FirmAtlas
Company handbook · WAB · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WAB · CIK 943452 · LATEST FILING: 10-Q JUN '26 · FILED JUL 22, 2026
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
$286.82
−0.94 (−0.33%)
Close, Oct 16, 2026 · 52-week $186–307
Last fiscal year
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION reported revenue of $11.2B for the year ended Dec 31, 2025 (FY25), up 7.5% from FY24. Net income was $1.2B, operating cash flow $1.8B and free cash flow $1.5B. Source: 10-K filed Feb 13, 2026.
Market cap
$48.9B
P/E
38.6
EV/EBITDA
23.9x
P/B
4.4
Div yield
0.41%
ROIC
8.6%
Revenue 1Y
7.5%/yr
EPS 1Y
13.1%/yr
Shares 1Y
−0.4%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORafael Santana
HQPittsburgh, PA
AuditorErnst & Young LLP
Employees31,000
Year endsDecember
Revenue by segment · FY25
Freight72%
Transit28%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
13.5%
25.5%
39.9%
48.1%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$4.8B deployed
Capex
$467M
9.8%
Acquisitions
$2.7B
56.1%
Dividends
$313M
6.5%
Buybacks
$1.3B
27.6%
Operating cash flow over the period: $3.6B. Total debt changed by +$2.3B. R&D of $429M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY18).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
10,387
11,167+7.5%
11,980
YoY
+7.5%
Gross profit
3,366
3,806+13.1%
4,190
Gross margin
32.4%
34.1%+1.7 pp
—
Operating income
1,609
1,793+11.4%
1,964
Operating margin
15.5%
16.1%+0.6 pp
—
EBITDA
2,112
2,294+8.6%
—
EBITDA margin
20.3%
20.5%+0.2 pp
—
Interest expense
201
225+11.9%
—
Interest coverage
10.51x
10.20x−0.31x
—
Net income
1,056
1,170+10.8%
1,269
YoY
+10.8%
Net margin
10.2%
10.5%+0.3 pp
—
EPS (diluted, $)
6.04
6.83+13.1%
7.44
YoY
+13.1%
Balance sheet
Total assets
18,702
22,069+18.0%
23,128
Cash & short-term investments
715
789+10.3%
—
Accounts receivable
1,152
1,410+22.4%
—
Inventory
2,314
2,745+18.6%
—
Net PP&E
1,447
1,616+11.7%
—
Other assets
13,074
15,509+18.6%
—
Total liabilities
8,611
10,927+26.9%
11,914
Accounts payable
1,300
1,402+7.8%
—
Total debt
4,480
6,791+51.6%
8,227
Other liabilities
2,831
2,734−3.4%
—
Shareholders’ equity
10,091
11,142+10.4%
11,214
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,834
1,759−4.1%
1,999
Net income
1,067
1,183+10.9%
—
Depreciation & amortization
503
501−0.4%
—
Stock-based compensation
66
80+21.2%
—
Working capital & other
198
(5)−102.5%
—
Cash from investing
(343)
(2,747)n/m
—
Capex
(207)
(260)n/m
—
PP&E sold
13
5−61.5%
—
Acquisitions
(168)
(2,520)n/m
—
Other investing
19
28+47.4%
—
Cash from financing
(1,371)
1,031n/m
—
Debt repaid
(2,322)
(3,224)n/m
—
Dividends
(140)
(173)n/m
—
Buybacks
(1,097)
(223)n/m
—
Other financing
2,188
4,651+112.6%
—
Net change in cash
95
74−22.1%
—
Free cash flow (OCF − capex)
1,627
1,499−7.9%
1,714
Where the cash went
Operating cash flow
1,834
1,759−4.1%
1,999
Reinvested in the business
375
2,780+641.3%
—
% of operating cash flow
20.4%
158.0%
Capex
207
260+25.6%
285
Acquisitions
168
2,520+1400.0%
—
R&D (memo, already in costs)
206
223+8.3%
—
Free cash flow
1,627
1,499−7.9%
1,714
YoY
−7.9%
Returned to shareholders
1,237
396−68.0%
—
% of free cash flow
76.0%
26.4%
Dividends
140
173+23.6%
—
Buybacks
1,097
223−79.7%
—
Change in total debt
—
2,311
—
Cash left over
—
894
—
FCF conversion (FCF ÷ net income)
154.1%
128.1%−26.0 pp
—
Owner earnings
—
824
—
Owner earnings margin
—
7.4%
—
Buyback yield
3.4%
0.6%−2.8 pp
—
Returns & ratios
ROIC (all capital)
8.8%
8.6%−0.2 pp
—
ROIC (operating)
33.7%
33.4%−0.3 pp
—
Net debt / EBITDA
1.78x
2.62x+0.83x
—
Debt / equity
0.44x
0.61x+0.17x
—
Cash conversion cycle (days)
93
113+19 d
—
ROE
10.5%
10.5%+0.0 pp
—
ROA
5.6%
5.3%−0.3 pp
—
ROCE
10.8%
10.6%−0.2 pp
—
NOPAT
1,218
1,332+9.4%
—
Invested capital (operating)
3,613
4,369+20.9%
—
Invested capital (all)
13,856
17,144+23.7%
—
Reinvestment rate
—
56.7%
—
Debtor days
40
46+6 d
—
Inventory days
120
136+16 d
—
Days payable
68
70+2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,886
2,965
2,950
3,179
vs year-ago quarter
Gross profit
1,002
966
1,061
1,161
Gross margin
34.7%
32.6%
36.0%
36.5%
Operating income
491
356
517
600
Net income
310
202
362
395
vs year-ago quarter
Net margin
10.7%
6.8%
12.3%
12.4%
EPS (diluted, $)
1.81
1.18
2.12
2.33
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
21,527
22,069
23,196
23,128
Cash & equivalents
528
789
531
670
Total debt
5,536
6,791
8,368
8,227
Shareholders’ equity
11,048
11,142
11,103
11,214
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
367
992
199
441
Capex
55
122
46
62
Free cash flow
312
870
153
379
vs year-ago quarter