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Wabtec Reports First Quarter 2026 ResultsApril 22, 2026 6:30 AM
Business Wire
Strong Start with Backlog Expansion, Double Digit Sales & EPS Growth and Announces Increase in Full-Year EPS Guidance
Sales Growth of 13.0% to $2.95 Billion Driven by Both the Freight and Transit Segments
GAAP Operating Margin at 17.5%; Adjusted Operating Margin Up 0.2 pts to 21.9%
Strong Multi-year Backlog at $30.80 Billion; 12-month Backlog Growth at 12.8%
GAAP Earnings Per Share of $2.12, Up 12.8%; Adjusted Earnings Per Share of $2.71, Up 18.9%
Wabtec Corporation (NYSE: WAB) today reported first quarter 2026 GAAP earnings per diluted share of $2.12, up 12.8% versus the first quarter of 2025. Adjusted earnings per diluted share were $2.71, up 18.9% versus the same quarter a year ago. First quarter sales were $2.95 billion and cash from operations was $199 million.
“Wabtec delivered a strong start to 2026, with solid first quarter execution across our businesses driving double digit sales and adjusted EPS growth,” said Rafael Santana, Wabtec’s President and CEO.
“During the quarter we secured significant wins across multiple businesses, executed integration plans for our recent acquisitions, advanced key innovation initiatives, and further strengthened our portfolio, reinforcing Wabtec’s position as a leading industrial technology company.
“With a strong pipeline of opportunities that continues to strengthen our visibility, a resilient installed base, and a committed global team, we remain well positioned to deliver profitable growth and continue compounding long-term value for our shareholders.”
2026 First Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results
$ in millions except earnings per share and percentages; margin change in percentage points (pts)
First Quarter
2026
2025
Change
Net Sales
$2,950
$2,610
13.0 %
GAAP Gross Margin
36.0 %
34.5 %
1.5 pts
Adjusted Gross Margin
36.9 %
34.6 %
2.3 pts
GAAP Operating Margin
17.5 %
18.2 %
(0.7) pts
Adjusted Operating Margin
21.9 %
21.7 %
0.2 pts
GAAP Diluted EPS
$2.12
$1.88
12.8 %
Adjusted Diluted EPS
$2.71
$2.28
18.9 %
Cash Flow from Operations
$199
$191
$8
Operating Cash Flow Conversion
40 %
43 %
Sales increased 13.0% compared to the year-ago quarter driven by higher sales in the Freight and Transit segments, which includes the acquisitions of Inspection Technologies, Frauscher Sensor Technologies, and Dellner Couplers.
GAAP operating margin was lower than the prior year at 17.5%, and adjusted operating margin was modestly higher than the prior year at 21.9%. Both GAAP and adjusted operating margins benefited from strong sales growth in the quarter. GAAP operating margins were impacted by the exit of a low margin Digital project, restructuring costs, purchase accounting adjustments, and transaction costs associated with recent acquisitions.
GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, and non-operational benefits primarily related to currency fluctuation and timing of tax expense.
2026 First Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
First Quarter
2026
2025
Change
Net Sales
$2,115
$1,901
11.3 %
GAAP Gross Margin
37.3 %
36.0 %
1.3 pts
Adjusted Gross Margin
38.3 %
36.2 %
2.1 pts
GAAP Operating Margin
21.3 %
22.1 %
(0.8) pts
Adjusted Operating Margin
26.0 %
25.7 %
0.3 pts
Freight segment sales for the first quarter were up 11.3%. Equipment sales were up 52.5% driven by higher locomotive deliveries, while Services sales were down 17.3% due to lower modernization deliveries as expected. Digital sales were up 75.7% driven by the acquisitions of Inspection Technologies & Frauscher.
GAAP and adjusted operating margin benefited from gross margin improvements which was partially offset by higher operating expenses as a percentage of revenue. In addition, GAAP operating margin was impacted by the exit of a low margin Digital project, restructuring costs, and purchase accounting adjustments.
