Wabtec (NYSE: WAB) Q1 2026 sales climb 13% as guidance raised
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Westinghouse Air Brake Technologies Corporation (Wabtec) reported strong first quarter 2026 results with net sales of $2.95 billion, up 13.0% from 2025. GAAP diluted EPS rose to $2.12 and adjusted diluted EPS to $2.71, increases of 12.8% and 18.9%.
The Freight and Transit segments both grew, supported by acquisitions and higher equipment and transit demand. Multi-year backlog reached $30.80 billion, up 38.1%, while cash from operations was $199 million. Wabtec raised its 2026 adjusted EPS guidance range to $10.25–$10.65 and reaffirmed revenue guidance of $12.19–$12.49 billion.
Positive
- Strong Q1 2026 performance and higher outlook: Sales grew 13.0% to $2.95 billion, adjusted EPS rose 18.9% to $2.71, backlog expanded 38.1% to $30.80 billion, and management raised 2026 adjusted EPS guidance to $10.25–$10.65 while keeping revenue guidance at $12.19–$12.49 billion.
Negative
- None.
Insights
Wabtec delivered broad-based Q1 growth and raised full-year EPS guidance.
Wabtec posted Q1 2026 sales of $2.95B, up 13.0%, with adjusted EPS climbing 18.9% to $2.71. Both Freight and Transit segments contributed, helped by higher locomotive deliveries, the Dellner acquisition, and strong transit demand.
Margins were mixed: GAAP operating margin slipped to 17.5%, but adjusted operating margin inched up to 21.9%, supported by pricing, mix and acquisition synergies, partly offset by tariffs, a low-margin digital project exit, and restructuring and transaction costs.
Backlog is a key strength, with total backlog at $30.80B, up 38.1%, and 12‑month backlog up 12.8%, supporting multi‑year visibility. Management raised 2026 adjusted EPS guidance to $10.25–$10.65 and maintained revenue guidance of $12.19–$12.49B, signaling confidence in demand, integration benefits and cost actions.
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Net Sales: $2.95B
Q1 2026 GAAP Diluted EPS: $2.12
Q1 2026 Adjusted Diluted EPS: $2.71
+5 more
8 metrics
Q1 2026 Net Sales
$2.95B
Up 13.0% year over year
Q1 2026 GAAP Diluted EPS
$2.12
Up 12.8% vs Q1 2025
Q1 2026 Adjusted Diluted EPS
$2.71
Up 18.9% vs Q1 2025
Total Backlog
$30.80B
As of March 31, 2026; up 38.1% vs prior year
12-Month Backlog
$9.247B
As of March 31, 2026; up 12.8% vs prior year
Cash From Operations
$199M
Q1 2026; 40% cash conversion
2026 Revenue Guidance
$12.19B–$12.49B
Full-year 2026 outlook; up 10.5% at midpoint
2026 Adjusted EPS Guidance
$10.25–$10.65
Full-year 2026; midpoint raised by $0.20, up 16.5%
Key Terms
adjusted diluted earnings per share, backlog, operating margin, cash flow from operations, +2 more
6 terms
backlog financial
"Strong Multi-year Backlog at $30.80 billion; 12-month Backlog Growth at 12.8%"
A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.
operating margin financial
"GAAP Operating Margin at 17.5%; Adjusted Operating Margin Up 0.2 pts to 21.9%"
Operating margin shows how much profit a company makes from its core business activities after paying for costs like wages and materials. It’s useful because it tells you how efficiently a company is running—higher margins mean it keeps more money from each dollar of sales, which can indicate better management or stronger products.
cash flow from operations financial
"First quarter sales were $2.95 billion and cash from operations was $199 million."
Cash flow from operations is the money a company actually generates from its core business activities—sales, services and day-to-day operations—after paying routine costs like wages and suppliers. Investors watch it like a company’s operating “paycheck” because it shows whether the business can fund growth, pay debts and return cash to shareholders without relying on loans or one-time asset sales; steady positive cash flow is a sign of financial health.
Integration 3.0 financial
"Benefits of Integration 3.0 & Portfolio Optimization"
non-GAAP financial measures financial
"Wabtec’s earnings release and 2026 financial guidance mentions certain non-GAAP financial performance measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Revenue: $2.95B · Guidance included
Q1 2026
Revenue
$2.95B
+13.0% YoY
GAAP Diluted EPS
$2.12
+12.8% YoY
Adjusted Diluted EPS
$2.71
+18.9% YoY
Total Backlog
$30.80B
+38.1% YoY
12-Month Backlog
$9.247B
+12.8% YoY
Guidance
For 2026, Wabtec expects revenue of $12.19B–$12.49B (up 10.5% at midpoint) and adjusted diluted EPS of $10.25–$10.65, with the EPS midpoint raised by $0.20, or 16.5%.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________
FORM 8-K
____________________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 22, 2026
____________________________________
(Exact name of registrant as specified in its charter)
____________________________________
| (State or other jurisdiction of incorporation or organization) | |||||||||||
| (Commission File No.) | (I.R.S. Employer Identification No.) | ||||||||||
| (Zip code) | |||||||||||
| (Address of principal executive offices) | |||||||||||
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
____________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition | ||||
On April 22, 2026, Westinghouse Air Brake Technologies Corporation (the “Company”) issued a press release reporting, among other things, the Company’s 2026 first quarter results. A copy of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated into this Item 2.02 by reference. The Company is also furnishing an investor presentation relating to its first quarter of 2026 (the “Presentation”), which will be used by the management team for presentations to investors and others. A copy of the Presentation is attached hereto as Exhibit 99.2 and incorporated into this Item 2.02 by reference. The Presentation is also available on the Company’s website at www.wabteccorp.com.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 2.02 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
| Item 7.01. | Regulation FD Disclosure | ||||
On April 22, 2026, the Company issued a press release which, among other things, provided earnings guidance for fiscal year 2026. A copy of the press release is attached to this report as Exhibit 99.1 and the paragraph under the heading “2026 Financial Guidance” which discusses 2026 guidance is incorporated into this Item 7.01 by reference. The Company also furnished a Presentation relating to its first quarter of 2026, which is incorporated into this Item 7.01 by reference. A copy of the Presentation is attached to this report as Exhibit 99.2.
In accordance with General Instruction B.2 of Form 8-K, the information furnished pursuant to this Item 7.01 in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01. | Financial Statements and Exhibits | ||||
(d) Exhibits.
