Westinghouse AIR Brake Technologies Corp. (WAB) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $49.2B
P/E (TTM): 39.09
Price / sales: 4.11
EV / EBITDA: 22.09
Price / book: 4.39

Cash flow

FCF yield: 3.5%
SBC-adjusted FCF yield: 3.3%
SBC impact: 5.5%
Stock compensation (TTM): $94M

Margins & growth

Profit margin: 10.6%
Operating margin: 16.4%
Quarterly revenue (year on year): 17.5%
Quarterly earnings (year on year): 17.6%

Balance sheet

Cash & investments: $670M
Debt: $6.9B
Net cash / (debt): -$6.3B

Where the revenue comes from

Product is 83% of revenue.

By product or service

Year to Dec 31, 2025 · $11.2B

Product83%
$9.3B+9.8% vs. a year earlier
Service17%
$1.9B-2.4% vs. a year earlier

By business segment

Year to Dec 31, 2025 · $11.2B

Freight72%
$8B+7.6% vs. a year earlier
Transit28%
$3.1B+7.3% vs. a year earlier

By region

Year to Dec 31, 2025 · $11.2B

United States48%
$5.4B+9.0% vs. a year earlier
India6%
$699M+20.7% vs. a year earlier
Other Europe6%
$663M+8.3% vs. a year earlier
Canada5%
$555M-9.9% vs. a year earlier
South America5%
$513M+15.3% vs. a year earlier
Australia and New Zealand4%
$453M-5.8% vs. a year earlier
Kazakhstan Russia and CIS4%
$431M-22.9% vs. a year earlier
France4%
$419M+13.6% vs. a year earlier
Germany3%
$379M+2.2% vs. a year earlier
Africa3%
$326M+68.0% vs. a year earlier
United Kingdom3%
$313M+5.7% vs. a year earlier
Other Asia and Middle East3%
$300M+16.3% vs. a year earlier
China3%
$297M+22.7% vs. a year earlier
Mexico2%
$270M-1.8% vs. a year earlier
Italy2%
$182M+9.6% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$11.98BQ2 2026+4.1%

1Y: +13.43%2Y: +17.26%5Y: +54.97%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$2.51BQ2 2026+6.5%

1Y: +13.47%2Y: +22.68%5Y: +101.03%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$1.27BQ2 2026+4.9%10.6% of revenue

1Y: +10.06%2Y: +24.90%5Y: +180.38%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

10.6%Q2 2026+0.7%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$1.71BQ2 2026+13.9%

1Y: +18.04%2Y: +15.27%5Y: +80.99%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$7.45Q2 2026+5.2%

1Y: +11.03%2Y: +30.70%5Y: +213.03%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

170.55MQ2 2026-0.2%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

39.9xQ2 2026+15.1%

39.9x today · median 30.9x and range 23.3x–39.9x across the points shown, Q3 2021 to Q2 2026

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$192MQ2 2026+4.9%

1Y: +23.08%2Y: +45.45%5Y: +107.34%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Westinghouse AIR Brake Technologies Corp.

Ticker: WAB
SEC classification: Railroad Equipment (3743)
Listed on: NYSE
Incorporated in: DE
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Westinghouse AIR Brake Technologies Corp.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Splits applied: 2:1 on May 14, 2013. Per-share history is restated onto today’s basis, so a split does not appear as a cliff.

Share-count jumps we cannot explain: 1.84x around Dec 31, 2019. No split accounts for these, so nothing was adjusted — most often it is real dilution rather than a data problem, which is why it is flagged and not corrected.

Not reported by this filer: Interest Income, Non-interest Income, Non-interest Expense, Deposits, Loans, Short-term Investments, Short-term Borrowings, Borrowings (total), Operating Lease (current), Operating Lease (noncurrent), Finance Lease (current), and Finance Lease (noncurrent). Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $49.2B
P/E (TTM): 39.09
Price / sales: 4.11
EV / EBITDA: 22.09
Price / book: 4.39

Cash flow

FCF yield: 3.5%
SBC-adjusted FCF yield: 3.3%
SBC impact: 5.5%
Stock compensation (TTM): $94M

Margins & growth

Profit margin: 10.6%
Operating margin: 16.4%
Quarterly revenue (year on year): 17.5%
Quarterly earnings (year on year): 17.6%

Balance sheet

Cash & investments: $670M
Debt: $6.9B
Net cash / (debt): -$6.3B

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

About this data

Everything above comes from Westinghouse AIR Brake Technologies Corp.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Splits applied: 2:1 on May 14, 2013. Per-share history is restated onto today’s basis, so a split does not appear as a cliff.