0001628280-26-026422 | 10-Q | XBRL Viewer | Westinghouse AIR Brake Technologies Corp

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INVENTORIES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 1,295	$ 1,194
Work-in-progress	698	698
Finished goods	857	853
Total inventories	$ 2,850	$ 2,745

BUSINESS	3 Months Ended
BUSINESS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS Except as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. References to the “Parent Company” refer to Westinghouse Air Brake Technologies Corporation alone. Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems, and services for the freight rail and passenger transit industries, as well as the mining, marine and industrial markets and applications. Our highly engineered rail and transit products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world. Our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in over 50 countries and our products can be found in more than 100 countries throughout the world. In the first three months of 2026, approximately half of the Company’s Net sales came from customers outside the United States.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.31	$ 0.25

EARNINGS PER SHARE - Schedule of Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator
Net income attributable to Wabtec shareholders	$ 362	$ 322
Less: Net income allocated to non-vested restricted stock	(1)	(1)
Numerator for basic earnings per common share	361	321
Numerator for diluted earnings per common share	$ 361	$ 321
Denominator
Weighted average shares outstanding- basic (in shares)	170.0	170.5
Weighted average shares outstanding- diluted (in shares)	170.7	171.3
Earnings per common share attributable to Wabtec shareholders
Basic (in dollars per share)	$ 2.12	$ 1.88
Diluted (in dollars per share)	$ 2.12	$ 1.88
Awards Excluding Restricted Stock
Denominator
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.4	0.4
Restricted Stock
Denominator
Assumed conversion of dilutive stock-based compensation plans (in shares)	0.3	0.4

OTHER INCOME (EXPENSE), NET - Additional Information (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount \| $	$ 496		$ 1,355
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments \| $	$ 2
Frauscher Acquisition And Agreement To Acquire Dellner Couplers \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount				€ 1,290
Frauscher Sensor Technology Group GmbH \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount				€ 690
Dellner Couplers \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount		€ 600

GOODWILL AND INTANGIBLE ASSETS - Schedule of Change in the Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 10,216
Additions/adjustments	481
Foreign currency impact	(72)
Ending balance	10,625
Freight Segment
Goodwill [Roll Forward]
Beginning balance	8,567
Additions/adjustments	6
Foreign currency impact	(12)
Ending balance	8,561
Transit Segment
Goodwill [Roll Forward]
Beginning balance	1,649
Additions/adjustments	475
Foreign currency impact	(60)
Ending balance	$ 2,064

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

CONTRACT ASSETS AND CONTRACT LIABILITIES

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

CONTRACT ASSETS AND CONTRACT LIABILITIES

Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. The current portion of the contract assets are classified as current assets under the caption “Unbilled accounts receivable” while the noncurrent contract assets are classified as other assets under the caption "Other noncurrent assets" on the Condensed Consolidated Balance Sheets. Noncurrent contract assets were $130 million at March 31, 2026 and $121 million at December 31, 2025. The Company has elected to use the practical expedient and does not consider unbilled amounts anticipated to be paid within one year as significant financing components.

Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract and advanced customer payments that are in excess of revenue recognized. The current portion of contract liabilities are classified as current liabilities under the caption “Customer deposits” while the noncurrent contract liabilities are classified as noncurrent liabilities under the caption "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. Noncurrent contract liabilities were $224 million at March 31, 2026 and $259 million at December 31, 2025. These contract liabilities are not considered a significant financing component because they are used to meet working capital demands that can be higher in the early stages of a contract or revenue associated with the contract liabilities is expected to be recognized within one year. Contract liabilities also include provisions for estimated losses from uncompleted contracts. Provisions for loss contracts were $61 million and $82 million at March 31, 2026 and December 31, 2025, respectively. These provisions for estimated losses are classified as current liabilities and included within the caption “Other accrued liabilities” on the Condensed Consolidated Balance Sheets.

The change in the carrying amount of contract assets and contract liabilities for the three months ended March 31, 2026 and 2025 is as follows:


	Contract Assets
In millions	2026		2025
Balance at beginning of year	$	609	$	720
Recognized in current year	177		194
Reclassified to accounts receivable	(189)		(184)
Acquisitions/adjustments	3		—
Foreign currency impact	(2)		7
Balance at March 31	$	598	$	737

	Contract Liabilities
In millions	2026		2025
Balance at beginning of year	$	1,356	$	1,173
Recognized in current year	255		459
Amounts in beginning balance reclassified to revenue	(270)		(235)
Current year amounts reclassified to revenue	(73)		(195)
Acquisitions	19		—
Foreign currency impact	4		12
Balance at March 31	$	1,291	$	1,214

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

RESTRUCTURING

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

RESTRUCTURING

Wabtec is focused on driving operational efficiency and improving profitability while reducing manufacturing complexity. As a result, there are key strategic initiatives aimed at achieving these focus areas.

Integration 3.0

Integration 3.0 is a multi-year strategic initiative to further consolidate our footprint, reduce complexity and streamline manufacturing, engineering, administrative, and commercial activities. The Company anticipates that it will incur one-time restructuring charges related to Integration 3.0 of approximately $80 million to $100 million. Net charges to date of $39 million were primarily for employee-related costs.

A summary of restructuring charges related to the Integration 3.0 initiative is as follows:


	Three Months Ended March 31,
In millions	2026		2025
Freight Segment:
Cost of goods sold	$	1	$	1
Selling, general and administrative expenses	1		—
Total Freight Segment	$	2	$	1

Transit Segment:
Cost of goods sold	$	1	$	2
Selling, general and administrative expenses	1		4
Total Transit Segment	$	2	$	6

Corporate:
Selling, general and administrative expenses	$	(1)	$	—
Total Integration 3.0 restructuring charges, net	$	3	$	7

Portfolio Optimization

Wabtec is focused on exiting various low margin product offerings through Portfolio Optimization to improve profitability while reducing manufacturing complexity. There were no material charges or cash payments during the three months ended March 31, 2026. Wabtec recorded net charges of approximately $3 million during the three months ended March 31, 2025, primarily for asset write downs related to Portfolio Optimization. Total one-time restructuring charges related to Portfolio Optimization to date are approximately $101 million.

Integration 2.0

Integration 2.0 is a multi-year strategic initiative to review and consolidate our operating footprint, reduce headcount, streamline the end-to-end manufacturing process, restructure the North America distribution channels, expand operations in low-cost countries, and simplify the business through systems enablement. The Company anticipates that it will incur one-time restructuring charges related to Integration 2.0 of up to approximately $170 million, of which approximately $150 million has been incurred to date. There were no material charges or cash payments during the three months ended March 31, 2026 and 2025.

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Components of Inventory, Net of Reserves

The components of inventory, net of reserves, were:


In millions	March 31, 2026		December 31, 2025
Raw materials	$	1,295	$	1,194
Work-in-progress	698		698
Finished goods	857		853
Total inventories	$	2,850	$	2,745

ACCOUNTING POLICIES - Additional Information (Details) - USD ($) shares in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Account receivable securitization facility, maximum amount	$ 450,000,000
Accounts receivable	1,784,000,000		$ 1,410,000,000
Net cash proceeds received	445,000,000		0
Restricted cash	10,000,000		25,000,000
Treasury stock, retired (in shares)		55
Supplier finance program, obligation	$ 268,000,000		285,000,000
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply chain financing term	30 days
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Supply chain financing term	180 days
Collateral Pledged
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 716,000,000		$ 623,000,000

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Restricted Stock Activity and Incentive Stock Awards Activity

The following table summarizes the restricted stock, restricted stock unit and incentive stock unit activity and related information for the three months ended March 31, 2026:


	Restricted Stock and Units	Incentive Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025	592,576	872,053	$	147.49
Granted	171,314	209,179	$	253.99
Vested	(246,376)	(348,127)	$	119.21
Adjustment for incentive stock awards expected to vest	—	50,959	$	152.21
Canceled	(1,854)	—	$	151.17
Outstanding at March 31, 2026	515,660	784,064	$	188.89

RESTRUCTURING (Tables)

3 Months Ended

Mar. 31, 2026

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

A summary of restructuring charges related to the Integration 3.0 initiative is as follows:


	Three Months Ended March 31,
In millions	2026		2025
Freight Segment:
Cost of goods sold	$	1	$	1
Selling, general and administrative expenses	1		—
Total Freight Segment	$	2	$	1

Transit Segment:
Cost of goods sold	$	1	$	2
Selling, general and administrative expenses	1		4
Total Transit Segment	$	2	$	6

Corporate:
Selling, general and administrative expenses	$	(1)	$	—
Total Integration 3.0 restructuring charges, net	$	3	$	7

WARRANTIES (Tables)

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

Schedule of Changes in Product Warranty Reserve

The following table reconciles the changes in the Company’s product warranty reserve for the three months ended March 31, 2026 and 2025:


In millions	2026		2025
Balance at beginning of year	$	289	$	274
Warranty expense	27		26
Warranty claim payments	(27)		(31)
Acquisitions	6		—
Foreign currency impact/other	(3)		3
Balance at March 31	$	292	$	272

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Earnings Per Share

The computation of basic and diluted earnings per share for Net income attributable to Wabtec shareholders is as follows:


	Three Months Ended March 31,
In millions, except per share data	2026		2025
Numerator
Net income attributable to Wabtec shareholders	$	362	$	322
Less: Net income allocated to non-vested restricted stock	(1)		(1)
Numerator for basic and diluted earnings per common share	$	361	$	321
Denominator
Weighted average shares outstanding - basic	170.0		170.5
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans excluding non-vested restricted stock	0.4		0.4
Assumed conversion of dilutive non-vested restricted stock	0.3		0.4
Weighted average shares outstanding - diluted	170.7		171.3
Earnings per common share attributable to Wabtec shareholders
Basic	$	2.12	$	1.88
Diluted	$	2.12	$	1.88

ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

ACCOUNTING POLICIES

Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In Management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.

Results for these interim periods are not necessarily indicative of results to be expected for the full year, particularly in light of ongoing volatility in the macroeconomic environment caused by supply chain disruptions, labor availability, broad-based inflation, tariffs and trade negotiations, and the impacts from regional conflicts and war. These factors continue to impact our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations. We are unable to reasonably predict the full impact of these factors due to the high degree of uncertainty regarding their duration and severity, their potential impact on global economic activity, and the impact that current and new sanctions and tariffs may have on our business, global supply chain operations and our customers, suppliers, and end-markets.

The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31.

The notes included herein should be read in conjunction with the audited consolidated financial statements included in Wabtec’s Annual Report on Form 10-K for the year ended December 31, 2025. The December 31, 2025 information included herein has been derived from the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Use of Estimates The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.

Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time, control passes at the time of shipment in accordance with agreed upon delivery terms.

The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. The Company may also use the output method which recognizes revenue based on direct measurements of the value transferred to the customer. Contract revenues and cost estimates are reviewed and revised periodically throughout the year and adjustments are reflected in the accounting period as such amounts are determined.

Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where Management reviews the progress of long term-projects periodically throughout the year. As part of this process, Management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known.

Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience and future expectations.

Remaining performance obligations represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations. As of March 31, 2026, the Company's remaining performance obligations were approximately $30.8 billion. The Company expects to recognize revenue of approximately 30% of the remaining performance obligations over the next 12 months, with the remainder recognized thereafter.

Revolving Receivables Program The Company utilizes its Revolving Receivables Program to request borrowings from a financial institution against certain collateralized receivables for up to $450 million. The Company and certain of its subsidiaries (the "Originators") contribute receivables to our bankruptcy-remote subsidiary, which can then be collateralized on a recurring basis. As customers pay their balances, we transfer additional receivables into the program. Borrowings and repayments under the Revolving Receivables Program are classified as Financing activities on our Condensed Consolidated Statement of Cash Flows, with any outstanding collateralized balance at period end classified as debt on our Condensed Consolidated Balance Sheets.

