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Westinghouse Air Brake Technologies Corporation provides locomotives, equipment, systems, and services for the freight rail and passenger transit industries worldwide. It operates in two segments, Freight and Transit. It offers diesel-electric and liquid natural gas-powered locomotives; engines, electric motors, and propulsion systems; and marine and mining products. The company also offers positive train control equipment; electronically controlled pneumatic braking products; railway electronics; signal design and engineering services; distributed locomotive power, and train cruise and remote controls; industrial/mobile Internet of Things hardware and software, edge-to-cloud, on and off-board analytics and rules, and asset performance management solutions; rail and shipper transportation management, and port visibility and optimization solutions; and network optimization solutions. In addition, it provides freight car trucks, braking equipment, and related components; air compressors and dryers, as well as heating, ventilation, and air conditioning (HVAC) systems; heat transfer components and systems; custom engineered burners and combustion systems; rail gear, signaling, and switch products; and turbochargers. Further, it offers freight locomotive overhauls, modernizations, and refurbishment; locomotive and car maintenance; transit locomotive and car overhaul; unit exchange of locomotive components; long-term parts arrangements; and way equipment maintenance services. Additionally, it provides railway and freight braking equipment and related components; brake shoes, discs, and pads; HVAC equipment; access and platform screen doors; pantographs; power converters and battery chargers; passenger information systems and closed-circuit television; signaling and railway electric relays; and doors, window assemblies, accessibility lifts, ramps, and electric charging solutions for buses. The company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.2B | $2.3B | $1.2B | $1.5B | 10.5% | 7.5% | 10.8% |
| 2024 | $10.4B | $2.1B | $1.1B | $1.6B | 10.5% | 7.3% | 29.6% |
| 2023 | $9.7B | $1.8B | $815M | $1.0B | 7.8% | 15.7% | 28.8% |
| 2022 | $8.4B | $1.5B | $633M | $889M | 6.3% | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,362 | 9,677 | 10,387 | 11,167 |
| Operating Revenue | - | 8,362 | 9,677 | 10,387 | 11,167 |
| Cost Of Revenue | - | 5,822 | 6,733 | 7,021 | 7,361 |
| Gross Profit | - | 2,540 | 2,944 | 3,366 | 3,806 |
| Operating Expense | - | 1,529 | 1,678 | 1,757 | 2,013 |
| Research And Development | - | 209 | 218 | 206 | 223 |
| Selling General And Administration | - | 1,029 | 1,139 | 1,248 | 1,490 |
| Total Expenses | - | 7,351 | 8,411 | 8,778 | 9,374 |
| Operating Income | - | 1,011 | 1,266 | 1,609 | 1,793 |
| Total Operating Income As Reported | - | 1,011 | 1,266 | 1,609 | 1,793 |
| EBITDA | - | 1,466 | 1,787 | 2,070 | 2,274 |
| Normalized EBITDA | - | 1,460 | 1,807 | 2,089 | 2,261 |
| EBIT | - | 1,040 | 1,310 | 1,611 | 1,817 |
| Interest Expense | - | 186 | 218 | 201 | 225 |
| Net Interest Income | - | -186 | -218 | -201 | -225 |
| Other Non Operating Income Expenses | - | 6 | 39 | 13 | 9 |
| Other Income Expense | - | 29 | 44 | 2 | 24 |
| Interest Expense Non Operating | - | 186 | 218 | 201 | 225 |
| Net Non Operating Interest Income Expense | - | -186 | -218 | -201 | -225 |
| Pretax Income | - | 854 | 1,092 | 1,410 | 1,592 |
| Tax Provision | - | 213 | 267 | 343 | 409 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 1.50 | -4.90 | -4.62 | 3.34 |
| Net Income Continuous Operations | - | 641 | 825 | 1,067 | 1,183 |
| Net Income From Continuing And Discontinued Operation | - | 633 | 815 | 1,056 | 1,170 |
| Net Income From Continuing Operation Net Minority Interest | - | 633 | 815 | 1,056 | 1,170 |
| Net Income | - | 633 | 815 | 1,056 | 1,170 |
| Net Income Common Stockholders | - | 633 | 815 | 1,056 | 1,170 |
| Net Income Including Noncontrolling Interests | - | 641 | 825 | 1,067 | 1,183 |
| Normalized Income | - | 628.50 | 830.10 | 1,070.38 | 1,160.34 |
| Diluted NI Availto Com Stockholders | - | 633 | 815 | 1,056 | 1,170 |
| Basic Average Shares | - | 182.20 | 178.80 | 174.10 | 170.50 |
| Diluted Average Shares | - | 182.80 | 179.50 | 174.80 | 171.10 |
| Reconciled Depreciation | - | 426 | 477 | 459 | 457 |
| Reconciled Cost Of Revenue | - | 5,687 | 6,577 | 6,865 | 7,204 |
| Total Unusual Items | - | 6 | -20 | -19 | 13 |
| Total Unusual Items Excluding Goodwill | - | 6 | -20 | -19 | 13 |
| Minority Interests | - | -8 | -10 | -11 | -13 |
| Gain On Sale Of Security | - | 6 | -20 | -19 | 13 |
| Depreciation Amortization Depletion Income Statement | - | 291 | 321 | 303 | 300 |
| Depreciation And Amortization In Income Statement | - | 291 | 321 | 303 | 300 |
| Earnings From Equity Interest | - | 17 | 25 | 8 | 2 |
| Average Dilution Earnings | 0 | - | - | - | - |
| Amortization | - | 291 | 321 | 303 | 300 |
| Amortization Of Intangibles Income Statement | - | 291 | 321 | 303 | 300 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Westinghouse Air Brake Technologies Corporationthis co. | WAB | $44.5B | 38.07↓ discount | 4.00 | 10.5% | 21.69 |
| AMETEK, Inc. | AME | $52.4B | 35.42 | 4.93 | 13.9% | 23.59 |
| Delta Air Lines, Inc. | DAL | $52.2B | 10.44 | 2.51 | 24.0% | 7.33 |
| Rockwell Automation, Inc. | ROK | $51.4B | 59.19 | 14.08 | 23.8% | 39.07 |
| Old Dominion Freight Line, Inc. |
| - |
| 2021 | - | - | - | - | - | - | - |
| ODFL |
| $51.1B |
| 49.88 |
| 11.84 |
| 23.7% |
| 29.53 |
| Ferrovial SE | FER | $47.6B | 53.61 | 8.06 | 15.0% | 27.07 |
| Axon Enterprise, Inc. | AXON | $41.4B | 331.83 | 12.76 | 3.8% | 214.25 |
| EMCOR Group, Inc. | EME | $37.6B | 29.58 | 10.25 | 34.6% | 19.27 |
| Thomson Reuters Corporation | TRI | $37.4B | 24.99 | 3.14 | 12.6% | 12.91 |
| Peer Median | - | 42.65 | 9.15 | 19.4% | 25.33 | |