Companies / Wabtec COMPANY FILINGS
Wabtec WAB In fiscal 2025, Wabtec supplied locomotives, equipment, systems and services for freight rail, passenger transit, mining, marine and industrial markets through its Freight and Transit segments.
Business description: FY2025 CIK 0000943452 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Wabtec's 2025 net sales increased 7.5% to $11.17 billion. Organic sales increased $464 million, with contributions from both Freight and Transit.
Source: 2025 In the third quarter of 2025, Wabtec announced an agreement to supply Evolution Series locomotives and long-term service support to Kazakhstan's national railway, KTZ. The company valued the order at approximately $4.2 billion.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Gross margin improvement Cost of sales declined to 65.9% of net sales in 2025 from 67.6% in 2024. Management attributed the gross-margin improvement to productivity, cost management, restructuring savings and exits from low-margin businesses through Portfolio Optimization.
Source: 2025 Negative signals Lower operating cash flow Operating cash flow was $1,759 million in 2025, down from $1,834 million in 2024. Wabtec reported that higher tariff costs adversely affected 2025 operating cash flow, while mitigation efforts prevented a material impact on operating results.
Source: 2025 Antitrust dismissal and pending claims The court dismissed Progress Rail's antitrust claims against Wabtec on June 12, 2025. Progress subsequently sought to revive those claims through an amended complaint, and Wabtec's renewed dismissal motion remained pending at filing. Claims alleging breach of contract, unfair competition, defamation and false advertising were not dismissed.
Source: 2025 Business context Acquisitions Wabtec acquired Inspection Technologies on July 1, 2025 for approximately $1.788 billion and Frauscher on December 1, 2025 for approximately $792 million. Both businesses report within Freight's Digital Intelligence product line.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Wabtec supplied locomotives, equipment, systems and services for freight rail, passenger transit, mining, marine and industrial markets through its Freight and Transit segments.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Operating cash-flow comparability The selected disclosures report operating cash inflows of US$1,073 million in 2021, US$1,038 million in 2022, US$1,201 million in 2023, US$1,834 million in 2024 and US$1,759 million in 2025. These reported totals require a comparability qualification: beginning in 2025, Wabtec used its revolving receivables program to borrow against customer receivables (amounts customers owe), with borrowings and repayments classified as financing activities. Previously, the program sold receivables and included the cash proceeds in operating activities. The figures therefore should not be read as a five-year measure under an unchanged receivables-program structure and cash-flow classification.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Acquisition scope Selected acquisition disclosures span rail maintenance equipment and, later, inspection and signaling technologies. Wabtec acquired Nordco, a North American rail maintenance equipment supplier, in March 2021. The FY2024 filing described a pending Inspection Technologies acquisition; the FY2025 filing reported completion on July 1, 2025, for approximately US$1.788 billion. Wabtec also acquired Frauscher on December 1, 2025, for approximately US$792 million, adding train-detection and axle-counting technologies. Both 2025 businesses were reported within the Freight Segment's Digital Intelligence product line.
Source: 2021 , 2024 , 2025 Request a correction Wabtec's 2024 net sales increased 7.3% to $10.39 billion. Organic sales increased $662 million, with contributions from both Freight and Transit.
Source: 2024 Firm customer orders supported approximately $22.3 billion of backlog at December 31, 2024. Wabtec cautioned that completion could be delayed or canceled.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Operating cash flow growth Operating cash flow was $1,834 million in 2024, compared with $1,201 million in 2023. Management identified higher net income and the timing of accounts payable payments among the contributors to the increase.
Source: 2024 Negative signals Restructuring Wabtec incurred approximately $28 million of Integration 2.0 restructuring charges in 2024, primarily for employee costs and asset write-downs associated with European site consolidations. Portfolio Optimization generated approximately $28 million of additional charges in 2024, primarily for asset write-downs.
Source: 2024 Merger litigation The annual filing disclosed an unresolved Progress Rail lawsuit challenging the GE Transportation merger. Progress sought divestiture of GE Transportation and unspecified treble damages for alleged lost profits. Wabtec said it had meritorious defenses; the court had not ruled on its motion to dismiss.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Wabtec supplied locomotives, equipment, systems and services to freight rail, passenger transit, mining, marine and industrial markets through its Freight and Transit segments.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales expansion Selected disclosures put Wabtec’s consolidated net sales at $7,556 million in 2020 and $10.39 billion in 2024. The company reported a $6 million organic sales decline in 2021, followed by annual organic increases of $757 million in 2022, $1.20 billion in 2023 and $662 million in 2024. Management attributed the 2022 organic increase primarily to Freight (including locomotives and related services), while both Freight and Transit (passenger-transport components and services) contributed to the increases in 2023 and 2024. These organic changes are separate from acquisition and currency effects.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Operating cash rises despite a dip Reported consolidated operating cash flow was $783.7 million in 2020, $1,073 million in 2021, $1,038 million in 2022, $1,201 million in 2023 and $1,834 million in 2024. Cash generation therefore ended the selected window above its starting level, with a decline in 2022 interrupting the annual increases. These figures are operating cash flows before investing and financing activities.
