-- Multi-year backlog reaches another record at $27 Billion, up 23% versus
prior year
-- Full Year GAAP Earnings per Share of $6.83, up 13% & Adjusted Earnings
per Share of $8.97, up nearly 19% ... 5th consecutive year averaging
high-teens Adjusted Earnings per Share growth
-- Strong Full Year Cash from Operations at $1.8 Billion or 104% Cash
Conversion
-- Announces 2026 Financial Guidance of Adjusted Earnings per Share
Between $10.05 to $10.45; Up 14% at the Mid-Point
-- Board of Directors Increased Quarterly Dividend by 24% and Increased
Share Buyback Authorization to $1.2 Billion
PITTSBURGH--(BUSINESS WIRE)--February 11, 2026--
Wabtec Corporation $(WAB)$ today reported fourth quarter 2025 GAAP earnings per diluted share of $1.18, down 4.1% versus the fourth quarter of 2024. Fourth quarter adjusted earnings per diluted share were $2.10, up 25.0% versus the same quarter a year ago. Fourth quarter sales were $2.97 billion and cash from operations was $992 million. Full year 2025 GAAP earnings per diluted share were $6.83, up 13.1% versus full year 2024. Full year adjusted earnings per diluted share were $8.97, up 18.7% versus full year 2024. Total 2025 sales were $11.17 billion and cash from operations was $1.76 billion.
"The Wabtec team delivered a strong fourth quarter and full year results, reflecting the strength of our business and our ability to execute in dynamic markets," said Rafael Santana, Wabtec's President and CEO.
"In the fourth quarter, we achieved double digit sales growth, expanded adjusted operating margins, and grew adjusted EPS 25% ... all while building a very strong backlog and generating robust operating cash flow.
"As we exit 2025, I am very encouraged by the underlying momentum of our business and our recent acquisitions, both of which we expect to drive significant value going forward.
"Looking ahead, our record $27 billion multi-year backlog provides strong visibility and positions Wabtec for sustained growth. At the same time, our team remains committed to advancing innovation, driving operational excellence, and maintaining disciplined capital allocation to deliver long-term value for our shareholders."
2025 Fourth Quarter Consolidated Results
Wabtec Corporation Consolidated Financial Results ------------------------------------------------------------------------------ $ in millions except earnings per share and percentages; margin change in percentage points (pts) Fourth Quarter --------------------------------------------------- ------------------------- 2025 2024 Change --------------------------------------------------- ------ ------ --------- Net Sales $2,965 $2,583 14.8 % --------------------------------------------------- ------ ------ --------- GAAP Gross Margin 32.6 % 30.9 % 1.7 pts --------------------------------------------------- ------ ------ --------- Adjusted Gross Margin 33.7 % 31.6 % 2.1 pts --------------------------------------------------- ------ ------ --------- GAAP Operating Margin 12.0 % 12.9 % (0.9) pts --------------------------------------------------- ------ ------ --------- Adjusted Operating Margin 17.7 % 16.9 % 0.8 pts --------------------------------------------------- ------ ------ --------- GAAP Diluted EPS $1.18 $1.23 (4.1) % --------------------------------------------------- ------ ------ --------- Adjusted Diluted EPS $2.10 $1.68 25.0 % --------------------------------------------------- ------ ------ --------- Cash Flow from Operations $992 $723 $269 --------------------------------------------------- ------ ------ --------- Operating Cash Flow Conversion 292 % 212 % --------------------------------------------------- ------ ------ --------- -- Sales increased 14.8% compared to the year-ago quarter driven by increased sales in the Freight segment, which included acquisitions (Inspection Technologies & Frauscher Sensor Technology), and in the Transit segment. -- GAAP operating margin was lower than the prior year at 12.0% and adjusted operating margin was up versus the prior year at 17.7%. Both GAAP and adjusted operating margins benefited from higher gross margin, which was partially offset by higher operating expenses as a percent of revenue. GAAP operating margins were also adversely impacted by restructuring costs associated with Integration 2.0 & 3.0, Portfolio Optimization charges, and transaction costs associated with recent acquisitions. -- GAAP and adjusted EPS benefited from higher sales and operating margin expansion which was partially offset by higher operating expenses as a percent of revenue. GAAP EPS was further impacted by restructuring charges and transaction costs tied to recent acquisitions.