2026 First Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
First Quarter
2026
2025
Change
Net Sales
$835
$709
17.8 %
GAAP Gross Margin
32.7 %
30.3 %
2.4 pts
Adjusted Gross Margin
33.2 %
30.4 %
2.8 pts
GAAP Operating Margin
14.5 %
12.7 %
1.8 pts
Adjusted Operating Margin
16.6 %
14.6 %
2.0 pts
Transit segment sales for the first quarter were up 17.8% driven by the acquisition of Dellner, higher OE and aftermarket sales, and favorable foreign currency exchange. Sales were up 11.0% on a constant currency basis.
GAAP & Adjusted operating margins were up as a result of improved gross margins which was partially offset by higher operating expenses as a percent of revenue.
Backlog
Wabtec Corporation Consolidated Backlog Comparison
Backlog $ in millions
March 31,
2026
2025
Change
12-Month Backlog
$9,247
$8,196
12.8 %
Total Backlog
$30,802
$22,302
38.1 %
The Company’s multi-year backlog continues to provide strong visibility. At March 31, 2026, the 12-month backlog was $1.05 billion higher than the prior year period. At March 31, 2026, the multi-year backlog was $8.50 billion higher than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $8.07 billion higher, up 36.2%.
Cash Flow and Liquidity Summary
During the first quarter, the Company generated cash from operations of $199 million versus $191 million in the year ago period. The increase in cash was driven by higher net income.
At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $0.53 billion and total debt of $6.54 billion. At March 31, 2026, the Company’s total available liquidity was $2.09 billion, which includes $0.52 billion in cash and cash equivalents plus $1.57 billion available under current credit facilities.
During the quarter, the Company repurchased $242 million of Wabtec shares and paid $53 million in dividends.
2026 Financial Guidance
Wabtec raised its 2026 adjusted EPS guidance range to $10.25 - $10.65, raising it $0.20 at the midpoint, or up 16.5%.
Wabtec continues to expect revenues to be between $12.19 billion to 12.49 billion, up 10.5% at the midpoint.
Forecasted GAAP Earnings Reconciliation
Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share because it is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Conference Call Information
Wabtec will host a call with analysts and investors at 8:30 a.m. ET, today. To listen via webcast, go to Wabtec’s website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 1-855-669-9658 or 1-412-317-0088 (access code: 4354537).
About Wabtec
Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and 2026 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted by restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
March 31,
2026
2025
Net sales
$
2,950
$
2,610
Cost of sales
(1,889
)
(1,710
)
Gross profit
1,061
900
Gross profit as a % of Net Sales
36.0
%
34.5
%
Selling, general and administrative expenses
(401
)
(307
)
Engineering expenses
(56
)
(46
)
Amortization expense
(87
)
(73
)
Total operating expenses
(544
)
(426
)
Operating expenses as a % of Net Sales
18.4
%
16.3
%
Income from operations
517
474
Income from operations as a % of Net Sales
17.5
%
18.2
%
Interest expense, net
(71
)
(46
)
Other income (expense), net
23
(2
)
Income before income taxes
469
426
Income tax expense
(106
)
(99
)
Effective tax rate
22.7
%
23.2
%
Net income
363
327
Less: Net income attributable to noncontrolling interest
(1
)
(5
)
Net income attributable to Wabtec shareholders
$
362
$
322
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders
$
2.12
$
1.88
Diluted
Net income attributable to Wabtec shareholders
$
2.12
$
1.88
Basic
170.0
170.5
Diluted
170.7
171.3
Segment Information
Freight Net Sales
$
2,115
$
1,901
Freight Income from Operations
$
450
$
420
Freight Operating Margin
21.3
%
22.1
%
Transit Net Sales
$
835
$
709
Transit Income from Operations
$
121
$
90
Transit Operating Margin
14.5
%
12.7
%
Backlog Information (Note: 12-month is a sub-set of total)
March 31, 2026
December 31, 2025
March 31, 2025
Freight Total
$
25,175
$
22,493
$
17,851
Transit Total
5,627
4,914
4,451
Wabtec Total
$
30,802
$
27,407