The following exhibits are furnished with this report on Form 8-K:
| Exhibit No. | Description | ||||
| 99.1 | Press release dated April 22, 2026 | ||||
| 99.2 | Wabtec Earnings Presentation, First Quarter 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
Caution Concerning Forward-Looking Statements
This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933 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; Wabtec’s projected expenses and cost savings associated with its Integration 2.0 and 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook; Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; 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.
SIGNATURES
Pursuant to the requirements of Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION | |||||
| By: | /s/ JOHN A. OLIN | ||||
| John A. Olin | |||||
| Executive Vice President and Chief Financial Officer | |||||
| (Duly Authorized Officer and Principal Financial Officer) | |||||
| DATE: | |||||
Exhibit 99.1
Wabtec Reports First Quarter 2026 Results
Strong Start with Backlog Expansion, Double Digit Sales & EPS Growth and Announces Increase in Full-Year EPS Guidance
| SALES | GAAP DILUTED EARNINGS PER SHARE | ADJUSTED DILUTED EARNINGS PER SHARE | ||||||||||||
| 1Q’26 | 1Q’26 | 1Q’26 | ||||||||||||
| $2.95B | $2.12 | $2.71 | |||||||||||||||
| +13.0% YOY | +12.8% YOY | +18.9% YOY | |||||||||||||||
Q1 2026 HIGHLIGHTS
| “Wabtec delivered a strong start to 2026, with solid first quarter execution across our businesses driving double digit sales and adjusted EPS growth,” said Rafael Santana, Wabtec’s President and CEO. | ||
| “During the quarter we secured significant wins across multiple businesses, executed integration plans for our recent acquisitions, advanced key innovation initiatives, and further strengthened our portfolio, reinforcing Wabtec’s position as a leading industrial technology company. | ||
| “With a strong pipeline of opportunities that continues to strengthen our visibility, a resilient installed base, and a committed global team, we remain well positioned to deliver profitable growth and continue compounding long-term value for our shareholders.” | ||
| Rafael Santana President and CEO | ||
•Sales Growth of 13.0% to $2.95 Billion Driven by Both the Freight and Transit Segments
•GAAP Operating Margin at 17.5%; Adjusted Operating Margin Up 0.2 pts to 21.9%
•Strong Multi-year Backlog at $30.80 billion; 12-month Backlog Growth at 12.8%
•GAAP Earnings Per Share of $2.12, Up 12.8%; Adjusted Earnings Per Share of $2.71, Up 18.9%
PITTSBURGH, April 22, 2026 – Wabtec Corporation (NYSE: WAB) today reported first quarter 2026 GAAP earnings per diluted share of $2.12, up 12.8% versus the first quarter of 2025. Adjusted earnings per diluted share were $2.71, up 18.9% versus the same quarter a year ago. First quarter sales were $2.95 billion and cash from operations was $199 million.
2026 First Quarter Consolidated Results
| Wabtec Corporation Consolidated Financial Results | ||||||||||||||
| $ in millions except earnings per share and percentages; margin change in percentage points (pts) | First Quarter | |||||||||||||
| 2026 | 2025 | Change | ||||||||||||
| Net Sales | $2,950 | $2,610 | 13.0 | % | ||||||||||
| GAAP Gross Margin | 36.0 | % | 34.5 | % | 1.5 pts | |||||||||
| Adjusted Gross Margin | 36.9 | % | 34.6 | % | 2.3 pts | |||||||||
| GAAP Operating Margin | 17.5 | % | 18.2 | % | (0.7) pts | |||||||||
| Adjusted Operating Margin | 21.9 | % | 21.7 | % | 0.2 pts | |||||||||
| GAAP Diluted EPS | $2.12 | $1.88 | 12.8 | % | ||||||||||
| Adjusted Diluted EPS | $2.71 | $2.28 | 18.9 | % | ||||||||||
| Cash Flow from Operations | $199 | $191 | $8 | |||||||||||
| Operating Cash Flow Conversion | 40 | % | 43 | % | ||||||||||
•Sales increased 13.0% compared to the year-ago quarter driven by higher sales in the Freight and Transit segments, which includes the acquisitions of Inspection Technologies, Frauscher Sensor Technologies, and Dellner Couplers.
•GAAP operating margin was lower than the prior year at 17.5%, and adjusted operating margin was modestly higher than the prior year at 21.9%. Both GAAP and adjusted operating margins benefited from strong sales growth in the quarter. GAAP operating margins were impacted by the exit of a low margin Digital project, restructuring costs, purchase accounting adjustments, and transaction costs associated with recent acquisitions.
•GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, and non-operational benefits primarily related to currency fluctuation and timing of tax expense.
2026 First Quarter Freight Segment Results
| Wabtec Corporation Freight Segment Financial Results | |||||||||||
| Net sales $ in millions; margin change in percentage points (pts) | First Quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Net Sales | $2,115 | $1,901 | 11.3 | % | |||||||
| GAAP Gross Margin | 37.3 | % | 36.0 | % | 1.3 pts | ||||||
| Adjusted Gross Margin | 38.3 | % | 36.2 | % | 2.1 pts | ||||||
| GAAP Operating Margin | 21.3 | % | 22.1 | % | (0.8) pts | ||||||
| Adjusted Operating Margin | 26.0 | % | 25.7 | % | 0.3 pts | ||||||
•Freight segment sales for the first quarter were up 11.3%. Equipment sales were up 52.5% driven by higher locomotive deliveries, while Services sales were down 17.3% due to lower modernization deliveries as expected. Digital sales were up 75.7% driven by the acquisitions of Inspection Technologies & Frauscher.
•GAAP and adjusted operating margin benefited from gross margin improvements which was partially offset by higher operating expenses as a percentage of revenue. In addition, GAAP operating margin was impacted by the exit of a low margin Digital project, restructuring costs, and purchase accounting adjustments.