2025 Fourth Quarter Freight Segment Results
Wabtec Corporation Freight Segment Financial Results
------------------------------------------------------------------------------
Net sales $ in millions; margin change in
percentage points (pts) Fourth Quarter
--------------------------------------------------- -------------------------
2025 2024 Change
--------------------------------------------------- ------ ------ ---------
Net Sales $2,123 $1,794 18.3 %
--------------------------------------------------- ------ ------ ---------
GAAP Gross Margin 33.1 % 31.0 % 2.1 pts
--------------------------------------------------- ------ ------ ---------
Adjusted Gross Margin 34.5 % 31.4 % 3.1 pts
--------------------------------------------------- ------ ------ ---------
GAAP Operating Margin 15.0 % 15.2 % (0.2) pts
--------------------------------------------------- ------ ------ ---------
Adjusted Operating Margin 22.1 % 19.4 % 2.7 pts
--------------------------------------------------- ------ ------ ---------
-- Freight segment sales for the fourth quarter were up 18.3%. Equipment
sales were up 33.5% driven by higher locomotive deliveries, while Digital
sales were up 74.4% driven by the acquisition of Inspection Technologies
& Frauscher Sensor Technology. Components sales were up 11.1%. Services
sales were down 5.0% as expected due to the timing of modernization
deliveries.
-- GAAP and adjusted operating margin benefited from gross margin
improvement which was partially offset by higher operating expenses as a
percent of revenue. In addition, GAAP operating margin was adversely
impacted by one time costs associated with the Portfolio Optimization
initiative and purchase accounting adjustments resulting from Inspection
Technologies acquisition.
2025 Fourth Quarter Transit Segment Results
Wabtec Corporation Transit Segment Financial Results
------------------------------------------------------------------------------
Net sales $ in millions; margin change in
percentage points (pts) Fourth Quarter
--------------------------------------------------- -------------------------
2025 2024 Change
--------------------------------------------------- ------ ------ ---------
Net Sales $842 $789 6.7 %
--------------------------------------------------- ------ ------ ---------
GAAP Gross Margin 31.2 % 30.6 % 0.6 pts
--------------------------------------------------- ------ ------ ---------
Adjusted Gross Margin 31.6 % 31.8 % (0.2) pts
--------------------------------------------------- ------ ------ ---------
GAAP Operating Margin 12.8 % 13.0 % (0.2) pts
--------------------------------------------------- ------ ------ ---------
Adjusted Operating Margin 14.0 % 16.4 % (2.4) pts
--------------------------------------------------- ------ ------ ---------
-- Transit segment sales for the fourth quarter were up 6.7% due to strong
OE and aftermarket sales.
-- GAAP and adjusted operating margins were impacted by manufacturing
inefficiencies and higher operating expenses as a percent of revenue.
Backlog
Wabtec Corporation Consolidated Backlog Comparison
---------------------------------------------------------
Backlog $ in millions December 31,
----------------------------
2025 2024 Change
--------------------------- --------- -------- -------
12-Month Backlog $8,234 $7,681 7.2 %
--------------------------- --------- -------- -------
Total Backlog $27,407 $22,272 23.1 %
--------------------------- --------- -------- -------
The Company's 12-month and multi-year backlogs continue to provide strong visibility. At the end of the fourth quarter, the 12-month backlog was $553 million higher than the prior year. And at December 31, 2025, the multi-year backlog was $5,135 million higher than the same time a year ago. Excluding the impacts of foreign currency exchange, the 12-month backlog was up 4.7% and the multi-year backlog was up 20.5%.
Cash Flow and Liquidity Summary
-- During the fourth quarter, the Company generated cash from operations
of $992 million versus $723 million in the year ago period. The increase
in cash flow from operations benefited from improved working capital.
