Wabtec
Sector unknown·WAB · USA (SEC 10-K)·Fiscal year to 31/12/2025
As a result of those strategic acquisitions, as well as other smaller acquisitions and organic growth, Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets and applications.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Hydrogen and Power-to-X
Technology
StrategyPositive impact: strengthens
“We are also conducting collaborative research and development efforts with the National Laboratories to support the use of hydrogen to lower emissions across the rail industry.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are focusing on technological advances, especially in the areas of electronics and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our engineering and development program includes investments in data analytics, train control and other new technologies, such as liquid natural gas and hydrogen-powered locomotives, with an emphasis on developing products that enhance safety, productivity and efficiency for our customers.”
Annual report 2025A · The company itself
Market
“We are helping our customers reduce their overall cost of operations through the development of low-emitting locomotives like our Tier 4 locomotives, Trip Optimizer, Green Air and Green Friction products, and the use of alternative fuels such as biodiesel, renewable diesel, and hydrogen.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
DriverMixed impact: mixed
“In recent years, the global transportation landscape has been characterized by rapid changes in technology, leading to innovative developments in transportation and logistics that could change the way the railway industry does business. There may be additional innovations impacting the railway industry that we cannot yet foresee. The advancement of artificial intelligence technologies may significantly accelerate the pace and broaden the scope of technological innovation impacting the industry.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our early investment in data analytics and software has allowed us to become a strategic partner for customers looking to derive new value from existing assets, digitally transform their operations and enhance their network optimization. Through these initiatives, our digital solutions have helped to transform many distribution channels in the transportation industry including mine to ports, from shipper to receiver, from port to intermodal terminals to main line locomotives and railcars and across train yards and operation centers.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“In recent years, we have also introduced a number of significant new products, including PTC equipment that encompasses onboard digital data and global positioning communication protocols. We are making additional investments in this technology which we believe will provide customers with opportunities to improve safety and efficiency, in part through data analytics solutions.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Fuel
Raw materials and inputs
DriverNegative impact: weakens
“Wabtec is working to reduce existing locomotive fuel consumption through fuel-efficiency solutions and testing renewable diesel and biofuels.”
Annual report 2025A · The company itself
Market
“We are a global manufacturer of diesel-electric locomotives for freight railroads producing essential products and solutions that help railroads reduce operating costs, decrease fuel use, minimize downtime and comply with emissions standards.”
Annual report 2025A · The company itself
Market
“We are helping our customers reduce their overall cost of operations through the development of low-emitting locomotives like our Tier 4 locomotives, Trip Optimizer, Green Air and Green Friction products, and the use of alternative fuels such as biodiesel, renewable diesel, and hydrogen.”
Annual report 2025A · The company itself
Chains out: this strengthens Shipping and logistics, strengthens Aviation and travel
Industrial manufacturing
End markets
Market
“As a result of those strategic acquisitions, as well as other smaller acquisitions and organic growth, Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets and applications.”
Annual report 2025A · The company itself
Market
“Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, utilities, and companies in the mining, marine, and industrial markets.”
Annual report 2025A · The company itself
Market
“Our customers include passenger transit authorities and railroads throughout North America, Europe, Asia Pacific, Africa, and South America; utilities; manufacturers of transportation equipment, such as locomotives, freight cars, passenger transit vehicles and buses; companies that own, lease, and maintain such equipment; as well as customers in the mining, marine, and industrial markets and applications and companies in the generation, distribution, and charging industries.”
Annual report 2025A · The company itself
Shipping and logistics
End markets
Market
“As a result of those strategic acquisitions, as well as other smaller acquisitions and organic growth, Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems and services for the freight rail and passenger transit industries, and the mining, marine, and industrial markets and applications.”
Annual report 2025A · The company itself
Market
“Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, utilities, and companies in the mining, marine, and industrial markets.”
Annual report 2025A · The company itself
Market
“Our customers include passenger transit authorities and railroads throughout North America, Europe, Asia Pacific, Africa, and South America; utilities; manufacturers of transportation equipment, such as locomotives, freight cars, passenger transit vehicles and buses; companies that own, lease, and maintain such equipment; as well as customers in the mining, marine, and industrial markets and applications and companies in the generation, distribution, and charging industries.”
Annual report 2025A · The company itself
Chains in: Carbon tax and ETS prices weakens, Global trade volumes strengthens, Fuel strengthens
Automotive
End markets
Market
“The Freight Segment primarily manufactures new and modernized locomotives; provides aftermarket parts and services to existing locomotives; provides components to new and existing freight cars; supplies rail control and infrastructure products including electronics, positive train control equipment, signal design and engineering services; provides a comprehensive suite of software-enabled solutions designed to improve customer safety, efficiency and productivity in the transportation and mining industries; overhauls locomotives; provides heat exchangers and cooling systems for rail and other industrial markets; provides nondestructive testing, remote visual inspection and analytical instruments solutions for mission critical assets; and delivers train detection, wayside object control solutions, and axle counting systems. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, utilities, and companies in the mining, marine, and industrial markets.”