2026 First Quarter Transit Segment Results
| Wabtec Corporation Transit Segment Financial Results | |||||||||||
| Net sales $ in millions; margin change in percentage points (pts) | First Quarter | ||||||||||
| 2026 | 2025 | Change | |||||||||
| Net Sales | $835 | $709 | 17.8 | % | |||||||
| GAAP Gross Margin | 32.7 | % | 30.3 | % | 2.4 pts | ||||||
| Adjusted Gross Margin | 33.2 | % | 30.4 | % | 2.8 pts | ||||||
| GAAP Operating Margin | 14.5 | % | 12.7 | % | 1.8 pts | ||||||
| Adjusted Operating Margin | 16.6 | % | 14.6 | % | 2.0 pts | ||||||
•Transit segment sales for the first quarter were up 17.8% driven by the acquisition of Dellner, higher OE and aftermarket sales, and favorable foreign currency exchange. Sales were up 11.0% on a constant currency basis.
•GAAP & Adjusted operating margins were up as a result of improved gross margins which was partially offset by higher operating expenses as a percent of revenue.
Backlog
| Wabtec Corporation Consolidated Backlog Comparison | |||||||||||
| Backlog $ in millions | March 31, | ||||||||||
| 2026 | 2025 | Change | |||||||||
| 12-Month Backlog | $9,247 | $8,196 | 12.8 | % | |||||||
| Total Backlog | $30,802 | $22,302 | 38.1 | % | |||||||
•The Company’s multi-year backlog continues to provide strong visibility. At March 31, 2026, the 12-month backlog was $1.05 billion higher than the prior year period. At March 31, 2026, the multi-year backlog was $8.50 billion higher than the prior year period, and excluding foreign currency exchange, the multi-year backlog was $8.07 billion higher, up 36.2%.
Cash Flow and Liquidity Summary
•During the first quarter, the Company generated cash from operations of $199 million versus $191 million in the year ago period. The increase in cash was driven by higher net income.
•At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $0.53 billion and total debt of $6.54 billion. At March 31, 2026, the Company’s total available liquidity was $2.09 billion, which includes $0.52 billion in cash and cash equivalents plus $1.57 billion available under current credit facilities.
•During the quarter, the Company repurchased $242 million of Wabtec shares and paid $53 million in dividends.
2026 Financial Guidance
•Wabtec raised its 2026 adjusted EPS guidance range to $10.25 - $10.65, raising it $0.20 at the midpoint, or up 16.5%.
•Wabtec continues to expect revenues to be between $12.19 billion to 12.49 billion, up 10.5% at the midpoint.
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 sustainable rail system in the U.S. and worldwide. Visit Wabtec’s website at www.wabteccorp.com.
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 because it 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 certain 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: 4354537).
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and 2026 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 by 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, 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.
Wabtec Investor Contact
Kyra Yates / Kyra.Yates@wabtec.com / 817-349-2735
Wabtec Media Contact
Tim Bader / Tim.Bader@wabtec.com / 682-319-7925
| Appendix A | ||||||||
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net sales | $ | 2,950 | $ | 2,610 | |||||||
| Cost of sales | (1,889) | (1,710) | |||||||||
| Gross profit | 1,061 | 900 | |||||||||
| Gross profit as a % of Net sales | 36.0 | % | 34.5 | % | |||||||
| Selling, general and administrative expenses | (401) | (307) | |||||||||
| Engineering expenses | (56) | (46) | |||||||||
| Amortization expense | (87) | (73) | |||||||||
| Total operating expenses | (544) | (426) | |||||||||
| Operating expenses as a % of Net sales | 18.4 | % | 16.3 | % | |||||||
| Income from operations | 517 | 474 | |||||||||
| Income from operations as a % of Net sales | 17.5 | % | 18.2 | % | |||||||
| Interest expense, net | (71) | (46) | |||||||||
| Other income (expense), net | 23 | (2) | |||||||||
| Income before income taxes | 469 | 426 | |||||||||
| Income tax expense | (106) | (99) | |||||||||
| Effective tax rate | 22.7 | % | 23.2 | % | |||||||
| Net income | 363 | 327 | |||||||||
| Less: Net income attributable to noncontrolling interest | (1) | (5) | |||||||||
| Net income attributable to Wabtec shareholders | $ | 362 | $ | 322 | |||||||
| Earnings Per Common Share | |||||||||||
| Basic | |||||||||||
| Net income attributable to Wabtec shareholders | $ | 2.12 | $ | 1.88 | |||||||
| Diluted | |||||||||||
| Net income attributable to Wabtec shareholders | $ | 2.12 | $ | 1.88 | |||||||
| Weighted average shares outstanding | |||||||||||
| Basic | 170.0 | 170.5 | |||||||||
| Diluted | 170.7 | 171.3 | |||||||||
| Appendix A | ||||||||
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
| Three Months Ended March 31, | |||||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Segment Information | |||||||||||||||||
| Freight Net sales | $ | 2,115 | $ | 1,901 | |||||||||||||
| Freight Income from operations | $ | 450 | $ | 420 | |||||||||||||
| Freight Operating margin | 21.3 | % | 22.1 | % | |||||||||||||
| Transit Net sales | $ | 835 | $ | 709 | |||||||||||||
| Transit Income from operations | $ | 121 | $ | 90 | |||||||||||||
| Transit Operating margin | 14.5 | % | 12.7 | % | |||||||||||||
| Backlog Information (Note: 12-month is a sub-set of total) | March 31, 2026 | December 31, 2025 | March 31, 2025 | ||||||||||||||
| Freight Total | $ | 25,175 | $ | 22,493 | $ | 17,851 | |||||||||||
| Transit Total | 5,627 | 4,914 | 4,451 | ||||||||||||||
| Wabtec Total | $ | 30,802 | $ | 27,407 | $ | 22,302 | |||||||||||
| Freight 12-month | $ | 6,679 | $ | 6,022 | $ | 6,069 | |||||||||||
| Transit 12-month | 2,568 | 2,212 | 2,127 | ||||||||||||||
| Wabtec 12-month | $ | 9,247 | $ | 8,234 | $ | 8,196 | |||||||||||
| Appendix B | ||||||||
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| March 31, 2026 | December 31, 2025 | ||||||||||
| In millions | |||||||||||
| Cash, cash equivalents and restricted cash | $ | 531 | $ | 789 | |||||||
