Westinghouse Air Brake Technologies Corporation (WAB) Income Statement
WAB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWAB revenue and net income
Where WAB's revenue goes
2025Each bar shows an amount and its share of revenue. WAB kept 10.5% of revenue as net income.
WAB profit margins
WAB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.5% | +10.1% | +8.1% | +12.9% |
| Gross profit | +4.4% | +11.4% | +10.5% | +12.9% |
| Operating income | +16.2% | +22.7% | +20.2% | +11.9% |
| Net income | +10.8% | +22.7% | +23.1% | +11.4% |
| EPS (diluted) | +19.1% | +22.5% | +18.9% | +8.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WAB quarterly EPS vs estimates
Wabtec beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 21, 2026 (estimate $2.72).
WAB income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.17B | $10.39B | $9.68B | $8.36B | $7.82B | $7.56B | $8.20B | $4.36B | $3.88B | $2.93B |
| Cost of revenue | $7.65B | $7.02B | $6.73B | $5.82B | $5.45B | $5.42B | $5.92B | $3.13B | $2.82B | $2.01B |
| Gross profit | $3.52B | $3.37B | $2.94B | $2.54B | $2.37B | $2.14B | $2.28B | $1.23B | $1.07B | $924.2M |
| Research & development | $223.0M | $206.0M | $218.0M | $209.0M | $176.0M | $162.1M | $209.9M | $87.5M | $95.2M | $71.4M |
| Sales, general & admin | $1.49B | $1.25B | $1.14B | $1.03B | $1.03B | $948.0M | $1.17B | $633.2M | $511.9M | $371.8M |
| Total operating expenses | $1.65B | $1.76B | $1.68B | $1.53B | $1.49B | $1.39B | $1.61B | $760.5M | $644.2M | $467.6M |
| Operating income | $1.87B | $1.61B | $1.27B | $1.01B | $876.0M | $745.0M | $663.0M | $473.4M | $421.1M | $456.6M |
| Interest income | $225.0M | $212.0M | $213.0M | $186.0M | $149.0M | $198.9M | $224.5M | $116.0M | $77.9M | $46.6M |
| Interest expense | $225.0M | $201.0M | $218.0M | $186.0M | $177.0M | $199.0M | $219.0M | $112.2M | $77.9M | $50.3M |
| Income before taxes | $1.59B | $1.41B | $1.09B | $854.0M | $737.0M | $557.0M | $447.0M | $367.6M | $352.1M | $412.8M |
| Income taxes | $409.0M | $343.0M | $267.0M | $213.0M | $172.0M | $145.0M | $120.0M | $75.9M | $89.8M | $99.4M |
| Net income | $1.17B | $1.06B | $815.0M | $633.0M | $558.0M | $414.0M | $327.0M | $294.9M | $262.3M | $304.9M |
| EBITDA | $2.27B | $2.07B | $1.79B | $1.47B | $1.35B | $1.14B | $985.0M | $589.1M | $533.2M | $532.9M |
| EPS (diluted) | $8.97 | $7.53 | $5.93 | $4.88 | $4.27 | $3.77 | $4.19 | $3.80 | $3.42 | $3.85 |
| Gross margin | 31.5% | 32.4% | 30.4% | 30.4% | 30.3% | 28.3% | 27.8% | 28.3% | 27.4% | 31.5% |
| Operating margin | 16.7% | 15.5% | 13.1% | 12.1% | 11.2% | 9.9% | 8.1% | 10.8% | 10.8% | 15.6% |
| Net margin | 10.5% | 10.2% | 8.4% | 7.6% | 7.1% | 5.5% | 4.0% | 6.8% | 6.8% | 10.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.18B | $2.95B | $2.96B | $2.89B | $2.71B | $2.61B | $2.58B | $2.66B | $2.64B | $2.50B | $2.53B | $2.55B |
| Cost of revenue | $2.02B | $1.89B | $2.08B | $1.88B | $1.77B | $1.71B | $1.79B | $1.78B | $1.77B | $1.68B | $1.76B | $1.76B |
| Gross profit | $1.16B | $1.06B | $889.0M | $1.00B | $938.0M | $900.0M | $797.0M | $880.0M | $874.0M | $815.0M | $764.0M | $792.0M |
| Research & development | $56.0M | $56.0M | $68.0M | $59.0M | $50.0M | $46.0M | $51.0M | $50.0M | $57.0M | $48.0M | $61.0M | $53.0M |
| Sales, general & admin | $400.0M | $401.0M | $461.0M | $375.0M | $347.0M | $307.0M | $315.0M | $318.0M | $316.0M | $281.0M | $296.0M | $295.0M |
