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WABWabtec

Industrials · Railroad Equipment · NYSE
WAB quote by TradingView
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FY2025 at a glance

Sales up 7.5%, free cash flow down to $1.5B

XBRL, from each 10-K
RevenueStatements ↓
$11.2B
from $10.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.2B
from $1.1B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$1.5B
from $1.6B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$6.83
from $6.04 in FY2024
FY2016FY2025
Operating marginStatements ↓
16.1%
from 15.5% in FY2024
FY2016FY2025
Total debtStatements ↓
$5.5B
from $4.0B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.05Sales (ttm)12.2BNet income (ttm)1.4BSales growth+7.5%EPS growth+13.1%Sales Q/Q+8.1%
Free cash flow1.8BGross margin35.6%Oper. margin17.2%Net margin11.2%FCF margin14.6%ROE12.1%
ROA5.9%R&D / sales2.0%Dividend1.00Debt/Eq0.56Curr. ratio1.10Cash489.0M
Op. cash flow (ttm)2.1BEBITDA2.3BEBITDA margin20.5%Net debt5.9BQuick ratio0.60Interest cover7.97
ROIC7.5%Payout ratio14.6%Tax rate25.7%Stock pay / sales0.7%Shares out.167.8MShares Y/Y-2.1%
Book / share67.54Cash / share2.91Sales / share72.79Asset turnover0.53Inventory turns2.68Days sales out.46
Sales 3Y CAGR+10.1%Sales 5Y CAGR+8.1%EPS 3Y CAGR+25.4%EPS 5Y CAGR+25.8%Employees31,000Sales / employee394K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Debt rose 39%$4.0B → $5.5B · Short-term + long-term debt at year end
What management wrote about it → · Every company →

WAB against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
WABPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+7.5%29th of 82 · median +4.8%
Net margin
11.2%49th of 82 · median 13.0%
Return on equity
12.1%67th of 77 · median 24.9%
Free cash flow margin
14.6%34th of 79 · median 13.0%
Debt / equity (less is better)
0.5627th of 72 · median 0.72
WAB and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
WAB Wabtec$12.2B +7.5%35.6%11.2%12.1%14.6%0.56
EXPD Expeditors International$13.2B +4.4%-7.9%44.5%7.0%-
VRT Vertiv$13.1B +27.7%38.1%16.0%38.1%24.0%0.53
NSC Norfolk Southern$13.0B +0.5%-20.7%16.0%12.7%0.99
FIX Comfort Systems USA$12.5B +29.5%25.6%13.0%48.9%19.5%0.01
CTAS Cintas$11.6B +8.9%51.0%17.8%39.6%17.6%0.27
Where each dollar goes

From $7.8B of sales to $558.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $5.5BGross profit to Operating profit: $876.0MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $558.0MOperating profit to Tax & other: $318.0MOperating expenses to R&D: $176.0MOperating expenses to Sales, admin & other: $1.3B Revenue: $7.8B Revenue$7.8B +4% Y/Y Gross profit: $2.4B · 30% margin Gross profit$2.4B30% margin +11% Y/Y Cost of revenue: $5.5B · 70% of revenue Cost of revenue$5.5B70% of revenue Operating profit: $876.0M · 11% margin Operating profit$876.0M11% margin +18% Y/Y Operating expenses: $1.5B · 19% of revenue Operating expenses$1.5B19% of revenue Net profit: $558.0M · 7% margin Net profit$558.0M7% margin +35% Y/Y Tax & other: $318.0M · 4% of revenue Tax & other$318.0M4% of revenue R&D: $176.0M · 2% of revenue R&D$176.0M2% of revenue Sales, admin & other: $1.3B · 17% of revenue Sales, admin & other$1.3B17% of revenue