The bankruptcy remote subsidiary is a separate legal entity with its own creditors, and its assets are not available to pay creditors of the Company or any other affiliates of the Company. The receivables transferred to the program are fully guaranteed by our bankruptcy-remote subsidiary, which holds additional receivables that are pledged as collateral under this facility. The Company has agreed to guarantee the performance of the Originators' respective obligations under the revolving agreement. Neither the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements.

At March 31, 2026 and December 31, 2025, the bankruptcy-remote subsidiary held receivables of $716 million and $623 million, respectively, which are included in the Company's Condensed Consolidated Balance Sheets. The receivables held by the bankruptcy-remote subsidiary collateralize the outstanding borrowings. There were outstanding borrowings of $445 million at March 31, 2026 and no outstanding borrowings at December 31, 2025. The transfers are recorded at the fair value of the proceeds received and obligations assumed less derecognized receivables, if applicable. Our maximum exposure to losses related to these receivables transferred to the program is limited to the amount outstanding.

Restricted Cash At March 31, 2026 and December 31, 2025, the Company classified cash of $10 million and $25 million, respectively, as restricted, primarily for cash held in escrow related to acquisitions.

Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, general and administrative expenses or Engineering expenses to the extent the property, plant, and equipment is used for research and development purposes.

Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company will perform either a qualitative or quantitative test for goodwill, performing a quantitative test for each identified reporting unit if

the qualitative test indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount and at least every three years. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed. No impairment indicators were identified during the current quarter.

Accounting Standards Recently Issued In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require entities to disclose disaggregated information about certain costs and expenses in commonly presented income statement expense captions. The amendments will require increased interim and annual footnote disclosures either prospectively or retrospectively for reporting periods presented in interim and annual company filings. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of income statement expenses and will be effective for Wabtec's annual reporting periods beginning January 1, 2027 and interim reporting periods beginning January 1, 2028. The Company is assessing the extent of the impact of the amendments on its future filings.

Accumulated Other Comprehensive Loss Comprehensive income (loss) comprises both Net income and Other comprehensive income (loss) resulting from the change in equity from transactions and other events and circumstances from non-owner sources.

The changes in Accumulated other comprehensive loss by component, including any tax impacts, for the three months ended March 31, 2026 and 2025 are as follows:


	Foreign currency translation				Derivative contracts				Pension and postretirement benefit plans				Total
In millions	2026		2025		2026		2025		2026		2025		2026		2025
Balance at beginning of year	$	(589)	$	(818)	$	21	$	17	$	(48)	$	(45)	$	(616)	$	(846)
Other comprehensive (loss) income before reclassifications	(74)		116		2		(2)		—		(1)		(72)		113
Amounts reclassified from Accumulated other comprehensive loss	—		—		(1)		—		—		—		(1)		—
Other comprehensive (loss) income, net of tax	(74)		116		1		(2)		—		(1)		(73)		113
Balance at end of period	$	(663)	$	(702)	$	22	$	15	$	(48)	$	(46)	$	(689)	$	(733)

Amounts included under Derivative contracts related to interest rate hedges reclassified from Accumulated other comprehensive loss are recognized in "Interest expense, net" with the tax impact recognized in "Income tax expense" on the Condensed Consolidated Statements of Income. All other amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income (expense), net" with the tax impact recognized in "Income tax expense" on the Condensed Consolidated Statements of Income.

Treasury Stock During the first quarter of 2025, the Company retired 55 million shares of treasury stock. The retirement of treasury stock is recognized as a deduction from common stock for the shares' par value and any excess over par as a deduction from retained earnings.

Supply Chain Financing Program The Company has entered into supply chain financing arrangements with third-party financial institutions to provide our vendors with enhanced payment options while providing the Company with added working capital flexibility. The Company does not provide any guarantees under these arrangements, does not have an economic interest in our suppliers' voluntary participation, does not receive an economic benefit from the financial institutions, and no assets are pledged under the arrangements. The arrangements do not change the payable terms negotiated by the Company and our vendors, which range between net 30 and net 180 days, and do not result in a change in the classification of amounts due as Accounts payable in the Condensed Consolidated Balance Sheets. Suppliers utilized the program to accelerate receipt of payment from these financial institutions for $268 million and $285 million of the Company's outstanding Accounts payable as of March 31, 2026 and December 31, 2025, respectively. The supplier invoices included under the program require payment in full to the financial institutions consistent with the Company’s normal terms and conditions as agreed upon with the vendor.

CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities

The change in the carrying amount of contract assets and contract liabilities for the three months ended March 31, 2026 and 2025 is as follows:


	Contract Assets
In millions	2026		2025
Balance at beginning of year	$	609	$	720
Recognized in current year	177		194
Reclassified to accounts receivable	(189)		(184)
Acquisitions/adjustments	3		—
Foreign currency impact	(2)		7
Balance at March 31	$	598	$	737

	Contract Liabilities
In millions	2026		2025
Balance at beginning of year	$	1,356	$	1,173
Recognized in current year	255		459
Amounts in beginning balance reclassified to revenue	(270)		(235)
Current year amounts reclassified to revenue	(73)		(195)
Acquisitions	19		—
Foreign currency impact	4		12
Balance at March 31	$	1,291	$	1,214

BUSINESS (Details)	3 Months Ended
BUSINESS (Details)	Mar. 31, 2026 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries company operates (over)	50
Number of countries where product is found (more than)	100

ACQUISITIONS - Schedule of Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2026	Feb. 10, 2026	Dec. 31, 2025	Dec. 01, 2025	Jul. 01, 2025
Assets acquired
Goodwill	$ 10,625		$ 10,216
Dellner Couplers
Assets acquired
Cash and cash equivalents		$ 17
Accounts receivable		58
Unbilled accounts receivable		3
Inventory		77
Other current assets		33
Property, plant and equipment		53
Goodwill		475
Other intangible assets		531
Other noncurrent assets		9
Total assets acquired		1,256
Liabilities assumed
Current liabilities		76
Noncurrent liabilities		127
Total liabilities assumed		203
Net assets acquired		$ 1,053
Frauscher Sensor Technology Group GmbH
Assets acquired
Cash and cash equivalents				$ 27
Accounts receivable				48
Inventory				49
Other current assets				6
Property, plant and equipment				14
Goodwill				372
Other intangible assets				405
Other noncurrent assets				24
Total assets acquired				945
Liabilities assumed
Current liabilities				35
Noncurrent liabilities				118
Total liabilities assumed				153
Net assets acquired				$ 792
Inspection Technologies
Assets acquired
Cash and cash equivalents					$ 42
Accounts receivable					86
Inventory					144
Other current assets					7
Property, plant and equipment					59
Goodwill					938
Customer relationships					411
Trade names					142
Other intangible assets					170
Other noncurrent assets					37
Total assets acquired					2,036
Liabilities assumed
Current liabilities					68
Noncurrent liabilities					171
Total liabilities assumed					239
Net assets acquired					$ 1,797

ACQUISITIONS (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary fair value of the Dellner Couplers assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	17
Accounts receivable	58
Unbilled accounts receivable	3
Inventory	77
Other current assets	33
Property, plant and equipment	53
Goodwill	475
Other intangible assets	531
Other noncurrent assets	9
Total assets acquired	1,256
Liabilities assumed
Current liabilities	76
Noncurrent liabilities	127
Total liabilities assumed	203
Net assets acquired	$	1,053

The following table summarizes the preliminary fair value of the Frauscher assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	27
Accounts receivable	48
Inventory	49
Other current assets	6
Property, plant and equipment	14
Goodwill	372
Other intangible assets	405
Other noncurrent assets	24
Total assets acquired	945
Liabilities assumed
Current liabilities	35
Noncurrent liabilities	118
Total liabilities assumed	153
Net assets acquired	$	792

The following table summarizes the preliminary fair value of the Inspection Technologies assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	42
Accounts receivable	86
Inventory	144
Other current assets	7
Property, plant and equipment	59
Goodwill	938
Customer relationships	411
Trade names	142
Acquired technology	170
Other noncurrent assets	37
Total assets acquired	2,036
Liabilities assumed
Current liabilities	68
Noncurrent liabilities	171
Total liabilities assumed	239
Net assets acquired	$	1,797

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Percent of income allocated to non-vested restricted stock	0.20%	0.30%

SEGMENT INFORMATION - Additional Information (Details)	3 Months Ended
SEGMENT INFORMATION - Additional Information (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

OTHER INCOME (EXPENSE), NET

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

OTHER INCOME (EXPENSE), NET

The components of Other income (expense), net are as follows:


	Three Months Ended March 31,
In millions	2026		2025
Foreign currency gain (loss)	$	16	$	(8)
Gain on mark-to-market derivatives	2		—
Equity income	2		3
Expected return on pension assets/amortization	2		2
Other miscellaneous income, net	1		1
Total Other income (expense), net	$	23	$	(2)

During 2025, in connection with the acquisitions of Frauscher and Dellner Couplers, the Company entered into foreign exchange contracts for a notional value of €1,290 million to mitigate foreign currency exposure of the purchase prices. As part of the acquisition of Frauscher in the fourth quarter of 2025, the Company utilized foreign exchange forward contracts with a

notional value of €690 million. As part of the acquisition of Dellner Couplers in the first quarter of 2026, the Company utilized foreign exchange forward contracts with a notional value of €600 million. The contracts are not designated as accounting hedges under Topic 815 of ASC, and as such, the gains and losses are recorded as a component of Other income (expense), net. For the three months ended March 31, 2026, these contracts resulted in a net gain of $2 million.

OTHER INCOME (EXPENSE), NET (Tables)

3 Months Ended

Mar. 31, 2026

Other Income and Expenses [Abstract]

Schedule of Components of Other Income (Expense), Net

The components of Other income (expense), net are as follows:


	Three Months Ended March 31,
In millions	2026		2025
Foreign currency gain (loss)	$	16	$	(8)
Gain on mark-to-market derivatives	2		—
Equity income	2		3
Expected return on pension assets/amortization	2		2
Other miscellaneous income, net	1		1
Total Other income (expense), net	$	23	$	(2)

WARRANTIES (Details) - USD ($) $ in Millions	3 Months Ended
WARRANTIES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 289	$ 274
Warranty expense	27	26
Warranty claim payments	(27)	(31)
Acquisitions	6	0
Foreign currency impact/other	(3)	3
Balance at March 31	$ 292	$ 272

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets of the Company, Other Than Goodwill and Trade Names (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 5,313	$ 4,881
Accumulated Amortization	(1,980)	(1,894)
Net Carrying Amount	3,333	2,987
Backlog
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,366	1,311
Accumulated Amortization	(639)	(613)
Net Carrying Amount	727	698
Customer relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,278	2,000
Accumulated Amortization	(570)	(550)
Net Carrying Amount	1,708	1,450
Acquired technology
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,669	1,570
Accumulated Amortization	(771)	(731)
Net Carrying Amount	$ 898	$ 839

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company maintains employee stock-based compensation plans for stock options, restricted stock, and incentive stock units as governed by the 2011 Stock Incentive Compensation Plan, as amended and restated (the “2011 Plan”) and the 2000 Stock Incentive Plan, as amended (the “2000 Plan”). The 2011 Plan has a term through May 15, 2030, and as of March 31, 2026, the number of shares available for future grants under the 2011 Plan was approximately 3.3 million shares. The Company also maintains a 1995 Non-Employee Directors’ Fee and Stock Option Plan as amended and restated (“the Directors Plan”).

Stock-based compensation expense was $30 million and $20 million for the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, unamortized compensation expense related to stock options, non-vested restricted shares and incentive stock units expected to vest was approximately $154 million.

Stock Options Stock options can be granted to eligible employees and directors at an exercise price equal to fair market value, which is the average of the high and low Wabtec stock price on the date of grant. Options become exercisable over a three-year vesting period and expire 10 years from the date of grant. There were no stock options granted in the periods presented. At March 31, 2026, there were 85,947 shares issuable pursuant to exercisable stock options.

