Revenue
$11.17B
Fiscal year ended 2025-12-31Operating income
$1.79B
Fiscal year ended 2025-12-31Free cash flow
$1.50B
Fiscal year ended 2025-12-31WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB) reported revenue of $11.17B and net income of $1.17B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Railroad Equipment.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B | $8.20B | $4.36B | $3.88B | $2.93B |
| Cost of revenue | $7.36B | $7.02B | $6.73B | $5.82B | $5.45B | $5.42B | $5.92B | $3.13B | $2.82B | $2.01B |
| Gross profit | $3.81B | $3.37B | $2.94B | $2.54B | $2.37B | $2.14B | $2.28B | $1.23B | $1.07B | $924.24M |
| Operating income | $1.79B | $1.61B | $1.27B | $1.01B | $876.00M | $745.00M | $663.00M | $473.40M | $421.10M | $456.61M |
| Net income | $1.17B | $1.06B | $815.00M | $633.00M | $558.00M | $414.00M | $327.00M | $294.90M | $262.30M | $304.89M |
| Research & development | $223.00M | $206.00M | $218.00M | $209.00M | $176.00M | $162.00M | $210.00M | $87.50M | $95.20M | $71.38M |
| Weighted-average diluted shares | shares 171.10M | shares 174.80M | shares 179.50M | shares 182.80M | shares 188.10M | shares 190.40M | shares 177.30M | shares 96.50M | shares 96.10M | shares 91.14M |
| Pretax income | $1.59B | $1.41B | $1.09B | $854.00M | $737.00M | $557.00M | $447.00M | $367.60M | $352.10M | $412.84M |
| Income tax expense | $409.00M | $343.00M | $267.00M | $213.00M | $172.00M | $145.00M | $120.00M | $75.90M | $89.80M | $99.43M |
| Diluted EPS | $6.83 | $6.04 | $4.53 | $3.46 | $2.96 | $2.17 | $1.84 | $3.05 | $2.72 | $3.34 |
| Selling, general & administrative | $1.49B | $1.25B | $1.14B | $1.03B | $1.03B | $948.00M | $1.17B | $633.20M | $512.50M | $373.56M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | $473.00M | $599.00M | $604.20M | $580.90M | $233.40M | $1.14B |
| Total assets | $22.07B | $18.70B | $18.99B | $18.52B | $18.45B | $18.45B | $18.94B | $8.65B | $6.58B | $6.58B |
| Current assets | $5.69B | $4.94B | $4.86B | $4.33B | $3.83B | $3.88B | $4.19B | $4.45B | $2.27B | $2.87B |
| Total liabilities | $10.88B | $8.57B | $8.46B | $8.37B | $8.22B | $8.30B | $8.95B | $5.78B | $3.75B | $3.60B |
| Current liabilities | $5.15B | $3.79B | $4.06B | $3.47B | $2.91B | $3.23B | $3.26B | $1.65B | $1.57B | $1.45B |
| Total equity incl. NCI | $11.19B | $10.13B | $10.52B | $10.15B | $10.24B | $10.15B | $9.99B | $2.87B | $2.83B | $2.98B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $2.74B | $2.31B | $2.28B | $2.03B | $1.69B | $1.64B | $1.77B | $844.90M | $742.63M | $658.51M |
| Accounts receivable | $1.41B | $1.15B | $1.16B | $975.00M | $1.08B | $969.00M | $1.15B | $801.20M | $800.62M | $667.60M |
| Goodwill | $10.22B | $8.71B | $8.78B | $8.51B | $8.59B | $8.48B | $8.36B | $2.40B | $2.46B | $2.08B |
| Long-term debt | $4.29B | $3.48B | $3.29B | $3.75B | $4.06B | $3.79B | $4.33B | $3.79B | $1.82B | $1.76B |
| Accounts payable | $1.40B | $1.30B | $1.25B | $1.30B | $1.01B | $909.00M | $1.16B | $589.40M | $552.52M | $530.21M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.76B | $1.83B | $1.20B | $1.04B | $1.07B | $784.00M | $1.02B | $314.70M | $188.80M | $450.53M |
| Capital expenditures | $260.00M | $207.00M | $186.00M | $149.00M | $130.00M | $136.00M | $186.00M | $93.30M | $89.50M | $50.22M |
| Investing cash flow | -$2.75B | -$343.00M | -$492.00M | -$235.00M | -$540.00M | -$155.00M | -$3.18B | -$147.30M | -$1.03B | -$232.97M |
| Financing cash flow | $1.03B | -$1.37B | -$633.00M | -$708.00M | -$653.00M | -$619.00M | $461.00M | $1.98B | -$97.40M | $522.97M |
| Net change in cash | $74.00M | $95.00M | $79.00M | $68.00M | -$126.00M | -$5.00M | -$1.74B | $2.11B | -$909.80M | $714.10M |
| Stock-based compensation | $80.00M | $66.00M | $47.00M | $41.00M | $46.00M | $20.00M | $50.00M | $25.30M | $21.30M | $20.81M |
| Common dividends paid | $173.00M | $140.00M | $123.00M | $111.00M | $92.00M | $93.00M | $82.00M | $46.30M | $42.20M | $32.43M |
| Common share repurchases | $223.00M | $1.10B | $409.00M | $473.00M | $300.00M | $207.00M | $0 | $0 | $0 | $212.18M |
| Depreciation & amortization | $501.00M | $503.00M | $531.00M | $479.00M | $491.00M | $473.00M | $401.00M | $109.30M | $103.20M | $69.80M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $1.50B | $1.63B | $1.02B | $889.00M | $943.00M | $648.00M | $830.00M | $221.40M | $99.30M | $400.31M |
| Gross margin | 34.1% | 32.4% | 30.4% | 30.4% | 30.3% | 28.3% | 27.8% | 28.3% | 27.4% | 31.5% |
| Operating margin | 16.1% | 15.5% | 13.1% | 12.1% | 11.2% | 9.9% | 8.1% | 10.8% | 10.8% | 15.6% |
| FCF margin | 13.4% | 15.7% | 10.5% | 10.6% | 12.1% | 8.6% | 10.1% | 5.1% | 2.6% | 13.7% |
| SBC / revenue | 0.7% | 0.6% | 0.5% | 0.5% | 0.6% | 0.3% | 0.6% | 0.6% | 0.5% | 0.7% |
| Current ratio | 1.11x | 1.30x | 1.20x | 1.25x | 1.32x | 1.20x | 1.29x | 2.70x | 1.44x | 1.98x |
| Revenue YoY growth | 7.5% | 7.3% | 15.7% | 6.9% | 3.5% | -7.9% | 87.9% | 12.4% | 32.4% | Unavailable |
| Net margin | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% | 5.5% | 4.0% | 6.8% | 6.8% | 10.4% |
| R&D / revenue | 2.0% | 2.0% | 2.3% | 2.5% | 2.3% | 2.1% | 2.6% | 2.0% | 2.5% | 2.4% |
| CapEx / revenue | 2.3% | 2.0% | 1.9% | 1.8% | 1.7% | 1.8% | 2.3% | 2.1% | 2.3% | 1.7% |
| Long-term debt / equity | 0.38x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 25.7% | 24.3% | 24.5% | 24.9% | 23.3% | 26.0% | 26.8% | 20.6% | 25.5% | 24.1% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open WAB in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-07-22View SEC filing
10-Q · Filed 2026-04-22View SEC filing
10-K · Filed 2026-02-13View SEC filing
10-Q · Filed 2025-10-22View SEC filing
10-Q · Filed 2025-07-24View SEC filing
10-Q · Filed 2025-04-23View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.