Annual report 2025A · The company itself
Market
“Customers include public transit authorities and municipalities, leasing companies, manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution, and charging industries.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“A significant portion of our investment is expected to be focused on three customer-centric areas of innovation: advanced supply chain visibility, automation and digitization and low-to- zero emissions operations.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our early investment in data analytics and software has allowed us to become a strategic partner for customers looking to derive new value from existing assets, digitally transform their operations and enhance their network optimization. Through these initiatives, our digital solutions have helped to transform many distribution channels in the transportation industry including mine to ports, from shipper to receiver, from port to intermodal terminals to main line locomotives and railcars and across train yards and operation centers.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
Natural gas
Raw materials and inputs
StrategyPositive impact: strengthens
“We are focusing on technological advances, especially in the areas of electronics and alternative fuels, including hydrogen technologies, braking products and other on-board equipment, as a means to deliver new product growth.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Our engineering and development program includes investments in data analytics, train control and other new technologies, such as liquid natural gas and hydrogen-powered locomotives, with an emphasis on developing products that enhance safety, productivity and efficiency for our customers.”
Annual report 2025A · The company itself
Semiconductors and electronic components
Raw materials and inputs
StrategyPositive impact: strengthens
“We continue to emphasize innovation and development funding to create new products and capabilities to increase customer productivity, efficiency, capacity, utilization and safety, such as alternatively fueled locomotive, vehicle monitoring and data analytics, and nondestructive testing.”
Annual report 2025A · The company itself
Market
“The Freight Segment primarily manufactures new and modernized locomotives; provides aftermarket parts and services to existing locomotives; provides components to new and existing freight cars; supplies rail control and infrastructure products including electronics, positive train control equipment, signal design and engineering services; provides a comprehensive suite of software-enabled solutions designed to improve customer safety, efficiency and productivity in the transportation and mining industries; overhauls locomotives; provides heat exchangers and cooling systems for rail and other industrial markets; provides nondestructive testing, remote visual inspection and analytical instruments solutions for mission critical assets; and delivers train detection, wayside object control solutions, and axle counting systems.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Automation and robotics
Technology
StrategyPositive impact: strengthens
“A significant portion of our investment is expected to be focused on three customer-centric areas of innovation: advanced supply chain visibility, automation and digitization and low-to- zero emissions operations.”
Annual report 2025A · The company itself
Circular economy and recycling
Regulation
StrategyPositive impact: strengthens
“A significant portion of our investment is expected to be focused on three customer-centric areas of innovation: advanced supply chain visibility, automation and digitization and low-to- zero emissions operations.”
Annual report 2025A · The company itself
Chains in: EU climate and energy policy strengthens
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“One aspect of our business strategy is to selectively pursue acquisitions, joint ventures and alliances that we believe will improve our market position and provide opportunities to realize operating synergies.”
Annual report 2025A · The company itself
Public sector
End markets
Market
“Customers include public transit authorities and municipalities, leasing companies, manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution, and charging industries.”
Annual report 2025A · The company itself
Business cycle and GDP growth
Macro
DriverPositive impact: strengthens
“Industry Overview and Opportunity The Company primarily serves the global freight rail and passenger transit industries. As such, our operating results are largely dependent on the level of activity, financial condition and capital spending plans of freight railroads and passenger transit agencies around the world, and transportation equipment manufacturers who serve those markets.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Many factors influence these industries, including general economic conditions; traffic volumes, as measured by freight carloads and passenger ridership; government spending on public transportation; and investment in new technologies.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Our revenues are subject to cyclical variations in the railway and passenger transit markets and changes in government spending. The railway industry historically has been subject to significant fluctuations due to overall economic conditions, the use of alternate methods of transportation and the levels of government spending on railway projects.”
Annual report 2025A · The company itself
Chains out: this strengthens Global trade volumes, strengthens Construction
Consumer spending
Macro
DriverPositive impact: strengthens
“Industry Overview and Opportunity The Company primarily serves the global freight rail and passenger transit industries. As such, our operating results are largely dependent on the level of activity, financial condition and capital spending plans of freight railroads and passenger transit agencies around the world, and transportation equipment manufacturers who serve those markets.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“Many factors influence these industries, including general economic conditions; traffic volumes, as measured by freight carloads and passenger ridership; government spending on public transportation; and investment in new technologies.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Public investment and infrastructure
Regulation
DriverNegative impact: weakens
“The railway industry historically has been subject to significant fluctuations due to overall economic conditions, the use of alternate methods of transportation and the levels of government spending on railway projects. In economic downturns, railroads have deferred, and may defer, certain expenditures in order to conserve cash in the short term.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“The passenger transit railroad industry is also cyclical and is influenced by a variety of factors. New passenger transit car orders vary from year to year and are influenced by a variety of factors, including major replacement programs, the construction or expansion of transit systems by transit authorities and the quality and cost of alternative modes of transportation.”