| Receivables, net | 2,252 | 1,897 | |||||||||
| Inventories, net | 2,850 | 2,745 | |||||||||
| Other current assets | 340 | 263 | |||||||||
| Total current assets | 5,973 | 5,694 | |||||||||
| Property, plant and equipment, net | 1,653 | 1,616 | |||||||||
| Goodwill | 10,625 | 10,216 | |||||||||
| Other intangible assets, net | 4,239 | 3,838 | |||||||||
| Other noncurrent assets | 706 | 705 | |||||||||
| Total Assets | $ | 23,196 | $ | 22,069 | |||||||
| Current liabilities | $ | 5,835 | $ | 5,150 | |||||||
| Long-term debt | 4,708 | 4,291 | |||||||||
| Other long-term liabilities | 1,502 | 1,438 | |||||||||
| Total Liabilities | 12,045 | 10,879 | |||||||||
| Shareholders' equity | 11,103 | 11,142 | |||||||||
| Noncontrolling interest | 48 | 48 | |||||||||
| Total Equity | 11,151 | 11,190 | |||||||||
| Total Liabilities and Equity | $ | 23,196 | $ | 22,069 | |||||||
| Appendix C | ||||||||
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| In millions | |||||||||||
| Operating activities | |||||||||||
| Net income | $ | 363 | $ | 327 | |||||||
| Non-cash expense | 151 | 127 | |||||||||
| Receivables | (305) | (226) | |||||||||
| Inventories | (28) | (29) | |||||||||
| Accounts payable | 20 | 13 | |||||||||
| Other operating activities | (2) | (21) | |||||||||
| Net cash provided by operating activities | 199 | 191 | |||||||||
| Net cash used for investing activities | (1,105) | (44) | |||||||||
| Net cash provided by (used for) financing activities | 656 | (172) | |||||||||
| Effect of changes in currency exchange rates | (8) | 8 | |||||||||
| Decrease in cash | (258) | (17) | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 789 | 715 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 531 | $ | 698 | |||||||
| Appendix D | ||||||||
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) | First Quarter 2026 Actual Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Gross | Operating | Income from | Interest & | Net | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | Profit | Expenses | Operations | Other Exp | Tax | Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Results | $ | 2,950 | $ | 1,061 | $ | (544) | $ | 517 | $ | (48) | $ | (106) | $ | 363 | $ | (1) | $ | 362 | $ | 2.12 | |||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Portfolio Optimization costs | — | 3 | 2 | 5 | — | (1) | 4 | — | 4 | $ | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory Purchase Accounting charge | — | 23 | — | 23 | — | (5) | 18 | — | 18 | $ | 0.11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transaction costs | — | — | 13 | 13 | (2) | — | 11 | — | 11 | $ | 0.06 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash Amortization expense | — | — | 87 | 87 | — | (20) | 67 | — | 67 | $ | 0.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Results | $ | 2,950 | $ | 1,087 | $ | (442) | $ | 645 | $ | (50) | $ | (132) | $ | 463 | $ | (1) | $ | 462 | $ | 2.71 | |||||||||||||||||||||||||||||||||||||||||||||
| Fully Diluted Shares Outstanding | 170.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | First Quarter 2025 Actual Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Gross | Operating | Income from | Interest & | Net | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | Profit | Expenses | Operations | Other Exp | Tax | Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reported Results | $ | 2,610 | $ | 900 | $ | (426) | $ | 474 | $ | (48) | $ | (99) | $ | 327 | $ | (5) | $ | 322 | $ | 1.88 | |||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Portfolio Optimization costs | — | 3 | 6 | 9 | — | (2) | 7 | — | 7 | $ | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transaction costs | — | — | 10 | 10 | — | (2) | 8 | — | 8 | $ | 0.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-cash Amortization expense | — | — | 72 | 72 | — | (17) | 55 | — | 55 | $ | 0.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Results | $ | 2,610 | $ | 903 | $ | (338) | $ | 565 | $ | (48) | $ | (120) | $ | 397 | $ | (5) | $ | 392 | $ | 2.28 | |||||||||||||||||||||||||||||||||||||||||||||
| Fully Diluted Shares Outstanding | 171.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Appendix D | ||||||||
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 Year-to-Date 2025 Actual Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Gross | Operating | Income from | Interest & | Net | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | Profit | Expenses | Operations | Other Exp | Tax | Income | Interest | Net 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 Year-to-Date 2024 Actual Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Gross | Operating | Income from | Interest & | Net | Noncontrolling | Wabtec | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sales | Profit | Expenses | Operations | Other Exp | Tax | Income | Interest | Net 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Appendix E
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 | |||||||||||||||||||||||||||||||||||||||||
First Quarter 2026 EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | |||||||||||||||||||||||||||||||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | |||||||||||||||||||||||||||||||||||||
| Consolidated Results | $ | 517 | $ | 23 | $ | 137 | $ | 677 | $ | 39 | $ | 716 | |||||||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||||||||||||||
First Quarter 2025 EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | |||||||||||||||||||||||||||||||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | |||||||||||||||||||||||||||||||||||||
| Consolidated Results | $ | 474 | $ | (2) | $ | 119 | $ | 591 | $ | 17 | $ | 608 | |||||||||||||||||||||||||||||
Appendix F
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
| Three Months Ended March 31, | |||||||||||
| In millions | 2026 | 2025 | |||||||||
| Freight Segment | |||||||||||
| Services | $ | 714 | $ | 863 | |||||||
| Equipment | 726 | 476 | |||||||||
| Components | 357 | 381 | |||||||||
| Digital Intelligence | 318 | 181 | |||||||||
