WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,931	3,882	4,364	8,200	7,556	7,822	8,362	9,677	10,387	11,167
Cost of revenue	2,007	2,816	3,130	5,922	5,419	5,453	5,822	6,733	7,021	7,361
Gross profit	924	1,065	1,234	2,278	2,137	2,369	2,540	2,944	3,366	3,806
Research and development	71.4	95.2	87.5	210	162	176	209	218	206	223
Selling, general and administrative	374	513	633	1,167	948	1,030	1,029	1,139	1,248	1,490
Operating expenses	468	644	761	1,615	1,392	1,493	1,529	1,678	1,757	2,013
Operating income	457	421	473	663	745	876	1,011	1,266	1,609	1,793
Interest expense							186	218	201	225
Other non-operating income	6.53	8.9	6.4	3	11	38	29	44	2	24
Pre-tax income	413	352	368	447	557	737	854	1,092	1,410	1,592
Income tax	99.4	89.8	75.9	120	145	172	213	267	343	409
Net income to minority interests	8.52	0	-3.2	0	-2	7	8	10	11	13
Net income	305	262	295	327	414	558	633	815	1,056	1,170
EBITDA	526	524	583	1,064	1,218	1,367	1,490	1,797	2,112	2,294
EPS, basic	3.37	2.74	3.06	1.91	2.18	2.96	3.46	4.54	6.05	6.84
EPS, diluted	3.34	2.72	3.05	1.84	2.17	2.96	3.46	4.53	6.04	6.83
Shares, basic (weighted)	90.4	95.5	96	171	190	188	182	179	174	171
Shares, diluted (weighted)	91.1	96.1	96.5	177	190	188	183	180	175	171
Dividend per share	0.36	0.44	0.48	0.48	0.48	0.48	0.60	0.68	0.80	1.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,143	233	581	604	599	473	541	620	715	789
Receivables	668	801	801	1,150	969	1,085	975	1,160	1,152	1,410
Inventory	659	743	845	1,773	1,642	1,689	2,034	2,284	2,314	2,745
Other current assets	123	122	116	151	227	193	233	267	212	263
Total current assets	2,868	2,265	4,450	4,192	3,880	3,832	4,327	4,855	4,943	5,694
Property, plant and equipment	518	574	564	1,656	1,601	1,497	1,429	1,485	1,447	1,616
Goodwill	2,079	2,460	2,397	8,361	8,485	8,587	8,508	8,780	8,710	10,216
Intangible assets	1,054	1,204	1,130	4,104	3,869	3,705	3,402	3,205	2,934	3,838
Other non-current assets	62.4	76.4	109	632	619	833	850	663	668	705
Total assets	6,581	6,580	8,649	18,944	18,454	18,454	18,516	18,988	18,702	22,069
Accounts payable	530	553	589	1,158	909	1,012	1,301	1,250	1,300	1,402
Accrued liabilities	145	164	173	344	242	335	300	341	425	490
Deferred revenue		370	374	604	643	629	772	804	693	1,015
Short-term debt	130	47.2	64.1	95.7	447	2	251	781	500	1,250
Total current liabilities	1,447	1,573	1,647	3,258	3,226	2,910	3,467	4,056	3,792	5,150
Long-term debt	1,763	1,823	3,793	4,334	3,792	4,056	3,751	3,288	3,480	4,291
Other non-current liabilities	22.5	59.7	47	809	783	743	721	740	921	832
Total liabilities	3,604	3,751	5,780	8,951	8,301	8,215	8,369	8,464	8,569	10,879
Total debt	1,893	1,871	3,857	4,429	4,239	4,058	4,002	4,069	3,980	5,541
Paid-in capital	870	907	915	7,877	7,881	7,916	7,953	7,977	8,023	8,069
Retained earnings	2,553	2,773	3,022	3,267	3,589	4,055	4,577	5,269	6,185	3,878
Treasury stock	-839	-827	-816	-807	-1,010	-1,306	-1,769	-2,171	-3,273	-190
Other comprehensive income	-380	-45	-257	-383	-339	-466	-661	-590	-846	-616
Shareholders' equity	2,206	2,809	2,865	9,957	10,123	10,201	10,102	10,487	10,091	11,142
Minority interests	771	19.7	3.9	37.1	30	38	45	37	42	48
Total equity	2,977	2,829	2,870	9,994	10,153	10,239	10,147	10,524	10,133	11,190
Total liabilities and equity	6,581	6,580	8,649	18,944	18,454	18,454	18,516	18,988	18,702	22,069
Shares outstanding	95.4	96	96.6	192	189	186	181	178	171	171