Annual report 2025A · The company itself
Chains in: Reconstruction of Ukraine strengthens
Chains out: this strengthens Construction, strengthens Digitalisation, strengthens IT consulting and public-sector IT
Aluminium
Raw materials and inputs
InputNegative impact: weakens
“We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers. The costs of these raw materials have been volatile historically and are influenced by factors that are outside our control, including inflationary pressure.”
Annual report 2025A · The company itself
Copper
Raw materials and inputs
InputNegative impact: weakens
“We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers. The costs of these raw materials have been volatile historically and are influenced by factors that are outside our control, including inflationary pressure.”
Annual report 2025A · The company itself
Chains in: Electrification strengthens, Data centres strengthens
Chains out: this strengthens Mining
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“We face cyber-security and data protection risks relating to cyber-attacks and information technology failures that could cause loss of confidential information and other business disruptions. We rely extensively on the security, stability, and availability of technology systems in our business.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“For example, the continuing conflict between Russia and Ukraine has affected, and may continue to adversely affect our business and results of operations. The broader consequences of this conflict, which may include sanctions, embargoes, regional instability, and geopolitical shifts; disruptions to transportation and distribution routes, or strategic decisions to alter certain routes; potential retaliatory action by the Russian government against companies, including us, including nationalization of foreign businesses and/or assets in Russia; increased tensions between the United States and countries in which we operate; and the extent of the conflict’s effect on our business and results of operations as well as the global economy, cannot be predicted.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Labour and wages
Raw materials and inputs
DriverNegative impact: weakens
“We depend on skilled labor in our manufacturing and other businesses. Due to the competitive nature of the labor markets in which we operate, we may not be able to retain, recruit and train the personnel we require, particularly when the economy expands, production rates are high or competition for such skilled labor increases.”
Annual report 2025A · The company itself
Steel
Raw materials and inputs
InputNegative impact: weakens
“We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers. The costs of these raw materials have been volatile historically and are influenced by factors that are outside our control, including inflationary pressure.”
Annual report 2025A · The company itself
Chains in: Wind power strengthens
Consumer preference shifts
End markets
DriverPositive impact: strengthens
“In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit.”
Annual report 2025A · The company itself
Chains out: this mixed effect Beer and beverages
Electricity
Raw materials and inputs
InputNegative impact: weakens
“We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers.”
Annual report 2025A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
Global trade volumes
Macro
DriverPositive impact: strengthens
“In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit.”
Annual report 2025A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Labour regulation
Regulation
DriverNegative impact: weakens
“These entities typically govern equipment, safety and interoperability standards for freight rail rolling stock and passenger transit, oversee a wide variety of rules and regulations governing safety and design of equipment, and evaluate certification and qualification requirements for suppliers. New products are generally subject to rigorous and lengthy testing and approval processes.”
Annual report 2025A · The company itself
Urbanisation
Geography
DriverPositive impact: strengthens
“In general, trends such as urbanization and growth in developing markets, sustainability and environmental awareness, investment in technology solutions, an aging equipment fleet, and growth in global trade are expected to drive continued investment in freight rail and passenger transit.”
Annual report 2025A · The company itself
United States
Geography
Geography
“In Freight, in addition to North America, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, India, South Africa, Kazakhstan, and other select areas within Europe, Asia and South America.”
Annual report 2025A · The company itself
Geography
“In 2025, the Freight Segment accounted for approximately 72% of Wabtec’s total net sales, with approximately 60% of its net sales in the U.S. and approximately 58% of the Freight Segment’s net sales in the aftermarket.”
Annual report 2025A · The company itself
Geography
“In 2025, the Transit Segment accounted for approximately 28% of our total net sales, with approximately 17% of its net sales in the U.S.”
Annual report 2025A · The company itself
Geography
“For the fiscal year ended December 31, 2025, approximately half of our consolidated net sales were to customers outside of the United States.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“In Transit, we are focused on mature markets such as Europe and emerging markets such as India.”
Annual report 2025A · The company itself
Geography
“In Freight, in addition to North America, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, India, South Africa, Kazakhstan, and other select areas within Europe, Asia and South America.”
Annual report 2025A · The company itself
Geography
“We have substantial operations located in emerging markets, and are subject to regulatory, economic, social and political uncertainties in such markets. We have substantial operations located in emerging markets, such as Brazil, India, and Kazakhstan.”
Annual report 2025A · The company itself
Latin America
Geography
Geography
“In Freight, in addition to North America, we are targeting markets that operate significant fleets of locomotives and freight cars, including Australia, Brazil, India, South Africa, Kazakhstan, and other select areas within Europe, Asia and South America.”
Annual report 2025A · The company itself
Geography
“We have substantial operations located in emerging markets, and are subject to regulatory, economic, social and political uncertainties in such markets. We have substantial operations located in emerging markets, such as Brazil, India, and Kazakhstan.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“In Transit, we are focused on mature markets such as Europe and emerging markets such as India.”
Annual report 2025A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 11.17 bn USD |
| Revenue growth vs. the year before, same method | 7.5 % |
| EBITDA reported by the company | 2.29 bn USD |
| Net debt debt incl. leasing minus cash | 5.14 bn USD |
| Diluted EPS per share | 6.83 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.