Wrapping up Q3 earnings, we look at the numbers and key takeaways for the heavy transportation equipment stocks, including Allison Transmission (NYSE: ALSN) and its peers.

Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. Additionally, they are increasingly offering automated equipment that increases efficiencies and connected machinery that collects actionable data. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.

The 13 heavy transportation equipment stocks we track reported a mixed Q3. As a group, revenues were in line with analysts’ consensus estimates.

Luckily, heavy transportation equipment stocks have performed well with share prices up 12.9% on average since the latest earnings results.

Allison Transmission (NYSE: ALSN)

Helping build race cars at one point, Allison Transmission (NYSE: ALSN) offers transmissions to original equipment manufacturers and fleet operators.

Allison Transmission reported revenues of $693 million, down 15.9% year on year. This print fell short of analysts’ expectations by 8.5%. Overall, it was a disappointing quarter for the company with a miss of analysts’ Service and Support revenue estimates.

David S. Graziosi, Chair and Chief Executive Officer of Allison Transmission commented, "Throughout 2025, our largest end market, North America On-Highway, has been negatively affected by global macroeconomic factors leading to demand uncertainty and shifting customer behaviors. During this period, we are fully focused on the things we can control, including our commitment to operational excellence, quality, customer service and maintaining strong execution across our business. We also continue to work diligently on closing the acquisition of Dana's Off-Highway business and are pleased with the progress to date."

Interestingly, the stock is up 28.7% since reporting and currently trades at $105.02.

Read our full report on Allison Transmission here, it’s free.

Best Q3: Greenbrier (NYSE: GBX)

Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE: GBX) supplies the freight rail transportation industry with railcars and related services.

Greenbrier reported revenues of $706.1 million, down 19.4% year on year, outperforming analysts’ expectations by 7.7%. The business had a stunning quarter with a beat of analysts’ EPS estimates and an impressive beat of analysts’ adjusted operating income estimates.

Although it had a fine quarter compared its peers, the market seems unhappy with the results as the stock is down 8.9% since reporting. It currently trades at $48.70.

Is now the time to buy Greenbrier? Access our full analysis of the earnings results here, it’s free.

Weakest Q3: Wabash (NYSE: WNC)

With its first trailer reportedly built on two sawhorses, Wabash (NYSE: WNC) offers semi trailers, liquid transportation containers, truck bodies, and equipment for moving goods.

Wabash reported revenues of $381.6 million, down 17.8% year on year, in line with analysts’ expectations. It was a disappointing quarter as it posted full-year revenue guidance missing analysts’ expectations significantly and full-year EPS guidance missing analysts’ expectations significantly.

Wabash delivered the weakest full-year guidance update in the group. Interestingly, the stock is up 29.2% since the results and currently trades at $10.74.

Read our full analysis of Wabash’s results here.

REV Group (NYSE: REVG)

Offering the first full-electric North American fire truck, REV (NYSE: REVG) manufactures and sells specialty vehicles.

REV Group reported revenues of $664.4 million, up 11.1% year on year. This result beat analysts’ expectations by 4.5%. It was a stunning quarter as it also logged a solid beat of analysts’ EBITDA estimates and an impressive beat of analysts’ adjusted operating income estimates.

The stock is up 22.7% since reporting and currently trades at $68.27.

Read our full, actionable report on REV Group here, it’s free.

PACCAR (NASDAQ: PCAR)

Founded more than a century ago, PACCAR (NASDAQ: PCAR) designs and manufactures commercial trucks of various weights and sizes for the commercial trucking industry.

PACCAR reported revenues of $6.67 billion, down 19% year on year. This print surpassed analysts’ expectations by 0.6%. Taking a step back, it was a mixed quarter as it also logged an impressive beat of analysts’ EBITDA estimates but a significant miss of analysts’ adjusted operating income estimates.

The stock is up 21.2% since reporting and currently trades at $118.47.

Read our full, actionable report on PACCAR here, it’s free.

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