Swipe sideways for the whole flow →

From $8.4B of sales to $633.0M of profit

FY2022, from the 10-K income statement and revenue by product
Product to Revenue: $6.5BServices to Revenue: $1.9BRevenue to Gross profit: $2.5BRevenue to Cost of revenue: $5.8BGross profit to Operating profit: $1.0BGross profit to Operating expenses: $1.5BOperating profit to Net profit: $633.0MOperating profit to Tax & other: $378.0MOperating expenses to R&D: $209.0MOperating expenses to Sales, admin & other: $1.3B Product: $6.5B · 77% Product$6.5B77% Services: $1.9B · 23% Services$1.9B23% Revenue: $8.4B Revenue$8.4B +7% Y/Y Gross profit: $2.5B · 30% margin Gross profit$2.5B30% margin +7% Y/Y Cost of revenue: $5.8B · 70% of revenue Cost of revenue$5.8B70% of revenue Operating profit: $1.0B · 12% margin Operating profit$1.0B12% margin +15% Y/Y Operating expenses: $1.5B · 18% of revenue Operating expenses$1.5B18% of revenue Net profit: $633.0M · 8% margin Net profit$633.0M8% margin +13% Y/Y Tax & other: $378.0M · 5% of revenue Tax & other$378.0M5% of revenue R&D: $209.0M · 2% of revenue R&D$209.0M2% of revenue Sales, admin & other: $1.3B · 16% of revenue Sales, admin & other$1.3B16% of revenue

Swipe sideways for the whole flow →

From $9.7B of sales to $815.0M of profit

FY2023, from the 10-K income statement and revenue by product
Product to Revenue: $7.6BServices to Revenue: $2.0BRevenue to Gross profit: $2.9BRevenue to Cost of revenue: $6.7BGross profit to Operating profit: $1.3BGross profit to Operating expenses: $1.7BOperating profit to Net profit: $815.0MOperating profit to Tax & other: $451.0MOperating expenses to R&D: $218.0MOperating expenses to Sales, admin & other: $1.5B Product: $7.6B · 79% Product$7.6B79% Services: $2.0B · 21% Services$2.0B21% Revenue: $9.7B Revenue$9.7B +16% Y/Y Gross profit: $2.9B · 30% margin Gross profit$2.9B30% margin +16% Y/Y Cost of revenue: $6.7B · 70% of revenue Cost of revenue$6.7B70% of revenue Operating profit: $1.3B · 13% margin Operating profit$1.3B13% margin +25% Y/Y Operating expenses: $1.7B · 17% of revenue Operating expenses$1.7B17% of revenue Net profit: $815.0M · 8% margin Net profit$815.0M8% margin +29% Y/Y Tax & other: $451.0M · 5% of revenue Tax & other$451.0M5% of revenue R&D: $218.0M · 2% of revenue R&D$218.0M2% of revenue Sales, admin & other: $1.5B · 15% of revenue Sales, admin & other$1.5B15% of revenue

Swipe sideways for the whole flow →

From $10.4B of sales to $1.1B of profit

FY2024, from the 10-K income statement and revenue by product
Product to Revenue: $8.4BServices to Revenue: $2.0BRevenue to Gross profit: $3.4BRevenue to Cost of revenue: $7.0BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $1.1BOperating profit to Tax & other: $553.0MOperating expenses to R&D: $206.0MOperating expenses to Sales, admin & other: $1.6B Product: $8.4B · 81% Product$8.4B81% Services: $2.0B · 19% Services$2.0B19% Revenue: $10.4B Revenue$10.4B +7% Y/Y Gross profit: $3.4B · 32% margin Gross profit$3.4B32% margin +14% Y/Y Cost of revenue: $7.0B · 68% of revenue Cost of revenue$7.0B68% of revenue Operating profit: $1.6B · 15% margin Operating profit$1.6B15% margin +27% Y/Y Operating expenses: $1.8B · 17% of revenue Operating expenses$1.8B17% of revenue Net profit: $1.1B · 10% margin Net profit$1.1B10% margin +30% Y/Y Tax & other: $553.0M · 5% of revenue Tax & other$553.0M5% of revenue R&D: $206.0M · 2% of revenue R&D$206.0M2% of revenue Sales, admin & other: $1.6B · 15% of revenue Sales, admin & other$1.6B15% of revenue

