What Wabash National Corporation told the SEC could break it.

Wabash is subject to customer-concentration risk: its five largest customers together accounted for approximately 35% of aggregate net sales in 2025 (42% in 2024, 32% in 2023), and although no individual customer exceeded 10% of net sales in 2025, its largest customer (in the Transportation Solutions segment) was 15% of net sales in 2024; it often cannot predict the level or timing of these core customers' orders, so the loss of or a change in a significant customer relationship — particularly amid cyclical trailer demand — could materially affect its results.

“Our five largest customers together accounted for approximately 35%, 42%, and 32% of our aggregate net sales in 2025, 2024 and 2023, respectively. No individual customer accounted for more than 10% of our aggregate net sales in 2025.”

Wabash faces environmental and emissions regulation: it is a potentially responsible party at Superfund/CERCLA sites (in October 2025 the EPA finalized a Record of Decision for an OU3 remedy estimated at $12.9 million for all relevant parties, and it received PRP notice for the Philip Services site in South Carolina), and trailer greenhouse-gas regulations (EPA GHG2, California's CARB, and Canada's delayed GHG2) affect trailer design and demand; remediation costs, new emissions rules or enforcement could increase its costs and influence product demand.

“In October 2025, EPA finalized a Record of Decision for a final remedy for OU3, in which it approved a remediation plan for targeted in-situ injection and monitored attenuation, with an estimated cost of $12.9 million as to all relevant parties.”

Wabash relies on a limited number of suppliers for certain key components and raw materials used to manufacture its trailers and specialized vehicles — including tires, landing gear, axles, suspensions, aluminum extrusions, chassis and specialty steel coil (it obtains vehicle chassis directly from chassis manufacturers under restricted converter-pool agreements); supply-chain disruptions, supplier failure, or an inability to obtain these components could interrupt production and materially adversely affect its business, cash flows and results.

“we rely on a limited number of suppliers for certain key components and raw materials in the manufacturing of our products, including tires, landing gear, axles, suspensions, aluminum extrusions, chassis and specialty steel coil.”

Wabash's costs are exposed to raw-material commodity prices: it has approximately $21.5 million of purchase commitments through December 2026 for commodities including aluminum, steel, polyethylene and nickel (plus other raw-material components), and it uses commodity swap contracts to partially hedge; sustained inflation or volatility in these commodity prices, if not passed through to customers, would raise its cost of sales and compress margins.

“We have $21.5 million in purchase commitments through December 2026 for various raw material commodities, including aluminum, steel, polyethylene, and nickel, as well as other raw material components which are within normal production requirements.”