Westinghouse Air Brake Technologies
WAB · NYSERailroad Equipment · Fiscal year ends Dec 31
Westinghouse Air Brake Technologies reported revenue of $11.2B in the fiscal year ended Dec 2025, up 7.5% from the year before. Operating income was $1.8B, an operating margin of 16.1%, and net income was $1.2B. Operating cash flow of $1.8B less capital expenditure of $260M left free cash flow of $1.5B. Net debt was $4.8B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $7.8B | $8.4B | $9.7B | $10.4B | $11.2B |
| Cost of revenue | $5.5B | $5.8B | $6.7B | $7B | $7.4B |
| Gross profit | $2.4B | $2.5B | $2.9B | $3.4B | $3.8B |
| Research & development | $176M | $209M | $218M | $206M | $223M |
| Selling, general & admin | $1B | $1B | $1.1B | $1.2B | $1.5B |
| Operating income | $876M | $1B | $1.3B | $1.6B | $1.8B |
| Net interest incomeBanks | −$177M | −$186M | −$218M | – | – |
| Interest expense | – | $186M | $218M | $201M | $225M |
| Pre-tax income | $737M | $854M | $1.1B | $1.4B | $1.6B |
| Income tax | $172M | $213M | $267M | $343M | $409M |
| Net income | $558M | $633M | $815M | $1.1B | $1.2B |
| Diluted EPS | 2.96 | 3.46 | 4.53 | 6.04 | 6.83 |
| Diluted shares | 188M | 183M | 180M | 175M | 171M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $473M | $541M | $620M | $715M | $789M |
| Receivables | $1.1B | $975M | $1.2B | $1.2B | $1.4B |
| Inventory | $1.7B | $2B | $2.3B | $2.3B | $2.7B |
| Current assets | $3.8B | $4.3B | $4.9B | $4.9B | $5.7B |
| Net PP&E | $1.5B | $1.4B | $1.5B | $1.4B | $1.6B |
| Goodwill | $8.6B | $8.5B | $8.8B | $8.7B | $10.2B |
| Total assets | $18.5B | $18.5B | $19B | $18.7B | $22.1B |
| Payables | $1B | $1.3B | $1.3B | $1.3B | $1.4B |
| Deferred revenue | $629M | $772M | $804M | $693M | $1B |
| Current liabilities | $2.9B | $3.5B | $4.1B | $3.8B | $5.2B |
| Short-term debt | $2M | $251M | $781M | $500M | $1.3B |
| Long-term debt | $4.1B | $3.8B | $3.3B | $3.5B | $4.3B |
| Total liabilities | $8.2B | $8.4B | $8.5B | $8.6B | $10.9B |
| Shareholders' equity | $10.2B | $10.1B | $10.5B | $10.1B | $11.1B |
| Backlog (remaining obligations) | $22B | – | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1B | $1.2B | $1.8B | $1.8B |
| Capital expenditure | $130M | $149M | $186M | $207M | $260M |
| Free cash flow | $943M | $889M | $1B | $1.6B | $1.5B |
| Depreciation & amortisation | $491M | $479M | $531M | $503M | $501M |
| Stock-based compensation | $46M | $41M | $47M | $66M | $80M |
| Acquisitions | $435M | $89M | $308M | $168M | $2.5B |
| Share buybacks | $300M | $473M | $409M | $1.1B | $223M |
| Dividends paid | $92M | $111M | $123M | $140M | $173M |
| Dividend per share | 0.48 | 0.60 | 0.68 | 0.80 | 1.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.9% | 15.7% | 7.3% | 7.5% |
| Operating income growth (YoY) | – | 15.4% | 25.2% | 27.1% | 11.4% |
| EPS growth (YoY) | – | 16.9% | 30.9% | 33.3% | 13.1% |
| Gross margin | 30.3% | 30.4% | 30.4% | 32.4% | 34.1% |
| Operating margin | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% |
| Net margin | 7.1% | 7.6% | 8.4% | 10.2% | 10.5% |
| Return on equityBlank when equity is negative | 5.5% | 6.3% | 7.8% | 10.5% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 6.7% | 8.5% | 10.8% | 10.6% |
| Free cash flow margin | 12.1% | 10.6% | 10.5% | 15.7% | 13.4% |
| Cash conversion (CFO ÷ net income) | 1.92x | 1.64x | 1.47x | 1.74x | 1.50x |
| Receivable days | 51 | 43 | 44 | 40 | 46 |
| Inventory days | 113 | 128 | 124 | 120 | 136 |
| Payable days | 68 | 82 | 68 | 68 | 70 |
| Interest cover | – | 5.44x | 5.81x | 8.00x | 7.97x |
| Debt ÷ equity | 0.40x | 0.40x | 0.39x | 0.39x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $3.6B | $3.5B | $3.4B | $3.3B | $4.8B |
| Current ratio | 1.32x | 1.25x | 1.20x | 1.30x | 1.11x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.