www.wabteccorp.com<\/a><\/b>.<\/p>\nInformation about non-GAAP Financial Information and Forward-Looking Statements<\/b><\/p>\n
\nWabtec\u2019s earnings release and 2026 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, adjusted gross margin, EBITDA, adjusted EBITDA, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted net income, adjusted earnings per diluted share and operating cash flow conversion. Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted by restructuring costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec\u2019s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.<\/p>\n
\nThis communication contains \u201cforward-looking\u201d statements as that term is defined in Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including statements regarding Wabtec\u2019s plans, objectives, expectations and intentions; Wabtec\u2019s expectations about future sales, earnings and cash conversion; and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words \u201cmay,\u201d \u201cwill,\u201d \u201cshould,\u201d \u201cpotential,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201cendeavor,\u201d \u201cseek,\u201d \u201canticipate,\u201d \u201cestimate,\u201d \u201coverestimate,\u201d \u201cunderestimate,\u201d \u201cbelieve,\u201d \u201ccould,\u201d \u201cproject,\u201d \u201cpredict,\u201d \u201ccontinue,\u201d \u201ctarget\u201d or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and\/or industry specific conditions, including the impacts of significant recent shifts in trade policies (including the actual or threatened imposition of tariffs and retaliatory tariff measures) as well as tax programs, inflation, supply chain disruptions, foreign currency exchange and industry consolidation and market reactions to these factors; (2) changes in the financial condition or operating strategies of Wabtec\u2019s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the impacts of epidemics, pandemics or similar public health crises on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability and volatility in global markets as a result of global military action, acts of terrorism or armed conflict, including Russia\u2019s invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec\u2019s reports filed with the SEC, including Wabtec\u2019s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.<\/p>\n
\n\n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION<\/b><\/td>\n | | \n | <\/tr>\n
\n| CONDENSED CONSOLIDATED STATEMENTS OF INCOME<\/b><\/td>\n | | \n | <\/tr>\n
\n| FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025<\/b><\/td>\n | | \n | <\/tr>\n
\n| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)<\/b><\/td>\n | | \n | <\/tr>\n
\n| (UNAUDITED)<\/b><\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n | \n | \n\n Three Months Ended<\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n\n March 31,<\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n\n 2026<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/b><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Net sales<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2,950<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2,610<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Cost of sales<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,889<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,710<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Gross profit<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,061<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n900<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Gross profit as a % of Net Sales<\/i><\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 36.0<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 34.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Selling, general and administrative expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(401<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(307<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Engineering expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(56<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(46<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Amortization expense<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(87<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(73<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Total operating expenses<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(544<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(426<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Operating expenses as a % of Net Sales<\/i><\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 18.4<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 16.3<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Income from operations<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n517<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n474<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Income from operations as a % of Net Sales<\/i><\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 17.5<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 18.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Interest expense, net<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(71<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(46<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Other income (expense), net<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Income before income taxes<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n469<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n426<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Income tax expense<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(106<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(99<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Effective tax rate<\/i><\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 22.7<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 23.2<\/i><\/p>\n<\/td>\n | \n %<\/i><\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Net income<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n363<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Less: Net income attributable to noncontrolling interest<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Net income attributable to Wabtec shareholders<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n362<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n322<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Earnings Per Common Share<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n
\n| Basic<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n
\n| Net income attributable to Wabtec shareholders<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.88<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Diluted<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n
\n| Net income attributable to Wabtec shareholders<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2.12<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1.88<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Basic<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n170.0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n170.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Diluted<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n170.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n171.3<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Segment Information<\/b><\/td>\n | | \n | \n | \n | \n | \n | <\/tr>\n