Source: 2020 , 2021 , 2022 , 2023 , 2024 LKZ control expands reporting scope Selected acquisition disclosures include Wabtec’s purchase of Nordco in March 2021 and its purchase of the remaining 50% of Kazakhstan locomotive manufacturer LKZ for $111 million in December 2023. The LKZ transaction changed which results were included in Wabtec’s reporting: it had previously accounted for LKZ as a half-owned investment, then included LKZ’s full results and cash flows after obtaining control. That change matters when interpreting subsequent reported figures.
Source: 2021 , 2023 Request a correction Net sales increased 15.7% to $9.68 billion in 2023 compared with 2022, with organic sales growth (excluding acquisitions and currency movements) in both the Freight and Transit segments.
Source: 2023 Wabtec acquired mining-sector radiator and heat-exchanger manufacturer L&M Radiator for approximately $245 million in the second quarter of 2023. In the fourth quarter, it purchased the remaining ownership shares of Kazakhstan locomotive manufacturer LKZ for $111 million, making LKZ wholly owned.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals No positive signals are highlighted in this summary. This does not mean the filing contains none.
Negative signals Supply constraints Wabtec reported that supply-chain disruptions and labor availability constraints caused component, raw-material and chip shortages that adversely affected the timing of revenue generation.
Source: 2023 Backlog risk Wabtec cautioned that backlog (unfilled customer orders) does not necessarily indicate future revenue: adverse economic, customer or supply conditions could lead to contract cancellations or deferred deliveries, hurting cash flows and operating results. This was a conditional risk, not a report of new cancellations in 2023.
Source: 2023 Business context Debt and covenants At December 31, 2023, Wabtec had total debt of $4.1 billion, primarily related to Senior Notes (bonds). The company reported compliance with all financial covenants (required financial conditions) under its Restated Credit Agreement at that date.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Wabtec served freight and transit markets with products and services including locomotives, locomotive modernizations and overhauls, parts, and transit heating, ventilation and air conditioning (HVAC) and brake systems.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Organic Freight sales fall, then rise GE Transportation contributed $3.8 billion to Freight sales in 2019. In 2020, Freight organic sales (excluding acquisition and currency effects) declined by $833 million from the prior year, with management identifying lower locomotive equipment sales among the causes. In 2023, Freight organic sales increased by $864 million from 2022; management cited higher locomotive modernization and overhaul deliveries and higher parts sales among the drivers. The 2019 acquisition contribution and the later organic changes measure different components of sales and do not establish a five-year growth rate for an unchanged set of businesses.
Source: 2019 , 2020 , 2023 Reported and organic Transit changes differ Management attributed the increase in reported Transit (passenger-transport components and services) sales in 2021 and the decrease in 2022 primarily to exchange rates. Organic sales (excluding acquisition and currency effects) moved much less in those years, declining by $2 million in 2021 and increasing by $5 million in 2022. In 2023, Transit organic sales increased by $340 million. Management linked that increase primarily to demand for heating, ventilation and air conditioning (HVAC) and brake systems, infrastructure investment and easing supply chain disruptions. Each organic change is measured against the preceding year.
Source: 2021 , 2022 , 2023 Operating cash fluctuations Wabtec's consolidated operating cash inflow fluctuated across the five years. Using the rounded amounts in management's discussion, it was $1,016 million in 2019, $784 million in 2020, $1,073 million in 2021, $1,038 million in 2022 and $1,201 million in 2023. The 2023 amount exceeded the 2019 amount, but the intervening declines in 2020 and 2022 mean this was not an uninterrupted annual increase.
Source: 2019 , 2021 , 2022 , 2023 Request a correction Net sales increased 6.9% to $8.36 billion in 2022 compared with 2021. Management attributed the $757 million increase in organic sales (excluding acquisitions and currency movements) primarily to Freight, including higher locomotive modernizations and international locomotive and mining equipment sales.
Source: 2022 Transit sales decreased 9.0% to $2.35 billion in 2022 compared with 2021. Management identified foreign exchange as the primary cause, while organic sales increased $5 million.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals No positive signals are highlighted in this summary. This does not mean the filing contains none.
