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Wabtec Corp. Financials

WAB
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wabtec Corp. (WAB) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 51 / 100
Financial Profile 51/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
58

Wabtec Corp. has an operating margin of 16.1%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 58/100, indicating healthy but not exceptional operating efficiency. This is up from 15.5% the prior year.

Growth
46

Wabtec Corp.'s revenue grew 7.5% year-over-year to $11.2B, a solid pace of expansion. This earns a growth score of 46/100.

Leverage
94

Wabtec Corp. carries a low D/E ratio of 0.39, meaning only $0.39 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
17

Wabtec Corp.'s current ratio of 1.11 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.

Cash Flow
59

Wabtec Corp. has a free cash flow margin of 13.4%, earning a moderate score of 59/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
34

Wabtec Corp.'s ROE of 10.5% shows moderate profitability relative to equity, earning a score of 34/100. This is up from 10.5% the prior year.

Altman Z-Score Safe
3.44

Wabtec Corp. scores 3.44, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($43.3B) relative to total liabilities ($10.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Wabtec Corp. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.50x

For every $1 of reported earnings, Wabtec Corp. generates $1.50 in operating cash flow ($1.8B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
8.0x

Wabtec Corp. earns $8.0 in operating income for every $1 of interest expense ($1.8B vs $225.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$11.2B
YoY+7.5%
5Y CAGR+8.1%
10Y CAGR+12.9%

Wabtec Corp. generated $11.2B in revenue in fiscal year 2025. This represents an increase of 7.5% from the prior year.

EBITDA
$2.3B
YoY+8.6%
5Y CAGR+13.5%
10Y CAGR+13.1%

Wabtec Corp.'s EBITDA was $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.6% from the prior year.

Net Income
$1.2B
YoY+10.8%
5Y CAGR+23.1%
10Y CAGR+11.4%

Wabtec Corp. reported $1.2B in net income in fiscal year 2025. This represents an increase of 10.8% from the prior year.

EPS (Diluted)
$6.83
YoY+13.1%
5Y CAGR+25.8%
10Y CAGR+5.2%

Wabtec Corp. earned $6.83 per diluted share (EPS) in fiscal year 2025. This represents an increase of 13.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.5B
YoY-7.9%
5Y CAGR+18.3%
10Y CAGR+14.1%

Wabtec Corp. generated $1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 7.9% from the prior year.

Cash & Debt
$789.0M
YoY+10.3%
5Y CAGR+5.7%
10Y CAGR+13.3%

Wabtec Corp. held $789.0M in cash against $4.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.00
YoY+25.0%
5Y CAGR+15.8%
10Y CAGR+13.6%

Wabtec Corp. paid $1.00 per share in dividends in fiscal year 2025. This represents an increase of 25.0% from the prior year.

Shares Outstanding
171M
YoY-0.2%
5Y CAGR-2.0%
10Y CAGR+6.4%

Wabtec Corp. had 171M shares outstanding in fiscal year 2025. This represents a decrease of 0.2% from the prior year.

Margins & Returns

Gross Margin
34.1%
YoY+1.7pp
5Y CAGR+5.8pp
10Y CAGR+2.4pp

Wabtec Corp.'s gross margin was 34.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the prior year.

Operating Margin
16.1%
YoY+0.6pp
5Y CAGR+6.2pp
10Y CAGR-2.3pp

Wabtec Corp.'s operating margin was 16.1% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin
10.5%
YoY+0.3pp
5Y CAGR+5.0pp
10Y CAGR-1.6pp

Wabtec Corp.'s net profit margin was 10.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.

Return on Equity
10.5%
YoY+0.0pp
5Y CAGR+6.4pp
10Y CAGR-13.0pp

Wabtec Corp.'s ROE was 10.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$223.0M
YoY+8.3%
5Y CAGR+6.6%
10Y CAGR+12.1%

Wabtec Corp. invested $223.0M in research and development in fiscal year 2025. This represents an increase of 8.3% from the prior year.

Share Buybacks
$223.0M
YoY-79.7%
5Y CAGR+1.5%
10Y CAGR-5.4%

Wabtec Corp. spent $223.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 79.7% from the prior year.

Capital Expenditures
$260.0M
YoY+25.6%
5Y CAGR+13.8%
10Y CAGR+18.1%

Wabtec Corp. invested $260.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 25.6% from the prior year.

