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Westinghouse Air Brake TechnologiesWAB

Legal name
Westinghouse Air Brake Technologies Corporation
Sector
Other
Industry
Railroad Equipment
Exchange
NYSE

Stock Price $WAB

Latest filings

You are here#44 of 92 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K132

WAB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 132 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Jul ’19Jul ’19
  3. Leadership change8-K · Aug ’21Aug ’21
  4. Material agreement8-K · May ’25May ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $11.17B
YoY changeLargest recent move+87.9%in FY19Latest +7.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All WAB Financial Metrics62 metrics

Income Statement16

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

Westinghouse Air Brake Technologies Financial Overview 2021–2025

Updated Nov 4, 2026

Wabtec's diluted EPS more than doubled, from $2.96 in FY2021 to $6.83a in FY2025, a 131% gain on revenue that grew only about 43%. That gap is the story: this is a margin and mix business, not a volume one, and it is now leaning on acquisitions and debt to keep compounding.

Revenue climbed from $7.82 billion in FY2021 to $11.17 billionb in FY2025. Operating income rose from $876 million to $1.79 billion over the same stretch. Cost of sales fell to 65.9% of net sales in FY2025 from 67.6% a year earlier, and operating cash flow reached $1.76 billion. Backlog hit $27.4 billion at year-end FY2025, helped by $15.5 billion of new orders and a $4.2 billion Kazakhstan locomotive contract. Organic growth was modest, though: just $464 million of the FY2025 sales increase, against $355 million from acquisitions.

The cost of that growth shows on the balance sheet. Total debt rose to $5.5 billionc at the end of FY2025, after about $2.58 billion went to the Inspection Technologies and Frauscher deals. Operating expenses jumped 14.6% to $2.01 billion. Shareholders still received $223 million in buybacks and $173 million in dividends. At the close of FY2025, the stock traded at $213.45, or 31.3x earnings, for a market cap of $36.4 billion. At that multiple, investors were paying for margin gains to keep coming.

Recent Developments (Q2 and Q3 2026)

Earnings growth accelerated through Q2 2026 and Q3 2026. Diluted EPS reached $2.33d in Q2 and $2.42 in Q3, up 18.9% and 33.7% year over year. Adjusted operating margin widened to 22.9% in Q3, up 1.9 points. Sales growth slowed from 17.5% in Q2 to 8.1% in Q3 as the Dellner Couplers deal, closed for about $1.053 billion, lapped into the base. Management raised 2026 adjusted EPS guidance to $10.85–$11.05. Backlog hit a record $31.4 billion.

The bull case is margin expansion, a record backlog and two guidance raises. The bear case is leverage: debt rose to $6.38 billion, liquidity fell to $2.09 billione, and tariffs weighed on margins. At 42.3x trailing earnings as of the Q3 2026 report date (October 20, 2026), not today, the stock prices in continued execution. A new $2.0 billion commercial paper program may help cover $1.71 billion of current debt.

What to watch: refinancing of the $500 million term loan due November 2026; whether Q4 2026 organic growth holds above Q3's $137 million contribution