Swipe sideways for the whole flow →

From $11.2B of sales to $1.2B of profit

FY2025, from the 10-K income statement and revenue by product
Product to Revenue: $9.3BServices to Revenue: $1.9BRevenue 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 Product: $9.3B · 83% Product$9.3B83% Services: $1.9B · 17% Services$1.9B17% Revenue: $11.2B Revenue$11.2B +8% Y/Y Gross profit: $3.8B · 34% margin Gross profit$3.8B34% margin +13% Y/Y Cost of revenue: $7.4B · 66% of revenue Cost of revenue$7.4B66% of revenue Operating profit: $1.8B · 16% margin Operating profit$1.8B16% margin +11% Y/Y Operating expenses: $2.0B · 18% of revenue Operating expenses$2.0B18% of revenue Net profit: $1.2B · 10% margin Net profit$1.2B10% margin +11% Y/Y Tax & other: $623.0M · 6% of revenue Tax & other$623.0M6% of revenue R&D: $223.0M · 2% of revenue R&D$223.0M2% of revenue Sales, admin & other: $1.8B · 16% of revenue Sales, admin & other$1.8B16% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median11.2% vs 13.0%
  • ✓
    Gross margin up over 5 years28.3% → 34.1%
  • !
    Return on equity below 15%12.1%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 10.4% → 10.5%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 8.0× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.56 on the latest balance sheet (peer median 0.72)
  • ✓
    Current assets cover current liabilitiesCurrent ratio 1.10
  • !
    Net debt over 3 years of free cash flow$5.9B net debt, 3.3 years
Debt / equity at each year end, FY2016 to FY2025: 0.86 → 0.50
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 10 years$1.5B last year
  • ✓
    Share count down over 5 years−10.1%
  • ✓
    Dividend per share up over 5 years$0.48 → $1.00
  • ✓
    Cash from operations above net income$1.8B vs $1.2B
Free cash flow, FY2016 to FY2025: 400.3M → 1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$5.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 11.2B Net income 1.2B
FY2016 revenue 2.9B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-19-002095 FY2016 net income 304.9M · NetIncomeLoss, 0001628280-19-002095 2.9B FY2016 FY2017 revenue 3.9B · SalesRevenueNet, 0001628280-18-002245 FY2017 net income 262.3M · NetIncomeLoss, 0001628280-20-002098 3.9B FY2017 FY2018 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-21-002557 FY2018 net income 294.9M · NetIncomeLoss, 0001628280-21-002557 4.4B FY2018 FY2019 revenue 8.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-22-002997 FY2019 net income 327.0M · NetIncomeLoss, 0001628280-22-002997 8.2B FY2019 FY2020 revenue 7.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-23-003675 FY2020 net income 414.0M · NetIncomeLoss, 0001628280-23-003675 7.6B FY2020 FY2021 revenue 7.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-24-004774 FY2021 net income 558.0M · NetIncomeLoss, 0001628280-24-004774 7.8B FY2021 FY2022 revenue 8.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-25-005100 FY2022 net income 633.0M · NetIncomeLoss, 0001628280-25-005100 8.4B FY2022 FY2023 revenue 9.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008067 FY2023 net income 815.0M · NetIncomeLoss, 0001628280-26-008067 9.7B FY2023 FY2024 revenue 10.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008067 FY2024 net income 1.1B · NetIncomeLoss, 0001628280-26-008067 10.4B FY2024 FY2025 revenue 11.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-008067 FY2025 net income 1.2B · NetIncomeLoss, 0001628280-26-008067 11.2B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