WAB Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $3.0B+2.7% $2.9B+6.7% $2.7B+3.7% $2.6B+1.0% $2.6B-3.0% $2.7B+0.7% $2.6B+5.9% $2.5B
Cost of Revenue $2.0B+6.1% $1.9B+6.6% $1.8B+3.4% $1.7B-4.3% $1.8B+0.2% $1.8B+0.7% $1.8B+5.2% $1.7B
Gross Profit $966.0M-3.6% $1.0B+6.8% $938.0M+4.2% $900.0M+12.9% $797.0M-9.4% $880.0M+0.7% $874.0M+7.2% $815.0M
R&D Expenses $68.0M+15.3% $59.0M+18.0% $50.0M+8.7% $46.0M-9.8% $51.0M+2.0% $50.0M-12.3% $57.0M+18.8% $48.0M
SG&A Expenses $461.0M+22.9% $375.0M+8.1% $347.0M+13.0% $307.0M-7.8% $333.0M+4.7% $318.0M+0.6% $316.0M+12.5% $281.0M
Operating Income $356.0M-27.5% $491.0M+4.0% $472.0M-0.4% $474.0M+41.9% $334.0M-22.9% $433.0M+0.7% $430.0M+4.4% $412.0M
Interest Expense $68.0M+4.6% $65.0M+41.3% $46.0M0.0% $46.0M-13.2% $53.0M+1.9% $52.0M+6.1% $49.0M+4.3% $47.0M
Income Tax $87.0M-22.3% $112.0M+0.9% $111.0M+12.1% $99.0M+39.4% $71.0M-22.8% $92.0M-2.1% $94.0M+9.3% $86.0M
Net Income $202.0M-34.8% $310.0M-7.7% $336.0M+4.3% $322.0M+51.9% $212.0M-25.1% $283.0M-2.1% $289.0M+6.3% $272.0M
EPS (Diluted) N/A $1.81-7.7% $1.96+4.3% $1.88 N/A $1.63-0.6% $1.64+7.2% $1.53

WAB Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $22.1B+2.5% $21.5B+5.6% $20.4B+6.8% $19.1B+2.1% $18.7B+0.3% $18.6B-1.2% $18.9B+0.7% $18.7B
Current Assets $5.7B-1.6% $5.8B-8.9% $6.4B+20.9% $5.3B+6.3% $4.9B+3.5% $4.8B-5.0% $5.0B+4.8% $4.8B
Cash & Equivalents $789.0M+49.4% $528.0M-64.8% $1.5B+114.8% $698.0M-2.4% $715.0M+74.4% $410.0M-31.1% $595.0M-6.9% $639.0M
Inventory $2.7B-0.1% $2.7B+6.8% $2.6B+8.1% $2.4B+2.8% $2.3B-2.8% $2.4B+0.7% $2.4B+0.3% $2.4B
Accounts Receivable $1.4B-15.2% $1.7B+15.3% $1.4B+3.5% $1.4B+20.8% $1.2B-6.4% $1.2B-3.0% $1.3B+27.3% $997.0M
Goodwill $10.2B+3.7% $9.9B+10.3% $8.9B+1.7% $8.8B+0.9% $8.7B-0.9% $8.8B+0.9% $8.7B-0.3% $8.7B
Total Liabilities $10.9B+4.3% $10.4B+9.3% $9.5B+10.0% $8.7B+1.3% $8.6B+2.6% $8.4B0.0% $8.4B+1.4% $8.2B
Current Liabilities $5.2B+26.7% $4.1B+12.7% $3.6B-8.2% $3.9B+3.6% $3.8B+3.0% $3.7B+0.9% $3.6B+15.7% $3.2B
Long-Term Debt $4.3B-14.8% $5.0B+5.2% $4.8B+36.6% $3.5B+0.7% $3.5B-1.1% $3.5B+0.7% $3.5B-12.6% $4.0B
Total Equity $11.1B+0.9% $11.0B+2.3% $10.8B+4.2% $10.4B+2.7% $10.1B-1.6% $10.3B-2.2% $10.5B+0.1% $10.5B
Retained Earnings $3.9B+4.3% $3.7B+7.7% $3.5B+9.2% $3.2B-48.9% $6.2B+3.0% $6.0B+4.3% $5.8B+4.6% $5.5B

