Westinghouse Air Brake Technologies Corporation (WAB) financial statements: income statement, balance sheet and cash flow

Westinghouse Air Brake Technologies Corporation's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Westinghouse Air Brake Technologies Corporation reported revenue of $11.2B (+7.5% year on year) and net income of $1.2B (+10.9% year on year).

Income statement

Westinghouse Air Brake Technologies Corporation income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total net sales	$11.2B	$10.4B	$9.7B	$8.4B
Total cost of sales	($7.4B)	($7.0B)	($6.7B)	($5.8B)
Gross profit	$3.8B	$3.4B	$2.9B	$2.5B
Selling, general and administrative expenses	($1.5B)	($1.2B)	($1.1B)	($1.0B)
Engineering expenses	($223.0M)	($206.0M)	($218.0M)	($209.0M)
Amortization expense	($300.0M)	($303.0M)	($321.0M)	($291.0M)
Total operating expenses	($2.0B)	($1.8B)	($1.7B)	($1.5B)
Income from operations	$1.8B	$1.6B	$1.3B	$1.0B
Interest expense, net	($225.0M)	($201.0M)	($218.0M)	($186.0M)
Other income, net	$24.0M	$2.0M	$44.0M	$29.0M
Income (loss) before income taxes	$1.6B	$1.4B	$1.1B	$854.0M
Income tax expense	($409.0M)	($343.0M)	($267.0M)	($213.0M)
Net income	$1.2B	$1.1B	$825.0M	$641.0M
Less: Net income attributable to noncontrolling interest	($13.0M)	($11.0M)	($10.0M)	($8.0M)
Net income attributable to Wabtec shareholders	$1.2B	$1.1B	$815.0M	$633.0M
Net income attributable to Wabtec shareholders (in dollars per share)	$6.84	$6.05	$4.54	$3.46
Net income attributable to Wabtec shareholders (in dollars per share)	$6.83	$6.04	$4.53	$3.46
Basic (in shares)	170.5M	174.1M	178.8M	182.2M
Diluted (in shares)	171.1M	174.8M	179.5M	182.8M

Westinghouse Air Brake Technologies Corporation income statement, quarters

Line item	Sep 30, 2026 · Q3	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3
Total net sales	$3.1B	$3.2B	$3.0B	$2.9B
Total cost of sales	($2.0B)	($2.0B)	($1.9B)	($1.9B)
Gross profit	$1.2B	$1.2B	$1.1B	$1.0B
Selling, general and administrative expenses	($383.0M)	($400.0M)	($401.0M)	($375.0M)
Engineering expenses	($67.0M)	($70.0M)	($56.0M)	($59.0M)
Amortization expense	($89.0M)	($91.0M)	($87.0M)	($77.0M)
Total operating expenses	($539.0M)	($561.0M)	($544.0M)	($511.0M)
Income from operations	$625.0M	$600.0M	$517.0M	$491.0M
Interest expense, net	($80.0M)	($80.0M)	($71.0M)	($65.0M)
Other income (expense), net	$12.0M	($2.0M)	$23.0M	($1.0M)
Income (loss) before income taxes	$557.0M	$518.0M	$469.0M	$425.0M
Income tax expense	($146.0M)	($122.0M)	($106.0M)	($112.0M)
Net income	$411.0M	$396.0M	$363.0M	$313.0M
Less: Net income attributable to noncontrolling interest	($2.0M)	($1.0M)	($1.0M)	($3.0M)
Net income attributable to Wabtec shareholders	$409.0M	$395.0M	$362.0M	$310.0M
Net income attributable to Wabtec shareholders (in dollars per share)	$2.43	$2.33	$2.12	$1.81
Net income attributable to Wabtec shareholders (in dollars per share)	$2.42	$2.33	$2.12	$1.81
Basic (in shares)	168.2M	169.1M	170.0M	170.5M
Diluted (in shares)	168.8M	169.6M	170.7M	171.1M

