Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2060.6%
Neutral1236.4%
Bearish13.0%
Westinghouse Air Brake Technologies Corporation · WAB · FY2026 Q2 · Calendar Q3 2026
Wabtec Beats on Revenue and EPS, Raises 2026 Guidance on Record Backlog
Wabtec delivered a strong Q2 2026 with sales of $3.2 billion (+17.5% YoY) and adjusted EPS up 22% YoY, beating consensus on both revenue ($3.18B vs. $3.07B estimate) and EPS ($2.76 vs. $2.60 estimate). The company raised full-year 2026 guidance to a revenue midpoint of $12.5 billion and adjusted EPS of $10.60-$10.90, driven by robust backlog growth (multi-year backlog up 42% YoY), margin expansion from Integration 3.0 productivity initiatives, and significant new orders including a $1 billion Australian contract. The stock surged approximately 10% on the report, reflecting investor confidence in the growth trajectory and accelerating margin improvement outlook.
Reported Before market openNYSEIndustrials
$51.65B market cap
100quality score
Company context
Snapshot as of publicationWestinghouse Air Brake Technologies Corporation (WAB) delivers a comprehensive suite of advanced technological solutions, equipment, and services tailored for the global freight railway and urban mass transit sectors. Its operations are bifurcated into two principal divisions: Freight and Transit. The Freight segment develops, produces, and maintains critical components for both newly manufactured and operational freight carriages and locomotives. This includes constructing brand-new commuter-focused locomotives, undertaking comprehensive rebuilding of freight locomotives, and delivering sophisticated railway electronic systems, positive train control (PTC) technology, signal design expertise, and related engineering provisions. This segment also furnishes essential heat exchange and cooling apparatus. Its clientele encompasses major publicly listed railway operators, equipment leasing firms, original equipment manufacturers (OEMs) of locomotives and freight cars, and various utility companies.…
Earnings scorecard
Reported versus consensus
Reported EPS
$2.76
Consensus $3
EPS surprise
+6.2%
Reported versus consensus
Reported revenue
$3.18B
Consensus $3.07B
Revenue surprise
+3.4%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$291.76Current
$103Low
$252.5Average
$355High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 23, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 23, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 23, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 23, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Jul 23, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 13, 2026 |
| Rothschild & Co | Buy | Neutral | Upgrade | Mar 26, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Jan 8, 2026 |
| B of A Securities | Buy | Buy | Maintain | Nov 13, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Apr 24, 2025 |
| TD Cowen | Hold | Hold | Maintain | Apr 25, 2024 |
| Redburn Atlantic | Neutral | Buy | Downgrade | Feb 15, 2024 |
| Jefferies | Buy | Hold | Upgrade | Jan 11, 2024 |
| Raymond James | Outperform | Outperform | Maintain | Jul 28, 2023 |
| Atlantic Equities | Overweight | Overweight | Maintain | Feb 16, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Apr 15, 2020 |
| Buckingham Research | Neutral | Neutral | Maintain | Oct 18, 2019 |
| Buckingham | Neutral | Neutral | Maintain | Oct 18, 2019 |
| Bank of America | Underperform | Underperform | Maintain | Oct 16, 2019 |
| Citi | Neutral | Neutral | Maintain | Jul 10, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 25, 2018 |
| Stifel | Buy | Buy | Maintain | Jul 25, 2018 |
| Mizuho | Neutral | Neutral | Maintain | Jun 29, 2018 |
| Wellington Shields | Hold | Gradually Accumulate | Downgrade | May 16, 2018 |
| Deutsche Bank | Buy | Hold | Upgrade | May 14, 2018 |
| Seaport Global | Buy | Buy | Maintain | Jan 4, 2018 |
| Edward Jones | Hold | Buy | Downgrade | Jul 26, 2017 |
| William Blair | Outperform | Market Perform | Upgrade | Dec 21, 2016 |
| Longbow Research | Neutral | Buy | Downgrade | Oct 25, 2016 |
| CLSA | Buy | Buy | Maintain | Sep 30, 2016 |
| Wunderlich | Buy | Buy | Maintain | Oct 9, 2014 |
| Credit Suisse | Outperform | Outperform | Maintain | Sep 5, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $291.76. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stephens | Justin Long | $330 | $289.98 | +13.1% | Jul 23, 2026 |
| KeyBanc | Analyst unavailable | $340 | $289.98 | +16.5% | Jul 23, 2026 |