-- At the end of the quarter, the Company had cash, cash equivalents and
restricted cash of $0.79 billion and total debt of $5.54 billion. At
December 31, 2025 the Company's total available liquidity was $3.21
billion, which includes $0.76 billion of cash and cash equivalents plus
$2.00 billion available under current credit facilities and $0.44 billion
of borrowings available under our Revolving Receivables Program.
-- The Company repurchased $75 million of Wabtec shares in the fourth
quarter, bringing the full year total to $223 million.
-- The Board of Directors increased the quarterly dividend by 24% by
declaring a regular quarterly common dividend of 31 cents per share,
payable on March 2, 2026 to holders of record on February 17, 2026.
-- The Board also increased the existing share repurchase authorization to
$1.2 billion.
2026 Financial Guidance
-- Wabtec's 2026 financial guidance expects sales to be in a range of
$12.19 billion to $12.49 billion and adjusted earnings per diluted share
to be in a range of $10.05 to $10.45.
-- Guidance includes the impact from the recent acquisition of Dellner
Couplers, which closed on February 10, 2026.
Forecasted GAAP Earnings Reconciliation
Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share in reliance on the unreasonable efforts exemption provided under Item 10(e)(1)(i)$(B)$ of Regulation S-K. Wabtec is unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.
Conference Call Information
Wabtec will host a call with analysts and investors at 8:30 a.m. ET today. To listen via webcast, go to Wabtec's website at www.WabtecCorp.com and click on "Events & Presentations" in the "Investor Relations" section. Also, an audio replay of the call will be available by calling 1-855-669-9658 or 1-412-317-0088 (access code: 8243971).
About Wabtec
Wabtec Corporation (NYSE: WAB) is revolutionizing the way the world moves for future generations. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 155 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec's website at www.wabteccorp.com.
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec's earnings release and financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec's presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.
This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec's plans, objectives, expectations and intentions; Wabtec's expectations about future sales, earnings and cash conversion; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "endeavor," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target" or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec's customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics, or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia's invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec's reports filed with the SEC, including Wabtec's annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2025 AND 2024
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Twelve Months Ended
December 31, December 31,
--------------------------- -------------------------
2025 2024 2025 2024
------------ ------------- ------------ -----------
Net sales $ 2,965 $ 2,583 $11,167 $10,387
Cost of sales (1,999) (1,786) (7,361) (7,021)
------ ------ --- ------ ------
Gross profit 966 797 3,806 3,366
Gross profit
as a % of
Net Sales 32.6% 30.9% 34.1% 32.4%
Selling, general
and
administrative
expenses (461) (333) (1,490) (1,248)
Engineering
expenses (68) (51) (223) (206)
Amortization
expense (81) (79) (300) (303)
------ ------ --- ------ ------
Total
operating
expenses (610) (463) (2,013) (1,757)
Operating
expenses as
a % of Net
Sales 20.6% 17.9% 18.0% 16.9%
Income from
operations 356 334 1,793 1,609
Income from
operations
as a % of
Net Sales 12.0% 12.9% 16.1% 15.5%
Interest
expense, net (68) (53) (225) (201)
Other income,
net 3 3 24 2
