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Westinghouse Air Brake Technologies (WAB) investor relations material
Westinghouse Air Brake Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Q3 2025 sales reached $2.89B, up 8.4% year-over-year, with strong contributions from both Freight and Transit segments, and the Inspection Technologies acquisition driving digital sales growth.
GAAP diluted EPS was $1.81 (up 11.0%), and adjusted EPS rose 16.0% to $2.32.
Multi-year backlog reached $25.6B, with 12-month backlog up 8.4% to $8.3B, providing robust revenue visibility.
Raised and tightened 2025 adjusted EPS guidance to $8.85–$9.05, up 18.4% at the midpoint, and maintained revenue guidance of $10.925B–$11.225B.
Major $4.2B locomotive order from Kazakhstan and announced acquisitions of Frauscher Sensor Technology and Dellner Couplers further strengthen the portfolio.
Financial highlights
Gross profit for Q3 2025 was $1.00B (GAAP), with gross margin improving to 34.7% (up 1.7 pts), and adjusted gross margin to 35.6% (up 2.3 pts) year-over-year.
GAAP operating income was $491M; adjusted operating margin was 21.0% (up 1.3 pts), and GAAP operating margin was 17.0% (up 0.7 pts).
Operating cash flow for Q3 was $367M; year-to-date cash from operations was $767M, with Q3 cash conversion at 83% and full-year expected to exceed 90%.
Year-to-date net income attributable to shareholders was $968M, with diluted EPS of $5.64.
EBITDA for Q3 2025 was $617M; adjusted EBITDA was $658M.
Outlook and guidance
2025 adjusted EPS guidance raised to $8.85–$9.05, up 18.4% at the midpoint; revenue expected between $10.925B and $11.225B.
Operating cash flow conversion for 2025 expected to exceed 90%.
Five-year outlook targets mid-single-digit organic sales CAGR, 350+ bps adjusted operating margin expansion, double-digit adjusted EPS CAGR, and >90% cash conversion.
Backlog and pipeline support continued profitable growth into 2026, with international markets expected to outpace North America.
Ongoing restructuring and integration initiatives are anticipated to yield further cost savings.
Address Q3 cash flow conversion decline drivers
Detail the large YTD investing cash outflow
What is the organic sales growth trend?
Tariff P&L impact next quarters?
What drives North America fleet renewal?
Digital tech adoption timeline in North America?
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Next Westinghouse Air Brake Technologies earnings date
Q4 202511 Feb, 2026
Next Westinghouse Air Brake Technologies earnings date
Q4 202511 Feb, 2026
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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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