| Total Freight Segment | $ | 2,115 | $ | 1,901 | |||||||
| Transit Segment | |||||||||||
| Original Equipment Manufacturer | $ | 381 | $ | 322 | |||||||
| Aftermarket | 454 | 387 | |||||||||
| Total Transit Segment | $ | 835 | $ | 709 | |||||||
| | ||
Appendix G
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| In millions | Gross Profit | Income from Operations | Gross Profit | Income from Operations | |||||||||||||||||||
| Freight Segment Reported Results | $ | 788 | $ | 450 | $ | 685 | $ | 420 | |||||||||||||||
| Freight Segment Reported Margin | 37.3 | % | 21.3 | % | 36.0 | % | 22.1 | % | |||||||||||||||
| Restructuring and Portfolio Optimization costs | 2 | 3 | 2 | 3 | |||||||||||||||||||
| Inventory Purchase Accounting charge | 20 | 20 | — | — | |||||||||||||||||||
| Transaction costs | — | 1 | — | — | |||||||||||||||||||
| Non-cash Amortization expense | — | 76 | — | 65 | |||||||||||||||||||
| Freight Segment Adjusted Results | $ | 810 | $ | 550 | $ | 687 | $ | 488 | |||||||||||||||
| Freight Segment Adjusted Margin | 38.3 | % | 26.0 | % | 36.2 | % | 25.7 | % | |||||||||||||||
| Transit Segment Reported Results | $ | 273 | $ | 121 | $ | 215 | $ | 90 | |||||||||||||||
| Transit Segment Reported Margin | 32.7 | % | 14.5 | % | 30.3 | % | 12.7 | % | |||||||||||||||
| Restructuring and Portfolio Optimization costs | 1 | 3 | 1 | 6 | |||||||||||||||||||
| Inventory Purchase Accounting charge | 3 | 3 | — | — | |||||||||||||||||||
| Non-cash Amortization expense | — | 11 | — | 7 | |||||||||||||||||||
| Transit Segment Adjusted Results | $ | 277 | $ | 138 | $ | 216 | $ | 103 | |||||||||||||||
| Transit Segment Adjusted Margin | 33.2 | % | 16.6 | % | 30.4 | % | 14.6 | % | |||||||||||||||
Appendix H
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
| Three Months Ended March 31, | ||||||||||||||||||||
| In millions | Freight | Transit | Consolidated | |||||||||||||||||
2025 Net sales | $ | 1,901 | $ | 709 | $ | 2,610 | ||||||||||||||
| Acquisitions | 184 | 41 | 225 | |||||||||||||||||
| Portfolio Optimization (Divestitures/Exits) | (10) | (3) | (13) | |||||||||||||||||
| Foreign Exchange | 20 | 48 | 68 | |||||||||||||||||
| Organic | 20 | 40 | 60 | |||||||||||||||||
2026 Net sales | $ | 2,115 | $ | 835 | $ | 2,950 | ||||||||||||||
| Change ($) | 214 | 126 | 340 | |||||||||||||||||
| Change (%) | 11.3 | % | 17.8 | % | 13.0 | % | ||||||||||||||
Appendix I
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 | |||||||||||||||||||||||||||||
2026 First Quarter Cash Conversion Calculation | |||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Reported Cash from Operations | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | |||||||||||||||||||||||
| Consolidated Results | $199 | $363 | $139 | 40% | |||||||||||||||||||||||||
| Wabtec Corporation | |||||||||||||||||||||||||||||
2025 First Quarter Cash Conversion Calculation | |||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Reported Cash from Operations | ÷ | (Net Income | + | Depreciation & Amortization) | = | Cash Conversion | |||||||||||||||||||||||
| Consolidated Results | $191 | $327 | $120 | 43% | |||||||||||||||||||||||||
FIRST QUARTER 2026 Wabtec Financial Results & Company Highlights Exhibit 99.2
Forward Looking Statements & Non-GAAP Financial Information This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933 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; Wabtec’s projected expenses and cost savings associated with its Integration 2.0 and 3.0 initiatives and its portfolio optimization; Wabtec’s 5-year outlook; Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec’s business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; 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. This presentation as well as Wabtec’s earnings release and financial guidance mention certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted operating margin, adjusted gross margin, adjusted income tax expense, adjusted earnings per diluted share, EBITDA and adjusted EBITDA, net debt and operating cash flow conversion rate. 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 presentation 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 presentation are reconciliation tables that provide details about how adjusted results relate to GAAP results. Wabtec is not presenting a quantitative reconciliation of its forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as it 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 certain regulatory, legal and tax matters; the financial impact of these items is uncertain and is dependent on various factors, including the timing, and could be material to Wabtec’s Consolidated Statement of Earnings. 2
3 RAFAEL SANTANA President & Chief Executive Officer JOHN OLIN Executive Vice President & Chief Financial Officer KYRA YATES Vice President, Investor Relations Today’s Participants
4 1Q 2026 Overview WAB T E C ’ S S T R O N G U N D E R LY I N G M O M E N T U M C O N T I N U E S Sales Increased sales driven by both Freight and Transit segments (including acquisitions) Adj. operating margin up despite tariff headwinds Adjusted EPS improvement driven by strong revenue growth and modest margin expansion; as well as non-operational benefits 1Q operating cash flow at 40% cash conversion (1) Backlog continues to provide strong visibility for 2026 and beyond … 12-month up 12.8%; multi- year up 38.1% Cash Flow from Operations $199M Backlog $9.25B 12-Month Operating Margin 17.5% GAAP 0.7 pts 21.9% Adjusted 0.2 pts Earnings Per Share $2.12 GAAP 12.8% $2.71 Adjusted 18.9% $2.95B 13.0% 1 Q 2 0 2 6 H I G H L IG H T S Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization
2.5% 1.4% 0.0% 1.8% 5 2026 Key Metrics 2Q25 3Q25 4Q25 1Q26 Industry Active Locomotives 1Q23 1Q24 1Q25 1Q26 Source: Association of American Railroads Source: Wabtec Industry Freight Traffic Source: UIC & Operator Reports (U.S., Europe & India) 2022 2023 2024 2025 Wabtec Installed Base 2022 2023 2024 2025 Industry Freight Volumes Sources: Previous 3 months available for Brazil, China, India Ministry of Railways, South Africa, Kazakhstan Brazil China India South Africa Kazakhstan Source: Wabtec TRANSIT RIDERSHIP NORTH AMERICA INTERNATIONAL NA RAILCAR DELIVERIES Source: Rail Supply Institute & FTR Associates 2022 2023 2024 2025 2026E 41K 45K 42K 31K 44K HISTORICAL 10-YEAR AVERAGE 24K 2026E 2026E 5.3% 0.1% 3.8% 8.9% 8.0%