------ --- ------ ---- ------ --- ------
Income before
income
taxes 291 284 1,592 1,410
Income tax
expense (87) (71) (409) (343)
------ ------ --- ------ ------
Effective tax
rate 29.7% 25.1% 25.7% 24.3%
Net income 204 213 1,183 1,067
Less: Net income
attributable to
noncontrolling
interest (2) (1) (13) (11)
------ ------ --- ------ ------
Net income
attributable
to Wabtec
shareholders $ 202 $ 212 $ 1,170 $ 1,056
====== === ====== ==== ====== === ======
Earnings Per
Common Share
Basic
Net income
attributable
to Wabtec
shareholders $ 1.19 $ 1.23 $ 6.84 $ 6.05
====== === ====== ==== ====== === ======
Diluted
Net income
attributable
to Wabtec
shareholders $ 1.18 $ 1.23 $ 6.83 $ 6.04
====== === ====== ==== ====== === ======
Basic 170.3 171.2 170.5 174.1
====== === ====== ==== ====== === ======
Diluted 171.0 172.0 171.1 174.8
====== === ====== ==== ====== === ======
Segment
Information
Freight Net
Sales $ 2,123 $ 1,794 $ 8,036 $ 7,468
Freight Income
from
Operations $ 318 $ 273 $ 1,567 $ 1,422
Freight
Operating
Margin 15.0% 15.2% 19.5% 19.0%
Transit Net
Sales $ 842 $ 789 $ 3,131 $ 2,919
Transit Income
from
Operations $ 108 $ 103 $ 422 $ 338
Transit
Operating
Margin 12.8% 13.0% 13.5% 11.6%
Backlog
Information
(Note: 12-month
is a sub-set of December 31, September 30, December 31,
total) 2025 2025 2024
------------ ------------- ------------
Freight Total $22,493 $20,907 $17,986
Transit Total 4,914 4,670 4,286
------ --- ------ ---- ------ ---
Wabtec Total $27,407 $25,577 $22,272
====== === ====== ==== ====== ===
Freight 12-Month $ 6,022 $ 6,085 $ 5,577
Transit 12-Month 2,212 2,182 2,104
------ --- ------ ---- ------ ---
Wabtec 12-Month $ 8,234 $ 8,267 $ 7,681
====== === ====== ==== ====== ===
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31, 2025 December 31, 2024
------------------- -------------------
In millions
----------------------------------
Cash, cash equivalents and
restricted cash $ 789 $ 715
Receivables, net 1,897 1,702
Inventories, net 2,745 2,314
Other current assets 263 212
--- -------------- --- --------------
Total current assets 5,694 4,943
Property, plant and equipment, net 1,616 1,447
Goodwill 10,216 8,710
Other intangible assets, net 3,838 2,934
Other noncurrent assets 705 668
--- -------------- --- --------------
Total assets $ 22,069 $ 18,702
=== ============== === ==============
Current liabilities $ 5,150 $ 3,792
Long-term debt 4,291 3,480
Long-term liabilities - other 1,438 1,297
--- -------------- --- --------------
Total liabilities 10,879 8,569
Shareholders' equity 11,142 10,091
Noncontrolling interest 48 42
--- -------------- --- --------------
Total shareholders' equity 11,190 10,133
--- -------------- --- --------------
Total Liabilities and
Shareholders' Equity $ 22,069 $ 18,702
=== ============== === ==============
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Twelve Months Ended December 31,
2025 2024
-------------------- --------------------
In millions
--------------------------------
Operating activities
Net income $ 1,183 $ 1,067
Non-cash expense 569 580
Receivables (36) (34)
Inventories (182) (117)
Accounts Payable 34 70
Other operating activities 191 268
------------ ------------
Net cash provided by operating
activities 1,759 1,834
Net cash used for investing
activities (2,747) (343)
Net cash provided by (used for)
financing activities 1,031 (1,371)
Effect of changes in currency
exchange rates 31 (25)
------------ ------------
Increase in cash 74 95
Cash, cash equivalents and
restricted cash, beginning of
period 715 620
------------ ------------
Cash, cash equivalents and
restricted cash, end of period $ 789 $ 715
============ ============
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these
measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period
comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported
results prepared in accordance with GAAP.
