Jun 2026 (Q2 FY26) — Jul 22, 2026
Westinghouse Air Brake Technologies Corporation Q2 FY26 — Strong Growth and Raised Outlook
Read the full callWestinghouse Air Brake Technologies (WAB) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Westinghouse Air Brake Technologies earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,179 | +17.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.9 | +1.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 395 | +17.6% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
20 of 24 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter Equipment Group sales growth | another quarter of strong Equipment growth | Mar 2026 | Equipment sales were up 35% from last year's second quarter. | Achieved |
| Full-year adjusted earnings per share | $10.05 to $10.45 | Dec 2025 | We also now expect adjusted EPS to be in the range of $10.60 to $10.90, up 20% at the midpoint. | Revised Up |
| Full-year adjusted operating margin direction | we do expect it to be up in 2026 | Dec 2025 | Adjusted operating margin for Q2 was 21.9%, up 0.8 percentage points versus the prior year. | On Track |
4 of WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP's 50 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 47 more targets are in the full ledger.
Claimed
- Second quarter sales increased 17.5% year-over-year to $3.18 billion, exceeding expectations.
- Adjusted EPS grew 21.6% year-over-year to $2.76, driven by stronger revenue and margin expansion.
- Multiyear backlog surged 42% year-over-year to over $30 billion, providing strong future growth visibility.
- Full-year 2026 revenue guidance raised by 1 percentage point to approximately $12.5 billion at the midpoint.
- Full-year 2026 adjusted EPS guidance raised by $0.30 to a range of $10.60 to $10.90.
Qualified
- North American railcar build forecast for 2026 is approximately 25,000 cars, down 21% from 2025.
- Component sales were down 0.7% year-over-year due to the decline in North American railcar build and portfolio optimization efforts.
- Full-year services revenue is expected to be down due to lower modernization deliveries in the first half of the year.
- The company continues to face headwinds from tariff impacts, unfavorable business mix, and challenging prior-year comparisons.
Price
$286.74 −0.03% · −$0.08
Performance +47.7% 1Y
1Y: $194.15 on 17 Oct 2025 → $286.74. High $305.79 (28 Jul 2026), low $193.43 (22 Oct 2025).
- Previous close
- $286.82
- 52-week range
- $193.43 – $305.79
- One year
- +46.21%
Overview
- Symbol
- WAB
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
20 of 24 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Second-quarter Equipment Group sales growth | another quarter of strong Equipment growth | Mar 2026 | Equipment sales were up 35% from last year's second quarter. | Achieved |
| Full-year adjusted earnings per share | $10.05 to $10.45 | Dec 2025 | We also now expect adjusted EPS to be in the range of $10.60 to $10.90, up 20% at the midpoint. | Revised Up |
| Full-year adjusted operating margin direction | we do expect it to be up in 2026 | Dec 2025 | Adjusted operating margin for Q2 was 21.9%, up 0.8 percentage points versus the prior year. | On Track |
Claimed
- Second quarter sales increased 17.5% year-over-year to $3.18 billion, exceeding expectations.
- Adjusted EPS grew 21.6% year-over-year to $2.76, driven by stronger revenue and margin expansion.
- Multiyear backlog surged 42% year-over-year to over $30 billion, providing strong future growth visibility.
- Full-year 2026 revenue guidance raised by 1 percentage point to approximately $12.5 billion at the midpoint.
- Full-year 2026 adjusted EPS guidance raised by $0.30 to a range of $10.60 to $10.90.
Qualified
- North American railcar build forecast for 2026 is approximately 25,000 cars, down 21% from 2025.
- Component sales were down 0.7% year-over-year due to the decline in North American railcar build and portfolio optimization efforts.
- Full-year services revenue is expected to be down due to lower modernization deliveries in the first half of the year.
- The company continues to face headwinds from tariff impacts, unfavorable business mix, and challenging prior-year comparisons.
