Inferra AI / Company / WAB

Wabtec

WAB · Industrials

Last earnings Oct 21, 2026

Key results

Adjusted operating marginquarter

21.0%

Adjusted Operating Margin Up 1.3 pts to 21.0%

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

EPSquarter

$1.81

GAAP Earnings Per Share of $1.81, Up 11.0%

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Growthquarter

Up 11.0%

GAAP Earnings Per Share of $1.81, Up 11.0%

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Adjusted Earnings Per Share of $2.32, Up 16.0% Raised 2025

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Adjusted Earnings Per Share up 18.4% at the midpoint

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

GAAP operating marginquarter

17.0%

GAAP operating margin was higher than the prior year at 17.0%, and adjusted operating margin was higher than the prior year at 21.0%.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Change Net revenuequarter

$2,093

2025 Third Quarter Freight Segment Results Wabtec Corporation Freight Segment Financial Results Net sales $ in millions margin change in percentage points (pts) Third Quarter 2025 2024 Change Net Sales $2,093 $1,930 8.4 % GAAP Gross Margin 35.8 % 35.0 % 0.8 pts Adjusted Gross Margin 37.0 % 35.1 % 1.9 pts GAAP Operating Margin 19.8 % 20.2 % (0.4) pts Adjusted Operating Margin 24.5 % 24.1 % 0.4 pts Freight segment sales for the third quarter were up 8.4%.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

GAAP gross marginquarter

35.8 %

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Adjusted gross marginquarter

37.0 %

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

2025 Third Quarter Transit Segment Results Wabtec Corporation Transit Segment Financial Results Net sales $ in millions margin change in percentage points (pts) Third Quarter 2025 2024 Change Net Sales $793 $733 8.2 % GAAP Gross Margin 31.7 % 28.2 % 3.5 pts Adjusted Gross Margin 31.8 % 28.8 % 3.0 pts GAAP Operating Margin 14.5 % 10.8 % 3.7 pts Adjusted Operating Margin 15.5 % 12.8 % 2.7 pts Transit segment sales for the third quarter were up 8.2% driven by higher OE and aftermarket sales.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Forward Looking Statements & Non-GAAP Financial Information Today s Participants JOHN OLIN Executive Vice President & Chief Financial Officer RAFAEL SANTANA President & Chief Executive Officer KYRA YATES Vice President, Investor Relations 3 3Q 2025 Overview Up 8.4% YOY$2.89BSales 21.0% Adjusted 17.0% GAAP Operating Margin $1.81 GAAP Earnings Per Share $367M Cash Flow from Operations $8.27B12-Month Backlog STRON G UN DE RLY ING MOME NTUM CON TIN UES Note: Adjusted numbers represent non-GAAP financial measures.

SEC original ↗Wabtec — Presentation / slide deck (8-K exhibit)EX-99Oct 22, 2025

AI analysis

Q3 2025 · reported Oct 22, 2025

Based on: Earnings release + Q3 2025 deck + parent 8-K — transcript not held

EPS · Q3 2025

$1.81

EX-99 · Oct 22, 2025

GAAP gross margin · Q3 2025

35.8 %

EX-99 · Oct 22, 2025

Adjusted operating margin · Q3 2025

21.0%

EX-99 · Oct 22, 2025

GAAP operating margin · Q3 2025

17.0%

EX-99 · Oct 22, 2025

Headline figures

Metric	Q3 2025	Prior qtr	Year ago
Adjusted operating margin	21.0%	—	—
EPS	$1.81	—	—
Growth	Up 11.0%	—	—
GAAP operating margin	17.0%	—	—
Change Net revenue	$2,093M	—	—
GAAP gross margin	35.8 %	—	—
Adjusted gross margin	37.0 %	—	—

EX-99 · Oct 22, 2025

Guidance · company-stated

No guidance located in the held release

Stated figure20.0%

Next earningsNo verified date on fileNo date is estimated or imported

Margin

Adjusted operating margin21.0%

GAAP operating margin17.0%

GAAP gross margin35.8 %

Adjusted gross margin37.0 %

Capital allocation

Dividend$43M

GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, operating margin expansion and benefits from prior quarter share repurchases.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Together with our strong results, these factors give us confidence to continue to deliver on profitable growth into the future

Based on: Earnings release + Q3 2025 deck + parent 8-K — transcript not held

Guidance & outlook

No guidance located in the held release

Capital allocation

GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, operating margin expansion and benefits from prior quarter share repurchases.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

At the end of the quarter, the Company had cash, cash equivalents and restricted cash of $528 million and total debt of $5.29 billion.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

At September 30, 2025, the Company s total available liquidity was $2.75 billion, which includes $500 million in cash and cash equivalents plus $2.00 billion available under current credit facilities and $250 million of borrowings available under our Revolving Receivables Program.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

During the quarter, the Company paid $43 million in dividends.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

This presentation as well as Wabtec s earnings release and financial guidance mention certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted operating margin, adjusted gross margin, adjusted income tax expense, adjusted earnings per diluted share, EBITDA and adjusted EBITDA, net debt and operating cash flow conversion rate.

SEC original ↗Wabtec — Presentation / slide deck (8-K exhibit)EX-99Oct 22, 2025

Strategy & priorities

GAAP EPS and adjusted EPS increased from the year-ago quarter primarily due to higher sales, operating margin expansion and benefits from prior quarter share repurchases.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

4 % 3 Q K E Y D R I V E R S S E R V I C E S Lower sales driven by fewer modernization deliveries as expected E Q U I P M E N T Higher locomotive deliveries C O M P O N E N T S Industrial products growth offsetting lower North America rail car build and portfolio optimization initiatives D I G I T A L I N T E L L I G E N C E Increased sales driven by Inspection Technologies acquisition (down ~7% YoY excluding Inspection Technologies) T R A N S I T Higher OE & aftermarket sales Sales up 5.2% on constant currency basis 9 (1) During the first quarter of 2025, Management realigned businesses within the Freight Segment.

SEC original ↗Wabtec — Presentation / slide deck (8-K exhibit)EX-99Oct 22, 2025

See Appendix for additional details and reconciliations (1) Foreign exchange positively impacted Transit sales by $22 million; Foreign exchange rates had a favorable $148 million impact on segment multi-year backlog 13 FOCUSED ON CASH CONVERSION (1 ) CASH FROM OPS Resilient Business Allows For Execution On Financial Priorities STRON G F IN A NCIAL PE R FORMAN CE; IN VE STIN G FOR GROW TH A N D MA XIMIZIN G S H A R EH OLDER R E TUR NS Note: Adjusted numbers represent non-GAAP financial measures.

SEC original ↗Wabtec — Presentation / slide deck (8-K exhibit)EX-99Oct 22, 2025

Risks & headwinds

Cash Flow and Liquidity Summary During the third quarter, cash provided by operations was $367 million versus $542 million in the year ago period, partially due to increased tariffs and higher working capital.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements.

SEC original ↗Wabtec — Earnings release (8-K exhibit)EX-99Oct 22, 2025

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