W 
Westinghouse Air Brake Technologies WAB · USD
Industrials · Machinery · US listing · 🇺🇸 United States
S&P 500
298.19
+5.15%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$11.17bn
FY2016FY2025
Net income
$1.17bn
FY2016FY2025
Free cash flow
$1.50bn
FY2016FY2025
Shareholders' equity
$11.14bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.17bn | $10.39bn | $9.68bn | $8.36bn | $7.82bn | $7.56bn | $8.20bn | $4.36bn | $3.88bn | $2.93bn |
| Gross profit | $3.52bn | $3.37bn | $2.94bn | $2.54bn | $2.37bn | $2.14bn | $2.28bn | $1.23bn | $1.07bn | $924.2m |
| Research and development | $223.0m | $206.0m | $218.0m | $209.0m | $176.0m | $162.1m | $209.9m | $87.5m | $95.2m | $71.4m |
| Operating income | $1.87bn | $1.61bn | $1.27bn | $1.04bn | $876.0m | $745.0m | $663.0m | $473.4m | $421.1m | $456.6m |
| Net income | $1.17bn | $1.06bn | $815.0m | $633.0m | $558.0m | $414.0m | $327.0m | $294.9m | $262.3m | $304.9m |
| Diluted earnings per share | 6.84 | 6.14 | 4.56 | 3.47 | 2.99 | 2.18 | 1.71 | 3.05 | 2.72 | 3.38 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $22.07bn | $18.70bn | $18.99bn | $18.52bn | $18.45bn | $18.45bn | $18.89bn | $8.65bn | $6.58bn | $6.58bn |
| Cash and short-term investments | $789.0m | $706.0m | $620.0m | $541.0m | $473.0m | $598.7m | $604.2m | $580.9m | $233.4m | $398.5m |
| Total liabilities | $10.88bn | $8.57bn | $8.46bn | $8.37bn | $8.21bn | $8.30bn | $8.89bn | $5.78bn | $3.75bn | $3.60bn |
| Debt | $4.29bn | $3.98bn | $4.07bn | $4.00bn | $4.06bn | $4.24bn | $4.43bn | $3.86bn | $1.87bn | $1.89bn |
| Shareholders' equity | $11.14bn | $10.09bn | $10.49bn | $10.10bn | $10.24bn | $10.15bn | $9.99bn | $2.87bn | $2.81bn | $2.21bn |
| Shares outstanding | 171m | 172m | 179m | 182m | 187m | 190m | 192m | 97m | 96m | 90m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $1.76bn | $1.83bn | $1.20bn | $1.04bn | $1.07bn | $783.7m | $1.02bn | $314.7m | $188.8m | $449.3m |
| Capital spending | −$260.0m | −$207.0m | −$186.0m | −$149.0m | −$130.0m | −$136.4m | −$185.3m | −$93.3m | −$89.5m | −$50.2m |
| Free cash flow | $1.50bn | $1.63bn | $1.01bn | $889.0m | $943.0m | $647.3m | $830.2m | $221.4m | $99.3m | $399.1m |
| Dividends paid | −$173.0m | −$140.0m | −$123.0m | −$111.0m | −$92.0m | −$92.5m | −$81.7m | −$46.3m | −$42.2m | −$32.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18bn | $2.95bn | $2.96bn | $2.89bn | $2.71bn | $2.61bn | $2.58bn | $2.66bn |
| Gross profit | $1.16bn | $1.06bn | $889.0m | $1.00bn | $938.0m | $900.0m | $797.0m | $880.0m |
| Operating income | $600.0m | $517.0m | $373.0m | $491.0m | $472.0m | $474.0m | $334.0m | $433.0m |
| Net income | $390.0m | $362.0m | $202.0m | $310.0m | $336.0m | $322.0m | $212.0m | $283.0m |
| Diluted earnings per share | 2.29 | 2.13 | 1.18 | 1.81 | 1.96 | 1.88 | 1.23 | 1.65 |
| Cash from operations | $197.0m | $199.0m | $992.0m | $367.0m | $209.0m | $191.0m | $723.0m | $542.0m |
| Capital spending | −$46.0m | −$46.0m | −$122.0m | −$83.0m | −$39.0m | −$44.0m | −$84.0m | −$46.0m |
| Free cash flow | $151.0m | $153.0m | $870.0m | $284.0m | $170.0m | $147.0m | $639.0m | $496.0m |
| Total assets | $23.13bn | $23.20bn | $22.07bn | $21.53bn | $20.39bn | $19.10bn | $18.70bn | $18.64bn |
| Cash and short-term investments | $670.0m | $531.0m | $789.0m | $528.0m | $1.49bn | $689.0m | $706.0m | $401.0m |
| Debt | $1.66bn | $6.60bn | $5.62bn | $5.29bn | $4.82bn | $4.01bn | $3.98bn | $4.02bn |
| Shareholders' equity | $11.24bn | $11.15bn | $11.19bn | $11.10bn | $10.80bn | $10.37bn | $10.09bn | $10.25bn |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.1% | 8.1% | 12.9% |
| Operating income | 21.6% | 20.2% | 11.9% |
| Net income | 22.7% | 23.1% | 11.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 31.9% | 31.2% | 30.7% | 30.2% |
| Operating margin | 16.1% | 14.6% | 13.5% | 12.9% |
| Net margin | 10.3% | 9.3% | 8.5% | 8.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 31.2 | 30.9 | 27.8 | 28.8 | 30.8 | 33.5 | 45.6 | 23.0 | 29.9 | 24.6 |
| Price to sales | 3.3 | 3.1 | 2.3 | 2.2 | 2.2 | 1.8 | 1.8 | 1.6 | 2.0 | 2.6 |
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | 12% | 51% | 27% | 15% | 19% | -4% | 10% | -13% | -2% | 17% |
Dividends and splits
Per share, in the currency the company pays
Paid for 26 years. Last went ex-dividend on 18 Aug 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.93 | 1.00 | 0.80 | 0.68 | 0.60 | 0.36 | 0.48 | 0.60 |
- 2-for-1 split · 12 Jun 2013
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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