$
22,302
Freight 12-Month
$
6,679
$
6,022
$
6,069
Transit 12-Month
2,568
2,212
2,127
Wabtec 12-Month
$
9,247
$
8,234
$
8,196
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 2026
December 31, 2025
In millions
Cash, cash equivalents and restricted cash
$
531
$
789
Receivables, net
2,252
1,897
Inventories, net
2,850
2,745
Other current assets
340
263
Total current assets
5,973
5,694
Property, plant and equipment, net
1,653
1,616
Goodwill
10,625
10,216
Other intangible assets, net
4,239
3,838
Other noncurrent assets
706
705
Total assets
$
23,196
$
22,069
Current liabilities
$
5,835
$
5,150
Long-term debt
4,708
4,291
Long-term liabilities - other
1,502
1,438
Total liabilities
12,045
10,879
Shareholders' equity
11,103
11,142
Noncontrolling interest
48
48
Total shareholders' equity
11,151
11,190
Total Liabilities and Shareholders' Equity
$
23,196
$
22,069
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended March 31,
2026
2025
In millions
Operating activities
Net income
$
363
$
327
Non-cash expense
151
127
Receivables
(305
)
(226
)
Inventories
(28
)
(29
)
Accounts Payable
20
13
Other operating activities
(2
)
(21
)
Net cash provided by operating activities
199
191
Net cash used for investing activities
(1,105
)
(44
)
Net cash provided by (used for) financing activities
656
(172
)
Effect of changes in currency exchange rates
(8
)
8
Decrease in cash
(258
)
(17
)
Cash, cash equivalents and restricted cash, beginning of period
789
715
Cash, cash equivalents and restricted cash, end of period
$
531
$
698
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
First Quarter Year-to-Date 2026 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
2,950
$
1,061
$
(544
)
$
517
$
(48
)
$
(106
)
$
363
$
(1
)
$
362
$
2.12
Restructuring and Portfolio Optimization costs
-
3
2
5
-
(1
)
4
-
4
$
0.02
Inventory Purchase Accounting charge
-
23
-
23
-
(5
)
18
-
18
$
0.11
Transaction costs
-
-
13
13
(2
)
-
11
-
11
$
0.06
Non-cash Amortization expense
-
-
87
87
-
(20
)
67
-
67
$
0.40
Adjusted Results
$
2,950
$
1,087
$
(442
)
$
645
$
(50
)
$
(132
)
$
463
$
(1
)
$
462
$
2.71
Fully Diluted Shares Outstanding
170.7
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
First Quarter Year-to-Date 2025 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
2,610
$
900
$
(426
)
$
474
$
(48
)
$
(99
)
$
327
$
(5
)
$
322
$
1.88
Restructuring and Portfolio Optimization costs
-
3
6
9
-
(2
)
7
-
7
$
0.04
Transaction costs
-
-
10
10
-
(2
)
8
-
8
$
0.04
Non-cash Amortization expense
-
-
72
72
-
(17
)
55
-
55
$
0.32
Adjusted Results
$
2,610
$
903
$
(338
)
$
565
$
(48
)
$
(120
)
$
397
$
(5
)
$
392
$
2.28
Fully Diluted Shares Outstanding
171.3
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
2026 Q1 YTD EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring &
=
Adjusted
from Operations
(Expense)
Amortization
Transaction Costs
EBITDA
Consolidated Results
$517
$23
$137
$677
$39
$716
Wabtec Corporation
2025 Q1 YTD EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring
=
Adjusted
from Operations
(Expense)
Amortization
Costs
EBITDA
Consolidated Results
$474
($2)
$119
$591
$17
$608
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
Three Months Ended March 31,
In millions
2026
2025
Freight Segment
Equipment
$
726
$
476
Components
357
381
Digital Intelligence
318
181
Services
714
863
Total Freight Segment
$
2,115
$
1,901
Transit Segment
Original Equipment Manufacturer
$
381
$
322
Aftermarket
454
387
Total Transit Segment
$
835
$
709
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)
Three Months Ended March 31,
2026
2025
In millions
Gross Profit
Income from
Operations
Gross Profit
Income from
Operations
Freight Segment Reported Results
$
788
$
450
$
685
$
420
Freight Segment Reported Margin
37.3
%
21.3
%
36.0
%
22.1
%
Restructuring and Portfolio Optimization costs
2
3
2
3
Inventory Purchase Accounting charge
20
20
-
-
Transaction costs
-
1
-
-
Non-cash Amortization expense
-
76
-
65
Freight Segment Adjusted Results
$
810
$
550
$
687
$
488
Freight Segment Adjusted Margin
38.3
%
26.0
%
36.2
%
25.7
%
Transit Segment Reported Results
$
