TICKDELTA
Sign in
Screener / SEC EDGAR /CIK 0000943452 /10-K filed Feb 13, 2026, compared with Feb 12, 2025 /Numbers from the XBRL of the 10-Ks
Industrials peers:
CTASNSCVRTFIXEXPDWAB
NYSE Industrials · Railroad Equipment

Wabtec WAB

WAB quote by TradingView

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, is a Delaware corporation with headquarters at 30 Isabella Street in Pittsburgh, Pennsylvania. 10-K, Item 1

Employees
31,000
Headquarters
Pittsburgh, PA
CEO
Rafael Santana
Next results
around Feb 10, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $11.2B through the costs to a net profit of $1.2B · income statement of the 10-K

16% operating margin
Revenue to Gross profit: $3.8BRevenue to Cost of revenue: $7.4BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $1.2BOperating profit to Tax & other: $623.0MOperating expenses to R&D: $223.0MOperating expenses to Sales, admin & other: $1.8B Revenue: $11.2B REVENUE $11.2B +8% Y/Y Gross profit: $3.8B · 34% margin GROSS PROFIT $3.8B 34% margin · +13% Y/Y Cost of revenue: $7.4B · 66% of revenue COST OF REVENUE $7.4B 66% of revenue Operating profit: $1.8B · 16% margin OPERATING PROFIT $1.8B 16% margin · +11% Y/Y Operating expenses: $2.0B · 18% of revenue OPERATING EXPENSES $2.0B 18% of revenue Net profit: $1.2B · 10% margin NET PROFIT $1.2B 10% margin · +11% Y/Y Tax & other: $623.0M · 6% of revenue TAX & OTHER $623.0M 6% of revenue R&D: $223.0M · 2% of revenue R&D $223.0M 2% of revenue Sales, admin & other: $1.8B · 16% of revenue SALES, ADMIN & OTHER $1.8B 16% of revenue
Gross profit $3.8B 34% margin · +13% Y/Y
Operating profit $1.8B 16% margin · +11% Y/Y
Net profit $1.2B 10% margin · +11% Y/Y
The full income statement, year by year

WAB among Industrials peers

Six ratios from the latest 10-K. Each corner is the share of 81 peers the company is above, not a score.

Compare
Revenue growth: 7.5%, above 65% of 81 peers (their median 4.6%) REVENUE GROWTH 7.5% · above 65% Gross margin: 35.6%, above 35% of 51 peers (their median 38.6%) GROSS MARGIN 35.6% · above 35% Operating margin: 17.2%, above 48% of 71 peers (their median 17.5%) OPERATING MARGIN 17.2% · above 48% Net margin: 11.2%, above 41% of 81 peers (their median 13.0%) NET MARGIN 11.2% · above 41% FCF margin: 14.6%, above 58% of 78 peers (their median 13.0%) FCF MARGIN 14.6% · above 58% Return on capital: 7.5%, above 17% of 65 peers (their median 14.2%) RETURN ON CAPITAL 7.5% · above 17%
WAB Peer median Below the median

What changed

3 new risk paragraphs and 3 accounting facts worth reading about. 10-K filed Feb 13, 2026 against Feb 12, 2025.

Risk factors
3 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +22.4% vs revenue +7.5% (+14.9 pts)
10-K · XBRL
Inventory growing faster than revenue
Inventory +18.6% vs revenue +7.5% (+11.1 pts)
10-K · XBRL
Critical audit matters changed
New this year: Valuation of Customer Relationships Intangible Asset in the Acquisition of Evident’s Inspection Technologies Division (“As discussed in Note 3 to the consolidated financial statements, on July 1, 2025, the Company acquired Evident’s Inspection Technologies division (“Inspection Technologies”). The transaction was accounted for under the acquisition method of accounting. The Company preliminarily determined the fair v”). Same as last year: Over Time Revenue Recognition for Long-Term Contracts
10-K · XBRL
Accounting checks
8 other checks clear, 3 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

3facts worth reading about the other 8 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +22.4% vs revenue +7.5% (+14.9 pts)
  • Inventory growing faster than revenue
    Inventory +18.6% vs revenue +7.5% (+11.1 pts)
  • Critical audit matters changed
    New this year: Valuation of Customer Relationships Intangible Asset in the Acquisition of Evident’s Inspection Technologies Division (“As discussed in Note 3 to the consolidated financial statements, on July 1, 2025, the Company acquired Evident’s Inspection Technologies division (“Inspection Technologies”). The transaction was accounted for under the acquisition method of accounting. The Company preliminarily determined the fair v”). Same as last year: Over Time Revenue Recognition for Long-Term Contracts
  • Cash from operations $1.8B vs net income $1.2B (FY ending Dec 31, 2025)
7 more checks with nothing to note
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

3 paragraphs in Risk Factors that were not in the 10-K filed Feb 12, 2025. Quoted as filed.

All 3 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    As a result of our acquisitions from time to time, we have goodwill recorded on our balance sheet. Goodwill is tested for impairment annually or more often if events or changes in circumstances indicate a potential impairment may exist. Factors that could indicate that our goodwill could be impaired include a decline in our stock price…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 12, 2025 10-K, ITEM 1A
    Further, we regularly implement organization changes and streamlining, such as divestitures and realignments, to support our growth and cost management strategies and to encourage efficiencies. If we are unable to successfully manage these and other organizational changes, the ability to complete such activities and realize anticipated…

New risk paragraphs, against peers

Latest 10-K of each, Industrials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$8.4B$9.7B$10.4B$11.2B
Net income$633.0M$815.0M$1.1B$1.2B
Operating cash flow$1.0B$1.2B$1.8B$1.8B
Free cash flow$889.0M$1.0B$1.6B$1.5B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$11.2B ▲ 7.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

Wabtec, Pittsburgh, PA · from the 10-K filed Feb 13, 2026

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec Corporation, is a Delaware corporation with headquarters at 30 Isabella Street in Pittsburgh, Pennsylvania. Our telephone number is 412-825-1000, and our website is located at www.wabteccorp.com. Wabtec has approximately 31,000 employees, excluding contingent workers, and operations in over 50 countries. Except as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. George Westinghouse founded the original Westinghouse Air Brake Co. in 1869 when he invented the air brake.

Headquarters
Pittsburgh, PA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 21, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we have a global workforce of approximately 31,000 employees, excluding contingent workers" (10-K). Address and exchange: SEC's company file.

Email alerts

Sources

The 10-K filed Feb 13, 2026 (open at SEC), compared with the 10-K filed Feb 12, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/WAB/export.csv") into a cell.