On this page of StockholderLetter.com we present the latest annual shareholder letter from WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP — ticker symbol WAB. Reading current and past WAB letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
Forward Looking Statements
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This Annual Report contains    forward-looking    statements as
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circumstances and results and other statements that are not
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0U [OL LUJSVZLK (UU\HS 9LWVY[ VU -VYT    2  ZLL 
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;OPZ (UU\HS 9LWVY[ TLU[PVUZ HKQ\Z[LK KPS\[LK LHYUPUNZ WLY 
ZOHYL HUK VWLYH[PUN JHZO   V^ JVU]LYZPVU  ^OPJO HYL UVU .((7 
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PUJS\KPUN KLMLYYLK KLI[ JVZ[ HTVY[PaH[PVU  >OPSL ^L ILSPL]L 
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HZ WLYMVYTHUJL TLHZ\YLZ ILJH\ZL [OL` HKK IHJR JLY[HPU 
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  UHUJPHS TLHZ\YLZ TH` UV[ IL JVTWHYHISL [V V[OLY ZPTPSHYS` [P[SLK 
TLHZ\YLZ VM V[OLY JVTWHUPLZ  0UJS\KLK ILSV^ PZ H YLJVUJPSPH[PVU 
[HISL [OH[ WYV]PKLZ KL[HPSZ HIV\[ OV^ [OL HKQ\Z[LK YLZ\S[ YLSH[LZ 
[V [OL .((7 YLZ\S[ 
9LJVUJPSPH[PVU VM 9LWVY[LK 9LZ\S[Z [V (KQ\Z[LK 9LZ\S[Z
($ in millions, except per share)
EPS
Reported Results

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9LZ[Y\J[\YPUN HUK 7VY[MVSPV 6W[PTPaH[PVU JVZ[Z

9LWVY[LK 6WLYH[PUN 4HYNPU
0U]LU[VY` 7\YJOHZL (JJV\U[PUN JOHYNL

9LZ[Y\J[\YPUN HUK 7VY[MVSPV 6W[PTPaH[PVU JVZ[Z

Transaction costs

0U]LU[VY` 7\YJOHZL (JJV\U[PUN JOHYNL

5VU JHZO (TVY[PaH[PVU L_WLUZL

Transaction costs

(KQ\Z[LK 9LZ\S[Z

5VU JHZO (TVY[PaH[PVU L_WLUZL
(KQ\Z[LK 0UJVTL MYVT 6WLYH[PVUZ
(KQ\Z[LK 6WLYH[PUN 4HYNPU
 • shareholder letter icon 3/31/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/5/2023 WAB Stockholder Letter
 • stockholder letter icon 4/4/2024 WAB Stockholder Letter
 • stockholder letter icon 4/3/2025 WAB Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon WAB Benford's Law Stock Score = 63


WAB Shareholder/Stockholder Letter Transcript:

Annual Report 2025

Forward Looking Statements
5VU .((7 -PUHUJPHS 4LHZ\YLZ
This Annual Report contains    forward-looking    statements as
[OH[ [LYT PZ KL  ULK PU :LJ[PVU   ( VM [OL :LJ\YP[PLZ (J[ VM       
HZ HTLUKLK  HUK :LJ[PVU   , VM [OL :LJ\YP[PLZ ,_JOHUNL (J[ VM 
      HZ HTLUKLK I` [OL 7YP]H[L :LJ\YP[PLZ 3P[PNH[PVU 9LMVYT (J[ 
VM      (SS Z[H[LTLU[Z  V[OLY [OHU OPZ[VYPJHS MHJ[Z  HYL MVY^HYK 
SVVRPUN Z[H[LTLU[Z  -VY^HYK SVVRPUN Z[H[LTLU[Z JVUJLYU M\[\YL 
circumstances and results and other statements that are not
OPZ[VYPJHS MHJ[Z HUK HYL ZVTL[PTLZ PKLU[P  LK I` [OL ^VYKZ   TH`    
  ^PSS      ZOV\SK      WV[LU[PHS      PU[LUK      L_WLJ[      LUKLH]VY    
  ZLLR      HU[PJPWH[L      LZ[PTH[L      V]LYLZ[PTH[L      \UKLYLZ[PTH[L    
  ILSPL]L      JV\SK      WYVQLJ[      WYLKPJ[      JVU[PU\L      [HYNL[   VY 
V[OLY ZPTPSHY ^VYKZ VY L_WYLZZPVUZ  -VY^HYK SVVRPUN Z[H[LTLU[Z 
HYL IHZLK \WVU J\YYLU[ WSHUZ  LZ[PTH[LZ  HUK L_WLJ[H[PVUZ [OH[ 
HYL Z\IQLJ[ [V YPZRZ  \UJLY[HPU[PLZ  HUK HZZ\TW[PVUZ  :OV\SK VUL 
VY TVYL VM [OLZL YPZRZ VY \UJLY[HPU[PLZ TH[LYPHSPaL  VY ZOV\SK 
\UKLYS`PUN HZZ\TW[PVUZ WYV]L PUJVYYLJ[  HJ[\HS YLZ\S[Z TH` ]HY` 
TH[LYPHSS` MYVT [OVZL PUKPJH[LK VY HU[PJPWH[LK I` Z\JO MVY^HYK 
SVVRPUN Z[H[LTLU[Z  ;OL PUJS\ZPVU VM Z\JO Z[H[LTLU[Z ZOV\SK UV[
IL YLNHYKLK HZ H YLWYLZLU[H[PVU [OH[ Z\JO WSHUZ  LZ[PTH[LZ  VY 
L_WLJ[H[PVUZ ^PSS IL HJOPL]LK  0TWVY[HU[ MHJ[VYZ [OH[ JV\SK JH\ZL 
HJ[\HS YLZ\S[Z [V KP  LY TH[LYPHSS` MYVT Z\JO WSHUZ  LZ[PTH[LZ  VY 
L_WLJ[H[PVUZ PUJS\KL  HTVUN V[OLYZ  YPZR MHJ[VYZ HZ KL[HPSLK MYVT 
[PTL [V [PTL PU V\Y YLWVY[Z   SLK ^P[O [OL :LJ\YP[PLZ HUK ,_JOHUNL 
*VTTPZZPVU  >L KV UV[ \UKLY[HRL HU` VISPNH[PVU [V \WKH[L 
HU` MVY^HYK SVVRPUN Z[H[LTLU[Z  ^OL[OLY HZ H YLZ\S[ VM UL^ 
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MVY P[LTZ JHSJ\SH[LK PU HJJVYKHUJL ^P[O .((7  0U HKKP[PVU  [OLZL 
UVU .((7   UHUJPHS TLHZ\YLZ OH]L PUOLYLU[ TH[LYPHS SPTP[H[PVUZ 
HZ WLYMVYTHUJL TLHZ\YLZ ILJH\ZL [OL` HKK IHJR JLY[HPU 
L_WLUZLZ PUJ\YYLK I` [OL *VTWHU` [V .((7   UHUJPHS TLHZ\YLZ  
YLZ\S[PUN PU [OVZL L_WLUZLZ UV[ ILPUN [HRLU PU[V HJJV\U[ PU 
[OL UVU .((7   UHUJPHS TLHZ\YLZ  )LJH\ZL UV[ HSS JVTWHUPLZ 
\ZL PKLU[PJHS JHSJ\SH[PVUZ  V\Y WYLZLU[H[PVU VM [OLZL UVU .((7 
  UHUJPHS TLHZ\YLZ TH` UV[ IL JVTWHYHISL [V V[OLY ZPTPSHYS` [P[SLK 
TLHZ\YLZ VM V[OLY JVTWHUPLZ  0UJS\KLK ILSV^ PZ H YLJVUJPSPH[PVU 
[HISL [OH[ WYV]PKLZ KL[HPSZ HIV\[ OV^ [OL HKQ\Z[LK YLZ\S[ YLSH[LZ 
[V [OL .((7 YLZ\S[ 
9LJVUJPSPH[PVU VM 9LWVY[LK 9LZ\S[Z [V (KQ\Z[LK 9LZ\S[Z
($ in millions, except per share)
EPS
Reported Results

9LWVY[LK 0UJVTL MYVT 6WLYH[PVUZ
9LZ[Y\J[\YPUN HUK 7VY[MVSPV 6W[PTPaH[PVU JVZ[Z

9LWVY[LK 6WLYH[PUN 4HYNPU
0U]LU[VY` 7\YJOHZL (JJV\U[PUN JOHYNL

9LZ[Y\J[\YPUN HUK 7VY[MVSPV 6W[PTPaH[PVU JVZ[Z

Transaction costs

0U]LU[VY` 7\YJOHZL (JJV\U[PUN JOHYNL

5VU JHZO (TVY[PaH[PVU L_WLUZL

Transaction costs

(KQ\Z[LK 9LZ\S[Z

5VU JHZO (TVY[PaH[PVU L_WLUZL
(KQ\Z[LK 0UJVTL MYVT 6WLYH[PVUZ
(KQ\Z[LK 6WLYH[PUN 4HYNPU






shareholder letter icon 3/31/2026 Letter Continued (Full PDF)
 

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