273
$
121
$
215
$
90
Transit Segment Reported Margin
32.7
%
14.5
%
30.3
%
12.7
%
Restructuring and Portfolio Optimization costs
1
3
1
6
Inventory Purchase Accounting charge
3
3
-
-
Non-cash Amortization expense
-
11
-
7
Transit Segment Adjusted Results
$
277
$
138
$
216
$
103
Transit Segment Adjusted Margin
33.2
%
16.6
%
30.4
%
14.6
%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
Three Months Ended March 31,
Freight
Transit
Consolidated
2025 Net Sales
$
1,901
$
709
$
2,610
Acquisitions
184
41
225
Portfolio Optimization (Divestitures/Exits)
(10
)
(3
)
(13
)
Foreign Exchange
20
48
68
Organic
20
40
60
2026 Net Sales
$
2,115
$
835
$
2,950
Change ($)
214
126
340
Change (%)
11.3
%
17.8
%
13.0
%
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
2026 Q1 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$199
$363
$139
40%
Wabtec Corporation
2025 Q1 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$191
$327
$120
43%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260422695432/en/
Wabtec Investor Contact
Kyra Yates /
US Market News
4月前
Wabtec Delivers Strong Fourth Quarter 2025 Results; Announces 2026 Full-Year GuidanceFebruary 11, 2026 6:30 AM
Business Wire
Multi-year backlog reaches another record at $27 Billion, up 23% versus prior year
Full Year GAAP Earnings per Share of $6.83, up 13% & Adjusted Earnings per Share of $8.97, up nearly 19% … 5th consecutive year averaging high-teens Adjusted Earnings per Share growth
Strong Full Year Cash from Operations at $1.8 Billion or 104% Cash Conversion
Announces 2026 Financial Guidance of Adjusted Earnings per Share Between $10.05 to $10.45; Up 14% at the Mid-Point
Board of Directors Increased Quarterly Dividend by 24% and Increased Share Buyback Authorization to $1.2 Billion
Wabtec Corporation (NYSE: WAB) today reported fourth quarter 2025 GAAP earnings per diluted share of $1.18, down 4.1% versus the fourth quarter of 2024. Fourth quarter adjusted earnings per diluted share were $2.10, up 25.0% versus the same quarter a year ago. Fourth quarter sales were $2.97 billion and cash from operations was $992 million. Full year 2025 GAAP earnings per diluted share were $6.83, up 13.1% versus full year 2024. Full year adjusted earnings per diluted share were $8.97, up 18.7% versus full year 2024. Total 2025 sales were $11.17 billion and cash from operations was $1.76 billion.
“The Wabtec team delivered a strong fourth quarter and full year results, reflecting the strength of our business and our ability to execute in dynamic markets,” said Rafael Santana, Wabtec’s President and CEO.
“In the fourth quarter, we achieved double digit sales growth, expanded adjusted operating margins, and grew adjusted EPS 25% … all while building a very strong backlog and generating robust operating cash flow.
“As we exit 2025, I am very encouraged by the underlying momentum of our business and our recent acquisitions, both of which we expect to drive significant value going forward.
“Looking ahead, our record $27 billion multi-year backlog provides strong visibility and positions Wabtec for sustained growth. At the same time, our team remains committed to advancing innovation, driving operational excellence, and maintaining disciplined capital allocation to deliver long-term value for our shareholders.”
2025 Fourth Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results
$ in millions except earnings per share and percentages; margin change in percentage points (pts)
Fourth Quarter
2025
2024
Change
Net Sales
$2,965
$2,583
14.8 %
GAAP Gross Margin
32.6 %
30.9 %
1.7 pts
Adjusted Gross Margin
33.7 %
31.6 %
2.1 pts
GAAP Operating Margin
12.0 %
12.9 %
(0.9) pts
Adjusted Operating Margin
17.7 %
16.9 %
0.8 pts
GAAP Diluted EPS
$1.18
$1.23
(4.1) %
Adjusted Diluted EPS
$2.10
$1.68
25.0 %
Cash Flow from Operations
$992
$723
$269
Operating Cash Flow Conversion
292 %
212 %
Sales increased 14.8% compared to the year-ago quarter driven by increased sales in the Freight segment, which included acquisitions (Inspection Technologies & Frauscher Sensor Technology), and in the Transit segment.
