WAB · Westinghouse Air Brake Technologies Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B |
| Cost of Revenue | $7.36B | $7.02B | $6.73B | $5.82B | $5.45B | $5.42B |
| Gross Profit | $3.81B | $3.37B | $2.94B | $2.54B | $2.37B | $2.14B |
| R&D | $223.00M | $206.00M | $218.00M | $209.00M | $176.00M | $162.10M |
| SG&A | $1.49B | $1.25B | $1.14B | $1.03B | $1.03B | $948.10M |
| Total Operating Expenses | $2.01B | $1.76B | $1.68B | $1.53B | $1.49B | $1.39B |
| D&A | $501.00M | $503.00M | $531.00M | $479.00M | $491.00M | $473.30M |
| Operating Income | $1.79B | $1.61B | $1.27B | $1.01B | $876.00M | $744.50M |
| Interest Expense | $225.00M | $201.00M | - | - | - | - |
| Income Tax | $409.00M | $343.00M | $267.00M | $213.00M | $172.00M | $144.90M |
| Net Income | $1.17B | $1.06B | $815.00M | $633.00M | $558.00M | $414.40M |
| EPS - Basic | $6.84 | $6.05 | $4.54 | $3.46 | $2.96 | $2.18 |
| EPS - Diluted | $6.83 | $6.04 | $4.53 | $3.46 | $2.96 | $2.17 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $789.00M | $715.00M | $620.00M | $541.00M | $473.00M | $598.70M |
| Accounts Receivable | $1.41B | $1.15B | $1.16B | $975.00M | $1.08B | $969.30M |
| Inventory | $2.75B | $2.31B | $2.28B | $2.03B | $1.69B | $1.64B |
| Accounts Payable | $1.40B | $1.30B | $1.25B | $1.30B | $1.01B | $909.40M |
| Current Assets | $5.69B | $4.94B | $4.86B | $4.33B | $3.83B | $3.88B |
| Total Assets | $22.07B | $18.70B | $18.99B | $18.52B | $18.45B | $18.45B |
| Current Liabilities | $5.15B | $3.79B | $4.06B | $3.47B | $2.91B | $3.23B |
| Long-term Debt | $4.29B | $3.48B | $3.29B | $3.75B | $4.06B | $3.79B |
| Total Liabilities | $10.88B | $8.57B | $8.46B | $8.37B | $8.21B | $8.30B |
| Stockholders' Equity | $11.14B | $10.09B | $10.49B | $10.10B | $10.20B | $10.12B |
| Retained Earnings | $3.88B | $6.18B | $5.27B | $4.58B | $4.05B | $3.59B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.76B | $1.83B | $1.20B | $1.04B | $1.07B | $783.70M |
| Investing Cash Flow | ($2.75B) | ($343.00M) | ($492.00M) | ($235.00M) | ($540.00M) | ($155.40M) |
| Financing Cash Flow | $1.03B | ($1.37B) | ($633.00M) | ($708.00M) | ($653.00M) | ($619.00M) |
| CapEx | $260.00M | $207.00M | $186.00M | $149.00M | $130.00M | $136.40M |
| Free Cash Flow | $1.50B | $1.63B | $1.01B | $889.00M | $943.00M | $647.30M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 34.1% | 32.4% | 30.4% | 30.4% | 30.3% | 28.3% |
| Operating margin | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% | 9.9% |
| EBITDA margin | 20.5% | 20.3% | 18.6% | 17.8% | 17.5% | 16.1% |
| Net margin | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% | 5.5% |
| Free cash flow margin | 13.4% | 15.7% | 10.5% | 10.6% | 12.1% | 8.6% |
| FCF / Net income | 1.28 | 1.54 | 1.25 | 1.40 | 1.69 | 1.56 |
| R&D / Revenue | 2.0% | 2.0% | 2.3% | 2.5% | 2.3% | 2.1% |
| SG&A / Revenue | 13.3% | 12.0% | 11.8% | 12.3% | 13.2% | 12.5% |
| Effective tax rate | 25.9% | 24.5% | 24.7% | 25.2% | 23.6% | 25.9% |
| Return on assets | 5.3% | 5.6% | 4.3% | 3.4% | 3.0% | 2.2% |
| Return on equity | 10.5% | 10.5% | 7.8% | 6.3% | 5.5% | 4.1% |
| Return on invested capital | 8.6% | 8.9% | 6.9% | 5.5% | 4.7% | 4.0% |
| Liquidity | ||||||
| Current ratio | 1.11 | 1.30 | 1.20 | 1.25 | 1.32 | 1.20 |
| Quick ratio | 0.57 | 0.69 | 0.63 | 0.66 | 0.74 | 0.69 |
| Cash ratio | 0.15 | 0.19 | 0.15 | 0.16 | 0.16 | 0.19 |
| Leverage | ||||||
| Debt / Equity | 0.39 | 0.34 | 0.31 | 0.37 | 0.40 | 0.37 |
| Debt / Assets | 0.19 | 0.19 | 0.17 | 0.20 | 0.22 | 0.21 |
