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Sentiment · FY2026 Q2
Wabtec delivered Q1 sales of $3B up 13% with adjusted EPS of $2.71 growing 18.9%, raising FY2026 EPS guidance to $10.25-$10.65 representing approximately 17% growth at midpoint. The multiyear backlog surpassed $30B up 38% fueled by a multibillion-dollar mining drive systems order, while the first EVO modernization build commenced. Acquisitions ran ahead of plan but tariff headwinds were peaking, and North American modernization deliveries declined double digits as the digital portfolio exit impacted organic growth.
Demand | Revenue Growth | Margin | Guidance Reliability | Trade Tariffs | M&A | Innovation & R&D | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 7 | 5 | 4 | 1 | 2 | 4 | |
| 2025Q1 | 3 | 1 | 3 | 3 | 7 | 3 | ||
| 2025Q2 | 5 | 3 | 2 | 1 | 1 | 5 | 3 | |
| 2025Q3 | 5 | 6 | 4 | 3 | 3 | 3 | 2 | 2 |
| 2025Q4 | 11 | 4 | 5 | 4 | 1 | 1 | 2 | |
| 2026Q1 | 9 | 5 | 6 | 3 | 3 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 3 | 3 | 5 | 5 | 11 | 9 |
| Revenue Growth | 7 | 1 | 3 | 6 | 4 | 5 |
| Margin | 5 | 3 | 2 | 4 | 5 | 6 |
| Guidance Reliability | 4 | 3 | 1 | 3 | 4 | 3 |
| Trade Tariffs | 1 | 7 | 1 | 3 | 1 | 3 |
| M&A | 5 | 3 | 1 | 3 | ||
| Innovation & R&D | 2 | 3 | 2 | 2 | 2 | |
| Pricing | 4 | 3 | 2 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ken Hoexter | Bank of America | 9 (22%) |
| Jerry Revich | Wells Fargo | 9 (0%) |
| Bascome Majors | Stephens |
| Angel Castillo | Morgan Stanley | 8 (25%) |
| Tami Zakaria | JPMorgan | 8 (0%) |
| Ben Mohr | Citigroup | 7 (0%) |
| Scott Group | Wolfe Research | 7 (0%) |
| Rob Wertheimer | Melius Research | 6 (0%) |
| Steve Barger | KeyBanc Capital Markets | 6 (0%) |
| Brady Lierz | Stephens | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Stephens | 3 | 17 (12%) |
| Bank of America | 2 | 13 (15%) |
| Wolfe Research | 2 | 12 (0%) |
| Morgan Stanley | 2 | 12 (17%) |
| KeyBanc Capital Markets | 2 | 11 (0%) |
| Wells Fargo | 1 | 9 (0%) |
| JPMorgan | 1 | 8 (0%) |
| Citigroup | 1 | 7 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.58B | +2.3% | $1.23 | +2.5% | 30.9% | 12.9% | 8.2% | $639M |
| FY2025 Q1 | $2.61B | +4.5% | $1.88 | +22.9% | 34.5% | 18.2% | 12.3% | $147M |
| FY2025 Q2 | $2.71B | +2.3% | $1.96 | +19.5% | 34.7% | 17.4% | 12.4% | $170M |
| FY2025 Q3 | $2.89B | +8.4% | $1.81 | +11.0% | 34.7% | 17.0% | 10.7% | $450M |
| FY2025 Q4 | $2.96B | +14.8% | $1.18 | -4.1% | 30.0% | 12.6% | 6.8% | $870M |
| FY2026 Q1 | $2.95B | +13.0% | $2.12 | +12.8% | 36.0% | 17.5% | 12.3% | $153M |
| FY2026 Q2 | $3.18B | +17.5% | $2.33 | +18.9% | 36.5% | 18.9% | 12.4% | $243M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What WAB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we've been getting asked a lot about the [ Alstom ] recent guide pull on their internal and supplier bottlenecks and affecting the ramp up, including the [ Coradia ] platform, where you have a door and HVAC contract in Norway”
Analyst flags Alstom's guidance cut and supplier bottlenecks; Wabtec supplies doors/HVAC into Alstom's Coradia platform in Norway.
“This was driven by contributions from the Inspection Technologies and Frauscher acquisitions”
The Frauscher acquisition contributed to Digital Intelligence sales growth and higher gross margins.
“This was driven by contributions from the Inspection Technologies and Frauscher acquisitions”
The Inspection Technologies acquisition drove Digital Intelligence sales up ~76% and lifted Freight gross margin.
“even after funding the purchase of Dellner during the quarter for approximately $1 billion”
Wabtec funded its ~$1B Dellner acquisition this quarter, enhancing its Transit coupler/brake portfolio.
“We signed a $54 million brake and couplers order with Kawasaki for the New York City Transit”
Kawasaki placed a $54M brake-and-coupler order with Wabtec for New York City Transit railcars.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WAB Wabtec | 8 | +13.0% | |
| CSX CSX Corporation | 7 | +1.7% | |
| NSC Norfolk Southern Railway | 5 | +0.2% | |
| UNP Union Pacific Corporation | 6 | +3.1% |