Restricted Stock, Restricted Stock Units and Incentive Stock Units As provided for under the 2011 Plan and 2000 Plan, eligible employees are granted restricted stock and restricted stock units that generally vest over three years from the date of grant. Under the Directors Plan, restricted stock awards vest one year from the date of grant. The restricted stock units are liability-classified equity awards as they can be settled in cash.

Annually, the Company issues incentive stock units to eligible employees that vest upon attainment of certain cumulative three-year performance goals, including a Relative Total Stockholder Return ("RTSR") modifier. The RTSR modifier can increase or decrease the payment by up to 20%. Significant judgments and estimates are used in determining the estimated three-year performance, which is then used to estimate the total shares expected to vest over the three-year vesting cycle and corresponding expense based on the grant date fair value of the award. When determining the estimated three-year performance, the Company utilizes a combination of historical actual results, budgeted results and forecasts. Upon the initial grant of a performance cycle, the Company estimates the three-year performance at 100%. Based on the Company’s performance for each three-year period then ended, the incentive stock units can vest and be awarded ranging from 0% to 200% of the initial incentive stock units granted. As of March 31, 2026, the Company estimates that it will achieve 200%, 171% and 127% for the incentive stock awards expected to vest, inclusive of the RTSR modifier, based on the estimated performance for the three-year periods ending December 31, 2026, 2027, and 2028, respectively, and has recorded incentive compensation expense accordingly.

During the first quarter of 2026, the Company also issued an additional incentive stock unit grant for certain eligible employees. The grant has a one-year performance goal for 2026 and a three-year vesting period. Eligible employees vest from 0% to 100% of the initial incentive stock units granted based upon attainment of the 2026 performance goal. As of March 31, 2026, the Company estimates that it will achieve 80% of the one-year performance goal.

Quarterly, the Company reviews and updates performance estimates based on actual performance results and current projections. If the estimates of the number of these incentive stock units expected to vest changes in a future accounting period, cumulative compensation expense could increase or decrease and will be recognized in the current period for the elapsed portion of the vesting period and would change future expense for the remaining vesting period. The incentive stock units included in the table below represent the number of incentive stock units that are expected to vest based on the Company’s estimate for meeting those established performance targets.

Compensation expense for the non-vested restricted stock and incentive stock units is based on the closing price of the Company's common stock on the date of grant and recognized over the applicable vesting period. Expense for incentive stock units is updated as necessary based on the Company's performance.

The following table summarizes the restricted stock, restricted stock unit and incentive stock unit activity and related information for the three months ended March 31, 2026:


	Restricted Stock and Units	Incentive Stock Units	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2025	592,576	872,053	$	147.49
Granted	171,314	209,179	$	253.99
Vested	(246,376)	(348,127)	$	119.21
Adjustment for incentive stock awards expected to vest	—	50,959	$	152.21
Canceled	(1,854)	—	$	151.17
Outstanding at March 31, 2026	515,660	784,064	$	188.89

ACCOUNTING POLICIES - Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	$ 11,190	$ 10,133
Balance at end of period	11,151	10,414
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(616)	(846)
Other comprehensive (loss) income before reclassifications	(72)	113
Amounts reclassified from Accumulated other comprehensive loss	(1)	0
Other comprehensive (loss) income, net of tax	(73)	113
Balance at end of period	(689)	(733)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(589)	(818)
Other comprehensive (loss) income before reclassifications	(74)	116
Amounts reclassified from Accumulated other comprehensive loss	0	0
Other comprehensive (loss) income, net of tax	(74)	116
Balance at end of period	(663)	(702)
Derivative contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	21	17
Other comprehensive (loss) income before reclassifications	2	(2)
Amounts reclassified from Accumulated other comprehensive loss	(1)	0
Other comprehensive (loss) income, net of tax	1	(2)
Balance at end of period	22	15
Pension and postretirement benefit plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of year	(48)	(45)
Other comprehensive (loss) income before reclassifications	0	(1)
Amounts reclassified from Accumulated other comprehensive loss	0	0
Other comprehensive (loss) income, net of tax	0	(1)
Balance at end of period	$ (48)	$ (46)

- Definition

Amount after tax, before reclassification adjustments of other comprehensive income (loss).

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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481674/830-30-50-1

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/exampleRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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Reference 51: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 55: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

STOCK-BASED COMPENSATION - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2028	Dec. 31, 2027	Dec. 31, 2026
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 30	$ 20
Unamortized compensation expense expected to be vested	$ 154
Granted (in shares)	0	0
Exercisable at period end (in shares)	85,947
Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Plan term	10 years
Performance Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
Share-based compensation, relative total stockholder return modifier, payment percentage, increase	20.00%
Share-based compensation, relative total stockholder return modifier, payment percentage, decrease	20.00%
Percentage of incentive stock awards expected to be vested and awarded of stocks granted	100.00%
Performance Shares \| Scenario Forecast
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period			3 years	3 years	3 years
Percentage of incentive stock awards expected to be vested and awarded of stocks granted			127.00%	171.00%	200.00%
Performance Shares \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted	0.00%
Performance Shares \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of incentive stock awards expected to be vested and awarded of stocks granted	200.00%
2011 and 2000 Plans \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	3 years
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,300,000
Directors Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award vesting period	1 year

LEASES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Operating lease cost	$ 21	$ 16
Lease obligation incurred	$ 6	$ 8

LONG-TERM DEBT - Additional Information (Details)			3 Months Ended
LONG-TERM DEBT - Additional Information (Details)	Nov. 28, 2025 USD ($)	May 29, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Apr. 23, 2025 USD ($)	Sep. 30, 2024 USD ($)
Debt Instrument [Line Items]
Unamortized debt issuance costs			$ 24,000,000		$ 26,000,000
Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,725,000,000
Senior Notes
Debt Instrument [Line Items]
Debt redemption price (as a percent)			100.00%
Deferred financing costs		$ 12,000,000
Restated Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Aggregate borrowing amount						$ 1,000,000,000.0
3.45% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount			$ 750,000,000
Stated interest rate (as a percent)			3.45%	3.45%
1.25% Senior Notes (EUR), due 2027 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount \| €				€ 500,000,000
Stated interest rate (as a percent)			1.25%	1.25%
4.70% Senior Notes, due 2028 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount			$ 1,250,000,000
Stated interest rate (as a percent)			4.70%	4.70%
4.90% Senior Notes, due 2030 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount		$ 500,000,000	$ 500,000,000
Stated interest rate (as a percent)		4.90%	4.90%	4.90%
Debt instrument, issuance percentage (as a percent)		100.00%
5.611% Senior Notes, due 2034 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount			$ 500,000,000
Stated interest rate (as a percent)			5.611%	5.611%
5.50% Senior Notes, due 2035 \| Senior Notes
Debt Instrument [Line Items]
Company borrowed amount		$ 750,000,000	$ 750,000,000
Stated interest rate (as a percent)		5.50%	5.50%	5.50%
Debt instrument, issuance percentage (as a percent)		100.00%
Term Loan, due 2026 \| 2025 Term Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Company borrowed amount	$ 500,000,000		$ 500,000,000
Debt instrument, variable interest rate, type flag	Base Rate [Member]
Debt instrument, basis spread on variable rate (as a percent)	1.50%
Interest rate at period rate			4.70%	4.70%
Term Loan, due 2026 \| Restated Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 725,000,000			725,000,000
Term Loan, due 2026 \| 2025 Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Company borrowed amount			$ 725,000,000
Interest rate at period rate			4.90%	4.90%
Interest coverage ratio			3.0
Debt instrument, covenant, leverage ratio, maximum			3.5	3.5
Leverage ratio calculation, restricted cash amount			$ 500,000,000
Line of Credit \| Uncommitted Money Market Line Credit Agreement
Debt Instrument [Line Items]
Interest rate at period rate			4.20%	4.20%
Maximum borrowing capacity							$ 150,000,000
Revolving Credit Facility \| Restated Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 2,000,000,000.0
Revolving Credit Facility \| 2025 Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, variable interest rate, type flag			Base Rate [Member]
Debt instrument, basis spread on variable rate (as a percent)			1.75%
Interest rate at period rate			4.90%	4.90%

CONTRACT ASSETS AND CONTRACT LIABILITIES - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Noncurrent contract assets	$ 130	$ 121
Noncurrent contract liabilities	224	259
Provisions for loss contracts	$ 61	$ 82

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT

Long-term debt consisted of the following:


	Effective Interest Rate		Face Value		March 31, 2026				December 31, 2025
In millions					Book Value		Fair Value1		Book Value		Fair Value1
2025 Credit Agreement:
Revolving Credit Facility	4.2	%	N/A		$	427	$	427	$	—	$	—
Term Loan Facility, due 2030	5.1	%	$	725	721		725		721		725
2025 Term Credit Agreement:
Term Loan, due 2026	4.8	%	$	500	500		500		500		500
Senior Notes:
3.45% Senior Notes, due 2026	3.5	%	$	750	750		746		750		746
1.25% Senior Notes (EUR), due 2027	1.5	%	€	500	574		556		583		575
4.70% Senior Notes, due 2028	4.8	%	$	1,250	1,247		1,251		1,247		1,266
4.90% Senior Notes, due 2030	5.1	%	$	500	496		503		496		512
5.611% Senior Notes, due 2034	5.7	%	$	500	496		512		496		526
5.50% Senior Notes, due 2035	5.6	%	$	750	743		760		743		783
Uncommitted Money Market Line Credit Agreement	4.1	%	N/A		51		51		—		—
Revolving Receivables Program	4.8	%	N/A		445		445		—		—
Other Borrowings					88		88		5		5
Total					6,538		6,564		5,541		5,638
Less: current portion					(1,830)		(1,826)		(1,250)		(1,246)
Long-term portion					$	4,708	$	4,738	$	4,291	$	4,392

1. See Note 13 for information on the fair value measurement of the Company's long-term debt.

Variances between Face Value and Book Value are the result of unamortized discounts and debt issuance fees as well as foreign exchange on the Euro Notes and euro denominated borrowings under the Revolving Credit Facility.

The Company has debt issuance costs related to certain financing transactions which are also amortized through interest expense. As of March 31, 2026 and December 31, 2025, the Company had total combined unamortized discount and debt issuance costs of $24 million and $26 million, respectively. Amortization of discounts and debt issuance fees are included in the calculation of Effective Interest Rate.

Credit Agreements

On November 28, 2025, the Company entered into a new stand-alone credit agreement (the "2025 Term Credit Agreement") for a term loan of $500 million. Borrowings under the 2025 Term Credit Agreement bear interest at a base rate plus an interest rate spread up to 1.50% based on the lower of the pricing corresponding to (i) the Company's Leverage Ratio or (ii) the Company's public credit rating. The frequency of interest payments varies based upon the Interest Election Request. The term loan issued under this agreement will mature on November 27, 2026. The obligations of the Company under this agreement are unsecured and have been guaranteed by certain of the Company's subsidiaries. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. Under the 2025 Term Credit Agreement, the Company has agreed to maintain the same Interest Coverage Ratio and Leverage Ratio as the 2025 Credit Agreement. The borrowing rate for the agreement is a variable rate assessed periodically in accordance with the terms of the agreement. At March 31, 2026, the interest rate was 4.7%.

On April 23, 2025, the Company entered into a new unsecured credit agreement (the "2025 Credit Agreement"), which amended, restated, and refinanced the prior credit agreements. The 2025 Credit Agreement provides for borrowings consisting of (i) a multi-currency revolving credit facility for a U.S. dollar equivalent of up to $2.0 billion (the “Revolving Credit Facility”) and (ii) a delayed draw term loan facility of $725 million (the “Term Loan Facility”), all pursuant to the terms and conditions of the 2025 Credit Agreement. The Term Loan Facility was utilized to refinance outstanding borrowings with the remaining amount utilized as part of funding for the Inspection Technologies acquisition. The 2025 Credit Agreement includes an incremental facility that allows the Company to request, at prevailing market rates, an aggregate amount not to exceed $1.0 billion, (a) increases to the borrowing commitments under the Revolving Credit Facility and/or (b) new incremental term

loan commitments (the "Incremental Facility"). The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type.