GAAP operating margin was lower than the prior year at 12.0% and adjusted operating margin was up versus the prior year at 17.7%. Both GAAP and adjusted operating margins benefited from higher gross margin, which was partially offset by higher operating expenses as a percent of revenue. GAAP operating margins were also adversely impacted by restructuring costs associated with Integration 2.0 & 3.0, Portfolio Optimization charges, and transaction costs associated with recent acquisitions.
GAAP and adjusted EPS benefited from higher sales and operating margin expansion which was partially offset by higher operating expenses as a percent of revenue. GAAP EPS was further impacted by restructuring charges and transaction costs tied to recent acquisitions.
2025 Fourth Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
Fourth Quarter
2025
2024
Change
Net Sales
$2,123
$1,794
18.3 %
GAAP Gross Margin
33.1 %
31.0 %
2.1 pts
Adjusted Gross Margin
34.5 %
31.4 %
3.1 pts
GAAP Operating Margin
15.0 %
15.2 %
(0.2) pts
Adjusted Operating Margin
22.1 %
19.4 %
2.7 pts
Freight segment sales for the fourth quarter were up 18.3%. Equipment sales were up 33.5% driven by higher locomotive deliveries, while Digital sales were up 74.4% driven by the acquisition of Inspection Technologies & Frauscher Sensor Technology. Components sales were up 11.1%. Services sales were down 5.0% as expected due to the timing of modernization deliveries.
GAAP and adjusted operating margin benefited from gross margin improvement which was partially offset by higher operating expenses as a percent of revenue. In addition, GAAP operating margin was adversely impacted by one time costs associated with the Portfolio Optimization initiative and purchase accounting adjustments resulting from Inspection Technologies acquisition.
2025 Fourth Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results
Net sales $ in millions; margin change in percentage points (pts)
Fourth Quarter
2025
2024
Change
Net Sales
$842
$789
6.7 %
GAAP Gross Margin
31.2 %
30.6 %
0.6 pts
Adjusted Gross Margin
31.6 %
31.8 %
(0.2) pts
GAAP Operating Margin
12.8 %
13.0 %
(0.2) pts
Adjusted Operating Margin
14.0 %
16.4 %
(2.4) pts
Transit segment sales for the fourth quarter were up 6.7% due to strong OE and aftermarket sales.
GAAP and adjusted operating margins were impacted by manufacturing inefficiencies and higher operating expenses as a percent of revenue.
Backlog
Wabtec Corporation Consolidated Backlog Comparison
Backlog $ in millions
December 31,
2025
2024
Change
12-Month Backlog
$8,234
$7,681
7.2 %
Total Backlog
$27,407
$22,272
23.1 %
The Company’s 12-month and multi-year backlogs continue to provide strong visibility. At the end of the fourth quarter, the 12-month backlog was $553 million higher than the prior year. And at December 31, 2025, the multi-year backlog was $5,135 million higher than the same time a year ago. Excluding the impacts of foreign currency exchange, the 12-month backlog was up 4.7% and the multi-year backlog was up 20.5%.
Cash Flow and Liquidity Summary
During the fourth quarter, the Company generated cash from operations of $992 million versus $723 million in the year ago period. The increase in cash flow from operations benefited from improved working capital.
At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $0.79 billion and total debt of $5.54 billion. At December 31, 2025 the Company’s total available liquidity was $3.21 billion, which includes $0.76 billion of cash and cash equivalents plus $2.00 billion available under current credit facilities and $0.44 billion of borrowings available under our Revolving Receivables Program.
The Company repurchased $75 million of Wabtec shares in the fourth quarter, bringing the full year total to $223 million.
The Board of Directors increased the quarterly dividend by 24% by declaring a regular quarterly common dividend of 31 cents per share, payable on March 2, 2026 to holders of record on February 17, 2026.
The Board also increased the existing share repurchase authorization to $1.2 billion.
2026 Financial Guidance
Wabtec’s 2026 financial guidance expects sales to be in a range of $12.19 billion to $12.49 billion and adjusted earnings per diluted share to be in a range of $10.05 to $10.45.
Guidance includes the impact from the recent acquisition of Dellner Couplers, which closed on February 10, 2026.