The full ledger
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Call summaries
Dec 2025 (Q4 FY25) — Feb 11, 2026
Westinghouse Air Brake Technologies Corporation Q4 FY25 — Strong Growth and Record Backlog
Read the full callEvery analysed call
Westinghouse Air Brake Technologies earnings calls (WAB)
Financials
What the filings say
Net profit, year on year: +18% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,663 | 2,583 | 2,610 | 2,706 | 2,886 | 2,965 | 2,950 | 3,179 |
| Operating profit | 433 | 334 | 474 | 472 | 491 | 356 | 517 | 600 |
| Operating margin | 16.3% | 12.9% | 18.2% | 17.4% | 17.0% | 12.0% | 17.5% | 18.9% |
| Other income | -3 | 3 | -2 | 24 | -1 | 3 | 23 | -2 |
| Interest | 52 | 53 | 46 | 46 | 65 | 68 | 71 | 80 |
| Profit before tax | 378 | 284 | 426 | 450 | 425 | 291 | 469 | 518 |
| Tax rate | 24.3% | 25.0% | 23.2% | 24.7% | 26.4% | 29.9% | 22.6% | 23.6% |
| Net profit | 283 | 212 | 322 | 336 | 310 | 202 | 362 | 395 |
| EPS ($ per share) | 1.63 | — | 1.88 | 1.96 | 1.81 | — | 2.12 | 2.33 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Reserves | 3,022 | 3,267 | 3,589 | 4,055 | 4,577 | 5,269 | 6,185 | 3,878 |
| Total liabilities | 5,780 | 8,951 | 8,301 | 8,215 | 8,369 | 8,464 | 8,569 | 10,879 |
| Fixed assets | 564 | 1,656 | 1,601 | 1,497 | 1,429 | 1,485 | 1,447 | 1,616 |
| Total assets | 8,649 | 18,944 | 18,454 | 18,454 | 18,516 | 18,988 | 18,702 | 22,069 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 315 | 1,016 | 784 | 1,073 | 1,038 | 1,201 | 1,834 | 1,759 |
| Cash from investing | -147 | -3,178 | -155 | -540 | -235 | -492 | -343 | -2,747 |
| Cash from financing | 1,978 | 461 | -619 | -653 | -708 | -633 | -1,371 | 1,031 |
| Net cash flow | 2,109 | -1,738 | -5 | -126 | 68 | 79 | 95 | 74 |
| Capital expenditure | -93 | -186 | -136 | -130 | -149 | -186 | -207 | -260 |
| Free cash flow | 221 | 830 | 648 | 943 | 889 | 1,015 | 1,627 | 1,499 |
WAB revenue by segment
Transit grew from 28% to 29% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Freight | 72% | 69% | 73% | 71% | 73% | 72% | 72% | 71% | +16.9% |
| Transit | 28% | 31% | 27% | 29% | 27% | 28% | 28% | 29% | +18.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
WAB operating KPIs by quarter
| KPI | Dec 2025 Q4 FY25 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Backlog Multiyear | $27B+The 12-month backlog closed the year at $8.2 billion, up 7% from the prior year, while the multiyear backlog surpassed $27 billion, up 23%.Source: earnings call transcript | $30B+12-month backlog was up 11% from the prior year, while the multiyear backlog exceeded $30 billion, up 42%.Source: earnings call transcript | — |
| Backlog Freight 12-month | $6.02BFinally, segment 12-month backlog was $6.02 billion.Source: earnings call transcript | $6.64BFinally, the Freight segment's 12-month backlog was $6.64 billion.Source: earnings call transcript | +10.3% |
| Backlog Freight multiyear | $22.49BOur 12-month backlog was up 8.0% while the multiyear backlog of $22.49 billion was up 25.1%.Source: earnings call transcript | $25.33BOur 12-month backlog was up 10.2%, while the multiyear backlog of $25.33 billion was up 47.8%.Source: earnings call transcript | +12.6% |
| Backlog Transit 12-month | $2.21BFinally, Transit segment 12-month backlog for the quarter was $2.21 billion, our 12-month backlog was up 5.1%, while the multiyear backlog was up 14.7%.Source: earnings call transcript | $2.5BFinally, Transit segment 12-month backlog for the quarter was $2.5 billion, and our 12-month backlog was up 14.5%, while the multiyear backlog was up 19.4%.Source: earnings call transcript | +13.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
200 filings between Oct 23, 2025 and Oct 6, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$44.05M
135 sales by 12 insiders
80% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 33
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
- 26
- Tax withheld — shares kept back by the company to cover tax
Also filed: 1 disposition to issuer, 1 gift, 1 other, 1 option exercised.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Santana Rafael | — | $23.88M | Oct 6, 2026 |
| DeNinno David L | — | $4.11M | Jul 24, 2026 |
| Olin John A | — | $2.90M | Feb 24, 2026 |