Balance sheet

Westinghouse Air Brake Technologies Corporation balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash, cash equivalents and restricted cash	$789.0M	$715.0M	$620.0M	$541.0M
Accounts receivable	$1.4B	$1.2B	$1.2B	$975.0M
Unbilled accounts receivable	$487.0M	$550.0M	$524.0M	$544.0M
Inventories, net	$2.7B	$2.3B	$2.3B	$2.0B
Other current assets	$263.0M	$212.0M	$267.0M	$233.0M
Total current assets	$5.7B	$4.9B	$4.9B	$4.3B
Property, plant and equipment, net	$1.6B	$1.4B	$1.5B	$1.4B
Goodwill	$10.2B	$8.7B	$8.8B	$8.5B
Other intangible assets, net	$3.8B	$2.9B	$3.2B	$3.4B
Other noncurrent assets	$705.0M	$668.0M	$663.0M	$850.0M
Total noncurrent assets	$16.4B	$13.8B	$14.1B	$14.2B
Total Assets	$22.1B	$18.7B	$19.0B	$18.5B
Accounts payable	$1.4B	$1.3B	$1.3B	$1.3B
Customer deposits	$1.0B	$693.0M	$804.0M	$772.0M
Accrued compensation	$490.0M	$425.0M	$341.0M	$300.0M
Accrued warranty	$266.0M	$248.0M	$220.0M	$215.0M
Current portion of long-term debt	$1.3B	$500.0M	$781.0M	$251.0M
Other accrued liabilities	$727.0M	$626.0M	$660.0M	$628.0M
Total current liabilities	$5.2B	$3.8B	$4.1B	$3.5B
Long-term debt	$4.3B	$3.5B	$3.3B	$3.8B
Deferred income taxes	$606.0M	$376.0M	$318.0M	$326.0M
Other long-term liabilities	$832.0M	$863.0M	$740.0M	$721.0M
Total Liabilities	$10.9B	$8.6B	$8.5B	$8.4B
Common stock, $.01 par value; 500.0 shares authorized; 171.9 shares issued and 170.6 outstanding at December 31, 2025; 226.9 shares issued and 171.3 outstanding at December 31, 2024	1.0M	2.0M	2.0M	2.0M
Additional paid-in capital	$8.1B	$8.0B	$8.0B	$8.0B
Treasury stock, at cost, 1.3 and 55.6 shares, at December 31, 2025 and 2024, respectively	-190.0M	-3.3B	-2.2B	-1.8B
Retained earnings	$3.9B	$6.2B	$5.3B	$4.6B
Accumulated other comprehensive loss	($616.0M)	($846.0M)	($590.0M)	($661.0M)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	$11.1B	$10.1B	$10.5B	$10.1B
Noncontrolling interest	$48.0M	$42.0M	$37.0M	$45.0M
Total Equity	$11.2B	$10.1B	$10.5B	$10.1B
Total Liabilities and Equity	$22.1B	$18.7B	$19.0B	$18.5B

