WAB

MKT CAP:$45B

Westinghouse Air Brake Technologies Corporation

Market Cap

$45B

Industrials·Railroads·🇺🇸 United States·NYSE

Industrials·Railroads·🇺🇸·NYSE

Stock Price

$267.45+$51.17 (+23.66%)

Apr 24, 2026

Company Details

Westinghouse Air Brake Technologies Corporation provides technology-based equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates through two segments, Freight and Transit. The Freight s...

CEO

Rafael Ottoni Santana

IPO Date

Jun 16, 1995

Website

www.wabteccorp.com

Key Metrics TTM

Revenue

$11.5B

+12.6% YoY

Net Income

$1.2B

EPS (Diluted)

$7.07

Free Cash Flow

$1.6B

Revenue / Share

$67.41

Gross Margin

33.8%

Operating Margin

16.1%

Net Margin

10.5%

FCF Margin

14.3%

P/S

3.9x

P/E

37.5x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$3.0BEPS $2.12

Q4 2025

Feb 13, 2026

$3.0BEPS $1.18

Q3 2025

Oct 22, 2025

$2.9BEPS $1.81

Q2 2025

Jul 24, 2025

$2.7B+2.3%EPS $1.96

Q2 2024

Jul 24, 2024

$2.6BEPS $1.64

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$2.4B	$675M	$226M
Q1 20	$1.9B	$579M	$217M
Q3 20	$1.9B	$566M	$207M
Q2 21	$2.0B	$580M	$203M
Q3 21	$1.9B	$603M	$217M
Q4 21	$2.1B	$652M	$264M
Q1 22	$1.9B	$595M	$239M
Q4 22	$2.3B	$652M	$247M
Q3 23	$2.5B	$792M	$370M
Q4 23	$2.5B	$764M	$308M
Q1 24	$2.5B	$815M	$412M
Q2 24	$2.6B	$874M	$430M
Q2 25	$2.7B	$938M	$472M
Q3 25	$2.9B	$1.0B	$491M
Q4 25	$3.0B	$889M	$373M
Q1 26	$3.0B	$1.1B	$517M

Valuation

Quarter	P/S	P/E
Q4 19	2.5x	38.9x
Q1 20	1.3x	22.9x
Q3 20	1.5x	25.6x
Q2 21	1.9x	30.9x
Q3 21	2.2x	34.1x
Q4 21	2.2x	29.6x
Q1 22	2.3x	30.5x
Q4 22	2.2x	28.9x
Q3 23	2.1x	25.4x
Q4 23	2.4x	29.3x
Q1 24	2.6x	28.7x
Q2 24	2.6x	26.5x
Q2 25	3.4x	32.1x
Q3 25	3.1x	27.9x
Q4 25	3.3x	32.6x
Q1 26	3.5x	33.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$448M	$375M
Q1 20	-$82M	-$115M
Q3 20	$230M	$198M
Q2 21	$223M	$194M
Q3 21	$244M	$221M
Q4 21	$314M	$262M
Q1 22	$161M	$141M
Q4 22	$410M	$343M
Q3 23	$425M	$386M
Q4 23	$686M	$609M
Q1 24	$334M	$303M
Q2 24	$235M	$189M
Q2 25	$209M	$170M
Q3 25	$367M	$450M
Q4 25	$992M	$870M
Q1 26	$199M	$153M

