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Dec 31, 2025
Wabtec Q4 2025 Earnings Report
Wabtec reported strong fourth quarter 2025 results with double-digit sales growth and higher adjusted earnings, supported by backlog expansion and robust operating cash flow.
Key Takeaways
Wabtec delivered 14.8% revenue growth in Q4 2025 to $2.97 billion, driven by strength in the Freight segment and acquisitions. GAAP EPS declined to $1.18, while adjusted EPS rose 25% to $2.10. The company expanded adjusted operating margins, generated $992 million in operating cash flow, and ended the quarter with a record $27.4 billion total backlog.
Revenue increased 14.8% year-over-year to $2965000000, led by 18.3% growth in Freight.
Adjusted EPS grew 25% to $2.10 despite GAAP EPS declining 4.1% to $1.18.
Generated $992000000 in operating cash flow with 292% cash conversion.
Total backlog reached a record $27407000000, up 23.1% year-over-year.
Revenue by Segment
Forward Guidance
For 2026, Wabtec expects sales between $12190000000 and $12490000000 and adjusted EPS between $10.05 and $10.45, including the impact of the Dellner Couplers acquisition.
Positive Outlook
- Adjusted EPS guidance range of $10.05 to $10.45 implies continued earnings growth.
- Sales guidance of $12190000000 to $12490000000 reflects anticipated top-line expansion.
- Record $27407000000 backlog provides strong revenue visibility.
- Recent acquisition of Dellner Couplers expected to contribute to growth.
- Strong cash generation supports capital allocation flexibility.
Challenges Ahead
- GAAP EPS declined year-over-year in Q4 2025.
- GAAP operating margin decreased 0.9 percentage points year-over-year.
- Exposure to restructuring and transaction-related costs.
- Potential impacts from foreign exchange fluctuations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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