WNC (WNC) financial statements
WNC reported revenue of $1.5B in fiscal 2025, down 2.0% a year over 9 years.
Net income was $211M and the operating margin 19.9%, against 11.0% in 2016.
Free cash flow was -$13M, and the company returned $14M in dividends.
The diluted share count fell 37% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from WNC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.8B | $2.3B | $2.3B | $1.5B | $1.8B | $2.5B | $2.5B | $1.9B | $1.5B |
| Cost of revenue | $1.5B | $1.5B | $2.0B | $2.0B | $1.3B | $1.6B | $2.2B | $2.0B | $1.7B | $1.5B |
| Gross profit | $326M | $261M | $284M | $306M | $160M | $196M | $323M | $498M | $265M | $70M |
| Research and development | $6M | $4M | $9M | $20M | $22M | $14M | $5M | $8M | $9M | $6M |
| Selling, general and admin | $101M | $103M | $128M | $143M | $118M | $112M | $156M | $186M | $621M | — |
| Operating income | $203M | $131M | $111M | $143M | -$86M | $34M | $167M | $312M | -$356M | $308M |
| Interest expense | $16M | $16M | $29M | $27M | $24M | $23M | $21M | $20M | $20M | $21M |
| Pre-tax income | $185M | $123M | $96M | $118M | -$109M | $1M | $146M | $295M | -$377M | $283M |
| Income tax | $66M | $11M | $27M | $28M | -$12M | $126,000 | $34M | $63M | -$94M | $72M |
| Net income | $119M | $111M | $69M | $90M | -$97M | $1M | $112M | $231M | -$284M | $211M |
| EPS (diluted) | $1.82 | $1.78 | $1.19 | $1.62 | -$1.84 | $0.02 | $2.25 | $4.81 | -$6.40 | $5.07 |
| Diluted shares | 66M | 63M | 58M | 55M | 53M | 52M | 50M | 48M | 44M | 42M |
| Gross margin | 17.6% | 14.8% | 12.5% | 13.2% | 10.8% | 10.9% | 12.9% | 19.6% | 13.6% | 4.5% |
| Operating margin | 11.0% | 7.4% | 4.9% | 6.2% | -5.8% | 1.9% | 6.7% | 12.3% | -18.3% | 19.9% |
| Net margin | 6.5% | 6.3% | 3.1% | 3.9% | -6.6% | 0.1% | 4.5% | 9.1% | -14.6% | 13.7% |
Balance sheet
Fiscal years, from WNC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $163M | $192M | $133M | $141M | $218M | $72M | $58M | $179M | $115M | $32M |
| Receivables | $154M | $147M | $181M | $173M | $101M | $177M | $256M | $183M | $144M | $120M |
| Inventory | $140M | $181M | $184M | $187M | $164M | $238M | $244M | $268M | $259M | $181M |
| Total current assets | $481M | $576M | $549M | $541M | $546M | $530M | $593M | $681M | $594M | $419M |
| Property, plant and equipment | $134M | $195M | $207M | $221M | $210M | $232M | $271M | $325M | $339M | $300M |
| Goodwill | $148M | $317M | $311M | $311M | $200M | $188M | $188M | $188M | $188M | $191M |
| Total assets | $899M | $1.4B | $1.3B | $1.3B | $1.2B | $1.1B | $1.2B | $1.4B | $1.4B | $1.2B |
| Total current liabilities | $167M | $284M | $272M | $259M | $236M | $289M | $347M | $352M | $308M | $302M |
| Long-term debt | $233M | $504M | $503M | $455M | $448M | $428M | $396M | $396M | $397M | $443M |
| Total liabilities | $426M | $845M | $831M | $784M | $757M | $782M | $805M | $813M | $1.2B | $803M |
| Shareholders' equity | $472M | $506M | $474M | $521M | $405M | $326M | $398M | $549M | $189M | $367M |
| Net debt | $72M | $359M | $372M | $315M | $230M | $357M | $338M | $217M | $282M | $411M |
Cash flow
Fiscal years, from WNC's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $179M | $144M | $112M | $146M | $124M | -$7M | $124M | $320M | $117M | $12M |
| Capital spending | $20M | $26M | $34M | $38M | $20M | $49M | $57M | $98M | $72M | $25M |
| Free cash flow | $158M | $118M | $78M | $109M | $104M | -$57M | $67M | $222M | $45M | -$13M |
| Stock-based compensation | $12M | $10M | $10M | $9M | $5M | $7M | $10M | $12M | $11M | $11M |
| Dividends paid | $0 | $15M | $18M | $18M | $17M | $16M | $16M | $16M | $15M | $14M |
| Net borrowing | -$473,000 | -$583,000 | -$93,000 | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | 8.6% | 6.7% | 3.5% | 4.7% | 7.0% | -3.1% | 2.7% | 8.7% | 2.3% | -0.8% |
| Dividends per share | — | $0.24 | $0.30 | $0.32 | $0.33 | $0.32 | $0.32 | $0.33 | $0.33 | $0.33 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WNC.
Open WNC in InvestinglyQuestions
What was WNC's revenue in 2025?
$1.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does WNC generate?
-$13M in fiscal 2025 (operating cash flow minus capital spending).
From WNC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.