Negative signals Cyber incident Wabtec detected a network cybersecurity incident on June 26, 2022. Manufacturing disruptions affected Transit original-equipment and aftermarket sales, although the company assessed that the incident had not had a material financial impact.
Source: 2022 Debt Total debt was $4.0 billion at December 31, 2022, primarily related to Senior Notes (bonds). Wabtec warned that indebtedness could limit financial flexibility and additional borrowing; it reported compliance with all financial covenants (required financial conditions) in its Restated Credit Agreement at year-end.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Wabtec operated Freight and Transit businesses, with offerings including locomotives, mining equipment and transit aftermarket products.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Freight expansion The 2018 filing reported that the GE Transportation merger closed on February 25, 2019, after the fiscal year ended. Management attributed $3.8 billion of 2019 Freight net sales to the acquisition. In 2022, Freight represented approximately 72% of Wabtec’s total net sales. These selected disclosures document acquisition-led expansion and Freight’s later scale, but do not establish a comparable five-year segment growth rate.
Source: 2018 , 2019 , 2022 Sales recovery Consolidated net sales fell 7.9% to $7,556 million in 2020, when management reported adverse effects from COVID-19. Sales increased 3.5% in 2021, although organic sales (excluding acquisition and currency effects) declined by $6 million. In 2022, sales increased 6.9% to $8.36 billion, with a $757 million organic increase attributed primarily to Freight. Management cited higher locomotive modernizations and a larger active locomotive fleet as drivers of Services sales. The reported recovery therefore included different organic-sales outcomes across 2021 and 2022.
Source: 2020 , 2021 , 2022 Operating cash dips after earlier rise Operating cash flow was $314.7 million in 2018. More recently, it rose from $784 million in 2020 to $1,073 million in 2021, then declined to $1,038 million in 2022. Management identified unfavorable inventory-related cash-flow changes in both 2021 and 2022. It linked inventory builds to supply-chain challenges in both years, with anticipated growth, preparations for large contracts and inflation-related inventory costs also cited in 2022. These are selected cash-flow observations across a period that included the GE Transportation acquisition.
Source: 2018 , 2021 , 2022 , 2020 Request a correction Net sales increased 3.5% to $7.82 billion in 2021. Acquisitions and favorable foreign exchange movements added $138 million and $134 million, respectively, while organic sales (excluding acquisition and currency effects) decreased $6 million.
Source: 2021 Net income attributable to Wabtec shareholders was $558 million in 2021, compared with $414 million in 2020. Cash provided by operations increased to $1,073 million from $784 million.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business context Backlog and delayed deliveries Backlog (unfilled orders) was approximately $22 billion at December 31, 2021. Wabtec reported no significant backlog cancellations during 2021, although COVID-19 disruptions pushed some deliveries into future years. Separately, the company cautioned that backlog completion could be delayed or canceled under its contracts.
Source: 2021 Business in fiscal 2021 In 2021, Wabtec supplied locomotives, equipment, systems and services to global freight rail and passenger transit markets through its Freight and Transit segments.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Acquisitions add sales at different scopes Management attributed $1,183.2 million of the 2017 consolidated sales increase to acquisitions, principally Faiveley Transport. In 2019, it reported that GE Transportation contributed $3.8 billion of Freight Segment sales, mainly from locomotive equipment and services. These disclosures show acquisitions affecting the reported revenue base at different points in the window. Their scopes differ: the 2017 amount covers consolidated acquisition-related sales growth, while the 2019 amount covers one acquisition's sales contribution within Freight.
Source: 2017 , 2019 Sales rebound Consolidated net sales fell 7.9% to $7,556 million in 2020, when management reported adverse effects from COVID-19 but cautioned that those effects were often difficult to quantify reliably. Sales increased 3.5% to $7.82 billion in 2021. The company reported $138 million of acquisition contributions and $134 million of favorable currency effects that year, while organic sales (excluding acquisition and currency effects) declined $6 million. The 2021 increase therefore included acquisition and currency benefits alongside a small organic decline.
Source: 2020 , 2021 Operating cash recovers after decline Operating cash flow rose from $188.8 million in 2017 to $314.7 million in 2018 and approximately $1,016 million in 2019. It then fell to approximately $784 million in 2020 before reaching $1,073 million in 2021. Management's explanation for the 2021 increase included higher net income and other favorable income-statement changes, as well as favorable movements in amounts owed to suppliers (accounts payable). Inventory accumulation in response to supply-chain challenges partly offset those benefits.
Source: 2017 , 2018 , 2019 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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