The Revolving Credit Facility matures on April 23, 2030. The Term Loan Facility was fully drawn at March 31, 2026, and all borrowings mature on April 23, 2030. Amounts borrowed and repaid under the Term Loan Facility may not be reborrowed. The applicable interest rate for borrowings under the 2025 Credit Agreement includes a base rate (per the Interest Election terms of the agreement) plus an interest rate spread up to 1.75% based on the lower of the pricing corresponding to (i) the Company’s financial leverage or (ii) the Company’s public credit rating. At March 31, 2026, the interest rate on the Term Loan Facility was 4.9%, and the interest rate on the Revolving Credit Facility was 4.9%. Obligations under the 2025 Credit Agreement have been guaranteed by certain of the Company’s subsidiaries.

Under the 2025 Credit Agreement, the Company has agreed to maintain an Interest Coverage Ratio of at least 3.0 to 1.0, and a Leverage Ratio not to exceed 3.5 to 1.0. The Interest Coverage Ratio is calculated using an earnings metric as defined in the agreement compared to Interest Expense for the four quarters then ended. The Leverage Ratio is defined as net debt (total debt, net of up to $500 million of unrestricted cash) as of the last day of such fiscal quarter to the defined earnings metric for the four quarters then ended. Additionally, the Company may effect an increase in the maximum Leverage Ratio in contemplation of a Material Acquisition. All terms are as defined in the 2025 Credit Agreement.

The following table presents availability under the 2025 Credit Agreement at March 31, 2026:


In millions	Revolving Credit Facility		Term Loan Facility		Total
Maximum Availability	$	2,000	$	725	$	2,725
Outstanding Borrowings	(427)		(725)		(1,152)
Letters of Credit Under Credit Agreement	—		—		—
Current Availability	$	1,573	$	—	$	1,573

The Company was in compliance with all financial covenants in the 2025 Credit Agreement and the 2025 Term Credit Agreement as of March 31, 2026.

Uncommitted Money Market Line Credit Agreement

During the third quarter of 2024, the Company entered into an uncommitted bilateral money market line credit agreement which provides an aggregate borrowing capacity of $150 million, for general business purposes and working capital needs. At March 31, 2026, the interest rate was 4.2%.

Senior Notes

The Company or its subsidiaries may issue senior notes from time to time. These notes are comprised of our 3.45% Senior Notes due 2026 (the "2026 Notes"), 1.25% Senior Notes (EUR) due 2027 (the "Euro Notes"), 4.70% Senior Notes due 2028 (the "2028 Notes"), 4.90% Senior Notes due 2030 (the "2030 Notes"), 5.611% Senior Notes due 2034 (the "2034 Notes"), and 5.50% Senior Notes due 2035 (the "2035 Notes"). The 2026 Notes, 2028 Notes, 2030 Notes, 2034 Notes, and 2035 Notes are the “US Notes”, and collectively with the Euro Notes, the “Senior Notes.” Interest on the US Notes is payable semi-annually and interest on the Euro Notes is paid annually. Each series of the Senior Notes may be redeemed at any time in whole or from time to time in part in accordance with the provisions of the indenture, under which such series of notes was issued. Each of the Senior Notes may be redeemed at a redemption price of 100% of the principal amount plus a specified make-whole premium and accrued interest. The US Notes and the Company's guarantee of the Euro Notes are senior unsecured obligations of the Company and rank pari passu with all existing and future senior debt, and are senior to all existing and future subordinated indebtedness of the Company.

On May 29, 2025, the Company issued (i) $500 million of 4.90% Senior Notes due 2030 and (ii) $750 million of 5.50% Senior Notes due 2035. The 2030 Notes and 2035 Notes were issued at approximately 100% of face value, and the Company recognized approximately $12 million of total deferred financing costs. Interest on the 2030 Notes and 2035 Notes will accrue at a rate of 4.90% and 5.50%, respectively, per year, payable semi-annually on May 29 and November 29 of each year, commencing November 29, 2025. The 2030 Notes will mature on May 29, 2030, and the 2035 Notes will mature on May 29, 2035.

Proceeds from the 2030 Notes and cash on hand were utilized to repay the outstanding amount of notes due in 2025 at maturity. Proceeds from the 2035 Notes were utilized as part of funding for the Inspection Technologies acquisition, which closed July 1, 2025.

The indentures under which the Senior Notes were issued contain covenants and restrictions which limit, subject to certain exceptions, certain sale and leaseback transactions with respect to principal properties, the incurrence of secured debt without equally and ratably securing the Senior Notes, and certain merger and consolidation transactions. The covenants do not

require the Company to maintain any financial ratios or specified levels of net worth or liquidity. The US Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of the Company's subsidiaries that is a guarantor under the 2025 Credit Agreement. The Euro Notes were issued by Wabtec Transportation Netherlands B.V. and are fully and unconditionally guaranteed by the Parent Company.

The Company is in compliance with the restrictions and covenants in the indentures under which the Senior Notes were issued and expects that these restrictions and covenants will not be any type of limiting factor in executing our operating activities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 17, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	033-90866
Entity Registrant Name	WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	25-1615902
Entity Address, Address Line One	30 Isabella Street
Entity Address, City or Town	Pittsburgh
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	15212
City Area Code	412
Local Phone Number	825-1000
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	WAB
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		169,677,346
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000943452
Current Fiscal Year End Date	--12-31

GOODWILL AND INTANGIBLE ASSETS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Intangible Assets Disclosure [Line Items]
Trade names	$ 906		$ 851
Intangible assets, amortization expense	$ 87	$ 73
Backlog
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	7 years
Customer relationships
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	17 years
Acquired technology
Intangible Assets Disclosure [Line Items]
Intangible assets, weighted average remaining useful life (years)	7 years

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company’s non-vested restricted stock contains rights to receive non-forfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share. The calculation of earnings per share for common stock excludes the income attributable to the non-vested restricted stock from the numerator, which results in approximately 0.2% and 0.3% of Net income attributable to Wabtec shareholders being allocated to non-vested restricted stock for the three months ended March 31, 2026 and 2025, respectively. Additionally, the dilutive impact of the assumed conversion of non-vested restricted stock is excluded from the denominator of the diluted weighted average shares outstanding. The computation of basic and diluted earnings per share for Net income attributable to Wabtec shareholders is as follows:


	Three Months Ended March 31,
In millions, except per share data	2026		2025
Numerator
Net income attributable to Wabtec shareholders	$	362	$	322
Less: Net income allocated to non-vested restricted stock	(1)		(1)
Numerator for basic and diluted earnings per common share	$	361	$	321
Denominator
Weighted average shares outstanding - basic	170.0		170.5
Effect of dilutive securities:
Assumed conversion of dilutive stock-based compensation plans excluding non-vested restricted stock	0.4		0.4
Assumed conversion of dilutive non-vested restricted stock	0.3		0.4
Weighted average shares outstanding - diluted	170.7		171.3
Earnings per common share attributable to Wabtec shareholders
Basic	$	2.12	$	1.88
Diluted	$	2.12	$	1.88

GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details) $ in Millions	Mar. 31, 2026 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2026	$ 270
2027	356
2028	354
2029	352
2030	$ 339

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has two reportable segments—the Freight Segment and the Transit Segment. The key factors used to identify these reportable segments are the organization and alignment of the Company’s internal operations, the nature of the products and services and customer type. The Company's business segments are:

Freight Segment builds, rebuilds, upgrades, and overhauls locomotives, services locomotives and freight cars, and provides a range of component and digital solutions for customers in the freight and transit rail, mining, and marine industries. It also manufactures and services components for new and existing freight cars and locomotives, supplies railway electronics, positive train control equipment, signal design and engineering services, maintenance of way, and provides heat exchange and cooling systems for locomotives and power generation equipment. Customers include large, publicly traded railroads, leasing companies, manufacturers of original equipment such as locomotives and freight cars, and utilities, and also serves companies

in the mining, marine, and industrial markets and applications. We refer to sales of both goods, such as spare parts and equipment upgrades, and related services, such as monitoring, maintenance and repairs, as sales in our Services product line.

Transit Segment primarily manufactures and services components and train connection systems for new and existing passenger transit vehicles, typically regional trains, high speed trains, subway cars, light-rail vehicles and buses. It also refurbishes subway cars and provides heating, ventilation, and air conditioning equipment and doors for buses and subway cars. Customers include public transit authorities and municipalities, leasing companies and manufacturers of passenger transit vehicles and buses, and companies in the electrical generation, distribution, and charging industries.

Wabtec’s chief operating decision maker ("CODM") is the Company’s Chief Executive Officer, Rafael Santana. Mr. Santana utilizes Income (loss) from operations as the primary reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. For both of the Company’s segments, the CODM uses segment Income (loss) from operations to make operational and personnel related decisions across the business. The CODM considers actual, budgeted and forecasted Income (loss) from operations on a monthly basis for evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment. Additionally, Gross margin is used by the CODM as a secondary measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. For both of the Company’s segments, the CODM uses segment Gross margin to make commercial and operational related decisions across the business.

Intersegment sales are accounted for at prices that are generally established by reference to similar transactions with unaffiliated customers. Corporate activities include general corporate expenses, elimination of certain intersegment transactions, interest income and expense and other unallocated charges. Segment assets for the Freight and Transit Segment include assets directly utilized for segment operations, as well as the related goodwill and intangible assets. Corporate segment assets include cash, cash equivalents, and restricted cash, equity method investment assets, certain tax assets, receivables held by our bankruptcy-remote facility, pension assets, corporate headquarters' assets and other asset balances that are managed outside of operating segments.

Cost of sales for both segments represents costs directly related to manufacturing products and providing services. Primary costs include raw materials, direct labor, overhead, shipping and handling, warehousing, and the depreciation of manufacturing, warehousing and distribution facilities. Selling, general and administrative expenses for both segments represent costs incurred in managing the business, including salary, benefits, professional fees and operating costs associated with each segment’s non-manufacturing activities. The amounts of depreciation and amortization disclosed by reportable segment are included within their respective segment expense captions, such as Cost of sales, Selling, general & administrative expenses and Amortization expense.