| Total operating expenses | $561.0M | $544.0M | $516.0M | $511.0M | $466.0M | $426.0M | $463.0M | $447.0M | $444.0M | $403.0M | $456.0M | $422.0M |
| Operating income | $600.0M | $517.0M | $373.0M | $491.0M | $472.0M | $474.0M | $334.0M | $433.0M | $430.0M | $412.0M | $308.0M | $370.0M |
| Interest income | — | — | $68.0M | $67.0M | $23.0M | $51.0M | $56.0M | $57.0M | — | — | — | $60.0M |
| Interest expense | $75.0M | $71.0M | $68.0M | $65.0M | $46.0M | $46.0M | $53.0M | $52.0M | $49.0M | $47.0M | $55.0M | $60.0M |
| Income before taxes | $518.0M | $469.0M | $291.0M | $425.0M | $450.0M | $426.0M | $284.0M | $378.0M | $385.0M | $363.0M | $280.0M | $320.0M |
| Income taxes | $122.0M | $106.0M | $87.0M | $112.0M | $111.0M | $99.0M | $71.0M | $92.0M | $94.0M | $86.0M | $63.0M | $78.0M |
| Net income | $395.0M | $362.0M | $202.0M | $310.0M | $336.0M | $322.0M | $212.0M | $283.0M | $289.0M | $272.0M | $215.0M | $240.0M |
| EBITDA | $741.0M | $633.0M | $487.0M | $604.0M | $601.0M | $582.0M | $455.0M | $553.0M | $540.0M | $522.0M | $480.0M | $492.0M |
| EPS (diluted) | $2.76 | $2.71 | $2.10 | $2.32 | $2.27 | $2.28 | $1.68 | $2.00 | $1.96 | $1.89 | $1.54 | $1.70 |
| Gross margin | 36.5% | 36.0% | 30.0% | 34.7% | 34.7% | 34.5% | 30.9% | 33.0% | 33.1% | 32.6% | 30.2% | 31.1% |
| Operating margin | 18.9% | 17.5% | 12.6% | 17.0% | 17.4% | 18.2% | 12.9% | 16.3% | 16.3% | 16.5% | 12.2% | 14.5% |
| Net margin | 12.4% | 12.3% | 6.8% | 10.7% | 12.4% | 12.3% | 8.2% | 10.6% | 10.9% | 10.9% | 8.5% | 9.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WAB's financial statements (latest annual report filed February 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WAB financial results
In fiscal year 2025 (ended December 31, 2025), Wabtec reported revenue of $11.2 billion, up 7.5% from the year before. It had net income of $1.2 billion (up 10.8%), a net profit margin of 10.5%. Diluted earnings per share came to $8.97. Over five years revenue grew at an average rate of 8.1% a year.
See the WAB stock overview for the latest quote and news, or the WAB chart for price history and technical indicators.
WAB income statement FAQ
What is Wabtec's annual revenue?
Wabtec reported total revenue of $11.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.5% from $10.4 billion the previous year.
Is Wabtec profitable?
Yes. Wabtec reported net income of $1.2 billion in fiscal 2025, a net profit margin of 10.5%; its operating margin was 16.7%.
What is Wabtec's gross margin?
Wabtec's gross margin was 31.5% in fiscal 2025: for every $100 of revenue, Wabtec kept $31 after the direct cost of its products and services.
How much does Wabtec spend on research and development?
Wabtec spent $223.0 million on research and development in fiscal 2025, 2.0% of revenue.
How fast is Wabtec growing?
Revenue grew 8.1% a year on average over the last five fiscal years, from $7.6 billion to $11.2 billion.
What are Wabtec's earnings per share?
Wabtec earned $8.97 per diluted share in fiscal 2025, compared with $7.53 a year earlier.
When will Wabtec report its next earnings?
Wabtec is expected to report results for the quarter ending September 30, 2026 on October 21, 2026 before the market opens.
When does Wabtec's fiscal year end?
Wabtec's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 13, 2026.