financial statements

The full income statement, balance sheet, and cash-flow statement for Westinghouse Air Brake Technologies Corporation (WAB), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	11.2B YoY+7.5%	10.4B YoY+7.3%	9.68B YoY+15.7%	8.36B YoY+6.9%	7.82B YoY+3.5%
	3.81B YoY+13.1%	3.37B YoY+14.3%	2.94B YoY+15.9%	2.54B YoY+7.2%	2.37B YoY+10.9%
Cost of revenue	7.36B YoY+4.8%	7.02B YoY+4.3%	6.73B YoY+15.6%	5.82B YoY+6.8%	5.45B YoY+0.6%
	2.01B YoY+14.6%	1.76B YoY+4.7%	1.68B YoY+9.7%	1.53B YoY+2.4%	1.49B YoY+7.3%
Research & development	223M YoY+8.3%	206M YoY-5.5%	218M YoY+4.3%	209M YoY+18.8%	176M YoY+8.6%
Selling, general & administrative	1.49B YoY+19.4%	1.25B YoY+9.6%	1.14B YoY+10.7%	1.03B YoY-0.1%	1.03B YoY+8.6%
Restructuring	—	28.0M YoY-42.9%	49.0M YoY+6.5%	46.0M	—
Amortization of intangibles	300M YoY-1.0%	303M YoY-5.6%	321M YoY+10.3%	291M YoY+1.4%	287M YoY+1.8%
Provision for credit losses	32.0M YoY-11.1%	36.0M YoY+16.1%	31.0M YoY+10.7%	28.0M YoY-12.5%	32.0M YoY-13.5%
Operating income	1.79B YoY+11.4%	1.61B YoY+27.1%	1.27B YoY+25.2%	1.01B YoY+15.4%	876M YoY+17.6%
Interest expense	225M YoY+11.9%	201M YoY-7.8%	218M YoY+17.2%	186M	—
Net interest income	—	—	-218M YoY-17.2%	-186M YoY-5.1%	-177M YoY+11.1%
Other non-operating income	-2.00M YoY-200.0%	2.00M YoY-93.8%	32.0M YoY+3300.0%	-1.00M YoY-200.0%	1.00M YoY+200.0%
Equity-method income	2.00M YoY-75.0%	8.00M YoY-68.0%	25.0M YoY+47.1%	17.0M YoY-15.0%	20.0M YoY+100.0%
Pre-tax income	1.59B YoY+12.9%	1.41B YoY+29.1%	1.09B YoY+27.9%	854M YoY+15.9%	737M YoY+32.3%
Income tax	409M YoY+19.2%	343M YoY+28.5%	267M YoY+25.4%	213M YoY+23.8%	172M YoY+18.6%
	1.17B YoY+10.8%	1.06B YoY+29.6%	815M YoY+28.8%	633M YoY+13.4%	558M YoY+34.8%
Net income to non-controlling interest	13.0M YoY+18.2%	11.0M YoY+10.0%	10.0M YoY+25.0%	8.00M YoY+14.3%	7.00M YoY+450.0%
Preferred dividends	—	—	—	—	0.00
Net income to common	1.17B YoY+10.8%	1.05B YoY+29.5%	813M YoY+28.8%	631M YoY+13.5%	556M YoY+34.6%
	$6.83 YoY+13.1%	$6.04 YoY+33.3%	$4.53 YoY+30.9%	$3.46 YoY+16.9%	$2.96 YoY+36.4%
EPS (basic)	$6.84 YoY+13.1%	$6.05 YoY+33.3%	$4.54 YoY+31.2%	$3.46 YoY+16.9%	$2.96 YoY+35.8%
Weighted-avg shares (basic)	171M YoY-2.1%	174M YoY-2.6%	179M YoY-1.9%	182M YoY-2.9%	188M YoY-1.2%
Weighted-avg shares (diluted)	171M YoY-2.1%	175M YoY-2.6%	180M YoY-1.8%	183M YoY-2.8%	188M YoY-1.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	5.69B YoY+15.2%	4.94B YoY+1.8%	4.86B YoY+12.2%	4.33B YoY+12.9%	3.83B YoY-1.2%
Cash & equivalents	789M YoY+10.3%	715M YoY+15.3%	620M YoY+14.6%	541M YoY+14.4%	473M YoY-21.0%
Accounts receivable	1.41B YoY+22.4%	1.15B YoY-0.7%	1.16B YoY+19.0%	975M YoY-10.1%	1.08B YoY+12.0%
Inventory	2.75B YoY+18.6%	2.31B YoY+1.3%	2.28B YoY+12.3%	2.03B YoY+20.4%	1.69B YoY+2.9%
