Company file · WAB
Wabtec
Wabtec's revenue rose 7.5% in FY2025, to $11.2B, and net income rose 10.8% to $1.2B
Revenue rose 7.5% to $11.2B in FY2025, from $10.4B in FY2024. Net income rose 10.8% to $1.2B. Freight was the largest segment, at 72% of revenue.
Key facts
Wabtec (NYSE: WAB) closed fiscal 2025 on Dec 31, 2025 with revenue of $11.2B, up 7.5% from a year before; net income came to $1.2B, up 10.8%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $3.1B, up 8.1% on the same stretch of the prior year, and net income of $409M. Broken down by segment, Freight led with 72% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 13, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).
Source: 10-K FY2025, filed Feb 13, 2026
Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 22, 2026 · 10-Q filed Oct 21, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Freight (72%) and Transit (28%), as shares of total revenue. Total revenue was $11.2B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Wabtec 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026
By segment
Source: Wabtec 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.5% in FY2025 to $11.2B, from $10.4B a year earlier. 10-K, FY2025
- Net income rose 10.8% in FY2025 to $1.2B, from $1.1B. 10-K, FY2025
- Diluted shares fell 2.1% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $3.1B, up 8.1% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- Operating cash flow fell 4.1% in FY2025 to $1.8B. 10-K, FY2025
- Total debt rose 39.2% in FY2025 to $5.5B. 10-K, FY2025
- Services revenue fell 2.4% in FY2025 to $1.9B. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Wabtec is in the construction machinery & heavy transportation equipment industry, part of the industrials sector. The SEC files it under Railroad Equipment.
Wabtec reports 2 segments: Freight and Transit.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the construction machinery & heavy transportation equipment industry. They are not a summary of Wabtec’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Economic cyclesDemand for equipment and services rises and falls with business investment.
- Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
- Trade and tariffsTariffs and trade policy affect costs and sales.
- Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
- Regulation and liabilitySafety, environmental and product-liability rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $9.7B | $10.4B | $11.2B |
| Net income | $815M | $1.1B | $1.2B |
| Operating cash flow | $1.2B | $1.8B | $1.8B |
| Cash & equivalents (year end) | $620M | $715M | $789M |
| Total debt (year end) | $4.1B | $4.0B | $5.5B |
| Diluted shares | 180M | 175M | 171M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
- Total debt: The current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Capex vs. operating expenses
- The bid-ask spread
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 21, 2026 | Sep 30, 2026 |
| 10-Q | Jul 22, 2026 | Jun 30, 2026 |
| 10-Q | Apr 22, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 31, 2026 | May 12, 2026 |
| 10-K | Feb 13, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Wabtec
How does Wabtec make money?
Fiscal 2025 revenue: $11.2B. By segment in FY2025: Freight (72%) and Transit (28%), as shares of total revenue. Total revenue was $11.2B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What was Wabtec's revenue in fiscal 2025?
$11.2B, up 7.5% from fiscal 2024 ($10.4B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $9.7B. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
Is Wabtec profitable?
Net income was $1.2B in fiscal 2025 (up 10.8%; fiscal 2024 was $1.1B). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $409M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 13, 2026.
What did Wabtec report in its latest quarterly filing?
For the three months to Sep 30, 2026: revenue $3.1B (up 8.1% from $2.9B) and net income $409M (up 31.9% from $310M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.
How much cash and debt does Wabtec have?
As of Sep 30, 2026: $489M of cash and cash equivalents, $6.4B of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 21, 2026.
What are the main risks Wabtec faces?
Wabtec's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 13, 2026. Risks that are common among companies in the construction machinery & heavy transportation equipment industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.
Where do these Wabtec numbers come from?
The 10-K filed Feb 13, 2026 (fiscal 2025) and the 10-Q filed Oct 21, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Wabtec
- Two Sigma Investments: 110,638 shares, reported value $29.8M at Jun 30, 2026 (−64.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 98,518 shares, reported value $26.6M at Jun 30, 2026 (+94.2% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 95,343 shares, reported value $25.7M at Jun 30, 2026 (+5.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 11,749 shares, reported value $3.2M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in WAB
- The editor holds no position in Wabtec (WAB). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell WAB from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 5, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold WAB, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| WabtecWAB | FY2025 | $11.2B | +7.5% | $1.2B |
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
| CumminsCMI | FY2025 | $33.7B | −1.3% | $3.0B |
| PaccarPCAR | FY2025 | $28.4B | −15.5% | $2.4B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.