6 RECENT WINS Accelerate innovation of scalable technologies Grow and refresh expansive global installed base Drive efficiencies through emerging technologies Expand high-margin recurring revenue streams Drive continuous operational improvement Executing On Our Value Creation Framework P I P E L I N E C O N V E R S I O N R E M A I N S R O B U S T … M U LT I - Y E A R B A C K L O G U P 3 8 % V S P Y Secured a multi-billion-dollar, multi-year mining contract for drive systems and aftermarket parts Won $210 million multi-year modernization order with Massachusetts Bay Transit Authority Executing the first EVO modernization build to support commercial rollout Signed $54 million Transit Brake and Couplers order with Kawasaki for New York City Transit
~$4.6B of Capital Deployed Since 2020 W A B T E C C O M P O U N D I N G VA L U E T H R O U G H TA R G E T E D , H I G H R O I C M & A … S U P P O R T E D B Y A R E P E ATA B L E I N T E G R AT I O N M O D E L Disciplined, Very High Return M&A Driving Portfolio Strength 7 PORTFOLIO ENHANCING BOLT-ONS & NEAR-IN ADJACENCIES WITH … ROBUST FINANCIALS, ATTRACTIVE SYNERGIES, & ACCRETIVE ROIC I N T E G R AT I O N U P DAT E 2020-2024 2025 2026 YTD ($’s in Billions) $1.0 $2.5 $1.1 Anticipated Synergy Run Rate Savings Executed 20 acquisitions since 2020 with overall IRRs > deal models & first year EPS accretion Continued focus on high quality assets that build a stronger technology platform Strong track record of consistent capital deployment that enhances portfolio resilience 2026E 2027E 2028E 2029E Disciplined M&A Approach Integration Status Synergies Financial Plan Integration Inspection Tech Frauscher Dellner $3M 2025A $60M $14M 15 4 1 Early stages # of Acquisitions:
$1.88 $2.12 $2.28 $2.71 8 1Q 2026 Financial Summary I N C R E AS E D S AL E S , AD J . O P E R AT I N G M AR G I N AN D E P S G R O W T H (1) Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $474M 18.2% 17.5% $565M 21.7% $645M 21.9% $517M 2 0 2 5 2 0 2 6 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $2.95B $2.61B 13.0% YOY 12.8% YOY 18.9% YOY 10.4% Ex-Currency OP. INCOME / OP. MARGIN EARNINGS PER SHARESALES 0.7 pts YOY 0.2 pts YOY
1Q 2026 Sales 9 P RO D U CT L I N E 1 Q 2 6 YOY 1Q K E Y DR IV E RS (in millions) Equipment $ 726 52.5% Services $ 714 (17.3)% Components $ 357 (6.3)% Digital Intelligence $ 318 75.7% Freight segment $ 2,115 11.3% Transit segment $ 835 17.8% TOTAL SALES $ 2,950 13.0% Sales growth in core services offset by lower modernization deliveries as expected Higher locomotive deliveries & increased mining sales Lower North America rail car build and lower revenue due to portfolio optimization, partially offset by strong industrial demand Increased sales driven by acquisitions, partially offset by the exit of a low margin project Increased sales driven by Dellner acquisition, organic growth, and favorable currency exchange … Sales up 11.0% on constant currency basis
10 1Q 2026 Consolidated Operating Income ($ in millions) $ 9 0 3$ 9 0 02 0 2 5 G R O S S P R O F I T 34.6%34.5%% Gross Profit Volume Mix/Pricing Raw Materials/Tariffs Currency Manufacturing/Other $ 1 , 0 8 7$ 1 , 0 6 12 0 2 6 G R O S S P R O F I T 36.9%36.0%% Gross Profit $ 5 6 5$ 4 7 42 0 2 5 O P I N C O M E 21.7%18.2%% Operating Margin 184161Gross Profit (94)(94)SG&A (10)(10)Engineering -(14)Amortization $ 6 4 5$ 5 1 72 0 2 6 O P I N C O M E 21.9%17.5%% Operating Margin GAAP Adjusted Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations V O L U M E Higher sales in Equipment & Transit, and acquisitions M I X / P R I C I N G Cost recovery through contract escalation and partial tariff recovery & favorable acquisition mix; partially offset by unfavorable mix within the Freight segment R AW M AT E R I A L S Increased tariffs and unfavorable raw material costs C U R R E N C Y Foreign exchange increased gross profit $21M (operating income increased $9M) M A N U F A C T U R I N G / O T H E R Integration 3.0 ongoing savings and increased productivity offset by higher general inflation S G & A / E N G I N E E R I N G Increase mainly driven by acquisitions 1Q OPERATING INCOME KEY DRIVERS
11 1Q 2026 Freight Segment Performance 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ(1) 2 0 2 6 ADJ(1) $420M 21.3% 22.1% $488M 25.7% $550M 26.0%$450M 2 0 2 5 2 0 2 6 $2.12B $1.90B 11.3% YOY 2 0 2 5 2 0 2 6 $6.68B $6.07B 10.1% YOY Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Freight segment operating income was positively impacted by below-market intangible amortization of $10 million which was flat to1st quarter 2025 (2) Foreign exchange positively impacted Freight sales by $20 million; Foreign exchange rates had a positive $322 million impact on segment multi-year backlog 12-Month Backlog increased 9.8% year-over-year, ex-currency M u l t i - Y e a r B a c k l o g +41.0% YoY (+39.2%, ex-currency) 10.2% Ex-Currency OP. INCOME / OP. MARGIN 12-MONTH BACKLOGSALES(2) 0.8 pts YOY 0.3 pts YOY (2)
12 1Q 2026 Transit Segment Performance 2 0 2 5 GAAP 2 0 2 6 GAAP 2 0 2 5 ADJ 2 0 2 6 ADJ 2 0 2 5 2 0 2 6 2 0 2 5 2 0 2 6 12-Month Backlog increased 17.7% year-over-year, ex-currency M u l t i - Y e a r B a c k l o g +26.4% YoY (+23.9%, ex-currency) 11.0% Ex-Currency OP. INCOME / OP. MARGIN 12-MONTH BACKLOGSALES $90M 12.7% 14.5% $103M 14.6% $138M 16.6%$121M $835M $709M 17.8% YOY $2.57B $2.13B 20.7% YOY Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Foreign exchange positively impacted Transit sales by $48 million; Foreign exchange rates had a positive $112 million impact on segment multi-year backlog 1.8 pts YOY 2.0 pts YOY (1) (1)
