Westinghouse Air Brake Technologies Revenue Climbs 13% to $2.95B in Q1 2026
Westinghouse Air Brake Technologies, a rail equipment and services manufacturer, reported net revenue of $2.95 billion for the three months ending March 31, 2026, up from $2.61 billion in the year-ago quarter. Net income rose to $362 million from $322 million.
Westinghouse Air Brake Technologies Corporation (NYSE: WAB), a manufacturer of rail equipment and services, reported net revenue of $2.95 billion for the three months ending March 31, 2026, an increase of 13% from $2.61 billion in the same quarter of 2025. Read more earnings reports.
Net income for the quarter reached $362 million, compared to $322 million in the prior-year period. Diluted earnings per share rose to $2.12 from $1.88.
Operating Performance
Operating income advanced to $517 million from $474 million in the first quarter of 2025. Gross profit for the quarter totaled $1.06 billion, up from $900 million a year earlier.
Cost of goods sold increased to $1.89 billion from $1.71 billion. Operating expenses climbed to $544 million from $426 million in the year-ago quarter.
Segment Results
The Freight segment generated $2.12 billion in revenue, compared to $1.90 billion in Q1 2025. The Transit segment posted revenue of $835 million, up from $709 million in the prior-year quarter.
Research and development spending totaled $56 million, versus $46 million in the first quarter of 2025. Selling, general and administrative expenses were $401 million, compared to $307 million a year earlier.
Cash Flow and Balance Sheet
Cash from operations for the quarter was $199 million, versus $191 million in Q1 2025. Cash used in investing activities totaled $1.11 billion, compared to $44 million in the year-ago period.
Financing activities provided $656 million in cash, a reversal from $172 million used in the first quarter of 2025. The company ended the quarter with $531 million in cash and restricted cash, down from $789 million at December 31, 2025.
Total assets rose to $23.20 billion as of March 31, 2026, from $22.07 billion at year-end 2025. Goodwill increased to $10.63 billion from $10.22 billion. Long-term debt stood at $4.71 billion, up from $4.29 billion at the end of 2025.
Total stockholders' equity was $11.10 billion as of quarter-end, down slightly from $11.14 billion at December 31, 2025. Retained earnings rose to $4.19 billion from $3.88 billion.
Financial Summary
| Metric | Q1 2026 | Q1 2025 |
|---|---|---|
| Net Revenue | $2.95 billion | $2.61 billion |
| Cost of Goods Sold | $1.89 billion | $1.71 billion |
| Gross Profit | $1.06 billion | $900 million |
| Operating Income | $517 million | $474 million |
| Net Income | $362 million | $322 million |
| Diluted EPS | $2.12 | $1.88 |
| Cash from Operations | $199 million | $191 million |
Income tax expense for the quarter was $106 million, compared to $99 million in the first quarter of 2025. Depreciation and amortization totaled $139 million, up from $120 million in the year-ago period.
The weighted average diluted share count was 170.7 million shares, compared to 171.3 million shares in the first quarter of 2025.