior year due to higher CapEx spend.
Second quarter sales and revenues were $16.6 billion, down 1% year-over-year, primarily due to unfavorable price realization partially offset by higher sales volume and financial products revenue growth.
Segment performance: Construction Industries sales decreased 7% to $6.2 billion with a 20.1% margin; Resource Industries sales decreased 4% to $3.1 billion with a 17.4% margin; Energy & Transportation sales increased 7% to $7.8 billion with a 20.2% margin.
Adjusted net income was negative $6.1 million or negative $0.15 per diluted share, beating expectations due to higher revenue and cost containment.
Capital allocation included $6 million traditional CapEx, $0.7 million invested in Trailers as a Service, $10.4 million share repurchases, and $3.4 million dividends.
Gross margins were 9% with breakeven adjusted operating margins.
In Q2 2025, Wabash reported consolidated revenue of $459 million, slightly better than expectations and at the top end of guidance.
Liquidity was $312 million with a net debt leverage ratio of 6.2x as of June 30.
Parts and Services segment generated $60 million revenue and $9.1 million operating income, showing sequential and year-over-year growth.
Transportation Solutions segment generated $400 million revenue and $13 million operating income.
Year-to-date operating cash flow was negative $16.1 million due to timing of revenue and working capital drag.
Dafinchi