Wabtec has filed its 10-Q with the SEC, making its latest financial figures available in our data. For the twelve months to Q3 2026, revenue stood at $12.21 billion, representing a 13.2% increase on the year before. This growth rate was down 0.2 percentage points compared to the rate recorded a quarter earlier.

Profitability

The trailing gross margin for the period was 35.6%. The trailing operating margin reached 17.2%, which is up 0.8 percentage points from a year earlier. The trailing net margin stood at 11.2%.

Net income over the twelve months totaled $1.37 billion, a figure that rose 15.9% on the year before.

Cash flow

Operating cash flow over the twelve months was $2.09 billion, up 40.1% on the year before. Capital spending during this period amounted to $304.0 million, equating to 2.5% of revenue.

Free cash flow, defined as operating cash flow less capital spending, was $1.78 billion, up 40.6% on the year before. The free-cash-flow margin was 14.6% of revenue, which is up 2.8 percentage points from a year earlier.

Share count

The average diluted share count fell 0.8% over the year.

Against its own history

Today’s free-cash-flow margin of 14.6% is higher than 95% of the company’s own past quarterly readings, which have ranged from 2.5% to 16.1%. Today’s operating margin of 17.2% is higher than 83% of the company’s own past quarterly readings, which have ranged from 7.6% to 18.4%.

Today’s twelve-month revenue growth rate of 13.2% is higher than 50% of the company’s own past quarterly readings, which have ranged from −12.7% to 87.9%.

Guidance

The company raised its full year 2026 guidance for adjusted EPS to a range of $10.85 to $11.05. The company kept its full year 2026 guidance for revenues at $12.3 billion to $12.6 billion.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 26.9%, while 5 percentage points higher would raise it by 34.7%. A free-cash-flow margin 1 percentage point lower would lower the value by 6.7%.

What to watch

The next filing will reveal whether the recent expansion in operating and free-cash-flow margins continues or reverses. It will also show if the decline in the year-over-year revenue growth rate persists or stabilizes. Investors will look to see if the average diluted share count trend remains consistent with the previous period’s slight decrease.