$WAB · WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP
Wabtec reported Q3 2026 results with sales of $3.12B (+8.1% YoY), GAAP diluted EPS of $2.42 (+33.7%), and adjusted diluted EPS of $2.83 (+22.0%). Adjusted operating margin expanded 1.9 pts to 22.9%. The company raised and tightened its full-year 2026 adjusted EPS guidance to $10.85-$11.05, a $0.20 increase at the midpoint, representing 22% growth versus prior year. Cash from operations was $455M, and the company repurchased $305M in shares during the quarter.
- Q3 sales of $3.12B, up 8.1% YoY, driven by both Freight (+6.9%) and Transit (+11.3%) segments
- Adjusted diluted EPS of $2.83, up 22.0% YoY; GAAP diluted EPS of $2.42, up 33.7%
- Adjusted operating margin expanded 1.9 pts to 22.9%; GAAP operating margin up 3.0 pts to 20.0%
- Total backlog reached $31.4B, up 22.9% YoY; 12-month backlog up 8.8% to $9.0B
- 2026 adjusted EPS guidance raised and tightened to $10.85-$11.05, up 22% at midpoint vs prior year
Extended-hours trading shows WAB at $274.92, down 3.08% from the $283.66 regular close — a sell-the-news reaction despite the beat and guidance raise. The $47.9B market cap suggests high expectations were already priced in.
Wabtec delivered broad-based beats across sales, margins, and EPS while raising guidance — yet the after-hours selloff signals the market wanted more from a $47.9B industrial.
Wabtec's 22.9% adjusted operating margin and $31.4B total backlog reinforce its position as the dominant North American rail equipment and services provider. Freight segment digital sales surged 24.2%, reflecting strong adoption of rail-tech solutions.
Forward-looking statement risks include tariff and trade policy impacts, supply chain disruptions, foreign currency exchange volatility, and potential failure to realize acquisition synergies from Frauscher Sensor Technologies and Dellner Couplers.
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