Westinghouse Air Brake Technologies (WAB) 10-K Summary — Year Ended Dec 31, 2025
Westinghouse Air Brake Technologies Corporation reported revenue growth, with operating income and net income also increasing. Operating cash flow remained strong despite a slight decline due to inventory and working capital changes.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
Westinghouse Air Brake Technologies Corporation reported revenue growth, with operating income and net income also increasing. Operating cash flow remained strong despite a slight decline due to inventory and working capital changes.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$11.2B
Revenue reported for the fiscal year.
Operating income
$1.8B
Income from operations reported for the year.
Net income
$1.2B
Net income reported for the year.
Operating cash flow
$1.8B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $8.4B | +6.9% |
| Dec 31, 2023 | $9.7B | +15.7% |
| Dec 31, 2024 | $10.4B | +7.3% |
| Dec 31, 2025 | $11.2B | +7.5% |
Business overview
The company's name indicates its focus on air brake systems and related technologies. The filing does not provide a detailed business description, but the company completed acquisitions in the technology and rail equipment space during the reporting period.
Financial performance
Revenue increased from the prior year, and operating income and net income also rose. Cash from operations decreased slightly, primarily due to higher raw material costs, tariffs, and changes in inventory and employee-related payments.
Material risks
The company faces risks from raw material cost increases and tariffs, which affected inventory levels. Integration of recent acquisitions may also pose execution risks.
Liquidity and capital
The company used a significant amount of cash for acquisitions, funded by operating cash flow and debt financing. It maintains access to credit facilities, a receivables program, and supply chain financing for liquidity.
What to watch
Monitor how raw material cost trends and tariffs affect future margins and inventory levels.