Forecasted GAAP Earnings Reconciliation
Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K. Wabtec is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Conference Call Information
Wabtec will host a call with analysts and investors at 8:30 a.m. ET today. To listen via webcast, go to Wabtec’s website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 1-855-669-9658 or 1-412-317-0088 (access code: 8243971).
About Wabtec
Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec’s plans, objectives, expectations and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia’s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Net sales
$
2,965
$
2,583
$
11,167
$
10,387
Cost of sales
(1,999
)
(1,786
)
(7,361
)
(7,021
)
Gross profit
966
797
3,806
3,366
Gross profit as a % of Net Sales
32.6
%
30.9
%
34.1
%
32.4
%
Selling, general and administrative expenses
(461
)
(333
)
(1,490
)
(1,248
)
Engineering expenses
(68
)
(51
)
(223
)
(206
)
Amortization expense
(81
)
(79
)
(300
)
(303
)
Total operating expenses
(610
)
(463
)
(2,013
)
(1,757
)
Operating expenses as a % of Net Sales
20.6
%
17.9
%
18.0
%
16.9
%
Income from operations
356
334
1,793
1,609
Income from operations as a % of Net Sales
12.0
%
12.9
%
16.1
%
15.5
%
Interest expense, net
(68
)
(53
)
(225
)
(201
)
Other income, net
3
3
24
2
Income before income taxes
291
284
1,592
1,410
Income tax expense
(87
)
(71
)
(409
)
(343
)
Effective tax rate
29.7
%
25.1
%
25.7
%
24.3
%
Net income
204
213
1,183
1,067
Less: Net income attributable to noncontrolling interest
(2
)
(1
)
(13
)
(11
)
Net income attributable to Wabtec shareholders
$
202
$
212
$
1,170
$
1,056
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders
$
1.19
$
1.23
$
6.84
$
6.05
Diluted
Net income attributable to Wabtec shareholders
$
1.18
$
1.23
$
6.83
$
6.04
Basic
170.3
171.2
170.5
174.1
Diluted
171.0
172.0
171.1
174.8
Segment Information
Freight Net Sales
$
2,123
$
1,794
$
8,036
$
7,468
Freight Income from Operations
$
318
$
273
$
1,567
$
1,422
Freight Operating Margin
15.0
%
15.2
%
19.5
%
19.0
%
Transit Net Sales
$
842
$
789
$
3,131
$
2,919
Transit Income from Operations
$
108
$
103
$
422
$
338
Transit Operating Margin
12.8
%
13.0
%
13.5
%
11.6
%
Backlog Information (Note: 12-month is a sub-set of total)
December 31, 2025
September 30, 2025
December 31, 2024
Freight Total
$
22,493
$
20,907
$
17,986
Transit Total
4,914
4,670
4,286
Wabtec Total
$
27,407
$
25,577
$
22,272
Freight 12-Month
$
6,022
$
6,085
$
5,577
Transit 12-Month
2,212
2,182
2,104
Wabtec 12-Month
$
8,234
$
8,267
$
7,681
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31, 2025
December 31, 2024
In millions
Cash, cash equivalents and restricted cash
$
789
$
715
Receivables, net
1,897
1,702
Inventories, net
2,745
2,314
Other current assets
263
212
Total current assets
5,694
4,943
Property, plant and equipment, net
1,616
1,447
Goodwill
10,216
8,710
Other intangible assets, net
3,838
2,934
Other noncurrent assets
705
668
Total assets
$
22,069
$
18,702
Current liabilities
$
5,150
$
3,792
Long-term debt
4,291
3,480
Long-term liabilities - other
1,438
1,297
Total liabilities
10,879
8,569
Shareholders' equity
11,142
10,091
Noncontrolling interest
48
42
Total shareholders' equity
11,190
10,133
Total Liabilities and Shareholders' Equity
$
22,069
$
18,702
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended December 31,
2025
2024
In millions
Operating activities
Net income
$
1,183
$
1,067
Non-cash expense
569
580
Receivables
(36
)
(34
)
Inventories
(182
)
(117
)
Accounts Payable
