Financials · WAB

Westinghouse Air Brake Technologies Corporation (WAB) financials

For the twelve months ended Sep 30, 2026, Westinghouse Air Brake Technologies Corporation reported $12.21B of revenue and $1.37B of net income.

Revenue, TTM
$12.21B
Revenue growth, YoY
+13.2%
Net income, TTM
$1.37B
Net income growth, YoY
+15.3%
Net margin
11.2%
Free cash flow, TTM
$1.78B
EPS, diluted, TTM
$8.05
EPS growth, YoY
+16.8%
Cash
$489.00M
Total debt
$6.38B
P/E
34.74
P/S
3.90
Market cap
$47.59B
Annual revenue$11.17B
FY2016FY2025
Annual net income$1.17B
FY2016FY2025
Annual free cash flow$1.50B
FY2016FY2025

WAB revenue and earnings growth

WAB revenueQ3 2026$3.12B

Quarter YoY
+8.1%
QoQ
-1.9%
FY YoY
+7.5%
5Y CAGR
+8.1%
10Y CAGR
+12.9%

WAB revenue was $3.12B in fiscal Q3 2026 (ended Sep 30, 2026), up 8.1% from a year earlier and down 1.9% from the prior quarter. For the full fiscal 2025 it was $11.17B, up 7.5% from fiscal 2024. Compound annual growth was +8.1% over 5 years and +12.9% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WAB net incomeQ3 2026$409.00M

Quarter YoY
+31.9%
QoQ
+3.3%
FY YoY
+10.8%
5Y CAGR
+23.1%
10Y CAGR
+11.4%

WAB net income was $409.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 31.9% from a year earlier and up 3.3% from the prior quarter. For the full fiscal 2025 it was $1.17B, up 10.8% from fiscal 2024. Compound annual growth was +23.1% over 5 years and +11.4% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

WAB EPSQ3 2026$2.42

Quarter YoY
+33.7%
QoQ
+3.9%
FY YoY
+13.1%
5Y CAGR
+25.8%

WAB diluted EPS was $2.42 in fiscal Q3 2026 (ended Sep 30, 2026), up 33.7% from a year earlier and up 3.9% from the prior quarter. For the full fiscal 2025 it was $6.83, up 13.1% from fiscal 2024. Compound annual growth was +25.8% over 5 years.

WAB free cash flowQ3 2026$381.00M

Quarter YoY
+22.1%
QoQ
+0.5%
FY YoY
-7.9%
5Y CAGR
+18.3%
10Y CAGR
+14.1%

WAB free cash flow was $381.00M in fiscal Q3 2026 (ended Sep 30, 2026), up 22.1% from a year earlier and up 0.5% from the prior quarter. For the full fiscal 2025 it was $1.50B, down 7.9% from fiscal 2024. Compound annual growth was +18.3% over 5 years and +14.1% over 10 years. It rose in 5 of the last 10 fiscal years.

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Income statement

Income statement
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue$11.17B$10.39B$9.68B$8.36B$7.82B$7.56B$8.20B$4.36B$3.88B$2.93B
Cost of revenue$7.36B$7.02B$6.73B$5.82B$5.45B$5.42B$5.92B$3.13B$2.82B$2.01B
Gross profit$3.81B$3.37B$2.94B$2.54B$2.37B$2.14B$2.28B$1.23B$1.07B$924.24M
Research and development$223.00M$206.00M$218.00M$209.00M$176.00M$162.00M$210.00M$87.50M$95.20M$71.38M
Selling, general and admin$1.49B$1.25B$1.14B$1.03B$1.03B$948.00M$1.17B$633.20M$512.50M$373.56M
Operating income$1.79B$1.61B$1.27B$1.01B$876.00M$745.00M$663.00M$473.40M$421.10M$456.61M
Interest expense$225.00M$201.00M$218.00M$186.00M------
Pre-tax income$1.59B$1.41B$1.09B$854.00M$737.00M$557.00M$447.00M$367.60M$352.10M$412.84M
Income tax$409.00M$343.00M$267.00M$213.00M$172.00M$145.00M$120.00M$75.90M$89.80M$99.43M
Net income$1.17B$1.06B$815.00M$633.00M$558.00M$414.00M$327.00M$294.90M$262.30M$304.89M
EPS, basic$6.84$6.05$4.54$3.46$2.96$2.18$1.91$3.06$2.74$3.37
EPS, diluted$6.83$6.04$4.53$3.46$2.96$2.17$1.84$3.05$2.72$3.34
Diluted shares171.1M174.8M179.5M182.8M188.1M190.4M177.3M96.5M96.1M91.1M

Balance sheet

Balance sheet
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Cash and equivalents$789.00M$715.00M$620.00M$541.00M$473.00M$599.00M$604.00M$2.34B$233.40M$1.14B
Receivables$1.41B$1.15B$1.16B$975.00M$1.08B$969.00M$1.15B$801.20M$800.62M$667.60M
Inventory$2.75B$2.31B$2.28B$2.03B$1.69B$1.64B$1.77B$844.90M$742.63M$658.51M
Current assets$5.69B$4.94B$4.86B$4.33B$3.83B$3.88B$4.19B$4.45B$2.27B$2.87B
Goodwill$10.22B$8.71B$8.78B$8.51B$8.59B$8.48B$8.36B$2.40B$2.46B$2.08B
Total assets$22.07B$18.70B$18.99B$18.52B$18.45B$18.45B$18.94B$8.65B$6.58B$6.58B
Current liabilities$5.15B$3.79B$4.06B$3.47B$2.91B$3.23B$3.26B$1.65B$1.57B$1.45B
Short-term debt$1.25B$500.00M$781.00M$251.00M$2.00M$447.00M$95.70M$64.10M--
Long-term debt$4.29B$3.48B$3.29B$3.75B$4.06B$3.79B$4.33B$3.79B$1.82B$1.76B
Total debt$5.54B$3.98B$4.07B$4.00B$4.06B$4.24B$4.43B$3.86B$1.82B$1.76B
Total liabilities$10.88B$8.57B$8.46B$8.37B$8.21B$8.30B$8.95B$5.78B$3.75B$3.60B
Shareholders' equity$11.14B$10.13B$10.52B$10.15B$10.24B$10.15B$9.99B$2.87B$2.83B$2.98B

