Westinghouse Air Brake Technologies (WAB) FY2023 results: revenue $9.7 billion, up 15.7% on the year
Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $9.7 billion for fiscal 2023, the year ended 31 December 2023, up 15.7% on the year before. Net income was $815 million, up 28.8%, and diluted earnings per share $4.53. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.
Revenue
$9.7 billion
+15.7% on the year
FY2016FY2023
Operating margin
13.1%
12.1% a year earlier
FY2016FY2023
Net income
$815 million
+28.8% on the year
FY2016FY2023
Diluted EPS
$4.53
+30.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,201
1,038
1,073
+15.7%
Capital expenditure
186
149
130
+24.8%
Free cash flow
1,015
889
943
+14.2%
Free cash flow margin
10.5%
10.6%
12.1%
Cash from investing
-492
-235
-540
Cash from financing
-633
-708
-653
Depreciation and amortisation
531
479
491
+10.9%
Share-based compensation
47.0
41.0
46.0
+14.6%
Buybacks
409
473
300
-13.5%
Dividends paid
123
111
92.0
+10.8%
Dividend per share
$0.68
$0.60
$0.48
+13.3%
Diluted shares, weighted
180m
183m
188m
-1.8%
Shares outstanding at period end
178m
181m
186m
-1.9%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
10,487
10,102
10,201
+3.8%
Non-controlling interest
37.0
45.0
38.0
-17.8%
Debt
4,069
4,002
4,058
+1.7%
Other liabilities
4,395
4,367
4,157
+0.6%
Total liabilities and equity
18,988
18,516
18,454
+2.5%
Fixed assets
1,485
1,429
1,497
+3.9%
Goodwill
8,780
8,508
8,587
+3.2%
Intangible assets
3,205
3,402
3,705
-5.8%
Cash and equivalents
620
541
473
+14.6%
Receivables
1,160
975
1,085
+19.0%
Inventory
2,284
2,034
1,689
+12.3%
Other assets
1,454
1,627
1,418
-10.6%
Total assets
18,988
18,516
18,454
+2.5%
10-K for the year ended 31 December 2023, filed 14 February 2024: the filing.