Segment financial information for the three months ended March 31, 2026 is as follows:


In millions	Freight Segment			Transit Segment			Corporate Activities and Elimination		Total
Sales to external customers	$	2,115		$	835		$	—	$	2,950
Cost of sales	(1,327)			(562)			—		(1,889)
Gross profit	$	788		$	273		$	—	$	1,061
Gross margin	37.3		%	32.7		%
Selling, general & administrative expenses	$	(219)		$	(128)		$	(54)	$	(401)
Engineering expenses	(43)			(13)			—		(56)
Amortization expense	(76)			(11)			—		(87)
Income (loss) from operations	450			121			(54)		517
Interest expense and other, net	—			—			(48)		(48)
Income (loss) before income taxes	$	450		$	121		$	(102)	$	469
Intersegment sales/(elimination)	$	14		$	10		$	(24)	$	—
Depreciation and amortization	$	112		$	24		$	3	$	139
Capital expenditures	$	27		$	18		$	1	$	46
Segment assets	$	16,002		$	5,671		$	1,523	$	23,196

Segment financial information for the three months ended March 31, 2025 is as follows:


In millions	Freight Segment			Transit Segment			Corporate Activities and Elimination		Total
Sales to external customers	$	1,901		$	709		$	—	$	2,610
Cost of sales	(1,216)			(494)			—		(1,710)
Gross profit	$	685		$	215		$	—	$	900
Gross margin	36.0		%	30.3		%
Selling, general & administrative expenses	$	(164)		$	(107)		$	(36)	$	(307)
Engineering expenses	(36)			(10)			—		(46)
Amortization expense	(65)			(8)			—		(73)
Income (loss) from operations	420			90			(36)		474
Interest expense and other, net	—			—			(48)		(48)
Income (loss) before income taxes	$	420		$	90		$	(84)	$	426
Intersegment sales/(elimination)	$	11		$	9		$	(20)	$	—
Depreciation and amortization	$	97		$	20		$	3	$	120
Capital expenditures	$	31		$	10		$	3	$	44
Segment assets	$	13,224		$	4,145		$	1,727	$	19,096

Sales to external customers by product line are as follows:


	Three Months Ended March 31,
In millions	2026		2025
Freight Segment:
Services	$	714	$	863
Equipment	726		476
Components	357		381
Digital Intelligence	318		181
Total Freight Segment	$	2,115	$	1,901

Transit Segment:
Original Equipment Manufacturer	$	381	$	322
Aftermarket	454		387
Total Transit Segment	$	835	$	709

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

ACCOUNTING POLICIES - Remaining Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01 $ in Billions	Mar. 31, 2026 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligations, amount	$ 30.8
Remaining performance obligation percentage expected to be recognized	30.00%
Performance obligation period	12 months

ACQUISITIONS - Narrative (Details) $ in Millions	3 Months Ended
ACQUISITIONS - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) business	Mar. 31, 2025 USD ($)	Feb. 10, 2026 USD ($)	Dec. 01, 2025 USD ($)	Jul. 01, 2025 USD ($)
Dellner Couplers
Business Combination [Line Items]
Net assets acquired			$ 1,053
Frauscher Sensor Technology Group GmbH
Business Combination [Line Items]
Net assets acquired				$ 792
Inspection Technologies
Business Combination [Line Items]
Net assets acquired					$ 1,797
Interest acquired, percentage					100.00%
Number of completed acquisitions \| business	2
Inspection Technologies \| Selling, general and administrative expenses
Business Combination [Line Items]
Acquisition related expense	$ 13	$ 10

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

WARRANTIES

3 Months Ended

Mar. 31, 2026

Product Warranties Disclosures [Abstract]

WARRANTIES

The following table reconciles the changes in the Company’s product warranty reserve for the three months ended March 31, 2026 and 2025:


In millions	2026		2025
Balance at beginning of year	$	289	$	274
Warranty expense	27		26
Warranty claim payments	(27)		(31)
Acquisitions	6		—
Foreign currency impact/other	(3)		3
Balance at March 31	$	292	$	272

GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Change in the Carrying Amount of Goodwill by Segment

The change in the carrying amount of goodwill by segment is as follows:


In millions	Freight Segment		Transit Segment		Total
Balance at December 31, 2025	$	8,567	$	1,649	$	10,216
Additions/adjustments	6		475		481
Foreign currency impact	(12)		(60)		(72)
Balance at March 31, 2026	$	8,561	$	2,064	$	10,625

Schedule of Intangible Assets of the Company, Other Than Goodwill and Trade Names

Intangible assets of the Company, other than goodwill and trade names, consist of the following:


	March 31, 2026						December 31, 2025
In millions	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Backlog	$	1,366	$	(639)	$	727	$	1,311	$	(613)	$	698
Customer relationships	2,278		(570)		1,708		2,000		(550)		1,450
Acquired technology	1,669		(771)		898		1,570		(731)		839
Total	$	5,313	$	(1,980)	$	3,333	$	4,881	$	(1,894)	$	2,987

Schedule of Amortization Expense

Amortization expense for the five succeeding years is estimated to be as follows:


In millions
Remainder of 2026	$	270
2027	$	356
2028	$	354
2029	$	352
2030	$	339

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

INVENTORIES

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORIES

The components of inventory, net of reserves, were:


In millions	March 31, 2026		December 31, 2025
Raw materials	$	1,295	$	1,194
Work-in-progress	698		698
Finished goods	857		853
Total inventories	$	2,850	$	2,745

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 EUR (€)
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount \| $	$ 496		$ 1,355
Designated as Hedging Instrument
Derivative [Line Items]
Notional amount \| $	478		$ 467
Foreign Exchange Forward \| Not Designated as Hedging Instrument
Derivative [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments \| $	$ 2
Frauscher Acquisition And Agreement To Acquire Dellner Couplers \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount \| €				€ 1,290
Frauscher Sensor Technology Group GmbH \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount \| €				€ 690
Dellner Couplers \| Foreign Exchange Forward
Derivative [Line Items]
Notional amount \| €		€ 600

CONTRACT ASSETS AND CONTRACT LIABILITIES - Schedule of Change in Carrying Amount of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Contract Assets
Balance at beginning of year	$ 609	$ 720
Recognized in current year	177	194
Reclassified to accounts receivable	(189)	(184)
Acquisitions/adjustments	3	0
Foreign currency impact	(2)	7
Balance at end of period	598	737
Contract Liabilities
Balance at beginning of year	1,356	1,173
Recognized in current year	255	459
Amounts in beginning balance reclassified to revenue	(270)	(235)
Current year amounts reclassified to revenue	(73)	(195)
Acquisitions	19	0
Foreign currency impact	4	12
Balance at end of period	$ 1,291	$ 1,214

SEGMENT INFORMATION - Schedule of Segment Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total sales	$ 2,950	$ 2,610
Cost of sales	(1,889)	(1,710)
Gross profit	1,061	900
Selling, general & administrative expenses	(401)	(307)
Engineering expenses	(56)	(46)
Amortization expense	(87)	(73)
Income (loss) from operations	517	474
Interest expense and other, net	(48)	(48)
Income before income taxes	469	426
Depreciation and amortization	139	120
Capital expenditures	46	44
Segment assets	23,196	19,096	$ 22,069
Intersegment eliminations
Segment Reporting Information [Line Items]
Total sales	(24)	(20)
Corporate Activities and Elimination
Segment Reporting Information [Line Items]
Total sales	0	0
Cost of sales	0	0
Gross profit	0	0
Selling, general & administrative expenses	(54)	(36)
Engineering expenses	0	0
Amortization expense	0	0
Income (loss) from operations	(54)	(36)
Interest expense and other, net	(48)	(48)
Income before income taxes	(102)	(84)
Depreciation and amortization	3	3
Capital expenditures	1	3
Segment assets	1,523	1,727
Freight Segment
Segment Reporting Information [Line Items]
Total sales	2,115	1,901
Freight Segment \| Operating Segments
Segment Reporting Information [Line Items]
Total sales	2,115	1,901
Cost of sales	(1,327)	(1,216)
Gross profit	$ 788	$ 685
Gross margin	37.30%	36.00%
Selling, general & administrative expenses	$ (219)	$ (164)
Engineering expenses	(43)	(36)
Amortization expense	(76)	(65)
Income (loss) from operations	450	420
Interest expense and other, net	0	0
Income before income taxes	450	420
Depreciation and amortization	112	97
Capital expenditures	27	31
Segment assets	16,002	13,224
Freight Segment \| Intersegment eliminations
Segment Reporting Information [Line Items]
Total sales	14	11
Transit Segment
Segment Reporting Information [Line Items]
Total sales	835	709
Transit Segment \| Operating Segments
Segment Reporting Information [Line Items]
Total sales	835	709
Cost of sales	(562)	(494)
Gross profit	$ 273	$ 215
Gross margin	32.70%	30.30%
Selling, general & administrative expenses	$ (128)	$ (107)
Engineering expenses	(13)	(10)
Amortization expense	(11)	(8)
Income (loss) from operations	121	90
Interest expense and other, net	0	0
Income before income taxes	121	90
Depreciation and amortization	24	20
Capital expenditures	18	10
Segment assets	5,671	4,145
Transit Segment \| Intersegment eliminations
Segment Reporting Information [Line Items]
Total sales	$ 10	$ 9

LEASES - Schedule of Maturity of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2026 USD ($)
Operating Leases
Remaining 2026	$ 59
2027	68
2028	58
2029	50
2030	43
Thereafter	155
Total lease payments	433
Less: Present value discount	(54)
Present value of lease liabilities	$ 379

LEASES - Schedule of Lease Expense, Term and Discount Rate (Details)	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
Weighted-average remaining lease term (years)	7 years 8 months 12 days	7 years 10 months 24 days
Weighted-average discount rate	3.60%	3.60%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash, cash equivalents and restricted cash	$ 531	$ 789
Accounts receivable	1,784	1,410
Unbilled accounts receivable	468	487
Inventories, net	2,850	2,745
Other current assets	340	263
Total current assets	5,973	5,694
Property, plant and equipment, net	1,653	1,616
Goodwill	10,625	10,216
Other intangible assets, net	4,239	3,838
Other noncurrent assets	706	705
Total noncurrent assets	17,223	16,375
Total Assets	23,196	22,069
Liabilities
Accounts payable	1,423	1,402
Customer deposits	1,006	1,015
Accrued compensation	515	490
Accrued warranty	269	266
Current portion of long-term debt	1,830	1,250
Other accrued liabilities	792	727
Total current liabilities	5,835	5,150
Long-term debt	4,708	4,291
Deferred income taxes	729	606
Other long-term liabilities	773	832
Total Liabilities	12,045	10,879
Commitments and contingencies (Note 14)
Equity
Common stock, $.01 par value; 500.0 shares authorized and 171.9 shares issued; 169.9 and 170.6 outstanding at March 31, 2026 and December 31, 2025, respectively	1	1
Additional paid-in capital	8,020	8,069
Treasury stock, at cost, 2.0 and 1.3 shares, at March 31, 2026 and December 31, 2025, respectively	(416)	(190)
Retained earnings	4,187	3,878
Accumulated other comprehensive loss	(689)	(616)
Total Westinghouse Air Brake Technologies Corporation shareholders’ equity	11,103	11,142
Noncontrolling interest	48	48
Total Equity	11,151	11,190
Total Liabilities and Equity	$ 23,196	$ 22,069

LONG-TERM DEBT - Schedule of Line of Credit Facilities (Details) - USD ($)	Mar. 31, 2026	Apr. 23, 2025
Revolving Credit Facility \| Term Loan Facility
Debt Instrument [Line Items]
Maximum Availability		$ 2,000,000,000.0
Line of Credit
Debt Instrument [Line Items]
Maximum Availability	$ 2,725,000,000
Outstanding Borrowings	(1,152,000,000)
Letters of Credit Under Credit Agreement	0
Current Availability	1,573,000,000
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum Availability	2,000,000,000
Outstanding Borrowings	(427,000,000)
Letters of Credit Under Credit Agreement	0
Current Availability	1,573,000,000
Line of Credit \| Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Maximum Availability	725,000,000	$ 725,000,000
Outstanding Borrowings	(725,000,000)
Letters of Credit Under Credit Agreement	0
Current Availability	$ 0

OTHER INCOME (EXPENSE), NET - Schedule of Components of Other Income (Expense), Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Other Income and Expenses [Abstract]
Foreign currency gain (loss)	$ 16	$ (8)
Gain on mark-to-market derivatives	2	0
Equity income	2	3
Expected return on pension assets/amortization	2	2
Other miscellaneous income, net	1	1
Total Other income (expense), net	$ 23	$ (2)

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net sales:
Total net sales	$ 2,950	$ 2,610
Cost of sales:
Total cost of sales	(1,889)	(1,710)
Gross profit	1,061	900
Operating expenses:
Selling, general and administrative expenses	(401)	(307)
Engineering expenses	(56)	(46)
Amortization expense	(87)	(73)
Total operating expenses	(544)	(426)
Income from operations	517	474
Other income and expenses:
Interest expense, net	(71)	(46)
Other income (expense), net	23	(2)
Income before income taxes	469	426
Income tax expense	(106)	(99)
Net income	363	327
Less: Net income attributable to noncontrolling interest	(1)	(5)
Net income attributable to Wabtec shareholders	$ 362	$ 322
Basic
Net income attributable to Wabtec shareholders (in dollars per share)	$ 2.12	$ 1.88
Diluted
Net income attributable to Wabtec shareholders (in dollars per share)	$ 2.12	$ 1.88
Weighted average shares outstanding
Basic (in shares)	170.0	170.5
Diluted (in shares)	170.7	171.3
Product
Net sales:
Total net sales	$ 2,531	$ 2,157
Cost of sales:
Total cost of sales	(1,616)	(1,450)
Services
Net sales:
Total net sales	419	453
Cost of sales:
Total cost of sales	$ (273)	$ (260)

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

The Company leases certain property, buildings and equipment. For leases with terms greater than 12 months, the Company records the related asset and obligation at the present value of lease payments. Many of the Company's leases include rental escalation clauses, renewal options, and/or termination options that are factored into our determination of lease payments when appropriate. The right-of-use assets are classified as noncurrent and included within the caption "Other noncurrent assets" on the Condensed Consolidated Balance Sheets. The current portion of lease liabilities are classified under the caption "Other accrued liabilities," while the noncurrent portion of lease liabilities are classified under the caption "Other long-term liabilities" on the Condensed Consolidated Balance Sheets. The Company does not separate lease and non-lease components. As most of the Company's leases do not provide a readily stated discount rate, the Company must estimate the rate to discount lease payments using its incremental borrowing rate.

