Skip to content
AnalystLens

Westinghouse Air Brake Technologies 8-K Report, Regulation FD Disclosure (Mar 3, 2026)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed March 3, 2026
Period End
March 3, 2026
Security
WAB
In the 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 · Jul ’21Jul ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed March 3, 2026. Cited figures are marked; the original filing is the authoritative source.

Westinghouse Air Brake Technologies Corporation (Wabtec) furnished an investor presentation as Exhibit 99.1 to this Form 8-K, which the company posted to its investor relations website on March 3, 2026.

The information is furnished under Item 7.01 (Regulation FD Disclosure) and is not deemed 'filed' for purposes of Section 18 of the Exchange Act. The filing itself contains no new financial statements or earnings results; its substance is the presentation, titled '2026 A Vision & Strategy Built on Performance.' The presentation's headline figures for 2025 are sales of $11.17Ba, adjusted operating margin of 20.3% (up 140 bps year over year), cash flow from operations of $1.76B (up 18.7% year over year), cash conversion of 104%, GAAP EPS of $6.83, and adjusted EPS of $8.97. It also reiterates a 5-year outlook for 2025 through 2029 (established February 12, 2025) calling for mid-single-digit organic sales CAGR, double-digit adjusted EPS CAGR, cash conversion averaging above 90%, and more than 350 bps of adjusted operating margin expansion.

Management cites a 12-month backlog of $8.2Bb at 4Q25 and a net leverage ratio of 1.9x at the end of 4Q25, within its stated 2.0 to 2.5x target range. Capital allocation priorities are reiterated, including a quarterly dividend increase of 24% to $0.31 per share, an increased share repurchase authorization of $1.2B, and M&A focused on bolt-on and adjacent acquisitions.

The presentation notes 2025 purchases of Evident's Inspection Technologies Division, Frauscher Sensor Technology, Continental Rail and Dotnetix. It also outlines Integration 3.0 run-rate savings of $115M to $140Mc (raised from $100M to $125M) and additional planned portfolio pruning of $60M of low-margin revenue in 2026.

02—Key points

Key Highlights

  1. 2025 results per the presentation: sales of $11.17B, adjusted operating margin of 20.3% (up 140 bps YoY), GAAP operating margin of 16.1%, GAAP EPS of $6.83 and adjusted EPS of $8.97.
  2. Cash flow from operations of $1.76B in 2025, up 18.7% YoY, with cash conversion of 104%.
  3. 12-month backlog of $8.2B at 4Q25, and recurring revenue representing 56% of 2025 profit.
  4. 5-year outlook (2025–2029): mid-single-digit organic sales CAGR, double-digit adjusted EPS CAGR, cash conversion averaging above 90%, and over 350 bps of adjusted operating margin expansion.
  5. Net leverage ratio of 1.9x at 4Q25, within the 2.0 to 2.5x target range; quarterly dividend raised 24% to $0.31 per share and share repurchase authorization increased to $1.2B.
  6. Integration 3.0 run-rate savings estimate increased to $115M–$140M from $100M–$125M, with additional planned pruning of $60M of low-margin revenue in 2026.

03—Questions

Frequently Asked Questions

  1. Does this 8-K report new financial results or a change in guidance?

    No. The filing furnishes an investor presentation posted to the company's website on March 3, 2026. It restates 2025 results and the 5-year outlook established February 12, 2025, and does not state new financial statements or revised guidance.

  2. What were Wabtec's headline 2025 results?

    The presentation reports 2025 sales of $11.17B, adjusted operating margin of 20.3%, cash flow from operations of $1.76B, cash conversion of 104%, GAAP EPS of $6.83 and adjusted EPS of $8.97.

  3. What long-term targets does management set for 2025 through 2029?

    Management targets mid-single-digit organic sales CAGR, double-digit adjusted EPS CAGR, cash from operations conversion averaging above 90%, and more than 350 bps of adjusted operating margin expansion. These are stated as of February 12, 2025 and exclude the Inspection Technologies, Frauscher Sensor Technologies and Dellner Couplers acquisitions.

  4. How is the company deploying capital?

    Priorities include maintaining an investment-grade balance sheet with net leverage of 2.0 to 2.5x (1.9x at 4Q25), capex of about 2% of sales, a dividend payout target of 10% to 15% of adjusted net income, a quarterly dividend of $0.31 per share, a $1.2B share repurchase authorization, and bolt-on acquisitions.

  5. What cost and portfolio actions are underway?

    Integration 3.0 run-rate savings are now estimated at $115M to $140M, up from $100M to $125M. The company pruned $72M of low-margin revenue in 2025 and expects to prune an additional $60M in 2026.

04—Continue

← View all 8-K filings