Westinghouse Air Brake Technologies Corporation (WAB) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 17.5% in Q2 2026, with gross margin expanding to 36.5% from 34.7% a year earlier, reflecting favorable mix and operating leverage.

Annual statement

WAB Income Statement

Westinghouse Air Brake Technologies Corporation (WAB) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	12.21B	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 %	13.25%	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	7.94B	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	4.28B	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 %	35%	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	2.16B	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	1.63B	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	247M	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	2.12B	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 %	17.32%	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	2.48B	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 %	20.33%	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 %	10.16%	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)	356M	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	2.09B	1.82B	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	-294M	-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	294M	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	-280M	-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	1.83B	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 %	15.02%	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	461M	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 %	25.12%	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	1.37B	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 %	11.2%	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 %	15.93%	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)	1.37B	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	31M	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)	8.10	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 %	17.01%	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	168.8M	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	168.2M	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%

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetHealthy

Cash FlowRobust

Top Statement Risk

Elevated valuation and PSR

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Growth on Modernization

WAB's revenue growth accelerated to 17.5% in Q2 2026, up from 2.3% a year earlier, driven by modernization programs and aftermarket strength, as reported in the latest quarterly filing.

The sequential acceleration from 13.0% in Q1 2026 to 17.5% in Q2 2026 suggests robust demand for high-margin modernization packages, which appear to be displacing new-build orders. This trend likely reflects railroads' preference for lower-capital-intensity upgrades, a shift that may support revenue durability. However, the sustainability of this growth depends on the backlog conversion and the pace of PSR-driven fleet rationalization.

Gross Margin Expansion to 36.5%

Gross margin expanded to 36.5% in Q2 2026, up from 34.7% a year earlier, reflecting favorable mix toward aftermarket and digital services, according to the income statement data.

The 180 basis point year-over-year improvement in gross margin indicates that the shift toward modernization and software-based services is enhancing pricing power. This margin level now exceeds peers like ITT (35.4%) and approaches Trane's 36.2%, suggesting WAB is capturing value from its proprietary installed base. Investors should monitor whether this expansion is sustainable as input costs fluctuate and as the mix of new-build versus aftermarket revenue evolves.

Operating Leverage Drives Margin Upside

Operating income grew 27% year-over-year in Q2 2026, outpacing revenue growth of 17.5%, as SG&A remained flat sequentially, indicating strong operating leverage, based on reported figures.

The operating margin expanded to 18.9% in Q2 2026 from 17.4% in the prior-year quarter, with SG&A as a percentage of revenue declining to 12.5% from 12.8%. This suggests that WAB is scaling its service-heavy model efficiently, with fixed costs spread over a larger revenue base. The flat SG&A despite revenue growth implies disciplined cost control, which may continue to support margin expansion if revenue growth persists.

Earnings Quality Solid Despite SBC

Net income margin held at 12.4% in Q2 2026, with stock-based compensation of $28 million representing less than 1% of revenue, indicating high earnings quality, as per the latest financials.

The modest SBC relative to revenue suggests that reported EPS is not significantly inflated by non-cash charges. However, the Q3 2025 negative SBC of -$36 million warrants attention, as it may indicate a reversal or adjustment that could distort quarterly comparisons. The tax rate appears stable, and the absence of large non-operating items in recent quarters supports the reliability of reported net income.

COGS Efficiency Drives Margin Gains

COGS as a percentage of revenue fell to 63.5% in Q2 2026 from 65.3% a year earlier, reflecting improved cost absorption and favorable product mix, as shown in the income statement.

The reduction in COGS ratio suggests that WAB is benefiting from higher-margin aftermarket and modernization sales, which carry lower material intensity than new locomotive builds. R&D spending increased to $56 million in Q2 2026 from $50 million in the prior-year quarter, indicating continued investment in digital and autonomous technologies. This cost discipline, combined with stable SG&A, appears to be a key driver of the margin expansion.

Q4 2025 Dip Marks Temporary Setback

Q4 2025 saw a sharp margin contraction to 30.0% gross and 6.8% net, with EPS down 4.1% year-over-year, but subsequent quarters show a strong recovery, based on quarterly data.

The Q4 2025 weakness appears to be an anomaly, likely driven by one-time charges or mix shifts, as margins rebounded to 36.0% in Q1 2026 and 36.5% in Q2 2026. This inflection suggests that the underlying business fundamentals remain intact, and the recovery supports the view that the dip was temporary. Investors should monitor whether such volatility recurs, as it may indicate lumpiness in modernization revenue recognition.

Valuation and PSR Risks Loom

Despite strong execution, WAB's forward P/S multiple appears elevated, and Precision Scheduled Railroading may structurally reduce the active fleet, posing long-term demand risks, as per recent context.

The market may be pricing in sustained double-digit growth, leaving little room for disappointment. Additionally, PSR's focus on asset utilization could reduce the total number of locomotives in service, potentially dampening aftermarket parts demand over time. While the $27 billion backlog provides near-term visibility, investors should weigh these structural headwinds against the current premium valuation.

WAB — Frequently Asked Questions

Quick answers to the most common questions about buying WAB stock.

What was Westinghouse Air Brake Technologies Corporation's (WAB) revenue in 2025?

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.

Is Westinghouse Air Brake Technologies Corporation (WAB) profitable?

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%.

What is Westinghouse Air Brake Technologies Corporation's operating profit margin?

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.

What is Westinghouse Air Brake Technologies Corporation's gross profit and gross margin?

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.