Short answer
Wabtec (WAB) filed its fiscal 2025 10-K annual report with the SEC on Feb 13, 2026. It reported revenue of $11.2B (+7.5% year over year) and net income of $1.2B.
- Top risk flagged: U.S. Foreign Corrupt Practices Act and international anti-corruption laws risk, potential civil/criminal penalties from employee or partner violations
FY2025 key financial metrics · XBRL
- Revenue
- $11.2B
- +7.5% YoY
- Net income
- $1.2B
- +10.8% YoY
- Operating margin
- 16.1%
- +0.6 pp YoY
- Gross margin
- 34.1%
- +1.7 pp YoY
- EPS (diluted)
- $6.83
- +13.1% YoY
- ROE
- 10.5%
- +0.0 pp YoY
- Operating cash flow
- $1.8B
- −4.1% YoY
Source: XBRL data from the Wabtec (WAB) FY2025 10-K on SEC EDGAR. USD.
Wabtec FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global provider of technology-based locomotives, equipment, systems, and services for freight rail, passenger transit, mining, marine, and industrial markets
- New focus and acquisitions in 2025: Added Inspection Technologies division and Frauscher Sensor Technology Group to expand digital intelligence and inspection capabilities
- Strategic emphasis shifting towards digital intelligence, expanding offerings in positive train control, nondestructive testing, remote inspection, and axle counting systems
- Employee base steady at approximately 31,000 across 50+ countries; Freight segment accounted for 72% of net sales, Transit 28% in 2025
- Sustainability leadership: Third consecutive year winning Norfolk Southern Thoroughbred Sustainability Partner Award; advancing fuel efficiency, renewable diesel, biofuels, and hydrogen research
Management Discussion & Analysis
- Revenue summary not explicitly stated; new locomotive orders $2.2B in Q4 2025; largest multi-national locomotive order ~$4.2B
- Restructuring charges $75M in 2025 vs $65M in 2024; no specific margin % figures disclosed for 2025 vs 2024
- Best segment: Freight with $2.2B locomotive orders; Transit segment new orders totaling approx. $272M (brakes $140M, platform doors $85M)
- Acquisitions: Inspection Technologies $1.788B, Frauscher $792M, Dellner Couplers €890M (~$948M) completed or closed in 2025-2026
- Outlook risks: macroeconomic volatility, tariffs, inflation, supply chain disruptions, labor availability; mitigation via price escalations, cost control, restructuring programs
Risk Factors
- U.S. Foreign Corrupt Practices Act and international anti-corruption laws risk, potential civil/criminal penalties from employee or partner violations
- Russia-Ukraine conflict impacting Kazakhstan operations with supply, distribution, and currency disruptions, future effects unpredictable
- COVID-19 pandemic caused supply chain disruptions across China, India, U.S., and Europe, leading to component and chip shortages
- Competitive threat from rivals with enhanced low-cost sourcing and government support could limit pricing power and market share
- Dependence on key customers with cyclical order patterns risks significant revenue decline if relationships reduce or terminate
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.