Westinghouse Air Brake Technologies Corporation (WAB) completed a public offering and sale of $500 million aggregate principal amount of 5.900% Senior Notes due 2037 on November 4, 2026. The notes mature on February 25, 2037, pay interest semiannually on February 25 and August 25 beginning February 25, 2027, and rank equally in right of payment with WAB’s other senior unsecured indebtedness. Qualifying current and future subsidiaries guarantee payments jointly and severally on an unsecured basis.
WAB intends to use the net proceeds, together with borrowings under its revolving credit facilities or short-term facilities and/or proceeds from issuances under its commercial paper program, to repay its outstanding 3.45% Senior Notes due 2026 at maturity on November 15, 2026. The notes may be redeemed before November 25, 2036 at a make-whole premium, and on or after that date at 100% of principal plus accrued and unpaid interest. A change-of-control triggering event requires an offer to purchase at 101% of principal plus accrued and unpaid interest. The notes are effectively subordinated to secured debt and structurally subordinated to liabilities of subsidiaries that do not guarantee them.
Westinghouse Air Brake Technologies Corp. (WAB) President and CEO Rafael Santana reported direct sales of 2,174 common shares on November 2 and November 3, 2026, under a Rule 10b5-1 plan. The 10 reported sales entries list weighted-average prices; their footnotes state that each entry’s shares were sold in multiple transactions within a specified price range.
Westinghouse Air Brake Technologies Corporation (WAB) is offering $500 million aggregate principal amount of 5.900% Senior Notes due February 25, 2037. The notes bear interest at 5.900% per year, payable each February 25 and August 25 beginning February 25, 2027, and will be fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each current and future subsidiary that guarantees indebtedness under Wabtec’s Credit Agreements or other debt of Wabtec or a guarantor. Wabtec estimates net proceeds of approximately $493.8 million after the underwriting discount and estimated offering expenses.
Wabtec intends to use the net proceeds together with borrowings under revolving credit facilities, short-term facilities and/or commercial-paper proceeds to repay its outstanding 3.45% Senior Notes due 2026 at maturity on November 15, 2026. Wabtec had $750 million of 3.45% Senior Notes due 2026 as of September 30, 2026. The new notes rank equally in right of payment with existing and future unsecured, unsubordinated indebtedness, are effectively subordinated to secured debt to the extent of the assets securing it, and are structurally subordinated to liabilities of non-guarantor subsidiaries. They will not be listed on an exchange, and no established trading market exists.
Westinghouse Air Brake Technologies Corporation priced a public offering of $500 million aggregate principal amount of 5.900% Senior Notes due 2037. The sale is expected to close November 4, 2026, subject to customary closing conditions. The notes will pay interest semi-annually in arrears and mature February 25, 2037, unless earlier redeemed or repurchased. Current and future subsidiaries that guarantee the company's indebtedness under its credit agreements or other debt will guarantee the notes.
The company intends to use the net proceeds, together with borrowings under its revolving credit facilities or short-term facilities and/or proceeds from issuances under its commercial paper program, to repay its outstanding 3.450% Senior Notes due 2026 at their November 15, 2026 maturity.
Westinghouse Air Brake Technologies Corporation is conducting a preliminary offering of senior unsecured notes due 2037, guaranteed by current and future subsidiaries that guarantee specified company debt. The notes rank equally with existing and future unsecured, unsubordinated debt, are effectively subordinated to secured debt to the extent of collateral, and structurally subordinated to liabilities of non-guarantor subsidiaries. The company intends to use net proceeds, together with revolving or short-term borrowings and/or commercial paper proceeds, to repay its 3.45% Senior Notes due 2026 at maturity on November 15, 2026.
As of September 30, 2026, total debt was $6.379 billion, including $750 million in the 3.45% notes. Non-guarantor subsidiaries had approximately $3.936 billion of liabilities and owned approximately 81% of consolidated assets as of that date. For the nine months ended September 30, 2026, net sales were $9.249 billion versus $8.202 billion, net income attributable to Wabtec shareholders was $1.166 billion versus $968 million, and cash provided by operating activities was $1.095 billion versus $767 million.
Westinghouse Air Brake Technologies Corporation (Wabtec, WAB) filed an automatic shelf registration allowing it to offer debt securities, common or preferred stock, warrants, depositary shares, purchase contracts, units, or combinations from time to time. Each sale requires a prospectus supplement describing that offering’s securities and terms. Debt securities may be senior or subordinated, and certain direct or indirect subsidiaries may guarantee them.
Wabtec says net proceeds are intended for general corporate purposes unless a supplement indicates otherwise. Common stock issued and outstanding totaled 167,802,384 shares as of October 16, 2026.
Westinghouse Air Brake Technologies Corporation (Wabtec) reported third-quarter 2026 net sales of $3.12 billion, up 8.1% from $2.886 billion a year earlier. Net income attributable to Wabtec shareholders was $409 million, compared with $310 million; diluted earnings per share were $2.42, versus $1.81. Income from operations was $625 million, compared with $491 million.
For the nine months ended September 30, 2026, net sales were $9.249 billion versus $8.202 billion, and net cash provided by operating activities was $1.095 billion versus $767 million. Wabtec’s multi-year backlog increased $4.0 billion in the first nine months of 2026 to $31.4 billion at September 30. It completed the approximately $1.053 billion acquisition of Dellner Couplers on February 10, 2026; Dellner is included in the Transit Segment.
Wabtec said tariff costs unfavorably affected operating results and cash from operations in the first nine months of 2026. The net impact of tariffs and timing of refunds remains subject to uncertainty.
Westinghouse Air Brake Technologies Corporation reported third-quarter 2026 sales of $3.12 billion, up 8.1% year over year. GAAP diluted EPS was $2.42, up 33.7%, and adjusted diluted EPS was $2.83, up 22.0%. Cash from operations was $455 million, compared with $367 million a year earlier. Freight sales rose 6.9% to $2.237 billion; Transit sales rose 11.3% to $883 million. Total backlog was $31.435 billion at September 30, 2026, including $8.992 billion of 12-month backlog.
Wabtec raised and tightened its 2026 adjusted diluted EPS guidance to $10.85 to $11.05; it continues to expect revenue of $12.30 billion to $12.60 billion. Guidance assumes tariffs in effect as of October 21, 2026, and excludes IEEPA tariff refunds in 4Q26. At September 30, 2026, available liquidity was $2.09 billion, including $480 million in cash and cash equivalents and $1.61 billion available under current credit facilities. During the quarter, Wabtec repurchased $305 million of shares and paid $52 million in dividends.
WAB President and CEO Rafael Santana sold 2,174 shares of common stock directly in 10 transactions on October 5 and October 6, 2026, under a Rule 10b5-1 trading plan. The reported prices were weighted averages for shares sold in multiple transactions.
Westinghouse Air Brake Technologies Corporation (WAB) established a commercial paper program on October 1, 2026, permitting it to issue up to $2,000,000,000 of short-term, unsecured notes outstanding at any time. The notes will have maturities of up to 397 days from issuance and their payment will be unconditionally guaranteed by GE Transportation, a Wabtec Company; RFPC Holding Corp.; Transportation IP Holdings, LLC; Transportation Systems Services Operations Inc.; Wabtec Components LLC; Wabtec Holding, LLC; Wabtec Railway Electronics Holdings, LLC; Wabtec Transportation Systems, LLC; and Wabtec US Rail, Inc.
The notes may be issued at a discount from par or at par, with interest rates determined at issuance. Dealers may purchase notes from WAB or arrange their sale. The notes and guarantees will be issued on a private placement basis under the Securities Act’s Section 4(a)(2) exemption.