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Westinghouse Air Brake Technologies (WAB) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · Westinghouse Air Brake Technologies (WAB) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $3.1B · 13¢ of every $1 of revenue kept as net profit · operating margin 20.0%

Westinghouse Air Brake Technologies made $3.1B in Q3 2026 (+8% Y/Y): Goods $2.6B, Services $493M. Operating margin 20.0%, net earnings $409M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$3.1B

Year over year+8%

Operating margin20.0%

Net earnings$409M

Operating cash flow$455M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $3.1B in Q3 2026, up 8% year over year and down 2% from the previous quarter. Goods was the largest line at 84% of revenue. Goods added $0.20B year over year (up 8%), 86% of the total change.

Gross margin was 37.3%, up 2.6 points from Q3 2025. Operating profit was $0.62B, a 20.0% margin (up 3.0 points year over year). Of the extra revenue versus Q3 2025, 57% reached operating profit, above the 17% margin then. Operating expenses grew 5% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+16%). Net earnings were $0.41B, up 32% year over year. The effective tax rate was 26.2%.

Operating cash flow was $0.46B (up 24% year over year), 111% of net earnings. Non-cash charges added back $0.14B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.07B left free cash flow of $0.38B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 21, 2026	$3.1B	+8%	20.0%	$409M	$455M
Q2 2026	10-Q	Jul 22, 2026	$3.2B	+18%	18.9%	$395M	$441M
Q1 2026	10-Q	Apr 22, 2026	$3.0B	+13%	17.5%	$362M	$199M
Q4 2025	10-K	Feb 13, 2026	$3.0B	+15%	12.0%	$202M	$992M
Q3 2025	10-Q	Oct 22, 2025	$2.9B	+8%	17.0%	$310M	$367M
Q2 2025	10-Q	Jul 24, 2025	$2.7B	+2%	17.4%	$336M	$209M
Q1 2025	10-Q	Apr 23, 2025	$2.6B	+4%	18.2%	$322M	$191M

Charts

Latest (Q3 2026): Y/Y +8%, Q/Q -2%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $411M, Operating cash flow $455M.

-10.1% since FY2020: buybacks shrank the count.

Cash $789M, short-term investments —, long-term debt $5.5B at 2025-12-31.

Railroad Equipment; dot size is quarterly revenue; dashed lines are the industry's medians.