13 Resilient Business Allows For Execution On Financial Priorities S T R O N G F I N A N C I A L P E R F O R M A N C E ; I N V E S T I N G F O R P R O F I TA B L E G R O W T H A N D M A X I M I Z I N G S H A R E H O L D E R R E T U R N S 1st quarter cash from operations of $199M was up versus prior year despite tariff headwinds 43% Cash Conv $191M $199M 1 Q 2 0 2 6 40% Cash Conv 1 Q 2 0 2 5 Debt leverage ratio of 2.3x (2) FOCUSED ON CASH CONVERSION(1) DISCIPLINED CAPITAL ALLOCATION $199M Cash from Ops $1,059M $46M Capex/$69M Other Dividends$53M $115M $242M $1,012M Net Debt Proceeds Acquisitions/Dispositions Share repurchases Strong Balance Sheet liquidity of $2.09B(3) Returning capital to shareholders … $295M returned through share repurchases and dividends Note: Adjusted numbers represent non-GAAP financial measures. See Appendix for additional details and reconciliations (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization (2) Leverage ratio is defined as net debt divided by trailing 12-month adjusted EBITDA. Net debt is defined as total debt minus cash, restricted cash and cash equivalents (3) At March 31, 2026, the Company’s total available liquidity was $2.09 billion, which includes cash and cash equivalents of $0.52 billion, plus $1.57 billion available under current credit facilities CASH FROM OPS $258M Use of Cash
2026 Updated Financial Guidance PRIOR GUIDANCE REVENUES $12.19B to $12.49B ADJUSTED DIL UTED EPS $10.05 to $10.45 9.2% 11.8% 12.0% 16.5%- - 14 Includes Dellner Couplers acquisition (closed February 10, 2026) Assumes tariffs in effect as of April 22, 2026 UPDATED GUIDANCE REVENUES $12.19B to $12.49B ADJUSTED DIL UTED EPS $10.25 to $10.65 9.2% 11.8% 14.3% 18.7%- - Tax rate ~24.5% Capex ~2% of sales Adjusted operating margin up YOY Favorable productivity/absorption Benefits of Integration 3.0 & Portfolio Optimization Lower SG&A and Engineering expenses as % of sales, excluding the impact of acquisitions K E Y A S S U M P T I O N S
15 2026 Key Expectations Continued momentum across the portfolio driven by strong orders, backlog, and pipeline Positive productivity driven by continuous cost improvement combined with realization of Integration 3.0 and Portfolio Optimization Wabtec is well-positioned to drive higher returns and create top quartile long-term value for shareholders over time Strong revenue growth, margin expansion, and increased earnings 5-YEAR OUTLOOK Mid Single Digit ORGANIC SALES CAGR Double Digit ADJUSTED EPS CAGR >90%(1) CASH FROM OPS CONVERSION 350+ bps ADJUSTED OPERATING MARGIN EXPANSION (1) Cash from Operations conversion % is defined as GAAP Cash from Operations divided by GAAP net income plus depreciation and amortization including deferred debt cost amortization. Cash conversion to average >90% through 2029 M&A model delivering sustained profitable growth and compounding shareholder value
Income Statement Appendix A (1 of 2) 16 2026 2025 Net sales 2,950$ 2,610$ Cost of sales (1,889) (1,710) Gross profit 1,061 900 Gross profit as a % of Net Sales 36.0% 34.5% Selling, general and administrative expenses (401) (307) Engineering expenses (56) (46) Amortization expense (87) (73) Total operating expenses (544) (426) Operating expenses as a % of Net Sales 18.4% 16.3% Income from operations 517 474 Income from operations as a % of Net Sales 17.5% 18.2% Interest expense, net (71) (46) Other income (expense), net 23 (2) Income before income taxes 469 426 Income tax expense (106) (99) Effective tax rate 22.7% 23.2% Net income 363 327 Less: Net income attributable to noncontrolling interest (1) (5) Net income attributable to Wabtec shareholders 362$ 322$ Earnings Per Common Share Basic Net income attributable to Wabtec shareholders 2.12$ 1.88$ Diluted Net income attributable to Wabtec shareholders 2.12$ 1.88$ Basic 170.0 170.5 Diluted 170.7 171.3 March 31, Three Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Income Statement Appendix A (2 of 2) 17 2026 2025 Segment Information Freight Net Sales 2,115$ 1,901$ Freight Income from Operations 450$ 420$ Freight Operating Margin 21.3% 22.1% Transit Net Sales 835$ 709$ Transit Income from Operations 121$ 90$ Transit Operating Margin 14.5% 12.7% Backlog Information (Note: 12-month is a sub-set of total) March 31, 2026 December 31, 2025 March 31, 2025 Freight Total 25,175$ 22,493$ 17,851$ Transit Total 5,627 4,914 4,451 Wabtec Total 30,802$ 27,407$ 22,302$ Freight 12-Month 6,679$ 6,022$ 6,069$ Transit 12-Month 2,568 2,212 2,127 Wabtec 12-Month 9,247$ 8,234$ 8,196$ March 31, Three Months Ended WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) (UNAUDITED)
Balance Sheet Appendix B 18 March 31, 2026 December 31, 2025 In millions Cash, cash equivalents and restricted cash 531$ 789$ Receivables, net 2,252 1,897 Inventories, net 2,850 2,745 Other current assets 340 263 Total current assets 5,973 5,694 Property, plant and equipment, net 1,653 1,616 Goodwill 10,625 10,216 Other intangible assets, net 4,239 3,838 Other noncurrent assets 706 705 Total assets 23,196$ 22,069$ Current liabilities 5,835$ 5,150$ Long-term debt 4,708 4,291 Long-term liabilities - other 1,502 1,438 Total liabilities 12,045 10,879 Shareholders' equity 11,103 11,142 Noncontrolling interest 48 48 Total shareholders' equity 11,151 11,190 Total Liabilities and Shareholders' Equity 23,196$ 22,069$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
Cash Flow Appendix C 19 2026 2025 In millions Operating activities Net income 363$ 327$ Non-cash expense 151 127 Receivables (305) (226) Inventories (28) (29) Accounts Payable 20 13 Other operating activities (2) (21) Net cash provided by operating activities 199 191 Net cash used for investing activities (1,105) (44) Net cash provided by (used for) financing activities 656 (172) Effect of changes in currency exchange rates (8) 8 Decrease in cash (258) (17) Cash, cash equivalents and restricted cash, beginning of period 789 715 Cash, cash equivalents and restricted cash, end of period 531$ 698$ WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Three Months Ended March 31,