Westinghouse Air Brake Technologies Corporation balance sheet, quarters

Line item	Sep 30, 2026	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025
Cash, cash equivalents and restricted cash	$489.0M	$670.0M	$531.0M	$528.0M
Accounts receivable	$1.8B	$1.7B	$1.8B	$1.7B
Unbilled accounts receivable	$458.0M	$449.0M	$468.0M	$536.0M
Inventories, net	$2.9B	$2.9B	$2.9B	$2.7B
Other current assets	$352.0M	$345.0M	$340.0M	$315.0M
Total current assets	$6.1B	$6.0B	$6.0B	$5.8B
Property, plant and equipment, net	$1.7B	$1.7B	$1.7B	$1.5B
Goodwill	$10.6B	$10.6B	$10.6B	$9.9B
Other intangible assets, net	$4.0B	$4.1B	$4.2B	$3.5B
Other noncurrent assets	$765.0M	$709.0M	$706.0M	$806.0M
Total noncurrent assets	$17.1B	$17.1B	$17.2B	$15.7B
Total Assets	$23.1B	$23.1B	$23.2B	$21.5B
Accounts payable	$1.5B	$1.4B	$1.4B	$1.4B
Customer deposits	$801.0M	$878.0M	$1.0B	$940.0M
Accrued compensation	$461.0M	$374.0M	$515.0M	$424.0M
Accrued warranty	$273.0M	$273.0M	$269.0M	$261.0M
Current portion of long-term debt	$1.7B	$1.7B	$1.8B	$251.0M
Other accrued liabilities	$778.0M	$779.0M	$792.0M	$759.0M
Total current liabilities	$5.5B	$5.4B	$5.8B	$4.1B
Long-term debt	$4.7B	$4.9B	$4.7B	$5.0B
Deferred income taxes	$742.0M	$724.0M	$729.0M	$553.0M
Other long-term liabilities	$870.0M	$858.0M	$773.0M	$717.0M
Total Liabilities	$11.8B	$11.9B	$12.0B	$10.4B
Common stock, $.01 par value; 500.0 shares authorized and 171.9 shares issued; 168.0 and 170.6 outstanding at September 30, 2026 and December 31, 2025, respectively	1.0M	1.0M	1.0M	1.0M
Additional paid-in capital	$8.1B	$8.0B	$8.0B	$8.0B
Treasury stock, at cost, 3.9 and 1.3 shares, at September 30, 2026 and December 31, 2025, respectively	-937.0M	-630.0M	-416.0M	-115.0M
Retained earnings	$4.9B	$4.5B	$4.2B	$3.7B
Accumulated other comprehensive loss	($686.0M)	($729.0M)	($689.0M)	($604.0M)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	$11.3B	$11.2B	$11.1B	$11.0B
Noncontrolling interest	$31.0M	$30.0M	$48.0M	$47.0M
Total Equity	$11.4B	$11.2B	$11.2B	$11.1B
Total Liabilities and Equity	$23.1B	$23.1B	$23.2B	$21.5B

Cash flow statement

Westinghouse Air Brake Technologies Corporation cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$1.2B	$1.1B	$825.0M	$641.0M
Depreciation and amortization	$501.0M	$503.0M	$531.0M	$479.0M
Stock-based compensation expense	$80.0M	$66.0M	$47.0M	$41.0M
Net loss on business disposition	$38.0M	—	—	—
Net gain on mark-to-market derivatives	($19.0M)	—	—	—
Below market intangible amortization	($44.0M)	($44.0M)	($54.0M)	($53.0M)
Deferred income taxes	$11.0M	$51.0M	($58.0M)	$36.0M
Net loss on disposal of property, plant and equipment	$2.0M	$4.0M	$7.0M	$3.0M
Accounts receivable and unbilled accounts receivable	($36.0M)	($34.0M)	($195.0M)	($52.0M)
Inventories	($182.0M)	($117.0M)	($58.0M)	($368.0M)
Accounts payable	$34.0M	$70.0M	($58.0M)	$306.0M
Accrued income taxes	$6.0M	$21.0M	$1.0M	$7.0M
Current and noncurrent customer deposits	$146.0M	$113.0M	—	—
Other accrued liabilities	$36.0M	$124.0M	—	—
Other operating activities	$3.0M	$10.0M	$87.0M	($110.0M)
Net cash provided by operating activities	$1.8B	$1.8B	$1.2B	$1.0B
Acquisitions of businesses, net of cash acquired	($2.5B)	($168.0M)	($308.0M)	($89.0M)
Purchase of property, plant and equipment	($260.0M)	($207.0M)	($186.0M)	($149.0M)
Proceeds from dispositions of businesses, net of cash disposed	$8.0M	$19.0M	—	—
Settlement of foreign currency derivatives related to acquisition	$20.0M	—	—	—
Proceeds from disposal of property, plant and equipment	$5.0M	$13.0M	$2.0M	$3.0M
Net cash used for investing activities	($2.7B)	($343.0M)	($492.0M)	($235.0M)
Proceeds from debt, net of issuance costs	$4.7B	$2.3B	$5.6B	$6.1B
Payments of debt	($3.2B)	($2.3B)	($5.5B)	($6.1B)
Repurchase of stock	($223.0M)	($1.1B)	($409.0M)	($473.0M)
Cash dividends	($173.0M)	($140.0M)	($123.0M)	($111.0M)
Payment of contingent consideration	$0	($42.0M)	($112.0M)	($101.0M)
Payment of income tax withholding on share-based compensation	($40.0M)	($25.0M)	($16.0M)	—
Distribution to noncontrolling interest	($6.0M)	($6.0M)	($17.0M)	—
Other financing activities	($11.0M)	$3.0M	$2.0M	$7.0M
Net cash provided by (used for) financing activities	$1.0B	($1.4B)	($633.0M)	($708.0M)
Effect of changes in currency exchange rates on cash	$31.0M	($25.0M)	$3.0M	($27.0M)
Increase in cash	$74.0M	$95.0M	$79.0M	$68.0M
Cash, cash equivalents and restricted cash, beginning of year	$715.0M	$620.0M	$541.0M	$473.0M
Cash, cash equivalents and restricted cash, end of year	$789.0M	$715.0M	$620.0M	$541.0M