Wabtec
Corporation
Reconciliation of
Reported Results to
Adjusted Results
(in millions) Fourth Quarter 2025 Actual Results
-------------------------------------------------------------------------------------------------------------
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Net Net
Sales Profit Expenses Operations Other Exp Tax Income Interest Income EPS
-------- ------ ----------- ------------ ---------- ------ ------- ------------------ ------- ------
Reported
Results $ 2,965 $ 966 $ (610) $ 356 $ (65) $ (87) $ 204 $ (2) $ 202 $ 1.18
Restructuring
and Portfolio
Optimization
costs - 4 51 55 - 6 61 - 61 $ 0.36
Inventory
Purchase
Accounting
charge - 29 - 29 - (7) 22 - 22 $ 0.13
Transaction
costs - - 5 5 11 (3) 13 - 13 $ 0.08
Non-cash
Amortization
expense - - 78 78 - (18) 60 - 60 $ 0.35
Adjusted
Results $ 2,965 $ 999 $ (476) $ 523 $ (54) $(109) $ 360 $ (2) $ 358 $ 2.10
======= ===== ====== ======== ===== ==== ====== === ===== ===== ====== =====
Fully Diluted
Shares
Outstanding 171.0
=====
Wabtec
Corporation
Reconciliation of
Reported Results to
Adjusted Results
(in millions) Fourth Quarter Year-to-Date 2025 Actual Results
-------------------------------------------------------------------------------------------------------------
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Net Net
Sales Profit Expenses Operations Other Exp Tax Income Interest Income EPS
-------- ------ ----------- ------------ ---------- ------ ------- ------------------ ------- ------
Reported
Results $ 11,167 $3,806 $ (2,013) $ 1,793 $ (201) $(409) $ 1,183 $ (13) $ 1,170 $ 6.83
Restructuring
and Portfolio
Optimization
costs - 12 64 76 - 1 77 - 77 $ 0.45
Inventory
Purchase
Accounting
charge - 53 - 53 - (13) 40 - 40 $ 0.23
Transaction
costs - - 49 49 (19) (4) 26 - 26 $ 0.15
Non-cash
Amortization
expense - - 296 296 - (72) 224 - 224 $ 1.31
Adjusted
Results $ 11,167 $3,871 $ (1,604) $ 2,267 $ (220) $(497) $ 1,550 $ (13) $ 1,537 $ 8.97
======= ===== ====== ======== ===== ==== ====== === ===== ===== ====== =====
Fully Diluted
Shares
Outstanding 171.1
=====
Wabtec
Corporation
Reconciliation of
Reported Results to
Adjusted Results
(in millions) Fourth Quarter 2024 Actual Results
-------------------------------------------------------------------------------------------------------------
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Net Net
Sales Profit Expenses Operations Other Exp Tax Income Interest Income EPS
-------- ------ ----------- ------------ ---------- ------ ------- ------------------ ------- ------
Reported
Results $ 2,583 $ 797 $ (463) $ 334 $ (50) $ (71) $ 213 $ (1) $ 212 $ 1.23
Restructuring
and Portfolio
Optimization
costs - 18 14 32 - (8) 24 - 24 $ 0.14
Non-cash
Amortization
expense - - 72 72 - (17) 55 - 55 $ 0.31
Adjusted
Results $ 2,583 $ 815 $ (377) $ 438 $ (50) $ (96) $ 292 $ (1) $ 291 $ 1.68
======= ===== ====== ======== ===== ==== ====== === ===== ===== ====== =====
Fully Diluted
Shares
Outstanding 172.0
=====
Wabtec
Corporation
Reconciliation of
Reported Results to
Adjusted Results
(in millions) Fourth Quarter Year-to-Date 2024 Actual Results
-------------------------------------------------------------------------------------------------------------
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Net Net
Sales Profit Expenses Operations Other Exp Tax Income Interest Income EPS
-------- ------ ----------- ------------ ---------- ------ ------- ------------------ ------- ------
Reported
Results $ 10,387 $3,366 $ (1,757) $ 1,609 $ (199) $(343) $ 1,067 $ (11) $ 1,056 $ 6.04
Restructuring
and Portfolio
Optimization
costs - 37 33 70 (4) (16) 50 - 50 $ 0.28
Non-cash
Amortization
expense - - 288 288 - (70) 218 - 218 $ 1.24
Adjusted
Results $ 10,387 $3,403 $ (1,436) $ 1,967 $ (203) $(429) $ 1,335 $ (11) $ 1,324 $ 7.56
======= ===== ====== ======== ===== ==== ====== === ===== ===== ====== =====
Fully Diluted
Shares
Outstanding 174.8
=====
Set forth below is the calculation of the non-GAAP performance measures included in this
press release. We believe that these measures provide useful supplemental information to
assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative for, Wabtec's
reported results prepared in accordance with GAAP.
