Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2060.6%
Neutral1236.4%
Bearish13.0%
Westinghouse Air Brake Technologies Corporation · WAB · FY2026 Q3 · Calendar Q4 2026
Wabtec raises EPS outlook as margins and backlog remain strong
The quarter supports a constructive operating thesis: resilient demand, a large backlog and Integration 3.0-driven margin gains are supporting earnings growth. The evidence is stronger for earnings momentum than for an unqualified outlook because revenue guidance was unchanged and management still faces railcar-build, tariff, currency, competitive and regulatory risks.
Reported Before market openNYSEIndustrials
$47.91B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.73
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $3.20B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+0.1%
Event window
SPY move
+0.5%
Same window
Abnormal move
-0.4%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
WABSPY benchmark
Ask FN2 about WAB FY2026 Q3
Transcript, numbers and history already loaded
What drove WAB's +0.1% move after FY2026 Q3 earnings?What changed in WAB's guidance and outlook in FY2026 Q3?Give me the bull and bear case for WAB after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Wabtec reported Q3 sales growth of about 8% and adjusted EPS growth of 22% year over year. The company raised full-year adjusted EPS guidance, held revenue guidance unchanged, and highlighted margin gains from Integration 3.0, portfolio optimization and product mix.
Guidance delta
Management raised full-year adjusted EPS guidance to $10.85-$11.05 while keeping full-year revenue guidance unchanged.
Key takeaways
- Q3 sales grew 8% and adjusted EPS increased 22% year over year.
- Management cited more than 350 basis points of margin improvement from Integration 3.0, ahead of expectations.
- Backlog remained substantial, with multi-year backlog above $31 billion and international wins across Africa, Brazil and Central Asia.
- The main offsets are reduced North American railcar builds, tariff and currency exposure, and locomotive competition.
Management priorities
- Execute Integration 3.0 and portfolio optimization to extend margin gains.
- Deliver on the raised EPS outlook and pursue further Q4 margin expansion.
- Advance the Zero-to-Zero initiative subject to FRA approval.
- Expand digital intelligence, strategic acquisitions and international growth.
Follow WAB with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$290.9Current
$103Low
$252.5Average
$355High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 21, 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 |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Oct 8, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | Sep 21, 2026 |
| 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 |
| 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 $290.9. 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 | +13.4% | Jul 23, 2026 |
| KeyBanc | Analyst unavailable | $340 | $289.98 | +16.9% | Jul 23, 2026 |
| Susquehanna | Analyst unavailable | $340 | $289.98 | +16.9% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $355 | $289.98 | +22.0% | Jul 23, 2026 |
| Morgan Stanley | Analyst unavailable | $318 | $266.64 | +9.3% | Apr 27, 2026 |
| Wolfe Research | Analyst unavailable | $303 | $268.82 | +4.2% | Apr 23, 2026 |
| Susquehanna | Bascome Majors | $305 | $261.47 | +4.8% | Apr 23, 2026 |
| RBC Capital | Analyst unavailable | $291 | $261.47 | +0.0% | Apr 22, 2026 |
| Morgan Stanley | Analyst unavailable | $315 | $258.8 | +8.3% | Feb 17, 2026 |
| Susquehanna | Bascome Majors | $300 | $261.15 | +3.1% | Feb 12, 2026 |
