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Wabtec (WAB) investor relations material

Wabtec Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary24 Jul, 2025

Executive summary

  • Q2 2025 sales reached $2.71B, up 2.3% year-over-year, driven by Transit segment growth and supported by a 12-month backlog of $8.2B, up 11.9%.

  • GAAP EPS increased 19.5% to $1.96, adjusted EPS rose 15.8% to $2.27, and margin expansion was achieved despite lower locomotive deliveries.

  • Major acquisitions included the closed $1.78B Inspection Technologies deal and announced agreements for Frauscher Sensor Technology and Dellner Couplers, totaling $3.5B in M&A investments expected to add $850M in annualized revenue.

  • Operating cash flow for Q2 was $209M, with liquidity at $4.09B and a strong balance sheet.

  • Returned $94M to shareholders via dividends and share repurchases in Q2.

Financial highlights

  • Q2 adjusted EPS was $2.27 (+15.8%), GAAP EPS $1.96 (+19.5%), and GAAP operating income $472M, driven by higher sales and improved margins.

  • Q2 gross margin improved to 34.7% (+1.7 pts), adjusted gross margin to 34.8% (+1.5 pts); operating margin rose to 17.4% GAAP and 21.1% adjusted.

  • EBITDA for Q2 was $611M, with adjusted EBITDA at $608M.

  • Operating cash flow for Q2 was $209M, and for the first half $400M, with cash conversion at 46% in Q2.

  • Shareholder returns included $235M through dividends and share repurchases in the first half.

Outlook and guidance

  • 2025 sales guidance raised to $10.925B–$11.225B, with adjusted EPS guidance increased to $8.55–$9.15, up $0.20 at the midpoint.

  • Full-year 2025 operating cash flow conversion expected to exceed 90%; guidance includes the Evident Inspection Technologies acquisition.

  • Five-year outlook targets mid-single-digit organic sales CAGR, 350+ bps adjusted operating margin expansion, and double-digit adjusted EPS CAGR.

  • Second half organic revenue growth expected to accelerate, with Q3 and Q4 revenues similar and Q4 showing higher year-over-year growth.

  • Adjusted operating margin to increase robustly in the second half, though less than the 1.8 percentage point gain in the first half.

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Frequently asked questions

Westinghouse Air Brake Technologies Corporation provides technology-based equipment, systems and services for the freight rail and passenger transit industries worldwide. The company operates through three segments: Freight, Transit, and Industrial. The Freight segment designs, manufactures, sells and services value added products to control, suspend, support and maneuver railroad freight cars in North America, South America, Europe and the Middle East.

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