Wabtec
Corporation
2025 Q4 EBITDA
Reconciliation
(in millions)
Reported Other Depreciation Restructuring
Income + Income + & =EBITDA + & =Adjusted
------
from Transaction
Operations (Expense) Amortization Costs EBITDA
---------- --------- ------------ ------ ------------- --------
Consolidated
Results $356 $3 $133 $492 $98 $590
========== ========= ============ ====== ============= ========
Wabtec
Corporation
2025 Q4 YTD
EBITDA
Reconciliation
(in millions)
Reported Other Depreciation Restructuring
Income + Income + & =EBITDA + & =Adjusted
------
from Transaction
Operations (Expense) Amortization Costs EBITDA
---------- --------- ------------ ------ ------------- --------
Consolidated
Results $1,793 $24 $494 $2,311 $153 $2,464
========== ========= ============ ====== ============= ========
Wabtec
Corporation
2024 Q4 EBITDA
Reconciliation
(in millions)
Reported Other Depreciation
Income + Income + & =EBITDA +Restructuring =Adjusted
------
from
Operations (Expense) Amortization Costs EBITDA
---------- --------- ------------ ------ ------------- --------
Consolidated
Results $334 $3 $127 $464 $22 $486
========== ========= ============ ====== ============= ========
Wabtec
Corporation
2024 Q4 YTD
EBITDA
Reconciliation
(in millions)
Reported Other Depreciation
Income + Income + & =EBITDA +Restructuring =Adjusted
------
from
Operations (Expense) Amortization Costs EBITDA
---------- --------- ------------ ------ ------------- --------
Consolidated
Results $1,609 $2 $498 $2,109 $39 $2,148
========== ========= ============ ====== ============= ========
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
Three Months Ended December 31,
In millions 2025 2024
------------------------------------ ------------------- -----------------
Freight Segment
Equipment $ 666 $ 499
Components 429 386
Digital Intelligence 361 207
Services 667 702
--- -------------- -------------
Total Freight Segment $ 2,123 $ 1,794
--- -------------- -------------
Transit Segment
Original Equipment Manufacturer $ 351 $ 339
Aftermarket 491 450
--- -------------- -------------
Total Transit Segment $ 842 $ 789
--- -------------- -------------
Twelve Months Ended December 31,
In millions 2025 2024
------------------------------------ ------------------- -----------------
Freight Segment
Equipment $ 2,365 $ 2,108
Components 1,586 1,555
Digital Intelligence 1,030 786
Services 3,055 3,019
--- -------------- -------------
Total Freight Segment $ 8,036 $ 7,468
--- -------------- -------------
Transit Segment
Original Equipment Manufacturer $ 1,393 $ 1,308
Aftermarket 1,738 1,611
--- -------------- -------------
Total Transit Segment $ 3,131 $ 2,919
--- -------------- -------------
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)
Three Months Ended December 31, Twelve Months Ended December 31,
2025 2024 2025 2024
-------------------------- ------------------------- ------------------------- --------------------------
Gross Income from Gross Income from Gross Income from Gross Income from
In millions Profit Operations Profit Operations Profit Operations Profit Operations
----------------- ---------- -------------- ---------- ------------- ----------- ------------ ----------- -------------
Freight Segment
Reported
Results $ 703 $ 318 $ 556 $ 273 $2,835 $1,567 $2,523 $1,422
Freight Segment
Reported Margin 33.1% 15.0% 31.0% 15.2% 35.3% 19.5% 33.8% 19.0%
Restructuring
and Portfolio
Optimization
costs 1 50 8 9 6 56 18 27
Transaction
costs - 1 - - - 3 - -
Inventory
Purchase
Accounting
charge 29 29 - - 53 53 - -
Non-cash
Amortization
expense - 72 - 66 - 272 - 267
Freight Segment
Adjusted
Results $ 733 $ 470 $ 564 $ 348 $2,894 $1,951 $2,541 $1,716