EPS and Non-GAAP Reconciliation Appendix D 20 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,950$ 1,061$ (544)$ 517$ (48)$ (106)$ 363$ (1)$ 362$ 2.12$ Restructuring and Portfolio Optimization costs - 3 2 5 - (1) 4 - 4 0.02$ Inventory Purchase Accounting charge - 23 - 23 - (5) 18 - 18 0.11$ Transaction costs - - 13 13 (2) - 11 - 11 0.06$ Non-cash Amortization expense - - 87 87 - (20) 67 - 67 0.40$ Adjusted Results 2,950$ 1,087$ (442)$ 645$ (50)$ (132)$ 463$ (1)$ 462$ 2.71$ Fully Diluted Shares Outstanding 170.7 Wabtec Corporation Reconciliation of Reported Results to Adjusted Results (in millions) Gross Operating Income from Interest & Noncontrolling Wabtec Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS Reported Results 2,610$ 900$ (426)$ 474$ (48)$ (99)$ 327$ (5)$ 322$ 1.88$ Restructuring and Portfolio Optimization costs - 3 6 9 - (2) 7 - 7 0.04$ Transaction costs - - 10 10 - (2) 8 - 8 0.04$ Non-cash Amortization expense - - 72 72 - (17) 55 - 55 0.32$ Adjusted Results 2,610$ 903$ (338)$ 565$ (48)$ (120)$ 397$ (5)$ 392$ 2.28$ Fully Diluted Shares Outstanding 171.3 First Quarter Year-to-Date 2025 Actual Results 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. First Quarter Year-to-Date 2026 Actual Results
EBITDA Reconciliation Appendix E 21 Wabtec Corporation 2026 Q1 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring & Adjusted from Operations (Expense) Amortization Transaction Costs EBITDA Consolidated Results $517 $23 $137 $677 $39 $716 Wabtec Corporation 2025 Q1 YTD EBITDA Reconciliation (in millions) Reported Income Other Income Depreciation & Restructuring Adjusted from Operations (Expense) Amortization Costs EBITDA Consolidated Results $474 ($2) $119 $591 $17 $608 Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP. =+ + = EBITDA + =+ + = EBITDA +
Sales by Product Line Appendix F 22 In millions 2026 2025 Freight Segment Equipment 726$ 476$ Components 357 381 Digital Intelligence 318 181 Services 714 863 Total Freight Segment 2,115$ 1,901$ Transit Segment Original Equipment Manufacturer 381$ 322$ Aftermarket 454 387 Total Transit Segment 835$ 709$ Three Months Ended March 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION SALES BY PRODUCT LINE (UNAUDITED)
Segment Gross Margin & Operating Margin Reconciliation Appendix G 23 In millions Gross Profit Income from Operations Gross Profit Income from Operations Freight Segment Reported Results 788$ 450$ 685$ 420$ Freight Segment Reported Margin 37.3% 21.3% 36.0% 22.1% Restructuring and Portfolio Optimization costs 2 3 2 3 Inventory Purchase Accounting charge 20 20 - - Transaction costs - 1 - - Non-cash Amortization expense - 76 - 65 Freight Segment Adjusted Results 810$ 550$ 687$ 488$ Freight Segment Adjusted Margin 38.3% 26.0% 36.2% 25.7% Transit Segment Reported Results 273$ 121$ 215$ 90$ Transit Segment Reported Margin 32.7% 14.5% 30.3% 12.7% Restructuring and Portfolio Optimization costs 1 3 1 6 Inventory Purchase Accounting charge 3 3 - - Non-cash Amortization expense - 11 - 7 Transit Segment Adjusted Results 277$ 138$ 216$ 103$ Transit Segment Adjusted Margin 33.2% 16.6% 30.4% 14.6% 2026 2025 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT (UNAUDITED) Three Months Ended March 31,
Segment Sales Reconciliation Appendix H 24 Freight Transit Consolidated 2025 Net Sales 1,901$ 709$ 2,610$ Acquisitions 184 41 225 Portfolio Optimization (Divestitures/Exits) (10) (3) (13) Foreign Exchange 20 48 68 Organic 20 40 60 2026 Net Sales 2,115$ 835$ 2,950$ Change ($) 214 126 340 Change (%) 11.3% 17.8% 13.0% Three Months Ended March 31, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT (UNAUDITED)
Cash Conversion Reconciliation Appendix I 25 Wabtec Corporation 2026 Q1 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $199 $363 $139 40% Wabtec Corporation 2025 Q1 YTD Cash Conversion Calculation (in millions) Reported Cash from Operations Consolidated Results $191 $327 $120 43% Cash Conversion 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. ÷ (Net Income + Depreciation & Amortization) = Cash Conversion÷ (Net Income + Depreciation & Amortization) =
FAQ
How did Wabtec (WAB) perform financially in Q1 2026?
Wabtec delivered solid Q1 2026 growth. Net sales reached $2.95 billion, up 13.0% year over year. GAAP diluted EPS was $2.12 and adjusted diluted EPS was $2.71, rising 12.8% and 18.9%, respectively, driven by both Freight and Transit segments and recent acquisitions.
What were the key segment results for Wabtec (WAB) in Q1 2026?
Both Freight and Transit segments grew in Q1 2026. Freight net sales were $2.115 billion, up 11.3%, with strong equipment and digital growth. Transit net sales were $835 million, up 17.8%, aided by the Dellner acquisition, higher OEM and aftermarket sales, and favorable foreign currency.
How large is Wabtec’s backlog after Q1 2026?
Wabtec’s backlog reached record-like levels. At March 31, 2026, total backlog was $30.802 billion, up 38.1% from the prior year, while 12‑month backlog was $9.247 billion, up 12.8%. This sizable multi‑year backlog provides strong visibility into future revenue.
What guidance did Wabtec (WAB) provide for full-year 2026?
Wabtec raised its 2026 earnings outlook. The company now expects adjusted diluted EPS of $10.25 to $10.65, raising the midpoint by $0.20, or 16.5%. Revenue guidance remains $12.19 billion to $12.49 billion, implying about 10.5% growth at the midpoint.
How did Wabtec’s margins trend in Q1 2026?
Margins were stable to slightly improved on an adjusted basis. GAAP operating margin was 17.5%, down from 18.2%, while adjusted operating margin rose to 21.9% from 21.7%. Adjusted gross margin improved to 36.9%, supported by pricing, mix and acquisition contributions.
What was Wabtec’s cash flow and liquidity position in Q1 2026?
Wabtec generated healthy cash and maintained strong liquidity. Cash from operations was $199 million versus $191 million a year earlier, a 40% cash conversion rate. At quarter‑end, the company had $0.53 billion in cash and $2.09 billion of total available liquidity, including credit facilities.