Operating lease expense was $21 million and $16 million for the three months ended March 31, 2026 and 2025, respectively. New operating leases of $6 million and $8 million were added during the three months ended March 31, 2026 and 2025, respectively. Wabtec does not have material financing leases, short-term or variable leases or sublease income.

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases
Remaining 2026	$	59
2027	68
2028	58
2029	50
2030	43
Thereafter	155
Total lease payments	433
Less: Present value discount	(54)
Present value of lease liabilities	$	379

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	7.7		7.9
Weighted-average discount rate	3.6	%	3.6	%

GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

The change in the carrying amount of goodwill by segment is as follows:


In millions	Freight Segment		Transit Segment		Total
Balance at December 31, 2025	$	8,567	$	1,649	$	10,216
Additions/adjustments	6		475		481
Foreign currency impact	(12)		(60)		(72)
Balance at March 31, 2026	$	8,561	$	2,064	$	10,625

As of March 31, 2026 and December 31, 2025, the Company’s trade names had a net carrying amount of $906 million and $851 million, respectively. The Company believes these intangibles have indefinite lives.

Intangible assets of the Company, other than goodwill and trade names, consist of the following:


	March 31, 2026						December 31, 2025
In millions	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Backlog	$	1,366	$	(639)	$	727	$	1,311	$	(613)	$	698
Customer relationships	2,278		(570)		1,708		2,000		(550)		1,450
Acquired technology	1,669		(771)		898		1,570		(731)		839
Total	$	5,313	$	(1,980)	$	3,333	$	4,881	$	(1,894)	$	2,987

At March 31, 2026, the weighted average remaining useful lives of backlog, customer relationships and acquired technology were 7 years, 17 years and 7 years, respectively. The backlog intangible asset primarily consists of in-place long-term agreements acquired by the Company in conjunction with the acquisition of GE Transportation and Dellner Couplers. Amortization expense for intangible assets was $87 million for the three months ended March 31, 2026, and $73 million for the three months ended March 31, 2025.

Amortization expense for the five succeeding years is estimated to be as follows:


In millions
Remainder of 2026	$	270
2027	$	356
2028	$	354
2029	$	352
2030	$	339

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The Company is subject to a variety of environmental laws and regulations governing discharges to air and water, the handling, storage and disposal of hazardous or solid waste materials and the remediation of contamination associated with releases of hazardous substances. The Company believes its operations currently comply in all material respects with all of the various environmental laws and regulations applicable to our business; however, there can be no assurance that environmental requirements will not change in the future or that we will not incur significant costs to comply with such requirements. Claims have been filed against the Company and certain of its affiliates in various jurisdictions across the United States by persons alleging bodily injury as a result of exposure to asbestos-containing products. The vast majority of the claims are submitted to insurance carriers for defense and indemnity, or to non-affiliated companies that retain the liabilities for the asbestos-containing products at issue. We cannot, however, assure that all of these claims will be fully covered by insurance, or that the indemnitors or insurers will remain financially viable. Our ultimate legal and financial liability with respect to these claims, as is the case with other pending litigation, cannot be estimated. A limited number of claims are not covered by insurance, nor are they subject to indemnity from non-affiliated parties. Management believes that the costs of the Company’s asbestos-related cases will not be material to the Company’s overall financial position, results of operations and cash flows. During the third quarter of 2023, a competitor of the Company, Progress Rail (“Progress”), which is a Caterpillar Inc. company, sued the Company in the U.S. District Court for the District of Delaware asserting antitrust, breach of contract, unfair competition law, defamation and false advertising claims. The complaint challenged the Wabtec-GE Transportation merger and contended that since the merger, Wabtec had unlawfully monopolized the markets for long-haul freight locomotives, Tier IV long-haul freight locomotives and energy management systems by, among other things, failing to ensure that Progress’ products are interoperable with Wabtec’s locomotives and cab electronics. Progress sought an order requiring Wabtec to divest GE Transportation, unspecified treble damages for its alleged lost profits from reduced sales of locomotive and cab systems and attorneys’ fees and costs. It also asked the court to enjoin Wabtec from engaging in the conduct and requiring the Company to comply with its agreements with Progress. On June 12, 2025, in response to a motion filed by Wabtec, the Court dismissed the antitrust claims against Wabtec saying that no harmful effects on competition resulting from the merger had been shown. Progress Rail subsequently filed an amended Complaint seeking to revive its antitrust claims. Wabtec filed another motion to dismiss the antitrust claims. In February 2026, the Company and Progress Rail agreed to settle all of Progress Rail’s claims without admission of liability by the Company, and the settlement did not have any impact on the Company’s operating results or cash flows. From time to time the Company is involved in litigation relating to claims arising out of its operations in the ordinary course of business. As of the date hereof, the Company is involved in no litigation that the Company believes will have a material adverse effect on its financial condition, results of operations or liquidity.

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	22.70%	23.20%

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Financial Information

Segment financial information for the three months ended March 31, 2026 is as follows:


In millions	Freight Segment			Transit Segment			Corporate Activities and Elimination		Total
Sales to external customers	$	2,115		$	835		$	—	$	2,950
Cost of sales	(1,327)			(562)			—		(1,889)
Gross profit	$	788		$	273		$	—	$	1,061
Gross margin	37.3		%	32.7		%
Selling, general & administrative expenses	$	(219)		$	(128)		$	(54)	$	(401)
Engineering expenses	(43)			(13)			—		(56)
Amortization expense	(76)			(11)			—		(87)
Income (loss) from operations	450			121			(54)		517
Interest expense and other, net	—			—			(48)		(48)
Income (loss) before income taxes	$	450		$	121		$	(102)	$	469
Intersegment sales/(elimination)	$	14		$	10		$	(24)	$	—
Depreciation and amortization	$	112		$	24		$	3	$	139
Capital expenditures	$	27		$	18		$	1	$	46
Segment assets	$	16,002		$	5,671		$	1,523	$	23,196

Segment financial information for the three months ended March 31, 2025 is as follows:


In millions	Freight Segment			Transit Segment			Corporate Activities and Elimination		Total
Sales to external customers	$	1,901		$	709		$	—	$	2,610
Cost of sales	(1,216)			(494)			—		(1,710)
Gross profit	$	685		$	215		$	—	$	900
Gross margin	36.0		%	30.3		%
Selling, general & administrative expenses	$	(164)		$	(107)		$	(36)	$	(307)
Engineering expenses	(36)			(10)			—		(46)
Amortization expense	(65)			(8)			—		(73)
Income (loss) from operations	420			90			(36)		474
Interest expense and other, net	—			—			(48)		(48)
Income (loss) before income taxes	$	420		$	90		$	(84)	$	426
Intersegment sales/(elimination)	$	11		$	9		$	(20)	$	—
Depreciation and amortization	$	97		$	20		$	3	$	120
Capital expenditures	$	31		$	10		$	3	$	44
Segment assets	$	13,224		$	4,145		$	1,727	$	19,096

Schedule of Sales by Product

Sales to external customers by product line are as follows:


	Three Months Ended March 31,
In millions	2026		2025
Freight Segment:
Services	$	714	$	863
Equipment	726		476
Components	357		381
Digital Intelligence	318		181
Total Freight Segment	$	2,115	$	1,901

Transit Segment:
Original Equipment Manufacturer	$	381	$	322
Aftermarket	454		387
Total Transit Segment	$	835	$	709

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:


	Effective Interest Rate		Face Value		March 31, 2026				December 31, 2025
In millions					Book Value		Fair Value1		Book Value		Fair Value1
2025 Credit Agreement:
Revolving Credit Facility	4.2	%	N/A		$	427	$	427	$	—	$	—
Term Loan Facility, due 2030	5.1	%	$	725	721		725		721		725
2025 Term Credit Agreement:
Term Loan, due 2026	4.8	%	$	500	500		500		500		500
Senior Notes:
3.45% Senior Notes, due 2026	3.5	%	$	750	750		746		750		746
1.25% Senior Notes (EUR), due 2027	1.5	%	€	500	574		556		583		575
4.70% Senior Notes, due 2028	4.8	%	$	1,250	1,247		1,251		1,247		1,266
4.90% Senior Notes, due 2030	5.1	%	$	500	496		503		496		512
5.611% Senior Notes, due 2034	5.7	%	$	500	496		512		496		526
5.50% Senior Notes, due 2035	5.6	%	$	750	743		760		743		783
Uncommitted Money Market Line Credit Agreement	4.1	%	N/A		51		51		—		—
Revolving Receivables Program	4.8	%	N/A		445		445		—		—
Other Borrowings					88		88		5		5
Total					6,538		6,564		5,541		5,638
Less: current portion					(1,830)		(1,826)		(1,250)		(1,246)
Long-term portion					$	4,708	$	4,738	$	4,291	$	4,392

1. See Note 13 for information on the fair value measurement of the Company's long-term debt.

Schedule of Line of Credit Facilities

The following table presents availability under the 2025 Credit Agreement at March 31, 2026:


In millions	Revolving Credit Facility		Term Loan Facility		Total
Maximum Availability	$	2,000	$	725	$	2,725
Outstanding Borrowings	(427)		(725)		(1,152)
Letters of Credit Under Credit Agreement	—		—		—
Current Availability	$	1,573	$	—	$	1,573

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

STOCK-BASED COMPENSATION - Schedule of Restricted Stock Activity and Incentive Stock Awards Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Weighted Average Grant Date Fair Value
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 147.49
Granted (in dollars per share) \| $ / shares	253.99
Vested (in dollars per share) \| $ / shares	119.21
Adjustment for incentive stock awards expected to vest (in dollars per shares) \| $ / shares	152.21
Canceled (in dollars per share) \| $ / shares	151.17
Outstanding, end of period (in dollars per share) \| $ / shares	$ 188.89
Restricted Stock and Units
Number of Shares
Outstanding, beginning of period (in shares)	592,576
Granted (in shares)	171,314
Vested (in shares)	(246,376)
Adjustment for incentive stock awards expected to vest (in shares)	0
Canceled (in shares)	(1,854)
Outstanding, end of period (in shares)	515,660
Incentive Stock Units
Number of Shares
Outstanding, beginning of period (in shares)	872,053
Granted (in shares)	209,179
Vested (in shares)	(348,127)
Adjustment for incentive stock awards expected to vest (in shares)	50,959
Canceled (in shares)	0
Outstanding, end of period (in shares)	784,064

ACQUISITIONS

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

ACQUISITIONS

On February 10, 2026, Wabtec acquired Dellner Couplers, a global leader in highly engineered safety-critical train connection systems and services for passenger rail rolling stock, for approximately $1.053 billion. The acquisition brings highly attractive and complementary technologies to Wabtec and strengthens its portfolio of mission-critical passenger rail systems. Dellner Couplers reports within the Transit Segment. The acquisition was funded with a combination of cash on hand and borrowings under other sources of available liquidity.