---- --- ---- ---- ---- --- ---- ------ ----- --- ----- ---- ----- --- ----- -----
Freight Segment
Adjusted Margin 34.5% 22.1% 31.4% 19.4% 36.0% 24.3% 34.0% 23.0%
Transit Segment
Reported
Results $ 263 $ 108 $ 241 $ 103 $ 971 $ 422 $ 843 $ 338
Transit Segment
Reported Margin 31.2% 12.8% 30.6% 13.0% 31.0% 13.5% 28.9% 11.6%
Restructuring
and Portfolio
Optimization
costs 3 4 10 21 6 18 19 41
Non-cash
Amortization
expense - 6 - 6 - 24 - 21
Transit Segment
Adjusted
Results $ 266 $ 118 $ 251 $ 130 $ 977 $ 464 $ 862 $ 400
---- --- ---- ---- ---- --- ---- ------ ----- --- ----- ---- ----- --- ----- -----
Transit Segment
Adjusted Margin 31.6% 14.0% 31.8% 16.4% 31.2% 14.8% 29.5% 13.7%
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
Three Months Ended December 31,
In millions Freight Transit Consolidated
------------------------ ---------------- -------------- ----------------
2024 Net Sales $ 1,794 $ 789 $ 2,583
Acquisitions 167 4 171
Portfolio
Optimization
(Divestitures/Exits) (2) (19) (21)
Foreign Exchange 5 37 42
Organic 159 31 190
2025 Net Sales $ 2,123 $ 842 $ 2,965
------- --- ------ --- -------
Change ($) 329 53 382
Change (%) 18.3% 6.7% 14.8%
Twelve Months Ended December 31,
Freight Transit Consolidated
---------------- -------------- ----------------
2024 Net Sales $ 7,468 $ 2,919 $ 10,387
Acquisitions 328 27 355
Portfolio
Optimization
(Divestitures/Exits) (36) (36) (72)
Foreign Exchange (31) 64 33
Organic 307 157 464
2025 Net Sales $ 8,036 $ 3,131 $ 11,167
------- --- ------ --- -------
Change ($) 568 212 780
Change (%) 7.6% 7.3% 7.5%
Set forth below is the calculation of the non-GAAP performance measures included
in this press release. We believe that these measures provide useful supplemental
information to assess our operating performance and to evaluate period-to-period
comparisons. Non-GAAP financial measures should be viewed in addition to, and not
as an alternative for, Wabtec's reported results prepared in accordance with
GAAP.
Wabtec
Corporation
2025 Q4 Cash
Conversion
Calculation
(in millions)
Depreciation
Reported &
Cash ÷ (Net Income +Amortization) =Cash Conversion
----------- ------------- ---------------
from
Operations
---------- ----------- ------------- ---------------
Consolidated
Results $992 $204 $136 292%
========== ====== =========== ============= ===============
Wabtec
Corporation
2025 Q4 YTD
Cash
Conversion
Calculation
(in millions)
Depreciation
Reported &
Cash ÷ (Net Income +Amortization) =Cash Conversion
----------- ------------- ---------------
from
Operations
---------- ----------- ------------- ---------------
Consolidated
Results $1,759 $1,183 $501 104%
========== ====== =========== ============= ===============
Wabtec
Corporation
2024 Q4 Cash
Conversion
Calculation
(in millions)
Depreciation
Reported &
Cash ÷ (Net Income +Amortization) =Cash Conversion
----------- ------------- ---------------
from
Operations
---------- ----------- ------------- ---------------
Consolidated
Results $723 $213 $128 212%
========== ====== =========== ============= ===============
Wabtec
Corporation
2024 Q4 YTD
Cash
Conversion
Calculation
(in millions)
Depreciation
Reported &
Cash ÷ (Net Income +Amortization) =Cash Conversion
----------- ------------- ---------------
from
Operations
---------- ----------- ------------- ---------------
Consolidated
Results $1,834 $1,067 $503 117%
========== ====== =========== ============= ===============
View source version on businesswire.com: https://www.businesswire.com/news/home/20260211879056/en/
CONTACT: Wabtec Investor Contact
Kyra Yates / Kyra.Yates@wabtec.com / 817-349-2735
Wabtec Media Contact
Tim Bader / Tim.Bader@wabtec.com / 682-319-7925
(END) Dow Jones Newswires
February 11, 2026 06:30 ET (11:30 GMT)