Cash flow

Cash flow
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Operating cash flow$1.76B$1.83B$1.20B$1.04B$1.07B$784.00M$1.02B$314.70M$188.80M$450.53M
Capital expenditures$260.00M$207.00M$186.00M$149.00M$130.00M$136.00M$186.00M$93.30M$89.50M$50.22M
Free cash flow$1.50B$1.63B$1.01B$889.00M$943.00M$648.00M$830.00M$221.40M$99.30M$400.31M
Investing cash flow-$2.75B-$343.00M-$492.00M-$235.00M-$540.00M-$155.00M-$3.18B-$147.30M-$1.03B-$232.97M
Financing cash flow$1.03B-$1.37B-$633.00M-$708.00M-$653.00M-$619.00M$461.00M$1.98B-$97.40M$522.97M
Dividends paid$173.00M$140.00M$123.00M$111.00M$92.00M$93.00M$82.00M$46.30M$42.20M$32.43M
Share repurchases$223.00M$1.10B$409.00M$473.00M$300.00M$207.00M$0$0$0$212.18M
Stock-based compensation$80.00M$66.00M$47.00M$41.00M$46.00M$20.00M$50.00M$25.30M$21.30M$20.81M
Depreciation and amortization$501.00M$503.00M$531.00M$479.00M$491.00M$473.00M$401.00M$109.30M$103.20M$69.80M

Key ratios

Key ratios
Line item
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Revenue growth, YoY7.5%7.3%15.7%6.9%3.5%-7.9%87.9%12.4%32.4%-11.4%
Net income growth, YoY10.8%29.6%28.8%13.4%34.8%26.6%10.9%12.4%-14.0%-23.5%
EPS growth, YoY13.1%33.3%30.9%16.9%36.4%17.9%-12.1%-18.6%-18.5%
Gross margin34.1%32.4%30.4%30.4%30.3%28.3%27.8%28.3%27.4%31.5%
Operating margin16.1%15.5%13.1%12.1%11.2%9.9%8.1%10.8%10.8%15.6%
Net margin10.5%10.2%8.4%7.6%7.1%5.5%4.0%6.8%6.8%10.4%
Free cash flow margin13.4%15.7%10.5%10.6%12.1%8.6%10.1%5.1%2.6%13.7%
Return on equity10.5%10.4%7.7%6.2%5.4%4.1%3.3%10.3%9.3%10.2%
Return on assets5.3%5.6%4.3%3.4%3.0%2.2%1.7%3.4%4.0%4.6%
Current ratio1.111.301.201.251.321.201.292.701.441.98
Debt to equity0.500.390.390.390.400.420.441.340.640.59

Source: XBRL data Westinghouse Air Brake Technologies Corporation files with the SEC, latest filing dated Oct 21, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 2-for-1, first reported Jul 26, 2013.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WAB peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WAB$12.21B+13.2%$1.37B11.2%$47.59B
UNP$26.36B+7.4%$7.62B28.9%$172.43B
CSX$14.94B+5.8%$3.58B24.0%$90.54B
CPC$16.01B+6.5%C$3.86B24.1%$80.15B
NSC$12.96B+6.0%$2.68B20.7%$71.86B
TRN$2.12B-2.4%$327.30M15.4%$2.30B
GBX$2.46B-24.0%$79.00M3.2%$1.29B
FIP$737.62M+67.7%-$516.44M-70.0%$410.1M

WAB FAQ

9 questions
  • What is WAB revenue?
    Westinghouse Air Brake Technologies Corporation (WAB) reported $12.21B of revenue for the twelve months ended Sep 30, 2026. That is up 13.2% from the year before. Revenue for fiscal 2025 was $11.17B.
  • Is WAB profitable?
    Yes. Westinghouse Air Brake Technologies Corporation earned $1.37B in net income for the twelve months ended Sep 30, 2026, a net margin of 11.2%.
  • How much cash and debt does WAB have?
    Westinghouse Air Brake Technologies Corporation reported $489.00M in cash and cash equivalents and $6.38B of debt on its most recent balance sheet in SEC filings.
  • How fast is WAB revenue growing?
    Westinghouse Air Brake Technologies Corporation's revenue changed +7.5% in fiscal 2025, to $11.17B. Its compound annual growth rate was +8.1% over 5 years and +12.9% over 10 years.
  • What is WAB gross margin?
    Westinghouse Air Brake Technologies Corporation's gross profit was $4.35B on $12.21B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 35.6%.
  • What is WAB free cash flow?
    Westinghouse Air Brake Technologies Corporation generated $1.78B of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $2.09B less capital expenditures.
  • What is WAB earnings per share?
    Diluted earnings per share were $8.05 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did WAB last report financial results?
    The latest statements here come from Westinghouse Air Brake Technologies Corporation's 10-Q filed on Oct 21, 2026, covering the period ended Sep 30, 2026.
  • Where does this WAB financial data come from?
    Quantisnow builds these statements from the structured XBRL data Westinghouse Air Brake Technologies Corporation files with the SEC. It is provided for information only and is not investment advice.