The following table summarizes the preliminary fair value of the Dellner Couplers assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	17
Accounts receivable	58
Unbilled accounts receivable	3
Inventory	77
Other current assets	33
Property, plant and equipment	53
Goodwill	475
Other intangible assets	531
Other noncurrent assets	9
Total assets acquired	1,256
Liabilities assumed
Current liabilities	76
Noncurrent liabilities	127
Total liabilities assumed	203
Net assets acquired	$	1,053

On December 1, 2025, Wabtec acquired Frauscher Sensor Technology Group GmbH ("Frauscher"), a global market leader in train detection, wayside object control solutions and axle counting systems for approximately $792 million. The acquisition strengthens the Company’s product portfolio by adding highly attractive and complementary railway signaling technologies. Frauscher reports within the Digital Intelligence product line of the Freight Segment. The acquisition was funded with a combination of cash on hand, proceeds from the 2025 Term Credit Agreement and borrowings under other sources of available liquidity.

The following table summarizes the preliminary fair value of the Frauscher assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	27
Accounts receivable	48
Inventory	49
Other current assets	6
Property, plant and equipment	14
Goodwill	372
Other intangible assets	405
Other noncurrent assets	24
Total assets acquired	945
Liabilities assumed
Current liabilities	35
Noncurrent liabilities	118
Total liabilities assumed	153
Net assets acquired	$	792

On July 1, 2025, Wabtec acquired 100% ownership in Evident’s Inspection Technologies division ("Inspection Technologies") for approximately $1.797 billion. Inspection Technologies was formerly part of the Scientific Solutions Division of Olympus Corporation, a global leader in Non-Destructive Testing, Remote Visual Inspection and Analytical Instruments solutions for mission critical assets. Inspection Technologies’ leading industry presence and innovative product portfolio is expected to significantly expand Wabtec's capabilities, adding advanced automated inspection capabilities, driving technology in a space where data acquisition, analytics and automation are critical. Inspection Technologies reports within the Digital Intelligence product line of the Freight Segment. The acquisition was funded with a combination of cash on hand, proceeds from the 2035 Notes, and borrowings under other sources of available liquidity.

The following table summarizes the preliminary fair value of the Inspection Technologies assets acquired and liabilities assumed:


In millions
Assets acquired
Cash and cash equivalents	$	42
Accounts receivable	86
Inventory	144
Other current assets	7
Property, plant and equipment	59
Goodwill	938
Customer relationships	411
Trade names	142
Acquired technology	170
Other noncurrent assets	37
Total assets acquired	2,036
Liabilities assumed
Current liabilities	68
Noncurrent liabilities	171
Total liabilities assumed	239
Net assets acquired	$	1,797

As of March 31, 2026, the measurement period remains open for these acquisitions, and the Company has not finalized the respective purchase accounting. The fair values of the assets acquired and liabilities assumed were determined using the income, cost and market approaches. Discounted cash flow models were used to estimate the fair values of acquired intangible assets. The fair value measurements were primarily based on significant inputs that are not observable in the market and are considered Level 3 in the fair value hierarchy.

Intangible assets acquired for each of these acquisitions include customer relationships and acquired technology that are subject to amortization, and trade names that were assigned an indefinite life and are not subject to amortization. Additionally, the Dellner Couplers acquired intangible assets include backlog which is subject to amortization. Contingent liabilities assumed as part of each transaction were not material. These estimates are preliminary in nature and subject to adjustments, which could be material as the Company has not completed its valuation of acquired assets and liabilities. Certain information necessary to complete the valuations of assets acquired and liabilities assumed and final income tax computations is not yet available. Any necessary adjustments will be finalized within one year from the date of each respective acquisition, once the Company has received the necessary information.

Goodwill was calculated as the difference between the acquisition date fair value of the consideration transferred and the fair value of the net assets acquired, and represents the assembled workforce and the future economic benefits, including synergies, that are expected to be achieved as a result of the acquisition. The purchased goodwill is not expected to be deductible for tax purposes for Dellner Couplers or Frauscher, and approximately half of the purchased goodwill is expected to be deductible for tax purposes for Inspection Technologies. The pro forma impact on Wabtec’s sales and results of operations, including the pro forma effect of events that are directly attributable to these acquisitions, was not significant.

Also during 2025, the Freight Segment completed two additional acquisitions which were individually and collectively immaterial.

Transaction costs related to the completed acquisitions for the three months ended March 31, 2026 and 2025 were approximately $13 million and $10 million, respectively, and are included in Selling, general, and administrative expenses.

- Definition

The entire disclosure for business combination.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling Interest
Beginning balance (in shares) at Dec. 31, 2024		226.9
Balance at beginning of year at Dec. 31, 2024	$ 10,133	$ 2	$ 8,023	$ (3,273)	$ 6,185	$ (846)	$ 42
Beginning balance (in shares) at Dec. 31, 2024				(55.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	(43)				(43)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(34)		(31)	$ (3)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.3
Stock based compensation	17		17
Net income	327				322		5
Other comprehensive income, net of tax	113					113
Distribution to noncontrolling interest	(1)						(1)
Stock repurchase (in shares)				(0.5)
Stock repurchase	(98)			$ (98)
Treasury stock retirement (in shares)		(55.0)		(55.0)
Treasury stock retirement	0	$ (1)		$ 3,305	(3,304)
Ending balance (in shares) at Mar. 31, 2025		171.9
Balance at end of period at Mar. 31, 2025	$ 10,414	$ 1	8,009	$ (69)	3,160	(733)	46
Ending balance (in shares) at Mar. 31, 2025				(0.8)
Beginning balance (in shares) at Dec. 31, 2025	171.9	171.9
Balance at beginning of year at Dec. 31, 2025	$ 11,190	$ 1	8,069	$ (190)	3,878	(616)	48
Beginning balance (in shares) at Dec. 31, 2025	(1.3)			(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends	$ (53)				(53)
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax	(54)		(71)	$ 17
Proceeds from treasury stock issued from the exercise of stock options and other benefit plans, net of tax (in shares)				0.3
Stock based compensation	22		22
Net income	363				362		1
Other comprehensive income, net of tax	(73)					(73)
Stock repurchase (in shares)				(1.0)
Stock repurchase	(243)			$ (243)
Other	$ (1)						(1)
Ending balance (in shares) at Mar. 31, 2026	171.9	171.9
Balance at end of period at Mar. 31, 2026	$ 11,151	$ 1	$ 8,020	$ (416)	$ 4,187	$ (689)	$ 48
Ending balance (in shares) at Mar. 31, 2026	(2.0)			(2.0)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net income	$ 363	$ 327
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	139	120
Stock-based compensation expense	22	17
Below market intangible amortization	(10)	(10)
Changes in operating assets and liabilities, net of acquisitions and dispositions:
Accounts receivable and unbilled accounts receivable	(305)	(226)
Inventories	(28)	(29)
Accounts payable	20	13
Accrued income taxes	62	44
Current and noncurrent customer deposits	(64)	31
Other accrued liabilities	12	(13)
Other operating activities	(12)	(83)
Net cash provided by operating activities	199	191
Investing Activities
Acquisitions of businesses, net of cash acquired	(1,062)	0
Purchase of property, plant and equipment	(46)	(44)
Other investing activities	3	0
Net cash used for investing activities	(1,105)	(44)
Financing Activities
Proceeds from debt, net of issuance costs	1,682	196
Payments of debt	(670)	(192)
Repurchase of stock	(242)	(98)
Cash dividends	(53)	(43)
Payment of income tax withholding on share-based compensation	(53)	(34)
Other financing activities	(8)	(1)
Net cash provided by (used for) financing activities	656	(172)
Effect of changes in currency exchange rates	(8)	8
Decrease in cash	(258)	(17)
Cash, cash equivalents and restricted cash, beginning of period	789	715
Cash, cash equivalents and restricted cash, end of period	$ 531	$ 698

RESTRUCTURING - Schedule of Restructuring Charges (Details) - Integration 3.0 - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3	$ 7
Corporate Activities and Elimination
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(1)	0
Freight Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	1
Transit Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2	6
Cost of goods sold \| Freight Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	$ 1
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Product and Service Sold	Cost of Product and Service Sold
Cost of goods sold \| Transit Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	$ 2
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Product and Service Sold	Cost of Product and Service Sold
Selling, general and administrative expenses \| Freight Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	$ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense
Selling, general and administrative expenses \| Transit Segment \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1	$ 4
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Selling, General and Administrative Expense	Selling, General and Administrative Expense

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000.0	500,000,000.0
Common stock, shares issued (in shares)	171,900,000	171,900,000
Common stock, shares outstanding (in shares)	169,900,000	170,600,000
Treasury stock, shares (in shares)	2,000,000.0	1,300,000

ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Loss by Component, Net of Tax

The changes in Accumulated other comprehensive loss by component, including any tax impacts, for the three months ended March 31, 2026 and 2025 are as follows:


	Foreign currency translation				Derivative contracts				Pension and postretirement benefit plans				Total
In millions	2026		2025		2026		2025		2026		2025		2026		2025
Balance at beginning of year	$	(589)	$	(818)	$	21	$	17	$	(48)	$	(45)	$	(616)	$	(846)
Other comprehensive (loss) income before reclassifications	(74)		116		2		(2)		—		(1)		(72)		113
Amounts reclassified from Accumulated other comprehensive loss	—		—		(1)		—		—		—		(1)		—
Other comprehensive (loss) income, net of tax	(74)		116		1		(2)		—		(1)		(73)		113
Balance at end of period	$	(663)	$	(702)	$	22	$	15	$	(48)	$	(46)	$	(689)	$	(733)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The overall effective tax rate for the three months ended March 31, 2026 and 2025 was 22.7% and 23.2%, respectively. The year over year decrease in the effective rate for the three months ended March 31, 2026 was primarily driven by higher discrete equity compensation tax deductions.

- Definition

The entire disclosure for income tax.

