Westinghouse Air Brake Technologies (WAB) financial statements
Westinghouse Air Brake Technologies reported revenue of $11.2B in fiscal 2025, up 16.0% a year over 9 years.
Net income was $1.2B and the operating margin 16.1%, against 15.6% in 2016.
Free cash flow was $1.5B, and the company returned $173M in dividends and $223M in net buybacks.
The diluted share count rose 88% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Westinghouse Air Brake Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B | $3.9B | $4.4B | $8.2B | $7.6B | $7.8B | $8.4B | $9.7B | $10.4B | $11.2B |
| Cost of revenue | $2.0B | $2.8B | $3.1B | $5.9B | $5.4B | $5.5B | $5.8B | $6.7B | $7.0B | $7.4B |
| Gross profit | $924M | $1.1B | $1.2B | $2.3B | $2.1B | $2.4B | $2.5B | $2.9B | $3.4B | $3.8B |
| Research and development | $71M | $95M | $88M | $210M | $162M | $176M | $209M | $218M | $206M | $223M |
| Selling, general and admin | $374M | $512M | $633M | $1.2B | $948M | $1.0B | $1.0B | $1.1B | $1.2B | $1.5B |
| Operating income | $457M | $421M | $473M | $663M | $745M | $876M | $1.0B | $1.3B | $1.6B | $1.8B |
| Interest expense | — | — | — | — | — | — | $186M | $218M | $201M | $225M |
| Pre-tax income | $413M | $352M | $368M | $447M | $557M | $737M | $854M | $1.1B | $1.4B | $1.6B |
| Income tax | $99M | $90M | $76M | $120M | $145M | $172M | $213M | $267M | $343M | $409M |
| Net income | $305M | $262M | $295M | $327M | $414M | $558M | $633M | $815M | $1.1B | $1.2B |
| EPS (diluted) | $3.34 | $2.72 | $3.05 | $1.84 | $2.17 | $2.96 | $3.46 | $4.53 | $6.04 | $6.83 |
| Diluted shares | 91M | 96M | 96M | 177M | 190M | 188M | 183M | 180M | 175M | 171M |
| Gross margin | 31.5% | 27.4% | 28.3% | 27.8% | 28.3% | 30.3% | 30.4% | 30.4% | 32.4% | 34.1% |
| Operating margin | 15.6% | 10.8% | 10.8% | 8.1% | 9.9% | 11.2% | 12.1% | 13.1% | 15.5% | 16.1% |
| Net margin | 10.4% | 6.8% | 6.8% | 4.0% | 5.5% | 7.1% | 7.6% | 8.4% | 10.2% | 10.5% |
Balance sheet
Fiscal years, from Westinghouse Air Brake Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $233M | $581M | $604M | $599M | $473M | $541M | $620M | $715M | $789M |
| Receivables | $668M | $801M | $801M | $1.1B | $969M | $1.1B | $975M | $1.2B | $1.2B | $1.4B |
| Inventory | $659M | $743M | $845M | $1.8B | $1.6B | $1.7B | $2.0B | $2.3B | $2.3B | $2.7B |
| Total current assets | $2.9B | $2.3B | $4.4B | $4.2B | $3.9B | $3.8B | $4.3B | $4.9B | $4.9B | $5.7B |
| Property, plant and equipment | $518M | $574M | $564M | $1.7B | $1.6B | $1.5B | $1.4B | $1.5B | $1.4B | $1.6B |
| Goodwill | $2.1B | $2.5B | $2.4B | $8.4B | $8.5B | $8.6B | $8.5B | $8.8B | $8.7B | $10.2B |
| Total assets | $6.6B | $6.6B | $8.6B | $18.9B | $18.5B | $18.5B | $18.5B | $19.0B | $18.7B | $22.1B |
| Total current liabilities | $1.4B | $1.6B | $1.6B | $3.3B | $3.2B | $2.9B | $3.5B | $4.1B | $3.8B | $5.2B |
| Long-term debt | $1.8B | $1.8B | $3.8B | $4.3B | $3.8B | $4.1B | $3.8B | $3.3B | $3.5B | $4.3B |
| Total liabilities | $3.6B | $3.8B | $5.8B | $9.0B | $8.3B | $8.2B | $8.4B | $8.5B | $8.6B | $10.9B |
| Shareholders' equity | $2.2B | $2.8B | $2.9B | $10.0B | $10.1B | $10.2B | $10.1B | $10.5B | $10.1B | $11.1B |
| Net debt | $620M | $1.6B | $3.3B | $3.8B | $3.6B | $3.6B | $3.5B | $3.4B | $3.3B | $4.8B |
Cash flow
Fiscal years, from Westinghouse Air Brake Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $451M | $189M | $315M | $1.0B | $784M | $1.1B | $1.0B | $1.2B | $1.8B | $1.8B |
| Capital spending | $50M | $90M | $93M | $186M | $136M | $130M | $149M | $186M | $207M | $260M |
| Free cash flow | $400M | $99M | $221M | $830M | $648M | $943M | $889M | $1.0B | $1.6B | $1.5B |
| Stock-based compensation | $21M | $21M | $25M | $50M | $20M | $46M | $41M | $47M | $66M | $80M |
| Dividends paid | $32M | $42M | $46M | $82M | $93M | $92M | $111M | $123M | $140M | $173M |
| Share buybacks (net) | -$212M | $0 | $0 | $0 | -$207M | -$300M | -$473M | -$409M | -$1.1B | -$223M |
| Net borrowing | -$40M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 13.7% | 2.6% | 5.1% | 10.1% | 8.6% | 12.1% | 10.6% | 10.5% | 15.7% | 13.4% |
| Dividends per share | $0.36 | $0.44 | $0.48 | $0.46 | $0.49 | $0.49 | $0.61 | $0.69 | $0.80 | $1.01 |
Questions
What was Westinghouse Air Brake Technologies's revenue in 2025?
$11.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Westinghouse Air Brake Technologies generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Westinghouse Air Brake Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.