Capital Expenditures

Quarter	CapEx
Q4 19	$73M
Q1 20	$33M
Q3 20	$31M
Q2 21	$29M
Q3 21	$23M
Q4 21	$52M
Q1 22	$20M
Q4 22	$67M
Q3 23	$39M
Q4 23	$77M
Q1 24	$31M
Q2 24	$46M
Q2 25	$39M
Q3 25	$83M
Q4 25	$122M
Q1 26	$46M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+227.3%	+262.9%
Q1 20	+185.7%	+208.3%
Q3 20	+100.1%	+102.5%
Q2 21	+0.5%	-1.3%
Q3 21	-19.5%	-21.1%
Q4 21	+7.4%	+5.6%
Q1 22	+3.3%	+1.8%
Q4 22	+14.6%	+13.8%
Q3 23	+33.7%	+29.0%
Q4 23	+21.9%	+22.6%
Q1 24	+29.6%	+23.5%
Q2 24	+14.7%	+7.5%
Q2 25	+6.1%	+2.5%
Q3 25	+14.3%	+8.0%
Q4 25	+18.7%	+24.3%
Q1 26	+11.6%	+9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$14M	0.6%
Q1 20	$7M	0.4%
Q3 20	$12M	0.6%
Q2 21	$16M	0.8%
Q3 21	$0	0.0%
Q4 21	$12M	0.6%
Q1 22	$10M	0.5%
Q4 22	$11M	0.5%
Q3 23	$14M	0.5%
Q4 23	$11M	0.4%
Q1 24	$12M	0.5%
Q2 24	$17M	0.6%
Q2 25	$19M	0.7%
Q3 25	-$36M	-1.2%
Q4 25	$22M	0.7%
Q1 26	$22M	0.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 19	$60M	—	—	$324M
Q1 20	$49M	—	—	$243M
Q3 20	$37M	—	—	$253M
Q2 21	$42M	—	—	$263M
Q3 21	$44M	—	—	$269M
Q4 21	$52M	—	—	$264M
Q1 22	$45M	—	—	$238M
Q4 22	$60M	—	—	$272M
Q3 23	$53M	—	—	$295M
Q4 23	$61M	—	—	$296M
Q1 24	$48M	—	—	$281M
Q2 24	$57M	$314M	$2M	—
Q2 25	$50M	—	—	$347M
Q3 25	$59M	—	—	$375M
Q4 25	$68M	—	—	$448M
Q1 26	$56M	$401M	—	—

Revenue Segments

Quarter	Freight Segment	Transit Segment
Q1 20	$1.3B	$638M
Q3 20	$1.2B	$636M
Q2 21	$1.3B	$683M
Q3 21	$1.3B	$621M
Q4 21	$1.4B	$656M
Q1 22	$1.3B	$613M
Q4 22	$1.7B	$644M
Q3 23	$1.9B	$669M
Q4 23	$1.8B	$738M
Q1 24	$1.8B	$684M
Q2 24	$1.9B	$734M
Q2 25	$1.9B	$787M
Q3 25	$2.1B	$793M
Q4 25	$2.1B	$842M
Q1 26	$2.1B	$835M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$501M	$0	$501M
Q3 22	$514M	$0	$514M
Q4 22	$541M	$0	$541M
Q1 23	$410M	$0	$410M
Q2 23	$364M	$0	$364M
Q3 23	$385M	$0	$385M
Q4 23	$620M	$0	$620M
Q1 24	$634M	$0	$634M
Q2 24	$590M	$0	$590M
Q3 24	$401M	$0	$401M
Q4 24	$706M	$0	$706M
Q1 25	$689M	$0	$689M
Q2 25	$1.5B	$0	$1.5B
Q3 25	$528M	$0	$528M
Q4 25	$789M	$0	$789M
Q1 26	$531M	$0	$531M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	192M	+0.1%	+111.6%
Q1 20	191M	-0.1%	+112.0%
Q3 20	190M	-0.6%	+97.5%
Q2 21	189M	-0.7%	-1.4%
Q3 21	188M	-0.5%	-1.9%
Q4 21	187M	-0.8%	-2.6%
Q1 22	185M	-0.8%	-2.7%
Q4 22	182M	-1.4%	-3.5%
Q3 23	179M	-1.7%	-4.7%
Q4 23	179M	-0.2%	-4.1%
Q1 24	177M	-0.9%	-4.2%
Q2 24	176M	-0.7%	-3.5%
Q2 25	171M	-2.7%	-4.5%
Q3 25	171M	0.0%	-4.3%
Q4 25	171M	-0.1%	-3.5%
Q1 26	171M	-0.2%	-3.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$86.1K	28K
Q1 20	$70.2K	28K
Q3 20	$67.8K	28K
Q2 21	$74.5K	27K
Q3 21	$70.6K	27K
Q4 21	$82.9K	25K
Q1 22	$77.1K	25K
Q4 22	$85.4K	27K
Q3 23	$94.4K	27K
Q4 23	$87.1K	29K
Q1 24	$86.1K	29K
Q2 24	$91.2K	29K
Q2 25	$91.7K	30K
Q3 25	$97.8K	30K
Q4 25	$95.6K	31K
Q1 26	$95.2K	31K

Revenue / Employee