How did Wabtec perform in the third quarter of 2026?

Sales were $3.12 billion, up 8.1% year over year. GAAP diluted EPS was $2.42, up 33.7%, and adjusted diluted EPS was $2.83, up 22.0%. Both GAAP and adjusted operating margins improved, benefiting from sales growth and higher gross margins.

What changed in Wabtec's 2026 financial guidance?

The company raised and tightened its 2026 adjusted EPS guidance to $10.85 to $11.05, up $0.20 at the midpoint. Revenue guidance of $12.30 billion to $12.60 billion was unchanged. The filing describes the adjusted EPS midpoint as up 22.0% versus the prior year.

What is the status of Wabtec's order backlog?

Total backlog at September 30, 2026 was $31.44 billion, up 22.9% from $25.58 billion a year earlier. The 12-month backlog was $8.99 billion, up 8.8%. The company cited recent orders including $1 billion in international locomotive and service orders.

What drove the sales growth and what are the non-GAAP adjustments?

Sales growth reflected higher Freight and Transit sales, including the Frauscher Sensor Technologies and Dellner Couplers acquisitions. Adjusted results exclude items such as restructuring and portfolio optimization costs, inventory purchase accounting charges, transaction costs, and non-cash amortization expense. Third-quarter non-cash amortization was $89 million.

What is Wabtec's capital allocation and liquidity position?

In the quarter the company repurchased $305 million of shares and paid $52 million in dividends. At September 30, 2026 it had $0.49 billion in cash and restricted cash, $6.38 billion in total debt, and $2.09 billion in total available liquidity.

WAB 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed October 21, 2026. Cited figures are marked; the original filing is the authoritative source.

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^a, 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^b, 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^c, 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^d, 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.

02—Key points

Key Highlights

Third-quarter sales rose 8.1% to $3.12 billion, with Freight sales up 6.9% and Transit sales up 11.3%.
GAAP diluted EPS was $2.42, up 33.7%; adjusted diluted EPS was $2.83, up 22.0%.
Adjusted operating margin expanded 1.9 points to 22.9%; GAAP operating margin was 20.0%.
2026 adjusted EPS guidance was raised and tightened to $10.85 to $11.05, up $0.20 at the midpoint; revenue guidance of $12.30 billion to $12.60 billion was unchanged.
Total backlog was $31.44 billion, up 22.9%, and 12-month backlog was $8.99 billion, up 8.8%.
Cash from operations was $455 million with 82% cash conversion; the company repurchased $305 million of shares in the quarter.
Available liquidity was $2.09 billion and total debt was $6.38 billion at September 30, 2026.

03—Questions

Frequently Asked Questions

How did Wabtec perform in the third quarter of 2026?
Sales were $3.12 billion, up 8.1% year over year. GAAP diluted EPS was $2.42, up 33.7%, and adjusted diluted EPS was $2.83, up 22.0%. Both GAAP and adjusted operating margins improved, benefiting from sales growth and higher gross margins.
What changed in Wabtec's 2026 financial guidance?
The company raised and tightened its 2026 adjusted EPS guidance to $10.85 to $11.05, up $0.20 at the midpoint. Revenue guidance of $12.30 billion to $12.60 billion was unchanged. The filing describes the adjusted EPS midpoint as up 22.0% versus the prior year.
What is the status of Wabtec's order backlog?
Total backlog at September 30, 2026 was $31.44 billion, up 22.9% from $25.58 billion a year earlier. The 12-month backlog was $8.99 billion, up 8.8%. The company cited recent orders including $1 billion in international locomotive and service orders.
What drove the sales growth and what are the non-GAAP adjustments?
Sales growth reflected higher Freight and Transit sales, including the Frauscher Sensor Technologies and Dellner Couplers acquisitions. Adjusted results exclude items such as restructuring and portfolio optimization costs, inventory purchase accounting charges, transaction costs, and non-cash amortization expense. Third-quarter non-cash amortization was $89 million.
What is Wabtec's capital allocation and liquidity position?
In the quarter the company repurchased $305 million of shares and paid $52 million in dividends. At September 30, 2026 it had $0.49 billion in cash and restricted cash, $6.38 billion in total debt, and $2.09 billion in total available liquidity.

04—Continue

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