Westinghouse Air Brake Technologies Corp
NYSE: WAB · INDUSTRIALS · RAILROADS
Updated 2026-06-05
Westinghouse Air Brake Technologies Corp (WAB) Financial statements
SEC filings — annual and quarterly data.
Margin trends — annual
| Year | Revenue | Net income | Gross margin | Op. margin | Profit margin |
|---|---|---|---|---|---|
| 2006 | $1.09B | $84.80M | 27.29% | 11.97% | 7.80% |
| 2007 | $1.36B | $109.57M | 27.18% | 13.22% | 8.06% |
| 2008 | $1.57B | $130.55M | 27.13% | 13.50% | 8.29% |
| 2009 | $1.40B | $115.06M | 28.06% | 12.84% | 8.21% |
| 2010 | $1.51B | $123.10M | 29.80% | 13.46% | 8.17% |
| 2011 | $1.97B | $170.15M | 28.99% | 13.76% | 8.65% |
| 2012 | $2.39B | $251.73M | 29.05% | 16.41% | 10.53% |
| 2013 | $2.57B | $292.24M | 29.77% | 17.04% | 11.39% |
| 2014 | $3.04B | $351.68M | 30.74% | 17.31% | 11.55% |
| 2015 | $3.31B | $398.63M | 31.68% | 18.37% | 12.05% |
| 2016 | $2.93B | $304.89M | 31.53% | 15.58% | 10.40% |
| 2017 | $3.88B | $262.30M | 27.44% | 10.85% | 6.76% |
| 2018 | $4.36B | $294.90M | 28.28% | 10.85% | 6.76% |
| 2019 | $8.20B | $327.00M | 27.78% | 8.09% | 3.99% |
| 2020 | $7.56B | $414.00M | 28.28% | 9.86% | 5.48% |
| 2021 | $7.82B | $558.00M | 30.29% | 11.20% | 7.13% |
| 2022 | $8.36B | $633.00M | 30.38% | 12.09% | 7.57% |
| 2023 | $9.68B | $815.00M | 30.42% | 13.08% | 8.42% |
| 2024 | $10.39B | $1.06B | 32.41% | 15.49% | 10.17% |
| 2025 | $11.17B | $1.17B | 31.48% | 16.74% | 10.48% |
Frequently asked questions
What is Westinghouse Air Brake Technologies Corp's revenue?
Westinghouse Air Brake Technologies Corp's trailing twelve-month revenue is $11.51B, and consensus projects about $16.35B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is WAB?
In its most recent fiscal year, WAB ran a gross margin of 31.48%, an operating margin of 16.74%, and a net margin of 10.48%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does WAB generate?
WAB produced $1.50B in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is WAB's balance sheet healthy?
WAB holds $789.00M in cash and equivalents against $4.29B in long-term debt, on $11.14B of shareholder equity. That debt is best read against the cash flow the business throws off each year.