WAB
Westinghouse Air Brake Technologies Corporation
Price as of Jul 20, 2026
WAB earnings
Westinghouse Air Brake Technologies Corporation earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $2.51 | $2.71 | +8.0% | $3.0B | -0.5% |
| Feb 11, 2026 | $2.08 | $2.10 | +1.0% | $3.0B | +3.5% |
| Oct 22, 2025 | $2.28 | $2.32 | +1.8% | $2.9B | +0.2% |
| Jul 24, 2025 | $2.17 | $1.96 | -9.7% | $2.7B | -2.3% |
| Apr 23, 2025 | $2.03 | $2.28 | +12.3% | $2.6B | +0.1% |
| Feb 12, 2025 | $1.74 | $1.68 | -3.4% | $2.6B | -1.5% |
| Oct 23, 2024 | $1.90 | $2.00 | +5.3% | $2.7B | -0.7% |
| Jul 24, 2024 | $1.88 | $1.96 | +4.3% | $2.6B | +0.2% |
| Feb 14, 2024 | $1.58 | $1.54 | -2.5% | $2.5B | +1.7% |
| Oct 25, 2023 | $1.46 | $1.70 | +16.4% | $2.5B | +6.1% |
| Jul 27, 2023 | $1.35 | $1.41 | +4.4% | $2.4B | +6.9% |
| Feb 15, 2023 | $1.30 | $1.30 | +0.0% | $8.4B | +278.9% |
Earnings call summary
Q1 FY2026 · April 22, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Wabtec is focused on advancing mission-critical transportation and industrial technologies, committed to building a global platform for long-term value. • First quarter operational results ahead of expectations, sales $3 billion up 13%, adjusted EPS up 19%, total cash flow from operations $199 million. • Backlog remains strong with 12-month backlog up 13% and multi-year backlog over $30 billion up 38%. • Mixed key metrics in freight markets but international markets show solid momentum, North American carload traffic up 2%, international carloads growing robustly. • Secured multi-billion dollar multi-year mining order, $210 million multi-year modernization with MBTA, progress on EVO modernization build, $54 million break and couplers order with Kawasaki. • Acquisition strategy disciplined, deployed over $4.5 billion across 20 acquisitions since 2020, recent acquisitions of Frauscher and Delner off to good start with early synergy realization.
Guidance
• Increased previous adjusted EPS midpoint guidance to $10.25 to $10.65 representing approximately 17% growth at the midpoint. • Revenue guidance remains unchanged. • Second quarter expected to have similar financial performance to first quarter in terms of revenue growth, margin growth, and absolute EPS with exception of non-operational items.
Segment performance
Freight segment: Sales up 11.3%, operating income $450 million with operating margin 21.3%, adjusted operating income $550 million up 12.7% with adjusted operating margin 26.0% up 0.3 percentage points, 12-month backlog up 10.1% to $6.68 billion, multi-year backlog $25.18 billion up 41.0%. Transit segment: Sales up 17.8% to $835 million, adjusted segment operating income $138 million with adjusted operating income as percent of revenue 16.6% up 2.0 percentage points, 12-month backlog up 20.7% to $2.57 billion, multi-year backlog up 26.4%. Equipment sales up 52.5% driven by higher locomotive deliveries and increased mining sales. Services sales down 17.3% due to lower modernization deliveries but partially offset by core services growth. Component sales down 6.3% due to North American railcar build decline and portfolio optimization, partially offset by increased industrial product sales. Digital intelligence sales up 75.7% driven by inspection technologies and brochure acquisitions. Foreign currency exchange had favorable impact on sales in the quarter of 6.8 percentage points.
Risks & headwinds
• Tariffs remain a headwind, with margin pressure in first half of the year due to tariffs, though team is mitigating them. • Inflation in input costs, including for electronics and obsolescence, can impact business. • Volatility in multi-year backlog conversion to revenue. • Specific customer project delays, though teams are managing well.
Analyst Q&A
Q: Ken Hexter with Bank of America asked about tariff mitigation and impact on business.
A: Rafael and John stated tariffs announced are included in guidance, no impact on revenues, business as usual with mitigation efforts.
Q: Angel Costello with Morgan Stanley asked about unchanged revenue guidance despite strong backlog.
A: Rafael and John mentioned headwinds like freight car deliveries and input cost inflation, but also upside drivers like strong momentum on acquisitions and new product introductions.
Q: Scott Group with Wolf Research asked about backlog conversion to revenue and multi-year backlog.
A: John said 12-month backlog growth includes acquisition impact, multi-year backlog has volatility, but strong pipeline and install base.
Q: Ben Moore with Citigroup asked about 12-month vs multi-year backlog conversion to revenue.
A: John said 12-month backlog growth emulates revenue growth over time with volatility, multi-year backlog has volatility.
Q: Jerry Revich with Wells Fargo Securities asked about international bookings opportunity.
A: Rafael said international looks strong with install base and equipment opportunities.
Q: Kami Zachariah with JP Morgan asked about marine engines and locomotives for power generation.
A: John said marine has Tier 4 compliant engine, locomotives have limited power gen opportunities.
Q: Steve Volkman with Jefferies asked about backlog impact on margins.
A: Steve said backlog typically has more profit, 12-month backlog growth is positive.
Q: Harrison Bayer with Susquehanna asked about competitive dynamics.
A: Rafael said competition active, but Wabtec continues to win share with technology leadership.
Q: Steve Barger with KeyBank Capital Markets asked about 232 rule change impact and Delner's impact on transit.
A: John said 232 rule change is neutral financially, Delner brings positive for selling transit deals and margin improvement
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-22.