Revenue momentum remains strong with 13.0% year-over-year growth in 2026Q1, while gross margins recovered to 36.0% from the 30.0% trough observed in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.51B | 11.17B | 10.39B | 9.68B | 8.36B | 7.82B | 7.56B | 8.2B | 4.36B | 3.88B | 2.93B | 3.31B | 3.04B | 2.57B | 2.39B | 1.97B | 1.51B | 1.4B | 1.57B | 1.36B | 1.09B | 1.03B | 822.02M | 717.92M | 696.2M | 783.7M | 811.18M | 844.08M | 1.04B | 870.4M | 453.5M |
| Revenue Growth % | 9.59% | 7.51% | 7.34% | 15.73% | 6.9% | 3.52% | -7.85% | 87.92% | 12.41% | 32.43% | -11.39% | 8.66% | 18.63% | 7.33% | 21.52% | 30.57% | 7.52% | -10.99% | 15.78% | 25.05% | 5.18% | 25.79% | 14.5% | 3.12% | -11.17% | -3.39% | -3.9% | -18.53% | 19.04% | 91.93% | 6.71% |
| Cost of Goods Sold | 7.62B | 7.65B | 7.02B | 6.73B | 5.82B | 5.45B | 5.42B | 5.92B | 3.13B | 2.82B | 2.01B | 2.26B | 2.11B | 1.8B | 1.7B | 1.4B | 1.06B | 1.01B | 1.15B | 990.47M | 790.84M | 774.38M | 616.85M | 528.47M | 516.72M | 573.77M | 575.52M | 569.17M | 710.5M | 588.9M | 285.9M |
| COGS % of Revenue | - | 68.52% | 67.59% | 69.58% | 69.62% | 69.71% | 71.72% | 72.22% | 71.72% | 72.56% | 68.47% | 68.32% | 69.26% | 70.23% | 70.95% | 71.01% | 70.2% | 71.94% | 72.87% | 72.82% | 72.71% | 74.89% | 75.04% | 73.61% | 74.22% | 73.21% | 70.95% | 67.43% | 68.57% | 67.66% | 63.04% |
| Gross Profit | 3.89B | 3.52B | 3.37B | 2.94B | 2.54B | 2.37B | 2.14B | 2.28B | 1.23B | 1.07B | 924.24M | 1.05B | 935.98M | 764.03M | 694.57M | 570.42M | 449.08M | 393.33M | 427.19M | 369.62M | 296.78M | 259.65M | 205.16M | 189.45M | 179.47M | 209.93M | 235.66M | 274.91M | 325.6M | 281.5M | 167.6M |
| Gross Margin % | 33.81% | 31.48% | 32.41% | 30.42% | 30.38% | 30.29% | 28.28% | 27.78% | 28.28% | 27.44% | 31.53% | 31.68% | 30.74% | 29.77% | 29.05% | 28.99% | 29.8% | 28.06% | 27.13% | 27.18% | 27.29% | 25.11% | 24.96% | 26.39% | 25.78% | 26.79% | 29.05% | 32.57% | 31.43% | 32.34% | 36.96% |
| Gross Profit Growth % | - | 4.43% | 14.33% | 15.91% | 7.22% | 10.86% | -6.19% | 84.62% | 15.83% | 15.26% | -11.79% | 11.95% | 22.51% | 10% | 21.76% | 27.02% | 14.17% | -7.93% | 15.57% | 24.54% | 14.3% | 26.56% | 8.29% | 5.56% | -14.51% | -10.92% | -14.28% | -15.57% | 15.67% | 67.96% | 1.88% |
| Operating Expenses | 2.04B | 1.65B | 1.76B | 1.68B | 1.53B | 1.49B | 1.39B | 1.61B | 760.5M | 644.2M | 467.63M | 440.25M | 408.87M | 326.72M | 302.29M | 299.72M | 246.27M | 213.29M | 214.67M | 189.88M | 166.63M | 158.39M | 149.76M | 137.74M | 131.94M | 155.87M | 157.87M | 187.16M | 180.6M | 156.9M | 88.4M |
| OpEx % of Revenue | - | 14.74% | 16.92% | 17.34% | 18.29% | 19.09% | 18.42% | 19.7% | 17.43% | 16.6% | 15.95% | 13.31% | 13.43% | 12.73% | 12.64% | 15.23% | 16.34% | 15.22% | 13.63% | 13.96% | 15.32% | 15.32% | 18.22% | 19.19% | 18.95% | 19.89% | 19.46% | 22.17% | 17.43% | 18.03% | 19.49% |
| Selling, General & Admin | 1.57B | 1.42B | 1.25B | 1.14B | 1.03B | 1.03B | 948M | 1.17B | 633.2M | 512.5M | 373.56M | 347.37M | 324.54M | 262.72M | 245.71M | 247.53M | 195.89M | 161M | 170.6M | 148.44M | 130.29M | 154.46M | 146.42M | 133.43M | 126.61M | 129.88M | 127.05M | 130.5M | 144M | 122.3M | 66.2M |