Westinghouse Air Brake Technologies Corporation cash flow statement, quarters

Line item	Sep 30, 2026 · YTD	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD
Net income	$1.2B	$759.0M	$363.0M	$979.0M
Depreciation and amortization	$424.0M	$282.0M	$139.0M	$365.0M
Stock-based compensation expense	$75.0M	$50.0M	$22.0M	$58.0M
Net gain on mark-to-market derivatives	($2.0M)	($2.0M)	—	($30.0M)
Below market intangible amortization	($31.0M)	($20.0M)	($10.0M)	($36.0M)
Accounts receivable and unbilled accounts receivable	($342.0M)	($229.0M)	($305.0M)	($368.0M)
Inventories	($100.0M)	($35.0M)	($28.0M)	($228.0M)
Accounts payable	$67.0M	$20.0M	$20.0M	$76.0M
Accrued income taxes	$99.0M	$113.0M	$62.0M	$67.0M
Current and noncurrent customer deposits	($149.0M)	($70.0M)	($64.0M)	$1.0M
Other accrued liabilities	($37.0M)	($123.0M)	$12.0M	($24.0M)
Other operating activities	($79.0M)	($105.0M)	($12.0M)	($95.0M)
Net cash provided by operating activities	$1.1B	$640.0M	$199.0M	$767.0M
Acquisitions of businesses, net of cash acquired	($1.1B)	($1.1B)	($1.1B)	($1.8B)
Purchase of property, plant and equipment	($182.0M)	($108.0M)	($46.0M)	($138.0M)
Other investing activities	$1.0M	$10.0M	$3.0M	—
Net cash used for investing activities	($1.2B)	($1.2B)	($1.1B)	($1.9B)
Proceeds from debt, net of issuance costs	$3.6B	$2.6B	$1.7B	$3.9B
Payments of debt	($2.8B)	($1.5B)	($670.0M)	($2.6B)
Repurchase of stock	($762.0M)	($457.0M)	($242.0M)	($148.0M)
Cash dividends	($158.0M)	($106.0M)	($53.0M)	($130.0M)
Payment of income tax withholding on share-based compensation	($55.0M)	($54.0M)	($53.0M)	($39.0M)
Distribution to/redemption of noncontrolling interest	($19.0M)	—	—	($6.0M)
Other financing activities	($8.0M)	($24.0M)	($8.0M)	($5.0M)
Net cash (used for) provided by financing activities	($147.0M)	$408.0M	$656.0M	$907.0M
Effect of changes in currency exchange rates	($5.0M)	($7.0M)	($8.0M)	$26.0M
Decrease in cash	($300.0M)	($119.0M)	($258.0M)	($187.0M)
Cash, cash equivalents and restricted cash, beginning of period	$789.0M	$789.0M	$789.0M	$715.0M
Cash, cash equivalents and restricted cash, end of period	$489.0M	$670.0M	$531.0M	$528.0M

Westinghouse Air Brake Technologies Corporation score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.