Westinghouse Air Brake Technologies (WAB) FY2025 results: revenue $11.2 billion, up 7.5% on the year

Westinghouse Air Brake Technologies Corporation, doing business as Wabtec, is a Delaware corporation headquartered in Pittsburgh, Pennsylvania, with approximately 31,000 employees excluding contingent workers and operations in over 50 countries. George Westinghouse founded the original Westinghouse Air Brake Co. in 1869 when he invented the air brake, and the present company dates from 1990, when Westinghouse Air Brake Company acquired certain assets and operations from American Standard, Inc., now known as Trane; it went public on the New York Stock Exchange in 1995. Three deals shaped what it is now: the 1999 merger with MotivePower Industries, which brought the current name; the 2017 acquisition of Faiveley Transport, a French business with roots to 1919 that added pantographs, automatic door mechanisms, air conditioning systems and couplers; and the 2019 acquisition of GE Transportation, which brought locomotives, equipment, services and digital solutions for rail, mining, marine, stationary power and drilling. Two more were completed or announced in 2025, Evident's Inspection Technologies division and the Frauscher Sensor Technology Group. The business runs through two segments, Freight and Transit.

Freight

Freight was approximately 72% of total net sales in 2025, with approximately 60% of its own net sales in the U.S. and approximately 58% in the aftermarket. It manufactures new and modernized locomotives, supplies aftermarket parts and services for existing ones, provides components for new and existing freight cars, and sells rail control and infrastructure products including electronics, positive train control equipment and signalling design and engineering services. It also overhauls locomotives, makes heat exchangers and cooling systems for rail and other industrial markets, sells software-enabled solutions aimed at safety, efficiency and productivity in transportation and mining, and provides nondestructive testing, remote visual inspection and analytical instruments alongside train detection, wayside object control and axle counting systems. Customers include large publicly traded railroads, leasing companies, original equipment manufacturers of locomotives and freight cars, utilities and companies in the mining, marine and industrial markets. An installed base of nearly 24,600 locomotives underpins the services line of modernizing, rebuilding, overhauling, remanufacturing, maintaining and exchanging locomotives and components.

Transit

Transit was approximately 28% of total net sales in 2025, with approximately 17% of its own net sales in the U.S. and approximately 56% in the aftermarket. It manufactures and services components for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses, and supplies rail control and infrastructure products including electronics and signalling design and engineering services. Customers are public transit authorities and municipalities, leasing companies, manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution and charging industries.

The product lines

Equipment covers diesel-electric and liquid natural gas powered locomotives for freight and transit, engines, electric motors and propulsion systems used in locomotives, mining, marine, stationary power and drilling, and marine and mining products. Digital Intelligence covers positive train control equipment and electronically controlled pneumatic braking, railway electronics such as event recorders and end of train devices, distributed locomotive power, train cruise control and remote control, industrial internet of things hardware and software, asset performance management, and rail network scheduling, dispatch and yard optimisation. Components run from freight car trucks and braking equipment to air compressors, dryers and HVAC systems, heat transfer components, custom engineered burners, railgear, signaling and switch products, turbochargers and maintenance of way equipment. On the transit side sit braking equipment, friction products such as brake shoes, discs and pads, access doors and platform screen doors, pantographs, auxiliary power converters and battery charging, passenger information systems, railway electric relays, and doors, window assemblies, accessibility lifts and ramps for buses.

Backlog and the industry

Backlog, which the company describes as the future sales it expects to recognise on firm orders received and which approximates its remaining performance obligations, was approximately $27.4 billion at 31 December 2025. Contracts carry standard industry cancellation provisions, including cancellation on short notice or on completion of designated stages, substantial scope-of-work adjustments are common, and the company states that reported backlog is not a guarantee of future sales. Results depend largely on the level of activity, financial condition and capital spending plans of freight railroads and passenger transit agencies around the world and of the equipment manufacturers serving them, which in turn move with general economic conditions, freight carloads and passenger ridership, government spending on public transportation and investment in new technologies. The railroad industry has historically been subject to fluctuations from overall economic conditions and the level of use of alternative modes of transportation.

From Wabtec's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 13 February 2026: read the full 10-K.