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Westinghouse Air Brake Technologies (WAB) Q3 FY2026 earnings: revenue $3.1 billion, up 8.1% on the year

Westinghouse Air Brake Technologies Corp. (WAB) reported revenue of $3.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 8.1% on the same quarter a year earlier. Net income was $409 million, up 31.9% on the year, and diluted earnings per share $2.42. The figures are the company's own, from the 10-Q it filed with the SEC on 21 October 2026.

Revenue$3.1 billionup 8.1%
Net income$409 millionup 31.9%
Diluted EPS$2.42
QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 1 raised, 1 kept.

  • Sales grew 8.1 percent to $3.12 billion: Net sales were $3.12 billion, up from $2,886 million a year earlier. The company attributed the increase to higher Freight and Transit sales, including acquisitions.
  • Adjusted EPS rose 22 percent: Adjusted diluted EPS was $2.83, up 22.0% from $2.32. GAAP diluted EPS was $2.42, up 33.7% from $1.81. Management cited currency fluctuations as a non-operational benefit.
  • Operating margin expanded to 20.0 percent: GAAP operating margin was 20.0%, up 3.0 points. Adjusted operating margin was 22.9%, up 1.9 points. The company cited sales growth and improved gross margins.
Read the earnings call summary

The quarter, against the one before and a year earlier

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Revenue3,1203,1792,886+8.1%
Cost of revenue1,9562,0181,884+3.8%
Gross profit1,1641,1611,002+16.2%
Gross margin37.3%36.5%34.7%
Research and development67.070.059.0+13.6%
Selling, general and administrative383400375+2.1%
Operating income625600491+27.3%
Operating margin20.0%18.9%17.0%
Interest expense80.080.065.0+23.1%
Pre-tax income557518425+31.1%
Income tax146122112+30.4%
Effective tax rate26.2%23.6%26.4%
Net income409395310+31.9%
Net margin13.1%12.4%10.7%
Diluted EPS$2.42$2.33$1.81+33.7%
$ 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 and capital returned

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Operating cash flow455441367+24.0%
Capital expenditure74.062.055.0+34.5%
Free cash flow381379312+22.1%
Free cash flow margin12.2%11.9%10.8%
Cash from investing-83.0-55.0-1,789n/a
Cash from financing-555-248453n/a
Depreciation and amortisation142143128+10.9%
Share-based compensation30.032.024.0+25.0%
Buybacks3052150.0n/a
Dividends paid52.053.043.0+20.9%
Dividend per share$0.31$0.31$0.25+24.0%
Diluted shares, weighted169m170m171m-1.3%
Shares outstanding at period end168m169m171m-1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Shareholders' equity11,33311,21411,048+2.6%
Non-controlling interest31.030.047.0-34.0%
Debt6,3796,5715,285+20.7%
Other liabilities5,3985,3135,147+4.9%
Total liabilities and equity23,14123,12821,527+7.5%
Fixed assets1,6721,6531,534+9.0%
Goodwill10,62110,6039,853+7.8%
Intangible assets4,0324,1223,546+13.7%
Cash and equivalents489670528-7.4%
Receivables1,8061,7201,662+8.7%
Inventory2,9462,8572,747+7.2%
Other assets1,5751,5031,657-4.9%
Total assets23,14123,12821,527+7.5%

Questions

What was Westinghouse Air Brake Technologies' revenue in Q3 FY2026?

Westinghouse Air Brake Technologies (WAB) reported revenue of $3.1 billion for Q3 FY2026, the quarter ended 30 September 2026, up 8.1% on the same quarter a year earlier.

How much did Westinghouse Air Brake Technologies earn in Q3 FY2026?

Net income for Q3 FY2026 was $409 million, up 31.9% on the year, and diluted earnings per share $2.42.

When did Westinghouse Air Brake Technologies report Q3 FY2026 results?

Westinghouse Air Brake Technologies filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 21 October 2026.

Quarterly results, the last 20 quarters

Q4 FY2021 * †Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue2,0731,9272,0482,0812,3062,1942,4072,5502,5262,4972,6442,6632,5832,6102,7062,8862,9652,9503,1793,120
Cost of revenue1,4201,3321,4031,4331,6541,5291,6841,7581,7621,6821,7701,7831,7861,7101,7681,8841,9991,8892,0181,956
Gross profit6525956456486526657237927648158748807979009381,0029661,0611,1611,164
Gross margin31%31%31%31%28%30%30%31%30%33%33%33%31%34%35%35%33%36%37%37%
R&D52.545.050.054.060.051.053.053.061.048.057.050.051.046.050.059.068.056.070.067.0
SG&A264238259260272263285295296281316318333307347375461401400383
Operating income264239264261247276312370308412430433334474472491356517600625
Operating margin13%12%13%13%11%13%13%15%12%16%16%16%13%18%17%17%12%18%19%20%
Interest expensen/an/an/an/an/an/an/an/an/a47.049.052.053.046.046.065.068.071.080.080.0
Pre-tax income235200227217210233259320280363385378284426450425291469518557
Tax rate18%25%26%25%24%26%25%24%22%24%24%24%25%23%25%26%30%23%24%26%
Net income190149166160158169191240215272289283212322336310202362395409
Net margin9%8%8%8%7%8%8%9%9%11%11%11%8%12%12%11%7%12%12%13%
Diluted EPS$1.02$0.80$0.91$0.88$0.87$0.93$1.06$1.33$1.21$1.53$1.64$1.63$1.24$1.88$1.96$1.81$1.18$2.12$2.33$2.42
Operating cash flow314161263204410-25.0115425686334235542723191209367992199441455
Capital expenditure51.520.030.032.067.032.038.039.077.031.046.046.084.044.039.055.012246.062.074.0
Free cash flow262141233172343-57.077.0386609303189496639147170312870153379381
Buybacks99.72961031.073.017874.00.015717520059912398.050.00.075.0242215305
Dividends paid23.128.027.028.028.031.031.030.031.036.035.035.034.043.044.043.043.053.053.052.0
Shares outstanding186m183m182m182m181m180m179m179m178m177m176m172m171m171m171m171m171m170m169m168m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 21 October 2026: the filing.