34
70
Other operating activities
191
268
Net cash provided by operating activities
1,759
1,834
Net cash used for investing activities
(2,747
)
(343
)
Net cash provided by (used for) financing activities
1,031
(1,371
)
Effect of changes in currency exchange rates
31
(25
)
Increase in cash
74
95
Cash, cash equivalents and restricted cash, beginning of period
715
620
Cash, cash equivalents and restricted cash, end of period
$
789
$
715
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
Fourth Quarter 2025 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
2,965
$
966
$
(610
)
$
356
$
(65
)
$
(87
)
$
204
$
(2
)
$
202
$
1.18
Restructuring and Portfolio Optimization costs
-
4
51
55
-
6
61
-
61
$
0.36
Inventory Purchase Accounting charge
-
29
-
29
-
(7
)
22
-
22
$
0.13
Transaction costs
-
-
5
5
11
(3
)
13
-
13
$
0.08
Non-cash Amortization expense
-
-
78
78
-
(18
)
60
-
60
$
0.35
Adjusted Results
$
2,965
$
999
$
(476
)
$
523
$
(54
)
$
(109
)
$
360
$
(2
)
$
358
$
2.10
Fully Diluted Shares Outstanding
171.0
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
Fourth Quarter Year-to-Date 2025 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
11,167
$
3,806
$
(2,013
)
$
1,793
$
(201
)
$
(409
)
$
1,183
$
(13
)
$
1,170
$
6.83
Restructuring and Portfolio Optimization costs
-
12
64
76
-
1
77
-
77
$
0.45
Inventory Purchase Accounting charge
-
53
-
53
-
(13
)
40
-
40
$
0.23
Transaction costs
-
-
49
49
(19
)
(4
)
26
-
26
$
0.15
Non-cash Amortization expense
-
-
296
296
-
(72
)
224
-
224
$
1.31
Adjusted Results
$
11,167
$
3,871
$
(1,604
)
$
2,267
$
(220
)
$
(497
)
$
1,550
$
(13
)
$
1,537
$
8.97
Fully Diluted Shares Outstanding
171.1
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
Fourth Quarter 2024 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
2,583
$
797
$
(463
)
$
334
$
(50
)
$
(71
)
$
213
$
(1
)
$
212
$
1.23
Restructuring and Portfolio Optimization costs
-
18
14
32
-
(8
)
24
-
24
$
0.14
Non-cash Amortization expense
-
-
72
72
-
(17
)
55
-
55
$
0.31
Adjusted Results
$
2,583
$
815
$
(377
)
$
438
$
(50
)
$
(96
)
$
292
$
(1
)
$
291
$
1.68
Fully Diluted Shares Outstanding
172.0
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)
Fourth Quarter Year-to-Date 2024 Actual Results
Gross
Operating
Income from
Interest &
Noncontrolling
Wabtec
Net Sales
Profit
Expenses
Operations
Other Exp
Tax
Net Income
Interest
Net Income
EPS
Reported Results
$
10,387
$
3,366
$
(1,757
)
$
1,609
$
(199
)
$
(343
)
$
1,067
$
(11
)
$
1,056
$
6.04
Restructuring and Portfolio Optimization costs
-
37
33
70
(4
)
(16
)
50
-
50
$
0.28
Non-cash Amortization expense
-
-
288
288
-
(70
)
218
-
218
$
1.24
Adjusted Results
$
10,387
$
3,403
$
(1,436
)
$
1,967
$
(203
)
$
(429
)
$
1,335
$
(11
)
$
1,324
$
7.56
Fully Diluted Shares Outstanding
174.8
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
2025 Q4 EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring &
=
Adjusted
from Operations
(Expense)
Amortization
Transaction Costs
EBITDA
Consolidated Results
$356
$3
$133
$492
$98
$590
Wabtec Corporation
2025 Q4 YTD EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring &
=
Adjusted
from Operations
(Expense)
Amortization
Transaction Costs
EBITDA
Consolidated Results
$1,793
$24
$494
$2,311
$153
$2,464
Wabtec Corporation
2024 Q4 EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring
=
Adjusted
from Operations
(Expense)
Amortization
Costs
EBITDA
Consolidated Results
$334
$3
$127
$464
$22
$486
Wabtec Corporation
2024 Q4 YTD EBITDA Reconciliation
(in millions)
Reported Income
+