| SG&A % of Revenue | - | 12.74% | 12.02% | 11.77% | 12.31% | 13.17% | 12.55% | 14.23% | 14.51% | 13.2% | 12.74% | 10.5% | 10.66% | 10.24% | 10.28% | 12.58% | 13% | 11.49% | 10.83% | 10.91% | 11.98% | 14.94% | 17.81% | 18.59% | 18.19% | 16.57% | 15.66% | 15.46% | 13.9% | 14.05% | 14.6% |
| Research & Development | 233M | 223M | 206M | 218M | 209M | 176M | 162.1M | 209.9M | 87.45M | 95.17M | 71.38M | 71.21M | 61.89M | 46.29M | 41.31M | 37.19M | 40.2M | 42.45M | 38.98M | 37.43M | 32.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.2M |
| R&D % of Revenue | - | 2% | 1.98% | 2.25% | 2.5% | 2.25% | 2.15% | 2.56% | 2% | 2.45% | 2.44% | 2.15% | 2.03% | 1.8% | 1.73% | 1.89% | 2.67% | 3.03% | 2.48% | 2.75% | 3.01% | - | - | - | - | - | - | - | - | - | 4.01% |
| Other Operating Expenses | 3M | 0 | 303M | 321M | 291M | 287M | 281.9M | 238M | 39.8M | 36.5M | 22.7M | 21.66M | 22.45M | 17.71M | 15.27M | 15M | 10.17M | 9.85M | 5.09M | 4.01M | 3.63M | 3.93M | 3.34M | 4.31M | 5.32M | 25.99M | 30.82M | 56.66M | 36.6M | 34.6M | 4M |
| Operating Income | 1.85B | 1.87B | 1.61B | 1.27B | 1.01B | 876M | 745M | 663M | 473.4M | 421.1M | 456.61M | 607.57M | 527.11M | 437.31M | 392.28M | 270.7M | 202.81M | 180.03M | 212.52M | 179.74M | 130.15M | 101.26M | 55.41M | 51.71M | 47.53M | 54.06M | 77.79M | 87.75M | 145M | 124.6M | 79.2M |
| Operating Margin % | 16.1% | 16.74% | 15.49% | 13.08% | 12.09% | 11.2% | 9.86% | 8.09% | 10.85% | 10.85% | 15.58% | 18.37% | 17.31% | 17.04% | 16.41% | 13.76% | 13.46% | 12.84% | 13.5% | 13.22% | 11.97% | 9.79% | 6.74% | 7.2% | 6.83% | 6.9% | 9.59% | 10.4% | 13.99% | 14.32% | 17.46% |
| Operating Income Growth % | - | 16.16% | 27.09% | 25.22% | 15.41% | 17.58% | 12.37% | 40.05% | 12.42% | -7.78% | -24.85% | 15.26% | 20.53% | 11.48% | 44.91% | 33.48% | 12.65% | -15.29% | 18.23% | 38.1% | 28.54% | 82.76% | 7.15% | 8.78% | -12.07% | -30.51% | -11.35% | -39.48% | 16.37% | 57.32% | -17.07% |
| EBITDA | 2.33B | 2.37B | 2.07B | 1.74B | 1.44B | 1.32B | 1.13B | 982M | 582.7M | 524.3M | 526.4M | 672.3M | 588.37M | 488.5M | 436.42M | 315.55M | 241.4M | 215.55M | 242.34M | 208.88M | 156.04M | 126.93M | 81.52M | 76.99M | 73.05M | 87.12M | 119.45M | 130.37M | 181.6M | 159.2M | 101.4M |
| EBITDA Margin % | 20.26% | 21.22% | 19.91% | 18.01% | 17.18% | 16.84% | 14.95% | 11.98% | 13.35% | 13.51% | 17.96% | 20.32% | 19.33% | 19.03% | 18.25% | 16.04% | 16.02% | 15.38% | 15.39% | 15.36% | 14.35% | 12.28% | 9.92% | 10.72% | 10.49% | 11.12% | 14.73% | 15.44% | 17.53% | 18.29% | 22.36% |
| EBITDA Growth % | 9.54% | 14.6% | 18.65% | 21.29% | 9.11% | 16.55% | 15.07% | 68.53% | 11.14% | -0.4% | -21.7% | 14.27% | 20.44% | 11.94% | 38.3% | 30.72% | 11.99% | -11.05% | 16.02% | 33.86% | 22.94% | 55.71% | 5.88% | 5.4% | -16.15% | -27.07% | -8.37% | -28.21% | 14.07% | 57% | -11.13% |
| D&A (Non-Cash Add-back) | 478M | 501M | 459M | 477M | 426M | 441M | 385M | 319M | 109.3M | 103.2M | 69.8M | 64.73M | 61.26M | 51.19M | 44.14M | 44.85M | 38.59M | 35.52M | 29.83M | 29.14M | 25.89M | 25.67M | 26.11M | 25.28M | 25.51M | 33.06M | 41.66M | 42.61M | 36.6M | 34.6M | 22.2M |
