WAB WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

Overview and Growth

In fiscal 2025, WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP recorded $11.17B of revenue, net income of $1.17B, and an operating cash inflow of $1.76B. The $11.17B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 7.5% above fiscal 2024 revenue of $10.39B, marking a year-over-year increase. On a per-share basis, diluted EPS was $6.83, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 13.1% from $6.04 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. The revenue-to-assets relationship was 0.51x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $3.81B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 34.1% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $1.79B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Relative to revenue, operating income represented 16.1%, showing how efficiently sales converted into operating profit. Net income came to $1.17B, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 10.5%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $1.59B of earnings, providing a bridge between the operating result and final net income. The pretax margin was 14.3%, relating income before taxes directly to revenue. The reported income-tax provision was $409.00M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 25.7%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

The company held $22.07B of assets against $10.88B of liabilities and $11.19B of equity, revealing how the asset base was financed. Current assets were $5.69B against $5.15B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.11x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $789.00M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 15.3%, excluding receivables and other current assets. The company carried $5.54B of total debt at period end, which frames its leverage and debt-service burden. Debt equaled 0.5x of book equity, describing the relative scale of borrowing and shareholder capital. Debt represented 25.1% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 49.3%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 3.6%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

The company reported $1.76B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.5x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $260.00M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 14.8% of operating cash flow, leaving the remainder available as free cash flow. The combination of operating cash flow and capital spending produced $1.50B of positive free cash flow for the period. Relative to revenue, free cash flow equaled 13.4%, showing how much sales converted into cash after investment. Free cash flow equaled 6.8% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.