WAB's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue11.2B
FY2016: 2.9BFY2017: 3.9BFY2018: 4.4BFY2019: 8.2BFY2020: 7.6BFY2021: 7.8BFY2022: 8.4BFY2023: 9.7BFY2024: 10.4BFY2025: 11.2B FY2017FY2019FY2021FY2023FY2025
Net income1.2B
FY2016: 304.9MFY2017: 262.3MFY2018: 294.9MFY2019: 327.0MFY2020: 414.0MFY2021: 558.0MFY2022: 633.0MFY2023: 815.0MFY2024: 1.1BFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.5B
FY2016: 400.3MFY2017: 99.3MFY2018: 221.4MFY2019: 830.0MFY2020: 648.0MFY2021: 943.0MFY2022: 889.0MFY2023: 1.0BFY2024: 1.6BFY2025: 1.5B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)6.83
FY2016: 3.34FY2017: 2.72FY2018: 3.05FY2019: 1.84FY2020: 2.17FY2021: 2.96FY2022: 3.46FY2023: 4.53FY2024: 6.04FY2025: 6.83 FY2017FY2019FY2021FY2023FY2025
Dividend per share1.00
FY2016: 0.36FY2017: 0.44FY2018: 0.48FY2019: 0.48FY2020: 0.48FY2021: 0.48FY2022: 0.60FY2023: 0.68FY2024: 0.80FY2025: 1.00 FY2017FY2019FY2021FY2023FY2025
Diluted shares171.1M
FY2016: 91.1MFY2017: 96.1MFY2018: 96.5MFY2019: 177.3MFY2020: 190.4MFY2021: 188.1MFY2022: 182.8MFY2023: 179.5MFY2024: 174.8MFY2025: 171.1M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Freight 8.0B72.0% +7.6%
Transit 3.1B28.0% +7.3%

10-K 0001628280-26-008067, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Product 9.3B82.9% +9.8%
Services 1.9B17.1% -2.4%

10-K 0001628280-26-008067, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 6.2B55.4% +6.5%
United States 5.4B48.1% +9.0%
Europe 2.0B17.5% +7.8%
India 699.0M6.3% +20.7%
Other Europe 663.0M5.9% +8.3%
Canada 555.0M5.0% -9.9%
South America 513.0M4.6% +15.3%
Australia / New Zealand 453.0M4.1% -5.8%
Kazakhstan / CIS 431.0M3.9% -22.9%
France 419.0M3.8% +13.6%
Germany 379.0M3.4% +2.2%
Africa 326.0M2.9% +68.0%
United Kingdom 313.0M2.8% +5.7%
Other Asia / Middle East 300.0M2.7% +16.3%
China 297.0M2.7% +22.7%
Mexico 270.0M2.4% -1.8%
Italy 182.0M1.6% +9.6%