| KeyBanc | Steve Barger | $308 | $254.42 | +5.9% | Feb 12, 2026 |
| Susquehanna | Bascome Majors | $280 | $232.6 | -3.7% | Jan 26, 2026 |
| Morgan Stanley | Angel Castillo | $264 | $224.9 | -9.2% | Jan 12, 2026 |
| Wolfe Research | Analyst unavailable | $245 | $216.62 | -15.8% | Jan 8, 2026 |
| Wells Fargo | Analyst unavailable | $221 | $204.27 | -24.0% | Nov 13, 2025 |
| Susquehanna | Bascome Majors | $240 | $195.71 | -17.5% | Oct 23, 2025 |
| KeyBanc | Steve Barger | $240 | $205.87 | -17.5% | Jun 24, 2025 |
| Stephens | Justin Long | $205 | $187.34 | -29.5% | Oct 24, 2024 |
| Susquehanna | Bascome Majors | $220 | $191.15 | -24.4% | Oct 21, 2024 |
| KeyBanc | Steve Barger | $185 | $163.38 | -36.4% | Apr 25, 2024 |
| Stephens | Justin Long | $180 | $163.38 | -38.1% | Apr 25, 2024 |
| Jefferies | Saree Boroditsky | $150 | $126.99 | -48.4% | Jan 11, 2024 |
| Raymond James | Raymond James Raymond James | $115 | $100.19 | -60.5% | Dec 16, 2022 |
| Morgan Stanley | Analyst unavailable | $106 | $103.86 | -63.6% | Dec 14, 2022 |
| Raymond James | Felix Boeschen | $103 | $94.83 | -64.6% | Aug 18, 2022 |
| Morgan Stanley | Analyst unavailable | $87 | $93.49 | -70.1% | Aug 8, 2022 |
| Stephens | Analyst unavailable | $110 | $94.42 | -62.2% | Aug 8, 2022 |
| Morgan Stanley | Analyst unavailable | $84 | $83.45 | -71.1% | Jul 18, 2022 |
| Morgan Stanley | Analyst unavailable | $113 | $91.59 | -61.2% | May 2, 2022 |
Track every rating change on WAB the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All WAB earningsIndustrials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| UAL United Airlines Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +5.1% | United posts strong Q3 growth while fuel and capacity remain risks |
| SPCX Space Exploration Technologies Corp. | FY2026 Q3 · Calendar Q4 2026 | +160.0% | -0.1% | SpaceX Q3: Starlink and AI scale drive a sharp growth step-up |
| PAC Grupo Aeroportuario del Pacífico, S.A.B. de C.V. | FY2026 Q3 · Calendar Q4 2026 | -2.2% | +7.1% | GAP: EBITDA Growth Offsets Traffic Pressure in Q3 |
| RTX RTX Corporation | FY2026 Q3 · Calendar Q4 2026 | +27.0% | +0.6% | RTX Q3: Growth, backlog and raised guidance reinforce execution |
| MMM 3M Company | FY2026 Q3 · Calendar Q4 2026 | +5.0% | +5.8% | 3M Q3: Margin gains and EBO momentum support higher EPS outlook |
| NOC Northrop Grumman Corporation | FY2026 Q3 · Calendar Q4 2026 | +9.9% | +4.6% | Northrop Grumman: Strong Q3, Higher Outlook, Bigger Backlog |
Latest beats and misses
Who reports nextBeat on EPS
- NLY-PFFY2026 Q3 · October 20, 2026+3.6% EPS— move
- NLY-PGFY2026 Q3 · October 20, 2026+3.6% EPS— move
- NLYFY2026 Q3 · October 20, 2026+3.6% EPS-0.6% move
- CBFY2026 Q3 · October 20, 2026+12.8% EPS-0.4% move
- ISRGFY2026 Q3 · October 20, 2026+13.2% EPS-3.6% move
- SPCXFY2026 Q3 · October 20, 2026+160.0% EPS-0.1% move
Missed on EPS
- PACFY2026 Q3 · October 20, 2026-2.2% EPS+7.1% move
- AGNCZFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCLFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
- AGNCOFY2026 Q3 · October 19, 2026-0.6% EPS+0.3% move
- AGNCPFY2026 Q3 · October 19, 2026-0.6% EPS0.0% move
- AGNCMFY2026 Q3 · October 19, 2026-0.6% EPS-0.3% move
Get the WAB recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-21T16:05:07.963904+00:00
- FN2 earnings calendar · 2026-10-21T01:23:14.182042+00:00
- Polygon adjusted daily market bars · 2026-10-21T17:00:48.302551+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-21T17:00:48.299911+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 · As of 2026-10-21. For educational purposes only; not investment advice.