Wabtec

Westinghouse Air Brake Technologies Corporation (Wabtec) makes equipment, systems, digital products and services for freight and passenger railroads, and for mining, marine and industrial markets. Its Freight segment sells locomotives, services and modernizations, components and digital products such as train control, signaling and inspection technology. Its Transit segment sells equipment, components and services for passenger trains and transit systems. Sales were $11.17 billion in 2025 and $3.12 billion in Q3 2026.

Wabtec bought Evident's Inspection Technologies division in July 2025, Frauscher Sensor Technology in December 2025 and Dellner Couplers in February 2026. The total backlog was $31.4 billion at September 30, 2026. The head office is in Pittsburgh, Pennsylvania. Rafael Santana is Chairman and Chief Executive Officer.

Wabtec trades above the AI estimate because investors pay for its fast earnings growth, but its earnings depend on large locomotive orders and on rail activity in North America. Adjusted EPS rose 22.0% in Q3 2026 and the total backlog rose to $31.4 billion, but locomotive deliveries fell in the quarter and North American rail car builds were lower. The fast growth of 2025 and 2026 can still slow. For the price to hold, three things must be true.

The multi-year backlog must turn into sales at good margins. Services, digital products and the bought businesses must keep growing. And the adjusted operating margin must keep rising from 22.9% in Q3 2026 while Wabtec pays down the debt from its purchases. The Q4 2026 report with the 2027 guidance, expected in February 2027, is the next test.

AI estimate, checked by Kevin. How it is made

1. Oct 21, 2026Passed

   Q3 2026 results: margin and guidanceA higher adjusted operating margin with unchanged or higher 2026 guidance passes; a cut fails.Outcome: The adjusted operating margin rose 1.9 points to 22.9%, and Wabtec raised its adjusted EPS guidance to $10.85 to $11.05.
2. Feb 10, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 guidance for adjusted EPS growth of about 10% or more passes; lower growth fails.
3. Apr 2027 · est.Pending

   Q1 2027 results: backlog and marginSales growth with a higher adjusted operating margin and a stable 12-month backlog passes; a falling backlog or margin fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Wabtec issued $500 million of 5.900% senior notes due 2037.
• October 21, 2026Wabtec reported Q3 2026 results. Sales rose 8.1% to $3.12 billion, GAAP EPS rose 33.7% to $2.42, and adjusted EPS rose 22.0% to $2.83. Wabtec raised and narrowed its 2026 adjusted EPS guidance to $10.85 to $11.05 and kept sales guidance of $12.30 billion to $12.60 billion. It repurchased $305 million of shares in the quarter.
• July 22, 2026Wabtec reported Q2 2026 results and raised its 2026 guidance to sales of $12.30 billion to $12.60 billion and adjusted EPS of $10.60 to $10.90.

Last earnings

October 21, 2026 (8-K on sec.gov)

Next earnings

Expected about February 10, 2027. The company has not confirmed the date.

• 8-KNew material agreement and New debt or financial obligationFiled November 4, 2026 · Read it on sec.gov
• 8-KOther company newsFiled November 3, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · wab-20260930
• 8-KEarnings release and Investor disclosureFiled October 21, 2026 · Press release and exhibits
• 8-KNew debt or financial obligationFiled October 1, 2026 · wab-20261001
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 22, 2026 · wab-20260630
• 8-KEarnings release and Investor disclosureFiled July 22, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · wab-20260331
• 8-KEarnings release and Investor disclosureFiled April 22, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 943452)

• Freight demand depends on rail activity and rail car builds in North America. Lower builds reduced Components sales in Q3 2026, and fewer locomotive deliveries kept Equipment sales growth at 0.3%.
• Locomotive orders come in a few large contracts. Delays in deliveries, customer financing or payments can move sales and cash flow between years.
• Wabtec paid about $1.797 billion for Inspection Technologies, about $792 million for Frauscher and about $1.053 billion for Dellner Couplers. Weak results from them can cause goodwill impairments, and the purchases raised debt.
• Wabtec makes and sells products in many countries. Tariffs, trade rules and currency changes can raise costs and change reported results.
• Safety and emissions rules shape demand for locomotives and train control systems. Changes in these rules can delay customer orders.

Wabtec funds its business with senior notes, bank credit facilities and cash flow. At September 30, 2026, total debt was $6,379 million, of which $1,714 million was due within 12 months, and cash and cash equivalents were $0.48 billion. Read more

Yield at the current rate

0.4% (current annual rate, at today’s price)

Dividend yield

0.3% (last 12 months, at today’s price of $303.49)

Paid per share

$0.93 in the last 12 months (3 payments)

Current annual rate

$1.24 ($0.31 × 4 a year)

Payout ratio

15% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 18, 2026, $0.31 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 15.8% a year. From 2015 to 2025, the dividend grew by about 13.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.