wab-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

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FORM 10-Q

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☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 033-90866

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WESTINGHOUSE AIR BRAKE TECHNOLOGIES

CORPORATION

(Exact name of registrant as specified in its charter)

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Delaware									25-1615902
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)

30 Isabella Street Pittsburgh, Pennsylvania									15212
(Address of principal executive offices)									(Zip code)

412-825-1000

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

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Securities registered pursuant to Section 12(b) of the Act:


Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value per share	WAB	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Emerging growth company

☐

Smaller reporting company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of April 17, 2026, there were 169,677,346 shares of common stock, par value $.01 per share, of the registrant outstanding.

WESTINGHOUSE AIR BRAKE

TECHNOLOGIES CORPORATION

March 31, 2026

FORM 10-Q

TABLE OF CONTENTS


		Page
	PART I—FINANCIAL INFORMATION

Item 1.	Financial Statements - (Unaudited)	3
	Condensed Consolidated Balance Sheets as of March 31, 202 6 and December 31, 2025	3
	Condensed Consolidated Statements of Income for the three month s ended March 31, 2026 and 2025	4
	Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025	5
	Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	6
	Condensed Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2026 and 2025	7
	Notes to Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	38
Item 4.	Controls and Procedures	38
	PART II—OTHER INFORMATION
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
	Signatures	41

PART I—FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS


	Unaudited
In millions, except par value	March 31, 2026		December 31, 2025
Assets
Assets
Cash, cash equivalents and restricted cash	$	531	$	789
Accounts receivable	1,784		1,410
Unbilled accounts receivable	468		487
Inventories, net	2,850		2,745
Other current assets	340		263
Total current assets	5,973		5,694
Property, plant and equipment, net	1,653		1,616
Goodwill	10,625		10,216
Other intangible assets, net	4,239		3,838
Other noncurrent assets	706		705
Total noncurrent assets	17,223		16,375
Total Assets	$	23,196	$	22,069
Liabilities and Shareholders’ Equity
Liabilities
Accounts payable	$	1,423	$	1,402
Customer deposits	1,006		1,015
Accrued compensation	515		490
Accrued warranty	269		266
Current portion of long-term debt	1,830		1,250
Other accrued liabilities	792		727
Total current liabilities	5,835		5,150
Long-term debt	4,708		4,291

Deferred income taxes	729		606
Other long-term liabilities	773		832
Total Liabilities	12,045		10,879
Commitments and contingencies (Note 14)
Equity
Common stock, $.01 par value; 500.0 shares authorized and 171.9 shares issued; 169.9 and 170.6 outstanding at March 31, 2026 and December 31, 2025, respectively	1		1
Additional paid-in capital	8,020		8,069
Treasury stock, at cost, 2.0 and 1.3 shares, at March 31, 2026 and December 31, 2025, respectively	(416)		(190)
Retained earnings	4,187		3,878
Accumulated other comprehensive loss	(689)		(616)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	11,103		11,142
Noncontrolling interest	48		48
Total Equity	11,151		11,190
Total Liabilities and Equity	$	23,196	$	22,069

The accompanying notes are an integral part of these statements.

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME


	Unaudited
	Three Months Ended March 31,
In millions, except per share data	2026		2025

Net sales:
Sales of goods	$	2,531	$	2,157
Sales of services	419		453
Total net sales	2,950		2,610
Cost of sales:
Cost of goods	(1,616)		(1,450)
Cost of services	(273)		(260)
Total cost of sales	(1,889)		(1,710)
Gross profit	1,061		900
Operating expenses:
Selling, general and administrative expenses	(401)		(307)
Engineering expenses	(56)		(46)
Amortization expense	(87)		(73)
Total operating expenses	(544)		(426)
Income from operations	517		474
Other income and expenses:
Interest expense, net	(71)		(46)
Other income (expense), net	23		(2)
Income before income taxes	469		426
Income tax expense	(106)		(99)
Net income	363		327
Less: Net income attributable to noncontrolling interest	(1)		(5)
Net income attributable to Wabtec shareholders	$	362	$	322

Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders	$	2.12	$	1.88
Diluted
Net income attributable to Wabtec shareholders	$	2.12	$	1.88

Weighted average shares outstanding
Basic	170.0		170.5
Diluted	170.7		171.3

The accompanying notes are an integral part of these statements.

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	Unaudited
	Three Months Ended March 31,
In millions	2026		2025
Net income attributable to Wabtec shareholders	$	362	$	322
Foreign currency translation (loss) gain	(74)

SEC Form 10-Q filed by Westinghouse Air Brake Technologies Corporation