Other current assets	263M YoY+24.1%	212M YoY-20.6%	267M YoY+14.6%	233M YoY+20.7%	193M YoY-15.0%
	22.1B YoY+18.0%	18.7B YoY-1.5%	19.0B YoY+2.5%	18.5B YoY+0.3%	18.5B YoY+0.0%
Property, plant & equipment	1.62B YoY+11.7%	1.45B YoY-2.6%	1.49B YoY+3.9%	1.43B YoY-4.5%	1.50B YoY-6.5%
Goodwill	10.2B YoY+17.3%	8.71B YoY-0.8%	8.78B YoY+3.2%	8.51B YoY-0.9%	8.59B YoY+1.2%
Intangible assets	3.84B YoY+30.8%	2.93B YoY-8.5%	3.21B YoY-5.8%	3.40B YoY-8.2%	3.71B YoY-4.2%
Deferred tax assets	987K YoY+0.0%	987K YoY+0.0%	987K YoY+0.0%	987K YoY+0.0%	987K YoY+0.0%
Other non-current assets	705M YoY+5.5%	668M YoY+0.8%	663M YoY-22.0%	850M YoY+2.0%	833M YoY+34.6%
Total non-current assets	16.4B YoY+19.0%	13.8B YoY-2.6%	14.1B YoY-0.4%	14.2B YoY-3.0%	14.6B YoY+0.3%
	5.15B YoY+35.8%	3.79B YoY-6.5%	4.06B YoY+17.0%	3.47B YoY+19.1%	2.91B YoY-9.8%
Accounts payable	1.40B YoY+7.8%	1.30B YoY+4.0%	1.25B YoY-3.9%	1.30B YoY+28.6%	1.01B YoY+11.3%
Deferred revenue	1.01B YoY+46.5%	693M YoY-13.8%	804M YoY+4.1%	772M YoY+22.7%	629M YoY-2.2%
Short-term & current debt	1.25B YoY+150.0%	500M YoY-36.0%	781M YoY+211.2%	251M YoY+12450.0%	2.00M YoY-99.6%
	10.9B YoY+27.0%	8.57B YoY+1.2%	8.46B YoY+1.1%	8.37B YoY+1.9%	8.21B YoY-1.0%
Long-term debt	4.29B YoY+23.3%	3.48B YoY+5.8%	3.29B YoY-12.3%	3.75B YoY-7.5%	4.06B YoY+7.0%
Deferred revenue (non-current)	259M YoY-33.4%	389M YoY+123.6%	174M YoY+102.3%	86.0M YoY-2.3%	88.0M YoY+10.0%
Deferred tax liabilities	606M YoY+61.2%	376M YoY+18.2%	318M YoY-2.5%	326M YoY+13.2%	288M YoY+71.4%
Other non-current liabilities	832M YoY-9.7%	921M YoY+24.5%	740M YoY+2.6%	721M YoY-3.0%	743M YoY-5.1%
Total non-current liabilities	408M YoY+0.0%	408M YoY+0.0%	408M YoY+0.0%	408M YoY+0.0%	408M YoY+0.0%
	11.1B YoY+10.4%	10.1B YoY-3.8%	10.5B YoY+3.8%	10.1B YoY-1.0%	10.2B YoY+0.8%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00M YoY-50.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%	2.00M YoY+0.0%
Additional paid-in capital	8.07B YoY+0.6%	8.02B YoY+0.6%	7.98B YoY+0.3%	7.95B YoY+0.5%	7.92B YoY+0.4%
Retained earnings	3.88B YoY-37.3%	6.18B YoY+17.4%	5.27B YoY+15.1%	4.58B YoY+12.9%	4.05B YoY+13.0%
Treasury stock	190M YoY-94.2%	3.27B YoY+50.8%	2.17B YoY+22.7%	1.77B YoY+35.5%	1.31B YoY+29.3%
Accumulated other comprehensive income	-616M YoY+27.2%	-846M YoY-43.4%	-590M YoY+10.7%	-661M YoY-41.8%	-466M YoY-37.5%
Non-controlling interest	48.0M YoY+14.3%	42.0M YoY+13.5%	37.0M YoY-17.8%	45.0M YoY+18.4%	38.0M YoY+26.7%
Total equity incl. non-controlling	11.2B YoY+10.4%	10.1B YoY-3.7%	10.5B YoY+3.7%	10.1B YoY-0.9%	10.2B YoY+0.8%
Total liabilities & equity	22.1B YoY+18.0%	18.7B YoY-1.5%	19.0B YoY+2.5%	18.5B YoY+0.3%	18.5B YoY+0.0%
Common shares issued	172M YoY-24.2%	227M YoY+0.0%	227M YoY+0.0%	227M YoY+0.0%	227M YoY+0.0%
Common shares outstanding	171M YoY-0.4%	171M YoY-3.7%	178M YoY-1.9%	181M YoY-2.5%	186M YoY-1.6%
