Wabtec Corporation reported third quarter 2025 net sales of $2.89 billion, an increase of 8.4% compared to $2.66 billion in the third quarter of 2024. The company's GAAP gross margin was 34.7%, up from 33.0% a year earlier. Adjusted gross margin rose to 35.6% from 33.3%. GAAP operating margin reached 17.0%, compared to 16.3% in the prior-year period, while adjusted operating margin increased to 21.0% from 19.7%. In the Freight segment, net sales were $2.09 billion, up 8.4% from $1.93 billion in the third quarter of 2024. Equipment sales increased 32.0% due to higher locomotive deliveries, and Digital sales rose 45.6% following the acquisition of Inspection Technologies. Components sales increased slightly, while Services sales declined 11.6% due to the timing of modernization deliveries. The company reported a multi-year backlog of $25.6 billion, with 12-month backlog growth of 8.4%. Cash flow from operations was $367 million, compared to $542 million in the same period last year.