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Sep 30
Wabtec Q3 2025 Earnings Report
Wabtec reported higher revenue and earnings in Q3 2025 and raised its adjusted EPS guidance for the full year.
Key Takeaways
Wabtec delivered a strong Q3 2025 performance with growth in revenue, operating income, and net income. The company raised its full-year adjusted EPS guidance, supported by a robust backlog and margin expansion.
Revenue increased to $2.89B, driven by growth in both Freight and Transit segments.
Adjusted EPS rose to $2.32 from $2.00 in Q3 2024.
Backlog grew to $25.6B, with a 12-month backlog of $8.27B.
Adjusted operating margin expanded to 21.0%.
Wabtec
Wabtec
Wabtec Revenue by Segment
Revenue by Segment
Freight Revenue
CapyFin.comTransit Revenue
CapyFin.com Forward Guidance
Wabtec raised its 2025 adjusted EPS guidance range to $8.85–$9.05, with improved confidence in backlog execution and profitability.
Positive Outlook
- Raised adjusted EPS guidance midpoint by $0.10.
- Backlog visibility increased with $3.3B YoY growth.
- Strong margin improvement expected to continue.
- Full-year revenue guidance of $10.925B–$11.225B maintained.
- Cash flow conversion expected to exceed 90%.
Challenges Ahead
- Cash from operations declined YoY in Q3.
- Services sales declined due to modernization delivery timing.
- Higher operating expenses impacted GAAP margins.
- Freight operating margin slightly declined YoY on a GAAP basis.
- Exposure to tariffs and working capital weighed on cash generation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income