| Mendonca Rogerio | — | $2.22M | Aug 21, 2026 |
| Gebhardt Eric | — | $2.12M | Jul 24, 2026 |
| Jain Nalin | — | $2.10M | Feb 25, 2026 |
| Fetsko Michael | — | $2.04M | Aug 20, 2026 |
| Sbrocco Gregory | — | $1.60M | Aug 17, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 345 | $100.9K |
| Oct 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 222 | $65.3K |
| Oct 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 259 | $75.5K |
| Oct 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 261 | $76.6K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 84 | $24.6K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 278 | $81.0K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 614 | $179.5K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 42 | $12.1K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 33 | $9.6K |
| Oct 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 36 | $10.4K |
| Sep 2, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 268 | $75.3K |
| Sep 2, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 370 | $103.3K |
| Sep 2, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 126 | $35.5K |
| Sep 2, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 323 | $90.5K |
| Sep 1, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 194 | $54.1K |
| Sep 1, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 118 | $33.2K |
| Sep 1, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 590 | $165.1K |
| Sep 1, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 194 | $54.5K |
| Aug 21, 2026 | Mendonca Rogerio President, Equipment Group | Sale | 2,910 | $864.4K |
| Aug 21, 2026 | Mendonca Rogerio President, Equipment Group | Sale | 9 | $2.7K |
| Aug 20, 2026 | Fetsko Michael Pres., Freight Components Grp. | Sale | 288 | $84.6K |
| Aug 20, 2026 | Fetsko Michael Pres., Freight Components Grp. | Sale | 2,962 | $868.3K |
| Aug 17, 2026 | Sbrocco Gregory EVP Operations | Sale 10b5-1 plan | 952 | $285.6K |
| Aug 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 54 | $16.1K |
| Aug 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 194 | $57.9K |
| Aug 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 518 | $153.9K |
| Aug 5, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 397 | $117.6K |
| Aug 4, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 120 | $35.7K |
| Aug 4, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 80 | $23.7K |
| Aug 4, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 629 | $188.5K |
| Aug 4, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 334 | $99.8K |
| Jul 24, 2026 | Gaur Sameer Pres., Global Freight Services | Sale | 1,000 | $300.6K |
| Jul 24, 2026 | Gebhardt Eric Chief Technology Officer | Sale | 2,040 | $609.7K |
| Jul 24, 2026 | Gebhardt Eric Chief Technology Officer | Sale | 1,107 | $329.2K |
| Jul 24, 2026 | DeNinno David L Exec VP, General Counsel, Sec. | Sale | 3,000 | $903.9K |
| Jul 24, 2026 | Gebhardt Eric Chief Technology Officer | Sale | 1,600 | $480.8K |
| Jul 24, 2026 | Gebhardt Eric Chief Technology Officer | Sale | 2,353 | $705.2K |
| Jul 7, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 147 | $37.6K |
| Jul 7, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 257 | $66.6K |
| Jul 7, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 283 | $73.1K |
| Jul 7, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 189 | $48.5K |
| Jul 7, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 287 | $73.0K |
| Jul 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 815 | $213.2K |
| Jul 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 184 | $48.5K |
| Jul 6, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 164 | $43.1K |
| Jul 1, 2026 | Theophilus Nicole B EVP & Chief Admin. Officer | Award | 2,192 | $0 |
| Jun 12, 2026 | Gaur Sameer Pres., Global Freight Services | Sale | 1,082 | $285.1K |
| Jun 8, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 20 | $5.3K |
| Jun 8, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 193 | $50.5K |
| Jun 8, 2026 | Santana Rafael President and CEO | Sale 10b5-1 plan | 251 | $66.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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