| Susquehanna | Analyst unavailable | $340 | $289.98 | +16.5% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $355 | $289.98 | +21.7% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $318 | $266.64 | +9.0% | Apr 27, 2026 |
| Wolfe Research | Analyst unavailable | $303 | $268.82 | +3.9% | Apr 23, 2026 |
| Susquehanna | Bascome Majors | $305 | $261.47 | +4.5% | Apr 23, 2026 |
| RBC Capital | Analyst unavailable | $291 | $261.47 | -0.3% | Apr 22, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $258.8 | +8.0% | Feb 17, 2026 |
| Susquehanna | Bascome Majors | $300 | $261.15 | +2.8% | Feb 12, 2026 |
| KeyBanc | Steve Barger | $308 | $254.42 | +5.6% | Feb 12, 2026 |
| Susquehanna | Bascome Majors | $280 | $232.6 | -4.0% | Jan 26, 2026 |
| Morgan Stanley | Angel Castillo | $264 | $224.9 | -9.5% | Jan 12, 2026 |
| Wolfe Research | Analyst unavailable | $245 | $216.62 | -16.0% | Jan 8, 2026 |
| Wells Fargo | Analyst unavailable | $221 | $204.27 | -24.3% | Nov 13, 2025 |
| Susquehanna | Bascome Majors | $240 | $195.71 | -17.7% | Oct 23, 2025 |
| KeyBanc | Steve Barger | $240 | $205.87 | -17.7% | Jun 24, 2025 |
| Stephens | Justin Long | $205 | $187.34 | -29.7% | Oct 24, 2024 |
| Susquehanna | Bascome Majors | $220 | $191.15 | -24.6% | Oct 21, 2024 |
| KeyBanc | Steve Barger | $185 | $163.38 | -36.6% | Apr 25, 2024 |
| Stephens | Justin Long | $180 | $163.38 | -38.3% | Apr 25, 2024 |
| Jefferies | Saree Boroditsky | $150 | $126.99 | -48.6% | Jan 11, 2024 |
| Raymond James | Raymond James Raymond James | $115 | $100.19 | -60.6% | Dec 16, 2022 |
| Morgan Stanley | Analyst unavailable | $106 | $103.86 | -63.7% | Dec 14, 2022 |
| Raymond James | Felix Boeschen | $103 | $94.83 | -64.7% | Aug 18, 2022 |
| Morgan Stanley | Analyst unavailable | $87 | $93.49 | -70.2% | Aug 8, 2022 |
| Stephens | Analyst unavailable | $110 | $94.42 | -62.3% | Aug 8, 2022 |
| Morgan Stanley | Analyst unavailable | $84 | $83.45 | -71.2% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $113 | $91.59 | -61.3% | May 2, 2022 |
Track every rating change on WAB the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+10.0%
Event window
SPY move
-0.1%
Same window
Abnormal move
+10.2%
Stock minus SPY
Volume
3.9×
Versus trailing sessions
Subsequent drift
+0.6%
Up to 20 sessions
WABSPY benchmark
Follow WAB with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Revenue growth accelerated from 13% in Q1 to 17.5% in Q2, and adjusted EPS growth improved from 19% to 22% YoY. The company raised both revenue and EPS guidance for the first time this year, having only raised EPS while keeping revenue unchanged in Q1. Digital intelligence sales surged 88.5% YoY, largely from the Inspection Technologies and Frauscher acquisitions. Management identified additional Integration 3.0 cost savings supporting a higher-than-anticipated Q4 margin acceleration, a new development versus the prior quarter.
Guidance delta
Q1 2026 guidance: adjusted EPS $10.25-$10.65 (midpoint $10.45, ~17% growth), revenue guidance unchanged. Q2 2026 guidance: adjusted EPS $10.60-$10.90 (midpoint $10.75, +20% growth), revenue midpoint $12.5B (+11.5%). The EPS midpoint increased $0.30, and revenue guidance was raised for the first time this year.
Key takeaways
- Q2 sales of $3.2 billion, up 17.5% YoY, with adjusted EPS up 22% YoY, beating consensus on both metrics.
- Backlog strength: 12-month backlog up 11% and multi-year backlog up 42% YoY.
- Full-year 2026 guidance raised to revenue midpoint of $12.5 billion (+11.5%) and adjusted EPS of $10.60-$10.90 (+20%).
- Margin expansion driven by Integration 3.0 productivity gains, improved product mix, and portfolio optimization.
- Major new orders: $1B Australia (multi-segment), $184M PTC Brazil, $55M Grand Paris Express, $52M mining truck drive systems.
- Digital intelligence sales surged 88.5% YoY, largely from Inspection Technologies and Frauscher acquisitions.
Management priorities
- Continue execution of Integration 3.0 and simplification programs for additional cost savings.
- Roll out the EVO Advantage modernization program with additional orders.
- Expand digital intelligence and PTC solutions internationally.
- Integrate recent acquisitions (Inspection Technologies, Frauscher, Dellner) to capture synergies.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-22T16:03:39.862198+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T22:42:31.382985+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T22:42:31.380332+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.