Shares outstanding (cover)	171M YoY-0.5%	172M YoY-4.1%	179M YoY-1.5%	182M YoY-2.7%	187M YoY-1.8%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.76B YoY-4.1%	1.83B YoY+52.7%	1.20B YoY+15.7%	1.04B YoY-3.3%	1.07B YoY+36.9%
Depreciation & amortization	501M YoY-0.4%	503M YoY-5.3%	531M YoY+10.9%	479M YoY-2.4%	491M YoY+3.8%
Share-based compensation	80.0M YoY+21.2%	66.0M YoY+40.4%	47.0M YoY+14.6%	41.0M YoY-10.9%	46.0M YoY+130.0%
Deferred income taxes	11.0M YoY-78.4%	51.0M YoY+187.9%	-58.0M YoY-261.1%	36.0M YoY-59.1%	88.0M YoY+203.4%
Change in receivables	36.0M YoY+5.9%	34.0M YoY-82.6%	195M YoY+275.0%	52.0M YoY-31.6%	76.0M YoY+124.1%
Change in inventory	182M YoY+55.6%	117M YoY+101.7%	58.0M YoY-84.2%	368M YoY+797.6%	41.0M YoY+122.7%
Change in payables	34.0M YoY-51.4%	70.0M YoY+220.7%	-58.0M YoY-119.0%	306M YoY+180.7%	109M YoY+140.5%
	-2.75B YoY-700.9%	-343M YoY+30.3%	-492M YoY-109.4%	-235M YoY+56.5%	-540M YoY-248.4%
Capital expenditure	260M YoY+25.6%	207M YoY+11.3%	186M YoY+24.8%	149M YoY+14.6%	130M YoY-4.4%
Acquisitions	2.52B YoY+1400.0%	168M YoY-45.5%	308M YoY+246.1%	89.0M YoY-79.5%	435M YoY+987.5%
Proceeds from sale of PP&E	5.00M YoY-61.5%	13.0M YoY+550.0%	2.00M YoY-33.3%	3.00M YoY-88.0%	25.0M YoY+19.0%
	1.03B YoY+175.2%	-1.37B YoY-116.6%	-633M YoY+10.6%	-708M YoY-8.4%	-653M YoY-5.5%
Common stock repurchased	223M YoY-79.7%	1.10B YoY+168.2%	409M YoY-13.5%	473M YoY+57.7%	300M YoY+44.9%
Dividends paid	173M YoY+23.6%	140M YoY+13.8%	123M YoY+10.8%	111M YoY+20.7%	92.0M YoY-1.1%
Other financing activities	-11.0M YoY-466.7%	3.00M YoY+50.0%	2.00M YoY-85.7%	14.0M YoY+133.3%	6.00M YoY+220.0%
Net change in cash	74.0M YoY-22.1%	95.0M YoY+20.3%	79.0M YoY+16.2%	68.0M YoY+154.0%	-126M YoY-2420.0%
Interest paid	219M YoY+21.0%	181M YoY-13.8%	210M YoY+17.3%	179M YoY+9.1%	164M YoY-5.7%
Income taxes paid	342M YoY+44.3%	237M YoY+1.7%	233M YoY+48.4%	157M YoY+27.6%	123M YoY-4.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	36.5B YoY+12.0%	32.6B YoY+43.3%	22.7B YoY+25.2%	18.2B YoY+5.5%	17.2B YoY+23.5%
P/E	31.2× YoY+1.1%	30.9× YoY+2.9%	30.0× YoY+9.9%	27.3× YoY-11.5%	30.8× YoY-8.4%
P/S	3.3× YoY+4.2%	3.1× YoY+30.5%	2.4× YoY+7.6%	2.2× YoY+1.5%	2.2× YoY+19.3%
P/B	3.3× YoY+1.4%	3.2× YoY+46.7%	2.2× YoY+19.8%	1.8× YoY+8.9%	1.7× YoY+22.6%
P/FCF	24.3× YoY+21.5%	20.0× YoY-34.0%	30.3× YoY+35.1%	22.5× YoY+23.1%	18.2× YoY-15.1%
Earnings yield	3.2% YoY-1.1%	3.2% YoY-2.8%	3.3% YoY-9.0%	3.7% YoY+13.0%	3.2% YoY+9.1%
FCF yield	4.1% YoY-17.7%	5.0% YoY+51.5%	3.3% YoY-26.0%	4.5% YoY-18.8%	5.5% YoY+17.8%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WAB's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WAB filings on SEC EDGAR → Not investment advice.

WAB▼ financial statements

About this data

financial statements