WESTINGHOUSE AIR BRAKE TECHNOLOGIES (WAB) Company Report

Sales of $2.89 billion, up 8.4% y/y; adjusted EPS of $2.32, up 16% y/y ■
12-month backlog of $8.3 billion (+ 8.4% y/y); multi-year backlog reached an all-time high ■
Freight sales + 8.4% y/y; adjusted freight margin 24.5% (+ 0.4 pp); transit sales + 8.2% y/y; adjusted transit margin 15.5% (+ 2.7 pp) ■
Raised full-year adjusted EPS guidance to $8.85–$9.05 (+ 18% at midpoint) ■
Gross margin expansion driven by contract escalations and the acquisition of Inspection Technologies amid tariff pressures ■

Oct 22, 2025, 12:30 PM

Transcript

Wabtec reports Q3 2025 results

WAB

Earnings

Guidance Update

Revenue Acceleration/Inflection

Delivered $2.9 billion in third-quarter sales, up 8.4% year-over-year, driven by growth in both Freight and Transit segments and the Inspection Technologies acquisition.
Achieved adjusted EPS of $2.32, a 16% increase, with adjusted operating margin expanding to 21%, up 1.3 pp versus prior year.
Secured a 12-month backlog of $8.3 billion, up 8.4%, and set a record multiyear backlog of $20.9 billion, reflecting strong order momentum.
Raised full-year adjusted EPS guidance to $8.85–$9.05, up 18% at the midpoint, underscoring confidence in continued profitable growth.

Oct 22, 2025, 12:30 PM

Transcript

Wabtec reports Q3 2025 results

WAB

Earnings

Guidance Update

Sales of $2.89 billion, up 8.4% YoY
GAAP operating margin of 17.0% (adjusted 21.0%)
GAAP EPS of $1.81 (+11%), adjusted EPS of $2.32 (+16%)
Operating cash flow of $367 million and a 12-month backlog of $8.27 billion, up 8.4% YoY
2025 guidance maintained revenues of $10.925 billion–$11.225 billion; raised adjusted EPS to $8.85–$9.05, +18.4% at midpoint

Oct 22, 2025, 12:30 PM

Presentation

Wabtec reports Q3 2025 results

WAB

Earnings

Guidance Update

Wabtec’s third quarter net sales were $2.89 billion, up 8.4% year-over-year; GAAP diluted EPS was $1.81, up 11.0%, and adjusted diluted EPS was $2.32, up 16.0% versus Q3 2024.
GAAP operating margin expanded to 17.0% and adjusted operating margin reached 21.0%, improvements of 0.7 and 1.3 percentage points, respectively, compared to the prior year quarter.
As of September 30, 2025, Wabtec’s 12-month backlog stood at $8.267 billion, up 8.4%, and total backlog was $25.577 billion, up 15.0% year-over-year.
The company raised and tightened its 2025 adjusted EPS guidance to $8.85–$9.05, projects full-year revenues of $10.925–$11.225 billion, and expects operating cash flow conversion above 90%.

Oct 22, 2025, 11:11 AM

8-K

Wabtec reports Q3 2025 results and raises guidance

WAB

Earnings

Guidance Update

Q3 sales rose 8.4% to $2.89 billion, led by growth in both Freight and Transit segments.
GAAP EPS increased 11% to $1.81, while adjusted EPS grew 16% to $2.32 versus Q3 2024.
Backlog remained strong at $25.6 billion total, with 12-month backlog up 8.4% year-over-year.
Full-year 2025 adjusted EPS guidance was raised and tightened to $8.85–$9.05, with revenues forecast at $10.925–$11.225 billion.

Oct 22, 2025, 10:30 AM

Press Release

Wabtec reports Q2 2025 results

WAB

Earnings

Guidance Update

M&A

Wabtec’s Q2 sales were $2.71 billion, up 2.3% year-over-year, with adjusted EPS of $2.27, a 15.8% increase.
Adjusted operating margin expanded by 1.8 percentage points to 21.1%, driven by favorable mix and cost management.
Twelve-month backlog reached $8.2 billion, up 11.9%, providing visibility into the second half of 2025.
Updated full-year 2025 guidance calls for sales of ~$11.1 billion (up 6.5%) and adjusted EPS of $8.55–$9.15 (up 17%).
Closed the Inspection Technologies acquisition on July 1 and announced $3.5 billion in M&A investments targeting $850 million in first-year revenues at a 25.5% EBITDA margin and $60 million of run-rate synergies.

Jul 24, 2025, 4:50 PM

Wabtec completes acquisition of Evident’s Inspection Technologies

WAB

M&A

On July 1, 2025, Wabtec finalized the acquisition of Evident’s Inspection Technologies division, formerly part of Olympus’s Scientific Solutions business, to bolster its Digital Intelligence segment .
The purchase price was $1.78 billion (approximately $1.68 billion after tax benefits), financed through cash on hand, term notes, term loans and short-term borrowings .
The deal doubles Wabtec’s total addressable market in Digital Intelligence from ~$8 billion to $16 billion and is expected to be accretive to high-single-digit revenue growth, Adjusted EBIT margins and return on invested capital .
Expected to be slightly accretive to Adjusted EPS in H2 2025, the acquisition reflects a 12.0× projected 2025 EBITDA multiple and anticipated run-rate cost synergies of $25 million; impacts will be included in full-year guidance on the Q2 earnings call .

Jul 1, 2025, 12:00 AM

8-K

Westinghouse Air Brake Technologies Corp Completes $1.25 Billion Debt Issuance

WAB

Debt Issuance

The company completed a public offering and sale of $500 million 2030 Notes at 4.900% interest and $750 million 2035 Notes at 5.500% interest, maturing on May 29, 2030 and May 29, 2035 respectively.
Interest will be payable semi-annually on May 29 and November 29, commencing on November 29, 2025.
The Notes include early redemption rights with a make-whole premium and repurchase provisions in the event of a change of control at a purchase price of 101% of principal plus accrued interest.
The offering was executed under the company’s existing registration statement with legal opinions provided by Snell & Wilmer L.L.P..

May 29, 2025, 12:00 AM

8-K

Wabtec Announces Senior Notes Offering

WAB

Debt Issuance

M&A

Wabtec priced a public offering of $500 million 4.9% Senior Notes due 2030 and $750 million 5.5% Senior Notes due 2035.
The net proceeds will be used for general corporate purposes, including repaying its 3.2% Senior Notes due 2025 and funding part of its acquisition of Evident Corporation’s Inspection Technologies division.

May 20, 2025, 12:00 AM

8-K

WAB Releases Q1 2025 Guarantor Summarized Financial Information

WAB

Earnings

Debt Issuance

WAB's 8-K filing for Q1 2025 provides summarized financial information for the Parent Company and its guarantor subsidiaries, detailing performance metrics for both the three months ended March 31, 2025, and the full year ended December 31, 2024.
The income summary reveals net sales of $1,532 million, gross profit of $661 million, and a net income of $33 million for Q1 2025, compared to a net loss of $104 million for fiscal 2024.
The balance sheet highlights include current assets of $1,448 million, noncurrent assets of $3,504 million, current liabilities of $2,352 million, and long-term debt of $2,963 million as of March 31, 2025.
The document also notes that financial results are presented on a combined basis with intercompany transactions eliminated and includes the addition of Wabtec US Rail, Inc. as a guarantor for the Company’s US Notes.

May 19, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for WESTINGHOUSE AIR BRAKE TECHNOLOGIES.

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