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Westinghouse Air Brake Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$381M in Q3 2026 · $1.8B over twelve months

Operating cash flow$455M
Capital spending−$74.0M
Free cash flow+$381M
Cash / net income1.1×
Cash conversion cycle120 days

Analysis

In Q3 2026, Westinghouse Air Brake Technologies generated $455M of operating cash flow and spent $74.0M on capital projects, leaving free cash flow of $381M. That is $69.0M more than in Q3 2025 ($312M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.1B; the largest uses were acquisitions ($1.8B), buybacks ($837M), capital spending ($304M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.1B), other investing ($28.0M); the cash balance fell by $39.0M.

Operating cash flow was $455M against net income of $411M — 1.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$142M, receivables −$113M, accrued liabilities +$86.0M.

Its cash conversion cycle was 120 days (receivables 52 + inventory 136 − payables 68).

Free cash flow

Westinghouse Air Brake Technologies: free cash flow by quarterWestinghouse Air Brake Technologies: free cash flow by quarter$639MQ4 2024$147MQ1 2025$170MQ2 2025$312MQ3 2025$870MQ4 2025$153MQ1 2026$379MQ2 2026$381MQ3 2026
Operating cash flow less capital spending.
Westinghouse Air Brake Technologies: operating cash flow against capital spendingWestinghouse Air Brake Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$723M$84.0MQ4 2024$191M$44.0MQ1 2025$209M$39.0MQ2 2025$367M$55.0MQ3 2025$992M$122MQ4 2025$199M$46.0MQ1 2026$441M$62.0MQ2 2026$455M$74.0MQ3 2026
Latest (Q3 2026): Operating cash flow $455M, Capital spending $74.0M.

Capital allocation, year by year

Westinghouse Air Brake Technologies: where the cash came from (up) and went (down), by fiscal yearWestinghouse Air Brake Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$161MFY2021: Asset sales $25.0MFY2021: Capital spending −$130MFY2021: Acquisitions −$435MFY2021: Buybacks −$300MFY2021: Dividends −$92.0M$1.1BFY2021FY2022: Operating cash flow $1.0BFY2022: Net borrowing −$30.0MFY2022: Asset sales $3.0MFY2022: Capital spending −$149MFY2022: Acquisitions −$89.0MFY2022: Buybacks −$473MFY2022: Dividends −$111M$1.0BFY2022FY2023: Operating cash flow $1.2BFY2023: Net borrowing $42.0MFY2023: Asset sales $2.0MFY2023: Capital spending −$186MFY2023: Acquisitions −$308MFY2023: Buybacks −$409MFY2023: Dividends −$123M$1.2BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing −$64.0MFY2024: Asset sales $32.0MFY2024: Capital spending −$207MFY2024: Acquisitions −$168MFY2024: Buybacks −$1.1BFY2024: Dividends −$140M$1.9BFY2024FY2025: Operating cash flow $1.8BFY2025: Net borrowing $1.5BFY2025: Asset sales $13.0MFY2025: Capital spending −$260MFY2025: Acquisitions −$2.5BFY2025: Buybacks −$223MFY2025: Dividends −$173M$3.3BFY2025
Over these 5 years operating cash flow totalled $6.9B; the largest uses were acquisitions ($3.5B) and buybacks ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$489M
Debt$6.4B
Net debt$5.9B
Due within a year$1.2B

Westinghouse Air Brake Technologies funds itself: free cash flow was $1.8B over the last twelve months, and $489M of cash and investments stands against $6.4B of debt ($1.2B due within a year, 0.4× covered by cash).

Westinghouse Air Brake Technologies: debt maturities by year (FY2025)Westinghouse Air Brake Technologies: debt maturities by year (FY2025)$1.2BYear 1$589MYear 2$1.3BYear 3$1.0MYear 4$1.2BYear 5$1.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $489M of cash and investments now.

Where the cash came from and went

Westinghouse Air Brake Technologies: sources (+) and uses (−) of cash, Q3 2026Westinghouse Air Brake Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$455MBuybacks−$305MNet borrowing (+) / repaid (−)−$194MCash drawn (+) / kept (−)$181MCapital spending−$74.0MDividends−$52.0MOther investing−$9.0MOther financing−$3.0MExchange rates$2.0MTaxes on employees’ shares−$1.0M
Westinghouse Air Brake Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Westinghouse Air Brake Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.1BAcquisitions−$1.8BNet borrowing (+) / repaid (−)$1.1BBuybacks−$837MCapital spending−$304MDividends−$201MTaxes on employees’ shares−$56.0MCash drawn (+) / kept (−)$39.0MOther investing$28.0MPartners−$19.0MOther financing−$14.0M

From profit to cash

Westinghouse Air Brake Technologies: net income to operating cash flow, Q3 2026Westinghouse Air Brake Technologies: net income to operating cash flow, Q3 2026Net income$411MDepreciation & amortization$142MStock-based pay$25.0MReceivables−$113MInventory−$65.0MPayables$47.0MAccrued liabilities$86.0MDeferred revenue−$79.0MIncome taxes payable−$14.0MOther operating capital$26.0MOperating cash flow$455M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265213668120
Q2 20265012964115
Q1 20264913367115
Q4 20254812665109
Q3 20254913069110
Q2 20254812770105
Q1 2025441236998
Q4 2024421216895

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$455M−$74.0M—−$305M−$52.0M−$194M$181M$381M
Q2 2026$441M−$62.0M—−$215M−$53.0M$37.0M−$139M$379M
Q1 2026$199M−$46.0M−$1.1B−$242M−$53.0M$1.0B$258M$153M
Q4 2025$992M−$122M−$765M−$75.0M−$43.0M$249M−$261M$870M
Q3 2025$367M−$55.0M−$1.7B—−$43.0M$500M$971M$312M
Q2 2025$209M−$39.0M−$21.0M−$50.0M−$44.0M$731M−$801M$170M
Q1 2025$191M−$44.0M—−$98.0M−$43.0M$4.0M$17.0M$147M
Q4 2024$723M−$84.0M−$155M−$123M−$34.0M−$2.0M−$305M$639M

Westinghouse Air Brake Technologies: income statement and cash flow

Westinghouse Air Brake Technologies, Q3 2026: revenue $3.1B (+8% year over year), operating margin 20.0%. The chart follows the revenue to costs, profit and cash.

Westinghouse Air Brake Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.