Wabtec
Builds rail locomotives, transit systems and recurring aftermarket services worldwide.
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Profile
Builds locomotives, freight-car components, passenger-rail systems and digital train-control tools, then earns aftermarket revenue from parts, modernizations and service. Freight provides most sales, while a large installed base and global Transit operations create recurring maintenance demand.
Builds and services locomotives, freight-car components and digital rail-control systems through the Freight segment. The Transit segment supplies brakes, couplers and gangways, doors, HVAC, pantographs, signaling and other systems for passenger rail and buses, with aftermarket parts and maintenance across both segments.
Pairs new equipment with modernization, overhaul, replacement parts and long-term service around an installed base of nearly 24,600 locomotives and a broad global transit fleet. Freight is centered in the United States, while Transit is predominantly international; roughly half of total sales come from outside the country.
Revenue therefore blends project-driven original equipment with recurring aftermarket work. Demand follows freight-railroad traffic and capital spending, passenger ridership, transit-agency funding and fleet-renewal cycles, while products face country-specific testing, certification and safety requirements.
Company facts
Categories
Key statistics
Year to date +35.1% · Average volume (30d) 1.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 23, 2026 | Stephens | Reiterate | Overweight | $205 | $330 | |
| Jul 23, 2026 | KeyBanc | Reiterate | Overweight | $308 | $340 | |
| Jul 23, 2026 | Susquehanna | Reiterate | Positive | $305 | $340 | |
| Jul 23, 2026 | Morgan Stanley | Reiterate | Overweight | $318 | $355 | |
| Apr 27, 2026 | Morgan Stanley | Target | $315 | $318 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 22, 2026Q2 FY26 | $2.60 | $2.76 | +6.2% | $3.07B | $3.18B | +3.4% | +2.76% |
| Apr 22, 2026Q1 FY26 | $2.51 | $2.71 | +8.0% | $2.96B | $2.95B | −0.5% | +3.03% |
| Feb 11, 2026Q4 FY25 | $2.08 | $2.10 | +1.0% | $2.87B | $2.97B | +3.5% | −0.25% |
| Oct 22, 2025Q3 FY25 | $2.28 | $2.32 | +1.8% | $2.88B | $2.89B | +0.2% | +1.82% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.61B | $2.71B | $2.89B | $2.97B | $2.95B | $3.18B | |
| Gross profit | $900.0M | $938.0M | $1.00B | $889.0M | $1.06B | $1.16B | |
| Operating income | $474.0M | $472.0M | $491.0M | $373.0M | $517.0M | $600.0M | |
| Net income | $322.0M | $336.0M | $310.0M | $202.0M | $362.0M | $395.0M | |
| Diluted EPS | $1.88 | $1.96 | $1.81 | $1.18 | $2.12 | $2.33 | |
| Gross margin | 34.5% | 34.7% | 34.7% | 30.0% | 36.0% | 36.5% | |
| Operating margin | 18.2% | 17.4% | 17.0% | 12.6% | 17.5% | 18.9% |
Fiscal years (4-quarter sums)FY21 $7.82B · FY22 $8.36B · FY23 $9.68B · FY24 $10.39B · FY25 $11.17B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $670.0M · Total debt $6.94B · Total assets $23.13B · Shareholders' equity $11.24B
Dividends
Raised for 29 straight years — most recently to $0.31 from $0.25 in Feb 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 18, 2026 | Aug 18 | Sep 1 | $0.31 | |
| May 22, 2026 | May 22 | Jun 3 | $0.31 | |
| Feb 17, 2026 | Feb 17 | Mar 2 | $0.31 | raised from $0.25 |
| Nov 12, 2025 | Nov 12 | Nov 26 | $0.25 | |
| Aug 14, 2025 | Aug 14 | Aug 28 | $0.25 | |
| May 27, 2025 | May 27 | Jun 10 | $0.25 | |
| Feb 21, 2025 | Feb 21 | Mar 7 | $0.25 | raised from $0.20 |
| Nov 13, 2024 | Nov 13 | Nov 27 | $0.20 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 168.91M · Float 167.77M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| FMR LLC | 21.38M | 12.66% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 13.88M | 8.22% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 11.08M | 6.56% | 13F | Aug 13, 2026 |
| State Street Corp | 7.91M | 4.68% | 13F | Aug 7, 2026 |
| Price T Rowe Associates Inc /MD/ | 7.27M | 4.30% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Rogerio Mendonca | officer: President, Equipment Group | −2,919 | $297.05 |
| Aug 20, 2026 | Michael Fetsko | officer: Pres., Freight Components Grp. | −3,250 | $293.22 |
| Aug 17, 2026 | Gregory Sbrocco | officer: EVP Operations | −952 | $300.00 |
| Aug 5, 2026 | Rafael Santana | director, officer: President and CEO | −1,163 | $297.03 |
| Aug 4, 2026 | Rafael Santana | director, officer: President and CEO | −1,163 | $299.04 |
Peers
- Caterpillar
Only other North American mainline locomotive OEM; named rival in Wabtec's 10-K.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Wabtec | $292.23 | +0.00% | $49.36B | 39.3 | 25.5 | 4.1 | +17.5% |
| Caterpillar | $799.82 | −0.02% | $368.62B | 34.4 | 27.8 | 4.9 | +24.0% |
| Median | 34.4 | 27.8 | 4.9 | +24.0% |