\n| Freight Net Sales<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n2,115<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n1,901<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Freight Income from Operations<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n450<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n420<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Freight Operating Margin<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n21.3<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n22.1<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| Transit Net Sales<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n835<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n709<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Transit Income from Operations<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n121<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n90<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n| Transit Operating Margin<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n14.5<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n12.7<\/p>\n<\/td>\n | \n \n%<\/p>\n<\/td>\n | | \n | <\/tr>\n
\n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n |
\n| \n Backlog Information (Note: 12-month is a sub-set of total)<\/b><\/p>\n<\/td>\n | | \n\n March 31, 2026<\/span><\/b><\/p>\n<\/td>\n | | \n\n December 31, 2025<\/span><\/b><\/p>\n<\/td>\n | | \n\n March 31, 2025<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| Freight Total<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n25,175<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,493<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n17,851<\/p>\n<\/td>\n<\/tr>\n | \n| Transit Total<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,627<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,914<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,451<\/p>\n<\/td>\n<\/tr>\n | \n| Wabtec Total<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n30,802<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n27,407<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,302<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Freight 12-Month<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n6,679<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n6,022<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n6,069<\/p>\n<\/td>\n<\/tr>\n | \n| Transit 12-Month<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,568<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,212<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,127<\/p>\n<\/td>\n<\/tr>\n | \n| Wabtec 12-Month<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n9,247<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n8,234<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n8,196<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | <\/tr>\n \nWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION<\/b><\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED BALANCE SHEETS<\/b><\/td>\n<\/tr>\n\n(UNAUDITED)<\/b><\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \nMarch 31, 2026<\/span><\/b><\/td>\n | | \nDecember 31, 2025<\/span><\/b><\/td>\n<\/tr>\n\n| In millions<\/span><\/b><\/i><\/td>\n | | \n | \n | <\/tr>\n \n| Cash, cash equivalents and restricted cash<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n531<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n789<\/p>\n<\/td>\n<\/tr>\n | \n| Receivables, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,252<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,897<\/p>\n<\/td>\n<\/tr>\n | \n| Inventories, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,850<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2,745<\/p>\n<\/td>\n<\/tr>\n | \n| Other current assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n340<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n263<\/p>\n<\/td>\n<\/tr>\n | \n| Total current assets<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n5,973<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5,694<\/p>\n<\/td>\n<\/tr>\n | \n| Property, plant and equipment, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,653<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,616<\/p>\n<\/td>\n<\/tr>\n | \n| Goodwill<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n10,625<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,216<\/p>\n<\/td>\n<\/tr>\n | \n| Other intangible assets, net<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,239<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3,838<\/p>\n<\/td>\n<\/tr>\n | \n| Other noncurrent assets<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n706<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n705<\/p>\n<\/td>\n<\/tr>\n | \n| Total assets<\/b><\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n23,196<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,069<\/p>\n<\/td>\n<\/tr>\n | \n| Current liabilities<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n5,835<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n5,150<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term debt<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n4,708<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4,291<\/p>\n<\/td>\n<\/tr>\n | \n| Long-term liabilities – other<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n1,502<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n1,438<\/p>\n<\/td>\n<\/tr>\n | \n| Total liabilities<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n12,045<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10,879<\/p>\n<\/td>\n<\/tr>\n | \n| Shareholders’ equity<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,103<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,142<\/p>\n<\/td>\n<\/tr>\n | \n| Noncontrolling interest<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n48<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n48<\/p>\n<\/td>\n<\/tr>\n | \n| Total shareholders’ equity<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n11,151<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11,190<\/p>\n<\/td>\n<\/tr>\n | \n| Total Liabilities and Shareholders’ Equity<\/b><\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n23,196<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n22,069<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | <\/tr>\n \nWESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION<\/b><\/td>\n<\/tr>\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS<\/b><\/td>\n<\/tr>\n\n(UNAUDITED)<\/b><\/td>\n<\/tr>\n\n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n 2026<\/span><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2025<\/span><\/b><\/p>\n<\/td>\n<\/tr>\n\n| In millions<\/span><\/b><\/td>\n | | \n | \n | <\/tr>\n \n| Operating activities<\/i><\/td>\n | | \n | \n | <\/tr>\n \n| Net income<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n363<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n327<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Non-cash expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n151<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n127<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Receivables<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(305<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(226<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Inventories<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(28<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(29<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Accounts Payable<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n20<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Other operating activities<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(21<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n| Net cash provided by operating activities<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 199<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 191<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net cash used for investing activities<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1,105<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (44<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Net cash provided by (used for) financing activities<\/b><\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 656<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n (172<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Effect of changes in currency exchange rates<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(8<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Decrease in cash<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(258<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(17<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n<\/tr>\n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Cash, cash equivalents and restricted cash, beginning of period<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n789<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n715<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| Cash, cash equivalents and restricted cash, end of period<\/td>\n | \n \n$<\/p>\n<\/td>\n | \n \n531<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n$<\/p>\n<\/td>\n | \n \n698<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\n | <\/tr>\n \n| Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec’s reported results prepared in accordance with GAAP.