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WAB

Westinghouse Air Brake Technologies Corporation

WAB

Westinghouse Air Brake Technologies Corporation • NYSE
$208.55 ▲ 0.39% (+0.80)
Market Cap $35.65 B
52w High $216.10
52w Low $151.81
Dividend Yield 1.00%
P/E 30.31
Volume 364.45K
Outstanding Shares 170.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.886B ▲ $511M ▲ $310M ▼ 10.742% ▼ $1.82 ▼ $640M ▲
Q2-2025 $2.706B ▲ $466M ▲ $336M ▲ 12.417% ▲ $1.96 ▲ $601M ▲
Q1-2025 $2.61B ▲ $426M ▼ $322M ▲ 12.337% ▲ $1.88 ▲ $582M ▲
Q4-2024 $2.583B ▼ $463M ▲ $212M ▼ 8.208% ▼ $1.24 ▼ $455M ▼
Q3-2024 $2.663B $447M $283M 10.627% $1.63 $553M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $528M ▼ $21.527B ▲ $10.432B ▲ $11.095B ▲
Q2-2025 $1.486B ▲ $20.391B ▲ $9.546B ▲ $10.801B ▲
Q1-2025 $689M ▼ $19.096B ▲ $8.682B ▲ $10.368B ▲
Q4-2024 $706M ▲ $18.702B ▲ $8.569B ▲ $10.091B ▼
Q3-2024 $401M $18.644B $8.353B $10.25B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $313M ▼ $367M ▲ $-1.789B ▼ $453M ▼ $-971M ▼ $450M ▲
Q2-2025 $339M ▲ $209M ▲ $-54M ▼ $626M ▲ $801M ▲ $170M ▲
Q1-2025 $327M ▲ $191M ▼ $-44M ▲ $-172M ▼ $-17M ▼ $147M ▼
Q4-2024 $220M ▼ $723M ▲ $-237M ▼ $-162M ▲ $305M ▲ $639M ▲
Q3-2024 $286M $542M $-49M $-686M $-185M $496M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Freight Segment
Freight Segment
 $1.76Bn ▲$1.90Bn ▲$1.92Bn ▲$2.09Bn ▲
Transit Segment
Transit Segment
 $740.00M ▲$710.00M ▼$790.00M ▲$790.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Wabtec’s income statement shows a business that has been growing and becoming more profitable over the past five years. Sales have risen steadily each year, and profits have grown faster than sales, which suggests better pricing power, cost control, or mix of higher‑margin products and services. Operating profit and after‑tax profit have both expanded meaningfully, and earnings per share have climbed strongly, helped by both higher earnings and some financial discipline. Overall, profitability trends look solid and directionally improving, which is important in a capital‑intensive industrial business that depends on long product cycles and long‑term service contracts.

Balance Sheet

Balance Sheet The balance sheet looks stable and fairly conservative for an industrial company. Total assets and shareholders’ equity have held in a tight range, which signals a relatively steady asset base without aggressive expansion or contraction. Debt sits at a moderate level and has inched up only slightly, while equity remains comfortably larger than the debt load, indicating a balanced capital structure rather than a highly leveraged one. Cash on hand is modest but, in the context of strong and improving cash generation, does not immediately appear strained. Overall, the company seems to be managing its financial position with an eye toward stability rather than taking on large new risks.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has improved consistently over the five‑year period, tracking the rise in profits and even outpacing it at times. After routine capital spending, the business regularly produces solid free cash flow, and investment needs for equipment and facilities are relatively modest compared with what the business generates. That means Wabtec has financial flexibility to fund innovation, service its debt, and return capital to shareholders if it chooses, without stretching its balance sheet. The pattern here is of a mature industrial platform that converts a good share of its accounting earnings into actual cash.

Competitive Edge

Competitive Edge Wabtec occupies a strong position in the rail ecosystem, especially in freight locomotives, braking systems, and digital control and safety technologies. It benefits from a large installed base of equipment in service, which creates ongoing demand for parts, upgrades, software, and maintenance. That “embedded” position with major railroads is hard for new entrants to dislodge, particularly given the safety‑critical nature of the products and the conservative, risk‑averse culture of the rail industry. The 2019 combination with GE Transportation further entrenched its scale and technology reach. Competition from global players like Siemens, Alstom, and Progress Rail remains real, but Wabtec’s broad, end‑to‑end offering and deep integration with customers give it a durable edge and a meaningful moat, especially in North America.

Innovation and R&D

Innovation and R&D Innovation is a core part of Wabtec’s story and a key element of its moat. The company is pushing battery‑electric locomotives (FLXdrive), modernizing diesel fleets for better fuel efficiency, and investing heavily in digital tools that help railroads run more safely and efficiently. Its software platforms, data analytics, and AI‑driven inspection technologies deepen customer ties and create switching costs that go beyond physical hardware. At the same time, Wabtec is exploring hydrogen propulsion, autonomous and remote train operations, and advanced manufacturing techniques like 3D printing to improve reliability and speed to market. This combination of sustainability, digitalization, and automation positions the company well if rail operators accelerate efforts to cut emissions, lower fuel use, and improve network performance, though timelines and adoption rates remain uncertain.

Summary

Putting it all together, Wabtec looks like a steadily growing, increasingly profitable rail technology and equipment provider with a strong footing in its core markets. The financials point to improving margins and robust cash generation backed by a stable, moderately levered balance sheet. Strategically, the company benefits from a large installed base, long‑term customer relationships, and a broad product and software portfolio that together create a meaningful competitive moat. Its push into battery‑electric, hydrogen, digital, and autonomous rail technologies offers long‑run opportunity but also brings execution and regulatory risk, as the pace of adoption can be uneven. Overall, the picture is of a mature industrial leader using innovation and cash flow strength to defend and extend its role in an evolving global rail industry, rather than a speculative early‑stage disruptor.

NEWS

October 22, 2025 · 6:30 AM UTC

Wabtec Reports Third Quarter 2025 Results; Raised And Tightened Adjusted EPS Guidance

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October 16, 2025 · 4:05 PM UTC

Wabtec Declares Regular Quarterly Common Dividend

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October 6, 2025 · 4:00 PM UTC

Wabtec Announces Third Quarter 2025 Earnings Release Date

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September 22, 2025 · 2:07 PM UTC

Kazakhstan Awards Wabtec a $4.2 Billion Locomotive Order

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