| EBIT | 1.85B | 1.87B | 1.61B | 1.31B | 1.04B | 914M | 756M | 666M | 479.8M | 430M | 463.13M | 602.26M | 525.43M | 436.43M | 391.61M | 270.32M | 202.75M | 180.03M | 212.52M | 179.74M | 130.15M | 101.26M | 55.41M | 51.71M | 47.53M | 57.78M | 95.99M | 130.66M | 145M | 124.6M | 79.2M |
| Net Interest Income | -250M | -225M | -201M | -218M | -186M | -177M | -199M | -219M | -112.2M | -77.9M | -50.3M | -16.89M | -17.57M | -15.34M | -14.25M | -15.01M | -15.92M | -16.67M | -8.51M | -3.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 250M | 225M | 201M | 218M | 186M | 177M | 199M | 219M | 112.2M | 77.9M | 50.3M | 16.89M | 17.57M | 15.34M | 14.25M | 15.01M | 15.92M | 16.67M | 8.51M | 3.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -218M | -277M | -199M | -174M | -157M | -139M | -188M | -216M | -105.8M | -69M | -43.77M | -22.2M | -19.25M | -16.22M | -14.92M | -15.39M | -15.98M | -16.67M | -8.22M | -7.29M | -3.59M | -11.74M | -12.55M | -16.67M | -21.78M | -35.63M | -39.87M | -41.56M | -23.7M | -32.1M | -25.6M |
| Pretax Income | 1.64B | 1.59B | 1.41B | 1.09B | 854M | 737M | 557M | 447M | 367.6M | 352.1M | 412.84M | 585.37M | 507.86M | 421.09M | 377.36M | 255.31M | 186.83M | 163.36M | 204.3M | 172.45M | 126.56M | 89.52M | 42.86M | 35.04M | 25.75M | 18.43M | 37.92M | 46.19M | 121.3M | 92.5M | 53.6M |
| Pretax Margin % | 14.21% | 14.26% | 13.57% | 11.28% | 10.21% | 9.42% | 7.37% | 5.45% | 8.42% | 9.07% | 14.08% | 17.7% | 16.68% | 16.41% | 15.78% | 12.98% | 12.4% | 11.65% | 12.97% | 12.68% | 11.64% | 8.66% | 5.21% | 4.88% | 3.7% | 2.35% | 4.67% | 5.47% | 11.71% | 10.63% | 11.82% |
| Income Tax | 416M | 409M | 343M | 267M | 213M | 172M | 145M | 120M | 75.9M | 89.8M | 99.43M | 186.74M | 156.18M | 128.85M | 125.63M | 85.17M | 63.73M | 48.3M | 73.75M | 63.07M | 40.06M | 31.83M | 10.76M | 12.79M | 8.24M | 4.46M | 18.72M | 21.69M | 42.1M | 35M | 20.9M |
| Effective Tax Rate % | 25.44% | 25.69% | 24.33% | 24.45% | 24.94% | 23.34% | 26.03% | 26.85% | 20.65% | 25.5% | 24.09% | 31.9% | 30.75% | 30.6% | 33.29% | 33.36% | 34.11% | 29.57% | 36.1% | 36.57% | 31.66% | 35.56% | 25.11% | 36.5% | 32% | 24.23% | 49.36% | 46.95% | 34.71% | 37.84% | 38.99% |
| Net Income | 1.21B | 1.17B | 1.06B | 815M | 633M | 558M | 414M | 327M | 294.9M | 262.3M | 304.89M | 398.63M | 351.68M | 292.24M | 251.73M | 170.15M | 123.1M | 115.06M | 130.55M | 109.57M | 84.8M | 55.78M | 32.45M | 22.7M | -45.45M | 61.78M | 25.39M | 36.62M | 73.9M | 57.5M | 32.7M |
| Net Margin % | 10.52% | 10.48% | 10.17% | 8.42% | 7.57% | 7.13% | 5.48% | 3.99% | 6.76% | 6.76% | 10.4% | 12.05% | 11.55% | 11.39% | 10.53% | 8.65% | 8.17% | 8.21% | 8.29% | 8.06% | 7.8% | 5.39% | 3.95% | 3.16% | -6.53% | 7.88% | 3.13% | 4.34% | 7.13% | 6.61% | 7.21% |
| Net Income Growth % | 9.4% | 10.8% | 29.57% | 28.75% | 13.44% | 34.78% | 26.61% | 10.88% | 12.43% | -13.97% | -23.52% | 13.35% | 20.34% | 16.09% | 47.95% | 38.22% | 6.99% | -11.87% | 19.15% | 29.2% | 52.04% | 71.91% | 42.91% | 149.95% | -173.57% | 143.3% | -30.66% | -50.44% | 28.52% | 75.84% | -2.97% |