<\/td>\n<\/tr>\n | \n| Wabtec Corporation<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Reconciliation of Reported Results to Adjusted Results<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| (in millions)<\/b><\/td>\n | First Quarter Year-to-Date 2026 Actual Results<\/b><\/td>\n<\/tr>\n\n | \n | \n | \nGross<\/b><\/td>\n | | \nOperating<\/b><\/td>\n | | \nIncome from<\/b><\/td>\n | | \nInterest &<\/b><\/td>\n | | \n | \n | \n | \n | \nNoncontrolling<\/b><\/td>\n | | \nWabtec<\/b><\/td>\n | | \n | <\/tr>\n \n | \nNet Sales<\/span><\/b><\/td>\n | | \nProfit<\/span><\/b><\/td>\n | | \nExpenses<\/span><\/b><\/td>\n | | \nOperations<\/span><\/b><\/td>\n | | \nOther Exp<\/span><\/b><\/td>\n | | \nTax<\/span><\/b><\/td>\n | | \nNet Income<\/span><\/b><\/td>\n | | \nInterest<\/span><\/b><\/td>\n | | \nNet Income<\/span><\/b><\/td>\n | | \nEPS<\/span><\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Reported Results<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,950<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 1,061<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (544<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 517<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (48<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (106<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 363<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 362<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 2.12<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Restructuring and Portfolio Optimization costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n5<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(1<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n4<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.02<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Inventory Purchase Accounting charge<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n23<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(5<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n18<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.11<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n13<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n11<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.06<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Non-cash Amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n87<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n87<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(20<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n67<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n67<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.40<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted Results<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,950<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 1,087<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (442<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 645<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (50<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (132<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 463<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (1<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 462<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 2.71<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Fully Diluted Shares Outstanding<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 170.7<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Wabtec Corporation<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| Reconciliation of Reported Results to Adjusted Results<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| (in millions)<\/b><\/td>\n | First Quarter Year-to-Date 2025 Actual Results<\/b><\/td>\n<\/tr>\n\n | \n | \n | \nGross<\/b><\/td>\n | | \nOperating<\/b><\/td>\n | | \nIncome from<\/b><\/td>\n | | \nInterest &<\/b><\/td>\n | | \n | \n | \n | \n | \nNoncontrolling<\/b><\/td>\n | | \nWabtec<\/b><\/td>\n | | \n | <\/tr>\n \n | \nNet Sales<\/span><\/b><\/td>\n | | \nProfit<\/span><\/b><\/td>\n | | \nExpenses<\/span><\/b><\/td>\n | | \nOperations<\/span><\/b><\/td>\n | | \nOther Exp<\/span><\/b><\/td>\n | | \nTax<\/span><\/b><\/td>\n | | \nNet Income<\/span><\/b><\/td>\n | | \nInterest<\/span><\/b><\/td>\n | | \nNet Income<\/span><\/b><\/td>\n | | \nEPS<\/span><\/b><\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Reported Results<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,610<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 900<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (426<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 474<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (48<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (99<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 327<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (5<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 322<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 1.88<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Restructuring and Portfolio Optimization costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n3<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n9<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n7<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.04<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Transaction costs<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n10<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(2<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n8<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.04<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Non-cash Amortization expense<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n72<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n72<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n(17<\/p>\n<\/td>\n | \n \n)<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n55<\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 0.32<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Adjusted Results<\/b><\/td>\n | \n $<\/b><\/p>\n<\/td>\n | \n 2,610<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 903<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (338<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 565<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (48<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (120<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 397<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n (5<\/b><\/p>\n<\/td>\n | \n )<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 392<\/b><\/p>\n<\/td>\n | | \n\n $<\/b><\/p>\n<\/td>\n | \n 2.28<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| Fully Diluted Shares Outstanding<\/b><\/td>\n | | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n 171.3<\/b><\/p>\n<\/td>\n<\/tr>\n\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |