WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP WAB

Consumer discretionary SIC 3743 - Railroad Equipment NAICS Manufacturing › Transportation Equipment Manufacturing › Railroad Rolling Stock Manufacturing derived NYSE

Throughout the years, the Company has made a number of strategic acquisitions leading the Company to where it is today. These have primarily included:

•the 1999 merger with MotivePower Industries, Inc. whereby the Company adopted its current name of Westinghouse Air Brake Technologies Corporation, or Wabtec;

•the 2017 acquisition of Faiveley Transport, S.A. ("Faiveley Transport"), a leading provider of value-added, integrated systems and services, primarily for the global transit rail market. Based in France, the Faiveley Transport business has roots to 1919 and made Wabtec a leader in manufacturing pantographs, automatic door mechanisms, air conditioning systems, railway braking systems and couplers; and,

Last close 272.35 2026-10-23
Market cap $46.00B 2026-06-30 share count
52-week range 194.93 - 306.64

Valuation FY2025 figures against the last close

P/S4.1x
P/E39.9x
P/FCF30.7x
EV/EBITDA25.5x
Dividend yield0.4%
Diluted EPS6.83

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • Freight Segment
  • Transit Segment
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 Freight Segment, FY2025: 8B (72.0%) 72% Freight Segment Transit Segment, FY2025: 3.1B (28.0%) 28% Transit Segment FY2024 Freight Segment, FY2024: 7.5B (71.9%) 72% Transit Segment, FY2024: 2.9B (28.1%) 28% FY2023 Freight Segment, FY2023: 6.9B (71.5%) 72% Transit Segment, FY2023: 2.8B (28.5%) 28%
Segment FY2025FY2024FY2023
Freight Segment $8.04B $7.47B $6.92B
Transit Segment $3.13B $2.92B $2.75B

As the company reported it, from the “SEGMENT INFORMATION - Schedule of Sales by Product (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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$924.2M
R&D $223.0M$206.0M$218.0M$209.0M$176.0M$162.0M$210.0M$87.5M$95.2M$71.4M
SG&A $1.49B$1.25B$1.14B$1.03B$1.03B$948.0M$1.17B$633.2M$512.5M$373.6M
Total operating expenses $2.01B$1.76B$1.68B$1.53B$1.49B$1.39B$1.61B$760.5M$644.2M$467.6M
Operating income $1.79B$1.61B$1.27B$1.01B$876.0M$745.0M$663.0M$473.4M$421.1M$456.6M
Interest expense $225.0M$201.0M$218.0M$186.0M$177.0M$199.0M$219.0M$112.2M$77.9M$50.3M
Pre-tax income $1.59B$1.41B$1.09B$854.0M$737.0M$557.0M$447.0M$367.6M$352.1M$412.8M
Income tax $409.0M$343.0M$267.0M$213.0M$172.0M$145.0M$120.0M$75.9M$89.8M$99.4M
Net income $1.17B$1.06B$815.0M$633.0M$558.0M$414.0M$327.0M$294.9M$262.3M$304.9M
EPS, basic 6.846.054.543.462.962.181.913.062.743.37
EPS, diluted 6.836.044.533.462.962.171.843.052.723.34
Shares, diluted (wtd. avg.) 171.1M174.8M179.5M182.8M188.1M190.4M177.3M96.5M96.1M91.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $789.0M$715.0M$620.0M$541.0M$473.0M$599.0M$604.0M$2.34B$233.4M$1.14B
Receivables $1.41B$1.15B$1.16B$975.0M$1.08B$969.0M$1.15B$801.2M$800.6M$667.6M
Inventory $2.75B$2.31B$2.28B$2.03B$1.69B$1.64B$1.77B$844.9M$742.6M$658.5M
Total current assets $5.69B$4.94B$4.86B$4.33B$3.83B$3.88B$4.19B$4.45B$2.27B$2.87B
Property, plant and equipment $1.62B$1.45B$1.49B$1.43B$1.50B$1.60B$1.66B$563.8M$574.0M$518.4M
Goodwill $10.22B$8.71B$8.78B$8.51B$8.59B$8.48B$8.36B$2.40B$2.46B$2.08B
Other intangibles $3.84B$2.93B$3.21B$3.40B$3.71B$3.87B$4.10B$1.13B$1.20B$1.05B
Total assets $22.07B$18.70B$18.99B$18.52B$18.45B$18.45B$18.94B$8.65B$6.58B$6.58B
Accounts payable $1.40B$1.30B$1.25B$1.30B$1.01B$909.0M$1.16B$589.4M$552.5M$530.2M
Short-term debt $1.25B$500.0M$781.0M$251.0M$2.0M$447.0M$95.7M$64.1M——
Total current liabilities $5.15B$3.79B$4.06B$3.47B$2.91B$3.23B$3.26B$1.65B$1.57B$1.45B
Long-term debt $4.29B$3.48B$3.29B$3.75B$4.06B$3.79B$4.33B$3.79B——
Total liabilities $10.88B$8.57B$8.46B$8.37B$8.21B$8.30B$8.95B$5.78B$3.75B$3.60B
Retained earnings $3.88B$6.18B$5.27B$4.58B$4.05B$3.59B$3.27B$3.02B$2.77B$2.55B
Total equity $11.14B$10.09B$10.52B$10.15B$10.24B$10.15B$9.99B$2.87B$2.83B$2.98B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.76B$1.83B$1.20B$1.04B$1.07B$784.0M$1.02B$314.7M$188.8M$450.5M
Depreciation and amortisation $195.0M$196.0M$204.0M$182.0M$198.0M$183.0M$158.0M$66.4M$66.7M$47.1M
Stock-based compensation $80.0M$66.0M$47.0M$41.0M$46.0M$20.0M$50.0M$25.3M$21.3M$20.8M
Capital expenditure $260.0M$207.0M$186.0M$149.0M$130.0M$136.0M$186.0M$93.3M$89.5M$50.2M
Investing cash flow -$2.75B-$343.0M-$492.0M-$235.0M-$540.0M-$155.0M-$3.18B-$147.3M-$1.03B-$233.0M
Financing cash flow $1.03B-$1.37B-$633.0M-$708.0M-$653.0M-$619.0M$461.0M$1.98B-$97.4M$523.0M
Dividends paid $173.0M$140.0M$123.0M$111.0M$92.0M$93.0M$82.0M$46.3M$42.2M$32.4M
Buybacks $223.0M$1.10B$409.0M$473.0M$300.0M$207.0M$0$0$0$212.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008067.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 5B 10B 15B Revenue, FY2016: 2.9B Gross profit, FY2016: 924.2M Net income, FY2016: 304.9M Revenue, FY2017: 3.9B Gross profit, FY2017: 1.1B Net income, FY2017: 262.3M Revenue, FY2018: 4.4B Gross profit, FY2018: 1.2B Net income, FY2018: 294.9M Revenue, FY2019: 8.2B Gross profit, FY2019: 2.3B Net income, FY2019: 327M Revenue, FY2020: 7.6B Gross profit, FY2020: 2.1B Net income, FY2020: 414M Revenue, FY2021: 7.8B Gross profit, FY2021: 2.4B Net income, FY2021: 558M Revenue, FY2022: 8.4B Gross profit, FY2022: 2.5B Net income, FY2022: 633M Revenue, FY2023: 9.7B Gross profit, FY2023: 2.9B Net income, FY2023: 815M Revenue, FY2024: 10.4B Gross profit, FY2024: 3.4B Net income, FY2024: 1.1B Revenue, FY2025: 11.2B Gross profit, FY2025: 3.8B Net income, FY2025: 1.2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $2.93B $3.88B $4.36B $8.20B $7.56B $7.82B $8.36B $9.68B $10.39B $11.17B
Gross profit $924.2M $1.07B $1.23B $2.28B $2.14B $2.37B $2.54B $2.94B $3.37B $3.81B
Net income $304.9M $262.3M $294.9M $327.0M $414.0M $558.0M $633.0M $815.0M $1.06B $1.17B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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