Other Income
+
Depreciation &
=
EBITDA
+
Restructuring
=
Adjusted
from Operations
(Expense)
Amortization
Costs
EBITDA
Consolidated Results
$1,609
$2
$498
$2,109
$39
$2,148
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
Three Months Ended December 31,
In millions
2025
2024
Freight Segment
Equipment
$
666
$
499
Components
429
386
Digital Intelligence
361
207
Services
667
702
Total Freight Segment
$
2,123
$
1,794
Transit Segment
Original Equipment Manufacturer
$
351
$
339
Aftermarket
491
450
Total Transit Segment
$
842
$
789
Twelve Months Ended December 31,
In millions
2025
2024
Freight Segment
Equipment
$
2,365
$
2,108
Components
1,586
1,555
Digital Intelligence
1,030
786
Services
3,055
3,019
Total Freight Segment
$
8,036
$
7,468
Transit Segment
Original Equipment Manufacturer
$
1,393
$
1,308
Aftermarket
1,738
1,611
Total Transit Segment
$
3,131
$
2,919
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
In millions
Gross Profit
Income from Operations
Gross Profit
Income from Operations
Gross Profit
Income from Operations
Gross Profit
Income from Operations
Freight Segment Reported Results
$
703
$
318
$
556
$
273
$
2,835
$
1,567
$
2,523
$
1,422
Freight Segment Reported Margin
33.1
%
15.0
%
31.0
%
15.2
%
35.3
%
19.5
%
33.8
%
19.0
%
Restructuring and Portfolio Optimization costs
1
50
8
9
6
56
18
27
Transaction costs
-
1
-
-
-
3
-
-
Inventory Purchase Accounting charge
29
29
-
-
53
53
-
-
Non-cash Amortization expense
-
72
-
66
-
272
-
267
Freight Segment Adjusted Results
$
733
$
470
$
564
$
348
$
2,894
$
1,951
$
2,541
$
1,716
Freight Segment Adjusted Margin
34.5
%
22.1
%
31.4
%
19.4
%
36.0
%
24.3
%
34.0
%
23.0
%
Transit Segment Reported Results
$
263
$
108
$
241
$
103
$
971
$
422
$
843
$
338
Transit Segment Reported Margin
31.2
%
12.8
%
30.6
%
13.0
%
31.0
%
13.5
%
28.9
%
11.6
%
Restructuring and Portfolio Optimization costs
3
4
10
21
6
18
19
41
Non-cash Amortization expense
-
6
-
6
-
24
-
21
Transit Segment Adjusted Results
$
266
$
118
$
251
$
130
$
977
$
464
$
862
$
400
Transit Segment Adjusted Margin
31.6
%
14.0
%
31.8
%
16.4
%
31.2
%
14.8
%
29.5
%
13.7
%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
Three Months Ended December 31,
In millions
Freight
Transit
Consolidated
2024 Net Sales
$
1,794
$
789
$
2,583
Acquisitions
167
4
171
Portfolio Optimization (Divestitures/Exits)
(2
)
(19
)
(21
)
Foreign Exchange
5
37
42
Organic
159
31
190
2025 Net Sales
$
2,123
$
842
$
2,965
Change ($)
329
53
382
Change (%)
18.3
%
6.7
%
14.8
%
Twelve Months Ended December 31,
Freight
Transit
Consolidated
2024 Net Sales
$
7,468
$
2,919
$
10,387
Acquisitions
328
27
355
Portfolio Optimization (Divestitures/Exits)
(36
)
(36
)
(72
)
Foreign Exchange
(31
)
64
33
Organic
307
157
464
2025 Net Sales
$
8,036
$
3,131
$
11,167
Change ($)
568
212
780
Change (%)
7.6
%
7.3
%
7.5
%
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
2025 Q4 Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$992
$204
$136
292%
Wabtec Corporation
2025 Q4 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$1,759
$1,183
$501
104%
Wabtec Corporation
2024 Q4 Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$723
$213
$128
212%
Wabtec Corporation
2024 Q4 YTD Cash Conversion Calculation
(in millions)
Reported Cash
÷
(Net Income
+
Depreciation & Amortization)
=
Cash Conversion
from Operations
Consolidated Results
$1,834
$1,067
$503
117%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211879056/en/
Wabtec Investor Contact
Kyra Yates /
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