10-K 0001628280-26-008067, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.9B3.9B4.4B8.2B7.6B7.8B8.4B9.7B10.4B11.2B
Cost of revenue2.0B2.8B3.1B5.9B5.4B5.5B5.8B6.7B7.0B7.4B
Gross profit924.2M1.1B1.2B2.3B2.1B2.4B2.5B2.9B3.4B3.8B
R&D71.4M95.2M87.5M210.0M162.0M176.0M209.0M218.0M206.0M223.0M
SG&A373.6M512.5M633.2M1.2B948.0M1.0B1.0B1.1B1.2B1.5B
Operating income456.6M421.1M473.4M663.0M745.0M876.0M1.0B1.3B1.6B1.8B
Interest expense-75.3M81.8M193.0M174.0M164.0M186.0M218.0M201.0M225.0M
Pretax income412.8M352.1M367.6M447.0M557.0M737.0M854.0M1.1B1.4B1.6B
Income tax99.4M89.8M75.9M120.0M145.0M172.0M213.0M267.0M343.0M409.0M
Net income304.9M262.3M294.9M327.0M414.0M558.0M633.0M815.0M1.1B1.2B
EPS (diluted)3.342.723.051.842.172.963.464.536.046.83
Diluted shares91.1M96.1M96.5M177.3M190.4M188.1M182.8M179.5M174.8M171.1M
Depreciation & amortization69.8M103.2M109.3M401.0M473.0M491.0M479.0M531.0M503.0M501.0M
EBITDA526.4M524.3M582.7M1.1B1.2B1.4B1.5B1.8B2.1B2.3B
Gross margin31.5%27.4%28.3%27.8%28.3%30.3%30.4%30.4%32.4%34.1%
Operating margin15.6%10.8%10.8%8.1%9.9%11.2%12.1%13.1%15.5%16.1%
Net margin10.4%6.8%6.8%4.0%5.5%7.1%7.6%8.4%10.2%10.5%
Revenue growth-+32.4%+12.4%+87.9%-7.9%+3.5%+6.9%+15.7%+7.3%+7.5%
EPS growth--18.6%+12.1%-39.7%+17.9%+36.4%+16.9%+30.9%+33.3%+13.1%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash398.5M233.4M580.9M604.2M599.0M473.0M541.0M620.0M715.0M789.0M
Receivables667.6M800.6M801.2M1.1B969.0M1.1B975.0M1.2B1.2B1.4B
Inventory658.5M742.6M844.9M1.8B1.6B1.7B2.0B2.3B2.3B2.7B
Current assets2.9B2.3B4.4B4.2B3.9B3.8B4.3B4.9B4.9B5.7B
Property & equipment518.4M574.0M563.8M1.7B1.6B1.5B1.4B1.5B1.4B1.6B
Goodwill2.1B2.5B2.4B8.4B8.5B8.6B8.5B8.8B8.7B10.2B
Total assets6.6B6.6B8.6B18.9B18.5B18.5B18.5B19.0B18.7B22.1B
Accounts payable530.2M552.5M589.4M1.2B909.0M1.0B1.3B1.2B1.3B1.4B
Current liabilities1.4B1.6B1.6B3.3B3.2B2.9B3.5B4.1B3.8B5.2B
Total debt1.9B1.9B3.9B4.4B4.2B4.1B4.0B4.1B4.0B5.5B
Total liabilities3.6B3.8B5.8B9.0B8.3B8.2B8.4B8.5B8.6B10.9B
Shareholders' equity2.2B2.8B2.9B10.0B10.1B10.2B10.1B10.5B10.1B11.1B
Retained earnings2.6B2.8B3.0B3.3B3.6B4.1B4.6B5.3B6.2B3.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow450.5M188.8M314.7M1.0B784.0M1.1B1.0B1.2B1.8B1.8B
Capital spending50.2M89.5M93.3M186.0M136.0M130.0M149.0M186.0M207.0M260.0M
Free cash flow400.3M99.3M221.4M830.0M648.0M943.0M889.0M1.0B1.6B1.5B
Stock-based pay (added back)20.8M21.3M25.3M50.0M20.0M46.0M41.0M47.0M66.0M80.0M
Dividends paid32.4M42.2M46.3M82.0M93.0M92.0M111.0M123.0M140.0M173.0M
Buybacks212.2M000207.0M300.0M473.0M409.0M1.1B223.0M
Acquisitions183.1M945.3M51.2M3.0B40.0M435.0M89.0M308.0M168.0M2.5B
Investing cash flow-233.0M-1.0B-147.3M-3.2B-155.0M-540.0M-235.0M-492.0M-343.0M-2.7B
Financing cash flow523.0M-97.4M2.0B461.0M-619.0M-653.0M-708.0M-633.0M-1.4B1.0B
Dividend per share0.360.440.480.480.480.480.600.680.801.00

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)20.8M21.3M25.3M50.0M20.0M46.0M41.0M47.0M66.0M80.0M
Stock-based pay / revenue0.7%0.5%0.6%0.6%0.3%0.6%0.5%0.5%0.6%0.7%
Operating lease cost---54.0M57.0M59.0M60.0M64.0M71.0M72.0M
Operating lease liabilities---273.1M294.8M318.0M334.0M313.0M308.0M392.0M
Finance lease liabilities---1.3M1.2M-----

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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