Wabtec Corporation has delivered strong fourth quarter and full year 2025 results, demonstrating robust performance across key financial metrics and positioning the company for continued growth with a record backlog.
The company reported fourth quarter 2025 adjusted earnings per diluted share of $2.10, up 25.0 percent versus the same quarter a year ago, while fourth quarter sales reached $2.97 billion and cash from operations hit $992 million. For the full year, adjusted earnings per diluted share climbed 18.7 percent to $8.97, with total sales of $11.17 billion and cash from operations of $1.76 billion.
Rafael Santana, Wabtec’s president and CEO, emphasised the strength of the quarter’s achievements. “In the fourth quarter, we achieved double digit sales growth, expanded adjusted operating margins, and grew adjusted EPS 25 percent … all while building a very strong backlog and generating robust operating cash flow,” he said.
Fourth quarter sales surged 14.8 percent compared to the prior year, powered by exceptional growth in the Freight segment. Equipment sales jumped 33.5% on higher locomotive deliveries, while digital sales soared 74.4 percent driven by the successful integration of Inspection Technologies and Frauscher Sensor Technology acquisitions. The Transit segment contributed to the momentum with 6.7% sales growth from strong original equipment and aftermarket demand.
Adjusted operating margin expanded to 17.7 percent in the fourth quarter, reflecting improved gross margins that underscored the company’s operational excellence and execution capabilities.
A standout achievement was Wabtec’s record $27 billion multi-year backlog, which increased $5.135 billion compared to the prior year—a 20.5 percent gain excluding foreign currency impacts. The 12-month backlog also grew 4.7 percent, providing strong revenue visibility and positioning the company for sustained growth.
Cash generation remained exceptionally strong, with fourth-quarter operating cash flow of $992 million representing a significant increase from $723 million in the year-ago period, benefiting from improved working capital management.
The Board of Directors demonstrated confidence in the company’s performance and outlook by approving a substantial 24% increase to the quarterly dividend to 31 cents per share and expanding the share repurchase authorisation to $1.2 billion. During 2025, Wabtec returned $223 million to shareholders through share repurchases.
Looking ahead, Wabtec issued optimistic 2026 guidance, forecasting sales between $12.19 billion and $12.49 billion and adjusted earnings per diluted share of $10.05 to $10.45, representing continued strong growth. The guidance includes contributions from the recently completed Dellner Couplers acquisition, which closed on February 10, 2026.
Santana concluded with confidence: “As we exit 2025, I am very encouraged by the underlying momentum of our business and our recent acquisitions, both of which we expect to drive significant value going forward.”
12 February 2026