| Net Income (Continuing) | 1.22B | 1.18B | 1.07B | 825M | 641M | 565M | 412M | 327M | 291.7M | 262.3M | 313.4M | 398.63M | 351.68M | 292.24M | 251.73M | 170.15M | 123.1M | 115.06M | 130.55M | 109.39M | 86.49M | 57.69M | 32.1M | 22.25M | 17.51M | 13.96M | 19.2M | 24.5M | 79.2M | 57.5M | 32.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 183K | -1.69M | -1.91M | 349K | 451K | -126K | 47.82M | 6.19M | 13.44M | 0 | 0 | 0 |
| Minority Interest | 48M | 48M | 42M | 37M | 45M | 38M | 30.4M | 37.1M | 3.94M | 19.66M | 770.85M | 1.73M | 1.06M | 1.91M | 5.19M | 2.46M | 3.62M | 2.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.09 | 6.83 | 6.04 | 4.54 | 3.46 | 2.96 | 2.17 | 1.84 | 3.06 | 2.72 | 3.34 | 4.10 | 3.62 | 3.01 | 2.60 | 1.76 | 1.28 | 1.20 | 1.33 | 1.12 | 0.87 | 0.59 | 0.36 | 0.26 | -0.52 | 0.72 | 0.30 | 0.41 | 0.84 | 0.72 | 0.57 |
| EPS Growth % | 10.81% | 13.08% | 33.04% | 31.21% | 16.89% | 36.41% | 17.93% | -39.87% | 12.5% | -18.56% | -18.54% | 13.26% | 20.27% | 15.77% | 47.73% | 37.5% | 6.67% | -9.77% | 18.75% | 28.74% | 47.46% | 63.89% | 38.46% | 150% | -172.22% | 140% | -26.83% | -51.19% | 16.67% | 26.32% | -10.94% |
| EPS (Basic) | - | 6.86 | 6.05 | 4.56 | 3.47 | 2.96 | 2.18 | 1.91 | 3.07 | 2.74 | 3.37 | 4.14 | 3.66 | 3.05 | 2.62 | 1.77 | 1.29 | 1.21 | 1.35 | 1.13 | 0.88 | 0.60 | 0.36 | 0.26 | -0.52 | 0.72 | 0.30 | 0.42 | 1.09 | 0.72 | 0.57 |
| Diluted Shares Outstanding | 170.7M | 171.1M | 174.8M | 179.5M | 182.8M | 188.1M | 190.4M | 177.3M | 96.5M | 96.1M | 91.14M | 97.01M | 96.89M | 96.83M | 96.74M | 96.66M | 96.01M | 95.95M | 97.69M | 98.28M | 98.22M | 95.19M | 91.57M | 87.95M | 87.23M | 86.4M | 86.76M | 88.25M | 51.6M | 51.9M | 56.87M |
| Basic Shares Outstanding | 170M | 170.5M | 174.1M | 178.8M | 182.2M | 187.7M | 189.9M | 170.5M | 96M | 95.5M | 90.36M | 96.07M | 95.78M | 95.46M | 95.47M | 95.64M | 95.19M | 95M | 96.46M | 97.06M | 96.64M | 93.69M | 89.99M | 87.08M | 86.58M | 85.9M | 86.64M | 86.52M | 50.33M | 51.9M | 56.87M |
| Dividend Payout Ratio | - | 14.79% | 13.26% | 15.09% | 17.54% | 16.49% | 22.34% | 24.98% | 15.69% | 16.1% | 10.64% | 6.76% | 5.47% | 4.33% | 3.05% | 2.26% | 1.55% | 1.67% | 1.49% | 1.77% | 2.29% | 3.41% | 5.58% | 7.71% | - | 2.72% | 6.68% | 2.69% | 1.35% | 1.74% | 3.36% |
Cyclical Rail Volume Sensitivity
According to recent quarterly filings, WAB achieved a 13.0% year-over-year revenue growth in 2026Q1, signaling a robust acceleration from the mid-single-digit growth rates observed throughout 2025, likely driven by the sustained demand for high-margin locomotive modernization programs across the North American Class I rail network.
The recent revenue expansion suggests that the company is successfully leveraging its installed base to capture recurring service revenue, which appears to be offsetting potential volatility in new equipment sales. Investors should monitor whether this growth trajectory remains sustainable as the modernization cycle matures and railroads potentially adjust their capital expenditure plans in response to broader economic conditions.