03—Filings

Recent SEC Filings

  1. 8-KWestinghouse Air Brake Technologies 8-K Report, Corporate Update (Nov 3, 2026)
  2. 8-KWestinghouse Air Brake Technologies 8-K Report, Financial Results (Oct 21, 2026)Westinghouse Air Brake Technologies Corporation (Wabtec) reported third quarter 2026 results on October 21, 2026, through a press release (Exhibit 99.1) and an earnings presentation (Exhibit 99.2). Third-quarter sales were $3.12 billion, up 8.1% year over year, driven by both the Freight and Transit segments, including the Frauscher Sensor Technologies and Dellner Couplers acquisitions. GAAP diluted EPS was $2.42, up 33.7%, and adjusted diluted EPS was $2.83, up 22.0%. GAAP operating margin was 20.0% and adjusted operating margin was 22.9%, up 1.9 points. Cash from operations was $455 million, with operating cash flow conversion of 82%. The company raised and tightened its 2026 adjusted EPS guidance to $10.85 to $11.05, an increase of $0.20 at the midpoint, which the filing describes as up 22.0% versus the prior year. Full-year 2026 revenue guidance was unchanged at $12.30 billion to $12.60 billion. Total backlog reached $31.44 billion, up 22.9%, and the 12-month backlog was $8.99 billion, up 8.8%. During the quarter the company repurchased $305 million of shares and paid $52 million in dividends. At September 30, 2026, cash, cash equivalents and restricted cash totaled $0.49 billion, total debt was $6.38 billion, and total available liquidity was $2.09 billion. The filing also includes a five-year outlook from a February 12, 2025 long-term guidance set, calling for mid-single-digit organic sales CAGR, double-digit adjusted EPS CAGR, and cash conversion averaging above 90% through 2029.
  3. 8-KWestinghouse Air Brake Technologies 8-K Report, Financial Obligation (Oct 1, 2026)Westinghouse Air Brake Technologies Corporation established a commercial paper program on October 1, 2026, under which it may issue short-term, unsecured commercial paper notes with an aggregate outstanding amount not to exceed $2.0 billion at any time. The Notes will have maturities of up to 397 days from issuance and will be sold at a discount from par or at par, bearing interest at rates set at the time of issuance. As of the filing date, the Company had not issued any Notes. The payment of the Notes will be unconditionally guaranteed by GE Transportation, a Wabtec Company, RFPC Holding Corp., Transportation IP Holdings, LLC, Transportation Systems Services Operations Inc., Wabtec Components LLC, Wabtec Holding, LLC, Wabtec Railway Electronics Holdings, LLC, Wabtec Transportation Systems, LLC, and Wabtec US Rail, Inc. One or more commercial paper dealers will act under the Program pursuant to individual dealer agreements, and a national bank will serve as issuing and paying agent. The Notes and guarantees have not been registered under the Securities Act of 1933 or state securities laws and will be issued on a private placement basis under Section 4(a)(2) of the Securities Act. The filing states that it is neither an offer to sell nor a solicitation of an offer to buy any Notes or guarantees.
  4. 8-KWestinghouse Air Brake Technologies 8-K Report, Financial Results (Jul 22, 2026)Westinghouse Air Brake Technologies Corporation (Wabtec, NYSE: WAB) reported second quarter 2026 results on July 22, 2026, with GAAP diluted EPS of $2.33, up 18.9% year over year, and adjusted diluted EPS of $2.76, up 21.6%. Net sales were $3,179 million ($3.18 billion), up 17.5% from $2,706 million, driven by the Freight and Transit segments and including the acquisitions of Inspection Technologies, Frauscher Sensor Technologies and Dellner Couplers. GAAP operating margin was 18.9% (up 1.5 pts) and adjusted operating margin was 21.9% (up 0.8 pts). Cash from operations was $441 million versus $209 million a year earlier, with operating cash flow conversion of 82% versus 46%. Backlog remained strong: total backlog was $30,932 million, up 41.7% from $21,828 million, and 12-month backlog was $9,140 million, up 11.3%. Management highlighted a $1.0 billion Australian order and a $184 million PTC order with Vale. Cash, cash equivalents and restricted cash was $670 million against total debt of $6.57 billion, and total available liquidity was $2.02 billion. During the quarter the company repurchased $215 million of shares and paid $53 million in dividends. The company raised its 2026 guidance: revenue to $12.30 billion to $12.60 billion (up $110 million at the midpoint) and adjusted EPS to $10.60 to $10.90 (up $0.30 at the midpoint). The filing furnishes a press release (Exhibit 99.1) and an earnings presentation (Exhibit 99.2) under Items 2.02 and 7.01, and notes that GAAP EPS guidance is not reconciled to adjusted EPS because restructuring, acquisition-related and other charges cannot be predicted with reasonable certainty.
  5. 8-KWestinghouse Air Brake Technologies 8-K Report, Shareholder Vote Results (May 15, 2026)Westinghouse Air Brake Technologies Corporation reported in this Form 8-K, filed May 15, 2026, the voting results from its 2026 Annual Meeting of Stockholders, held May 12, 2026. The filing states that management proposals 1, 2 and 3 were approved. The proposals are described in the Company's proxy statement for the meeting, dated March 31, 2026. Stockholders elected three directors, Rafael Santana, Lee C. Banks and Byron S. Foster, to three-year terms expiring in 2029. Each director received more For votes than Against votes. Lee C. Banks received the most Against votes, at 19,833,906, compared with 126,867,017 For votes. The filing also reports an advisory, non-binding resolution on 2025 named executive officer compensation, with 135,106,344 For votes and 11,322,714 Against votes. Stockholders also ratified Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026, with 139,400,395 For votes and 14,520,740 Against votes. The filing reports broker non-votes of 7,250,987 on the director election and the say-on-pay proposal. For the auditor ratification, the broker non-vote column is marked N/A.
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View all filings (10-K, 10-Q, 8-K, proxy & more) →

04—See also

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