Westinghouse Air Brake Technologies Corporation (WAB) Earnings
Westinghouse Air Brake Technologies Corporation is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $2.63. WAB has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +0.3% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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