As reported in financial statements, WAB's gross margin reached 36.0% in 2026Q1, representing a notable improvement from the 30.0% trough seen in 2025Q4, which suggests that the company is effectively managing input cost pressures while benefiting from a favorable mix of high-margin aftermarket parts and digital service offerings.
The ability to expand gross margins despite the inherent volatility of industrial manufacturing indicates significant pricing power derived from the proprietary nature of the GE Transportation legacy fleet. This margin profile appears superior to pure-play railcar manufacturers, suggesting that the company's shift toward a service-heavy model is yielding tangible improvements in profitability.
Based on the provided income statement data, WAB demonstrated strong operating leverage in 2026Q1, with operating income scaling to $517 million on $3.0 billion in revenue, reflecting a disciplined approach to managing SG&A expenses relative to the significant growth in gross profit during the same period.
The company appears to be successfully scaling its operating infrastructure, as evidenced by the expansion of operating margins to 17.5% in the most recent quarter. This trend suggests that management is effectively controlling overhead costs, though investors should remain cautious regarding the potential for future R&D investments in battery-electric prototypes to temporarily dampen this operating efficiency.
Analysis of the income statement reveals that EPS growth has been subject to significant quarterly fluctuations, with a 12.8% increase in 2026Q1 following a 4.1% decline in 2025Q4, largely influenced by the lumpy nature of project-based revenue recognition and periodic adjustments in stock-based compensation expenses.
The volatility in net income suggests that the company's earnings quality is sensitive to the timing of large-scale modernization projects, which may decouple reported results from underlying cash generation. Analysts should scrutinize the impact of non-operating items and the potential for percentage-of-completion accounting to obscure the true operational performance of the business across different reporting periods.
Quick answers to the most common questions about buying WAB stock.
For fiscal year 2025, Westinghouse Air Brake Technologies Corporation (WAB) reported total revenue of $11.17B. This represents a 2362.4% increase compared to $453.5M in 1996.
Westinghouse Air Brake Technologies Corporation (WAB) is profitable, generating $1.17B in net income for the fiscal year ending 2025 with a net profit margin of 10.5%.
Westinghouse Air Brake Technologies Corporation (WAB) reported an operating income of $1.87B, resulting in an operating profit margin of 16.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Westinghouse Air Brake Technologies Corporation (WAB) generated $3.52B in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.