| Debt / EBITDA | 1.87 | 1.65 | 1.83 | 2.52 | 2.97 | 3.11 |
| Interest coverage | 8.0x | 8.0x | - | - | - | - |
| Equity multiplier | 1.98 | 1.85 | 1.81 | 1.83 | 1.81 | 1.82 |
| Liabilities / Assets | 0.49 | 0.46 | 0.45 | 0.45 | 0.45 | 0.45 |
| Efficiency | ||||||
| Asset turnover | 0.51 | 0.56 | 0.51 | 0.45 | 0.42 | 0.41 |
| Inventory turnover | 2.68 | 3.03 | 2.95 | 2.86 | 3.23 | 3.30 |
| Days sales outstanding | 46d | 40d | 44d | 43d | 51d | 47d |
| Days inventory outstanding | 136d | 120d | 124d | 128d | 113d | 111d |
| Days payable outstanding | 70d | 68d | 68d | 82d | 68d | 61d |
| Cash conversion cycle | 113d | 93d | 100d | 89d | 96d | 96d |
| Valuation | ||||||
| P / E | 31.3x | 31.4x | 28.0x | 28.8x | 31.1x | 33.7x |
| P / B | 3.3x | 3.3x | 2.2x | 1.8x | 1.7x | 1.4x |
| P / S | 3.3x | 3.2x | 2.4x | 2.2x | 2.2x | 1.8x |
| EV / EBITDA | 17.4x | 17.0x | 14.2x | 14.4x | 15.3x | 14.1x |
| Growth | ||||||
| Revenue growth (YoY) | 7.5% | 7.3% | 15.7% | 6.9% | 3.5% | -7.9% |
| Revenue CAGR (3y) | 10.1% | 9.9% | 8.6% | 0.7% | 38.7% | 24.9% |
| Revenue CAGR (5y) | 8.1% | 4.8% | 27.0% | 16.6% | 21.7% | 18.0% |
| Gross profit growth (YoY) | 13.1% | 14.3% | 15.9% | 7.2% | 10.9% | -6.2% |
| Operating income growth (YoY) | 11.4% | 27.1% | 25.2% | 15.4% | 17.7% | 12.3% |
| Net income growth (YoY) | 10.8% | 29.6% | 28.8% | 13.4% | 34.7% | 26.8% |
| EPS growth (YoY) | 13.1% | 33.3% | 30.9% | 16.9% | 36.4% | 17.9% |
| EPS CAGR (3y) | 25.4% | 26.8% | 27.8% | 23.4% | -1.0% | -7.3% |
| EPS CAGR (5y) | 25.8% | 26.8% | 8.2% | 4.9% | -2.4% | -11.9% |
| FCF growth (YoY) | -7.9% | 60.3% | 14.2% | -5.7% | 45.7% | -22.0% |
| FCF CAGR (5y) | 18.3% | 14.4% | 35.6% | 55.0% | 18.8% | 10.2% |
| Book value growth (YoY) | 10.4% | -3.8% | 3.8% | -1.0% | 0.8% | 1.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$11.17B totalFreight Segment$8.04B · 72.0%
Transit Segment$3.13B · 28.0%
Product / service
$19.28B totalProduct$9.26B · 48.0%
Equipment$2.37B · 12.3%
Service$1.91B · 9.9%
Aftermarket$1.74B · 9.0%
Components$1.59B · 8.2%
OEM$1.39B · 7.2%
Digital Intelligence$1.03B · 5.3%
Geographic
$19.32B totalNorth America$6.19B · 32.1%
US$5.37B · 27.8%
Europe$1.96B · 10.1%
IN$699.00M · 3.6%
Other Europe$663.00M · 3.4%
CA$555.00M · 2.9%
South America$513.00M · 2.7%
Australia And New Zealand$453.00M · 2.3%
Kazakhstan Russia And CIS$431.00M · 2.2%
FR$419.00M · 2.2%
DE$379.00M · 2.0%
Africa$326.00M · 1.7%
GB$313.00M · 1.6%
Other Asia And Middle East$300.00M · 1.6%
CN$297.00M · 1.5%
MX$270.00M · 1.4%
IT$182.00M · 0.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.35
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Railroad Equipment
Comparing WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP against the 4 most active filers in the same SIC group.
Dividends
$1.12/share trailing 12 months · +24.4% YoY
| Ex-date | Per share |
|---|---|
| May 22, 2026 | $0.3100 |
| Feb 17, 2026 | $0.3100 |
| Nov 12, 2025 | $0.2500 |
| Aug 14, 2025 | $0.2500 |
| May 27, 2025 | $0.2500 |
| Feb 21, 2025 | $0.2500 |
| Nov 13, 2024 | $0.2000 |
| Aug 14, 2024 | $0.2000 |
| May 24, 2024 | $0.2000 |
| Feb 22, 2024 | $0.2000 |
| Nov 14, 2023 | $0.1700 |
| Aug 11, 2023 | $0.1700 |
| May 26, 2023 | $0.1700 |
| Feb 23, 2023 | $0.1700 |
| Nov 10, 2022 | $0.1500 |
| Aug 12, 2022 | $0.1500 |
| May 19, 2022 | $0.1500 |
| Feb 24, 2022 | $0.1500 |
| Nov 12, 2021 | $0.1200 |
| Aug 12, 2021 | $0.1200 |
| May 6, 2021 | $0.1200 |
| Feb 11, 2021 | $0.1200 |
| Nov 12, 2020 | $0.1200 |
| Aug 13, 2020 | $0.1200 |