WAB Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $992.0M+170.3% $367.0M+75.6% $209.0M+9.4% $191.0M-73.6% $723.0M+33.4% $542.0M+130.6% $235.0M-29.6% $334.0M
Capital Expenditures $122.0M+121.8% $55.0M+41.0% $39.0M-11.4% $44.0M-47.6% $84.0M+82.6% $46.0M0.0% $46.0M+48.4% $31.0M
Free Cash Flow $870.0M+178.8% $312.0M+83.5% $170.0M+15.6% $147.0M-77.0% $639.0M+28.8% $496.0M+162.4% $189.0M-37.6% $303.0M
Investing Cash Flow -$860.0M+51.9% -$1.8B-3213.0% -$54.0M-22.7% -$44.0M+81.4% -$237.0M-383.7% -$49.0M-28.9% -$38.0M-100.0% -$19.0M
Financing Cash Flow $124.0M-72.6% $453.0M-27.6% $626.0M+464.0% -$172.0M-6.2% -$162.0M+76.4% -$686.0M-193.2% -$234.0M+19.0% -$289.0M
Dividends Paid $43.0M0.0% $43.0M-2.3% $44.0M+2.3% $43.0M+26.5% $34.0M-2.9% $35.0M0.0% $35.0M-2.8% $36.0M
Share Buybacks $75.0M $0-100.0% $50.0M-49.0% $98.0M-20.3% $123.0M-79.5% $599.0M+199.5% $200.0M+14.3% $175.0M

WAB Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 32.6%-2.1pp 34.7%+0.1pp 34.7%+0.2pp 34.5%+3.6pp 30.9%-2.2pp 33.1%0.0pp 33.1%+0.4pp 32.6%
Operating Margin 12.0%-5.0pp 17.0%-0.4pp 17.4%-0.7pp 18.2%+5.2pp 12.9%-3.3pp 16.3%0.0pp 16.3%-0.2pp 16.5%
Net Margin 6.8%-3.9pp 10.7%-1.7pp 12.4%+0.1pp 12.3%+4.1pp 8.2%-2.4pp 10.6%-0.3pp 10.9%+0.0pp 10.9%
Return on Equity 1.8%-1.0pp 2.8%-0.3pp 3.1%0.0pp 3.1%+1.0pp 2.1%-0.7pp 2.8%0.0pp 2.8%+0.2pp 2.6%
Return on Assets 0.9%-0.5pp 1.4%-0.2pp 1.7%-0.0pp 1.7%+0.6pp 1.1%-0.4pp 1.5%0.0pp 1.5%+0.1pp 1.5%
Current Ratio 1.11-0.3 1.42-0.3 1.76+0.4 1.34+0.0 1.300.0 1.30-0.1 1.38-0.1 1.52
Debt-to-Equity 0.39-0.1 0.46+0.0 0.44+0.1 0.340.0 0.340.0 0.340.0 0.33-0.0 0.38
FCF Margin 29.3%+18.5pp 10.8%+4.5pp 6.3%+0.6pp 5.6%-19.1pp 24.7%+6.1pp 18.6%+11.5pp 7.1%-5.0pp 12.1%

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Frequently Asked Questions

Wabtec Corp. (WAB) reported $11.2B in total revenue for fiscal year 2025. This represents a 7.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Wabtec Corp. (WAB) revenue grew by 7.5% year-over-year, from $10.4B to $11.2B in fiscal year 2025.

Yes, Wabtec Corp. (WAB) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 10.5%.

Wabtec Corp. (WAB) reported diluted earnings per share of $6.83 for fiscal year 2025. This represents a 13.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wabtec Corp. (WAB) had EBITDA of $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Wabtec Corp. (WAB) had $789.0M in cash and equivalents against $4.3B in long-term debt.

Wabtec Corp. (WAB) had a gross margin of 34.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Wabtec Corp. (WAB) had an operating margin of 16.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Wabtec Corp. (WAB) had a net profit margin of 10.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Wabtec Corp. (WAB) paid $1.00 per share in dividends during fiscal year 2025.

Wabtec Corp. (WAB) has a return on equity of 10.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Wabtec Corp. (WAB) generated $1.5B in free cash flow during fiscal year 2025. This represents a -7.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Wabtec Corp. (WAB) generated $1.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Wabtec Corp. (WAB) had $22.1B in total assets as of fiscal year 2025, including both current and long-term assets.

Wabtec Corp. (WAB) invested $260.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Wabtec Corp. (WAB) invested $223.0M in research and development during fiscal year 2025.

Yes, Wabtec Corp. (WAB) spent $223.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Wabtec Corp. (WAB) had 171M shares outstanding as of fiscal year 2025.

Wabtec Corp. (WAB) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.

Wabtec Corp. (WAB) had a debt-to-equity ratio of 0.39 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Wabtec Corp. (WAB) had a return on assets of 5.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Wabtec Corp. (WAB) has an Altman Z-Score of 3.44, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Wabtec Corp. (WAB) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Wabtec Corp. (WAB) has an earnings quality ratio of 1.50x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Wabtec Corp. (WAB) has an interest coverage ratio of 8.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Wabtec Corp. (WAB) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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