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	313	262	292	327	412	565	641	825	1,067	1,183
Depreciation and amortization	69.8	103	109	401	473	491	479	531	503	501
Stock-based compensation	20.8	21.3	25.3	50	20	46	41	47	66	80
Deferred income tax	-10.2	-67.4	-5.3	-27	29	88	36	-58	51	11
Change in receivables	19.7	-68.7	-54.6	-6	315	-76	-52	-195	-34	-36
Change in inventory	45.3	-9	-109	256	181	-41	-368	-58	-117	-182
Change in payables	-18.9	-91.7	48.8	-144	-269	109	306	-58	70	34
Cash from operations	451	189	315	1,016	784	1,073	1,038	1,201	1,834	1,759
Capital expenditures	-50.2	-89.5	-93.3	-186	-136	-130	-149	-186	-207	-260
Acquisitions	-183	-945	-51.2	-2,996	-40	-435	-89	-308	-168	-2,520
Cash from investing	-233	-1,034	-147	-3,178	-155	-540	-235	-492	-343	-2,747
Share buybacks	-212	0	0	0	-207	-300	-473	-409	-1,097	-223
Dividends paid	-32.4	-42.2	-46.3	-82	-93	-92	-111	-123	-140	-173
Cash from financing	523	-97.4	1,978	461	-619	-653	-708	-633	-1,371	1,031
Exchange rate effect	-26.1	19.3
Net change in cash	714	-910	2,109	-1,738	-5	-126	68	79	95	74
Free cash flow	400	99.3	221	830	648	943	889	1,015	1,627	1,499
Interest paid	30.2	75.3	81.8	193	174	164	179	210	181	219
Income taxes paid	122	89.4	83.9	100	129	123	157	233	237	342

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $288.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.0%	Gross profit / revenue.
Operating margin	16.4%	Operating income / revenue.
EBITDA margin	21.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.2%	Pre-tax income / revenue.
Net margin	10.6%	Net income / revenue.
FCF margin	14.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.7%	Cash from operations / revenue.
Effective tax rate	25.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.1%	Research and development expense / revenue.
SG&A / revenue	13.7%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	4.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	21.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	10.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	22.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	23.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	13.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	25.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-4.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-7.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	18.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	25.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	18.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.8%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	18.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.44x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.12x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.4%	Total debt / total assets.
Liabilities / assets	51.4%	Total liabilities / total assets.
Net debt	$5.90B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.35x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.92x	Operating income / interest expense.
Working capital	$654.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$3.51B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	7.25x	Revenue / average property, plant and equipment.
Inventory turnover	2.73x	Cost of revenue / average inventory.
Days inventory	134 days	365 x average inventory / cost of revenue.
Receivables turnover	6.97x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	119 days	Days inventory + days sales outstanding - days payables.
FCF conversion	135.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.48	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$70.64	Revenue / diluted weighted shares.
FCF per share	$10.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$11.79	Cash from operations / diluted weighted shares.
Book value per share	$66.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$20.76	Tangible book value / shares outstanding.
Cash per share	$3.96	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	31.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$48.65B	Share price x shares outstanding.
Enterprise value	$54.55B	Market cap + total debt - cash - short-term investments.
P/E	38.3x	Market cap / net income. Only when net income is positive.
P/S	4.06x	Market cap / revenue.
P/B	4.34x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	28.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	24.3x	Market cap / cash from operations, when positive.
EV/Sales	4.55x	Enterprise value / revenue.
EV/EBIT	27.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	21.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.5%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.51x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP's revenue in fiscal 2025?

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP reported revenue of $11.17B for fiscal 2025, 7.5% higher than the year before.

Was WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP profitable in fiscal 2025?

Yes. Net income was $1.17B, a net margin of 10.5%.

How much free cash flow did WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP generate in fiscal 2025?

Cash from operations of $1.76B minus capital expenditures of $260.0M left free cash flow of $1.50B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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