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+ Details

ACCOUNTING POLICIES (Policies)	3 Months Ended
ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and Exchange Commission and include the accounts of Wabtec and its subsidiaries in which Wabtec has a controlling interest. These condensed consolidated interim financial statements do not include all of the information and footnotes required for complete financial statements. In Management’s opinion, these financial statements reflect all adjustments of a normal, recurring nature necessary for a fair presentation of the results for the interim periods presented. Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation. Results for these interim periods are not necessarily indicative of results to be expected for the full year, particularly in light of ongoing volatility in the macroeconomic environment caused by supply chain disruptions, labor availability, broad-based inflation, tariffs and trade negotiations, and the impacts from regional conflicts and war. These factors continue to impact our sales channels, supply chain, manufacturing operations, workforce, and other key aspects of our operations. We are unable to reasonably predict the full impact of these factors due to the high degree of uncertainty regarding their duration and severity, their potential impact on global economic activity, and the impact that current and new sanctions and tariffs may have on our business, global supply chain operations and our customers, suppliers, and end-markets.
Fiscal Period	The Company operates on a four-four-five week accounting quarter, and the quarters end on or about March 31, June 30, September 30, and December 31.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, Management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Revenue Recognition	Revenue Recognition A majority of the Company’s revenues are derived from performance obligations that are satisfied at a point in time when control passes to the customer. The remaining revenues are earned over time. Generally, for performance obligations satisfied at a point in time, control passes at the time of shipment in accordance with agreed upon delivery terms. The Company also has long-term customer agreements involving the design and production of highly engineered products that require revenue to be recognized over time because these products have no alternative use without significant economic loss, and the agreements contain an enforceable right to payment including a reasonable profit margin from the customer in the event of contract termination. Additionally, the Company has customer agreements involving the creation or enhancement of an asset that the customer controls which also require revenue to be recognized over time. Generally, the Company uses an input method for determining the amount of revenue, cost and gross margin to recognize over time for these customer agreements. The input methods used for these agreements include costs of material and labor, both of which give an accurate representation of the progress made toward complete satisfaction of a particular performance obligation. The Company may also use the output method which recognizes revenue based on direct measurements of the value transferred to the customer. Contract revenues and cost estimates are reviewed and revised periodically throughout the year and adjustments are reflected in the accounting period as such amounts are determined. Due to the nature of work required to be performed on the Company’s long-term projects, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Contract estimates related to long-term projects are based on various assumptions to project the outcome of future events that could span several years. These assumptions include cost of materials; labor availability and productivity; complexity of the work to be performed; and the performance of suppliers, customers and subcontractors that may be associated with the contract. We have a disciplined process where Management reviews the progress of long term-projects periodically throughout the year. As part of this process, Management reviews information including key contract matters, progress towards completion, identified risks and opportunities and any other information that could impact the Company’s estimates of revenue and costs. After completing this analysis, any adjustments to net sales, cost of goods sold, and the related impact to operating income are recognized as necessary in the period they become known. Generally, the Company’s revenue contains a single performance obligation for each distinct good or service; however, a single contract may have multiple performance obligations comprising multiple promises to customers. When there are multiple performance obligations, revenue is allocated based on the relative stand-alone selling price. Pricing is defined in our contracts on a line item basis and includes an estimate of variable consideration when required by the terms of the individual customer contract. Types of variable consideration the Company typically has include volume discounts, prompt payment discounts, price escalation clauses, liquidating damages, and performance bonuses. Sales returns and allowances are also estimated and recognized in the same period the related revenue is recognized, based upon the Company’s experience and future expectations. Remaining performance obligations represent the allocated transaction price of unsatisfied or partially unsatisfied performance obligations.
Revolving Receivables Program	Revolving Receivables Program The Company utilizes its Revolving Receivables Program to request borrowings from a financial institution against certain collateralized receivables for up to $450 million. The Company and certain of its subsidiaries (the "Originators") contribute receivables to our bankruptcy-remote subsidiary, which can then be collateralized on a recurring basis. As customers pay their balances, we transfer additional receivables into the program. Borrowings and repayments under the Revolving Receivables Program are classified as Financing activities on our Condensed Consolidated Statement of Cash Flows, with any outstanding collateralized balance at period end classified as debt on our Condensed Consolidated Balance Sheets. The bankruptcy remote subsidiary is a separate legal entity with its own creditors, and its assets are not available to pay creditors of the Company or any other affiliates of the Company. The receivables transferred to the program are fully guaranteed by our bankruptcy-remote subsidiary, which holds additional receivables that are pledged as collateral under this facility. The Company has agreed to guarantee the performance of the Originators' respective obligations under the revolving agreement. Neither the Company (except for the bankruptcy-remote consolidated subsidiary referenced above) nor the Originators guarantees the collectability of the receivables under the revolving agreements. Our maximum exposure to losses related to these receivables transferred to the program is limited to the amount outstanding.
Restricted Cash	Restricted Cash At March 31, 2026 and December 31, 2025, the Company classified cash of $10 million and $25 million, respectively, as restricted, primarily for cash held in escrow related to acquisitions.
Depreciation Expense	Depreciation Expense Depreciation of property, plant and equipment related to the manufacturing of products or services provided is included in Cost of goods or Cost of services. Depreciation of other property, plant and equipment that is not attributable to the manufacturing of products or services provided is included in Selling, general and administrative expenses or Engineering expenses to the extent the property, plant, and equipment is used for research and development purposes.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and other intangible assets with indefinite lives are not amortized. Other intangibles (with definite lives) are amortized on a straight-line basis over their estimated economic lives. Amortizable intangible assets are reviewed for impairment when indicators of impairment are present. The Company tests goodwill and indefinite-lived intangible assets for impairment at the reporting unit level at least annually. The Company performs its annual impairment test during the fourth quarter after the annual forecasting process is completed, and also tests for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The Company will perform either a qualitative or quantitative test for goodwill, performing a quantitative test for each identified reporting unit if the qualitative test indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount and at least every three years. Periodically, Management of the Company assesses whether or not an indicator of impairment is present that would necessitate an impairment analysis be performed. No impairment indicators were identified during the current quarter.
Accounting Standards Recently Issued & Adopted	Accounting Standards Recently Issued In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require entities to disclose disaggregated information about certain costs and expenses in commonly presented income statement expense captions. The amendments will require increased interim and annual footnote disclosures either prospectively or retrospectively for reporting periods presented in interim and annual company filings. The amendments in this update do not affect the recognition, measurement, or financial statement presentation of income statement expenses and will be effective for Wabtec's annual reporting periods beginning January 1, 2027 and interim reporting periods beginning January 1, 2028. The Company is assessing the extent of the impact of the amendments on its future filings.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Comprehensive income (loss) comprises both Net income and Other comprehensive income (loss) resulting from the change in equity from transactions and other events and circumstances from non-owner sources. All other amounts reclassified from Accumulated other comprehensive loss are recognized in "Other income (expense), net" with the tax impact recognized in "Income tax expense" on the Condensed Consolidated Statements of Income.
Treasury Stock	Treasury Stock During the first quarter of 2025, the Company retired 55 million shares of treasury stock. The retirement of treasury stock is recognized as a deduction from common stock for the shares' par value and any excess over par as a deduction from retained earnings.
Supply Chain Financing Program	Supply Chain Financing Program The Company has entered into supply chain financing arrangements with third-party financial institutions to provide our vendors with enhanced payment options while providing the Company with added working capital flexibility. The Company does not provide any guarantees under these arrangements, does not have an economic interest in our suppliers' voluntary participation, does not receive an economic benefit from the financial institutions, and no assets are pledged under the arrangements. The arrangements do not change the payable terms negotiated by the Company and our vendors, which range between net 30 and net 180 days, and do not result in a change in the classification of amounts due as Accounts payable in the Condensed Consolidated Balance Sheets.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net income attributable to Wabtec shareholders	$ 362	$ 322
Foreign currency translation (loss) gain	(74)	116
Unrealized gain (loss) on derivative contracts	1	(3)
0	0	(1)
Other comprehensive (loss) income before tax	(73)	112
Income tax benefit related to components of other comprehensive income	0	1
Other comprehensive (loss) income, net of tax	(73)	113
Comprehensive income attributable to Wabtec shareholders	$ 289	$ 435

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Maturity of Operating Lease Liabilities

Scheduled payments of lease liabilities are as follows:


In millions	Operating Leases
Remaining 2026	$	59
2027	68
2028	58
2029	50
2030	43
Thereafter	155
Total lease payments	433
Less: Present value discount	(54)
Present value of lease liabilities	$	379

Schedule of Lease Expense, Term and Discount Rate

The following table summarizes the remaining lease term and discount rate assumptions used to develop the present value of operating lease liabilities:


	March 31, 2026		December 31, 2025
Weighted-average remaining lease term (years)	7.7		7.9
Weighted-average discount rate	3.6	%	3.6	%

RESTRUCTURING - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Integration 3.0
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 3	$ 7
Integration 3.0 \| Employee Severance
Restructuring Cost and Reserve [Line Items]
Costs incurred to date	39
Portfolio Optimization
Restructuring Cost and Reserve [Line Items]
Costs incurred to date	101
Restructuring charges		$ 3
Integration 2.0
Restructuring Cost and Reserve [Line Items]
Total expected costs	170
Costs incurred to date	150
Minimum \| Integration 3.0
Restructuring Cost and Reserve [Line Items]
Total expected costs	80
Maximum \| Integration 3.0
Restructuring Cost and Reserve [Line Items]
Total expected costs	$ 100

LONG-TERM DEBT - Schedule of Long-term Debt (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Dec. 31, 2025 USD ($)	Nov. 28, 2025 USD ($)	May 29, 2025 USD ($)
Debt Instrument [Line Items]
Total	$ 6,538,000,000		$ 5,541,000,000
Less: current portion	(1,830,000,000)		(1,250,000,000)
Long-term portion	4,708,000,000		4,291,000,000
Fair Value
Debt Instrument [Line Items]
Total	6,564,000,000		5,638,000,000
Less: current portion	(1,826,000,000)		(1,246,000,000)
Long-term portion	4,738,000,000		4,392,000,000
Other Borrowings
Debt Instrument [Line Items]
Total	88,000,000		5,000,000
Other Borrowings \| Fair Value
Debt Instrument [Line Items]
Total	$ 88,000,000		5,000,000
3.45% Senior Notes, due 2026 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	3.45%	3.45%
Effective Interest Rate	3.50%	3.50%
Face Value	$ 750,000,000
Total	750,000,000		750,000,000
3.45% Senior Notes, due 2026 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 746,000,000		746,000,000
1.25% Senior Notes (EUR), due 2027 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	1.25%	1.25%
Effective Interest Rate	1.50%	1.50%
Face Value \| €		€ 500,000,000
Total	$ 574,000,000		583,000,000
1.25% Senior Notes (EUR), due 2027 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 556,000,000		575,000,000
4.70% Senior Notes, due 2028 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.70%	4.70%
Effective Interest Rate	4.80%	4.80%
Face Value	$ 1,250,000,000
Total	1,247,000,000		1,247,000,000
4.70% Senior Notes, due 2028 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 1,251,000,000		1,266,000,000
4.90% Senior Notes, due 2030 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	4.90%	4.90%			4.90%
Effective Interest Rate	5.10%	5.10%
Face Value	$ 500,000,000				$ 500,000,000
Total	496,000,000		496,000,000
4.90% Senior Notes, due 2030 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 503,000,000		512,000,000
5.611% Senior Notes, due 2034 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.611%	5.611%
Effective Interest Rate	5.70%	5.70%
Face Value	$ 500,000,000
Total	496,000,000		496,000,000
5.611% Senior Notes, due 2034 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 512,000,000		526,000,000
5.50% Senior Notes, due 2035 \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)	5.50%	5.50%			5.50%
Effective Interest Rate	5.60%	5.60%
Face Value	$ 750,000,000				$ 750,000,000
Total	743,000,000		743,000,000
5.50% Senior Notes, due 2035 \| Senior Notes \| Fair Value
Debt Instrument [Line Items]
Total	$ 760,000,000		783,000,000
Uncommitted Money Market Line Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	4.10%	4.10%
Total	$ 51,000,000		0
Uncommitted Money Market Line Credit Agreement \| Line of Credit \| Fair Value
Debt Instrument [Line Items]
Total	$ 51,000,000		0
Revolving Credit Facility \| 2025 Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	4.20%	4.20%
Total	$ 427,000,000		0
Revolving Credit Facility \| 2025 Credit Agreement: \| Line of Credit \| Fair Value
Debt Instrument [Line Items]
Total	$ 427,000,000		0
Revolving Credit Facility \| Revolving Receivables Program
Debt Instrument [Line Items]
Effective Interest Rate	4.80%	4.80%
Total	$ 445,000,000		0
Revolving Credit Facility \| Revolving Receivables Program \| Fair Value
Debt Instrument [Line Items]
Total	$ 445,000,000		0
Term Loan Facility \| 2025 Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	5.10%	5.10%
Face Value	$ 725,000,000
Total	721,000,000		721,000,000
Term Loan Facility \| 2025 Credit Agreement: \| Line of Credit \| Fair Value
Debt Instrument [Line Items]
Total	$ 725,000,000		725,000,000
Term Loan Facility \| 2025 Term Credit Agreement: \| Line of Credit
Debt Instrument [Line Items]
Effective Interest Rate	4.80%	4.80%
Face Value	$ 500,000,000			$ 500,000,000
Total	500,000,000		500,000,000
Term Loan Facility \| 2025 Term Credit Agreement: \| Line of Credit \| Fair Value
Debt Instrument [Line Items]
Total	$ 500,000,000		$ 500,000,000

SEGMENT INFORMATION - Schedule of Sales by Product (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total sales	$ 2,950	$ 2,610
Freight Segment
Segment Reporting Information [Line Items]
Total sales	2,115	1,901
Transit Segment
Segment Reporting Information [Line Items]
Total sales	835	709
Services
Segment Reporting Information [Line Items]
Total sales	419	453
Services \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	714	863
Equipment \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	726	476
Components \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	357	381
Digital Intelligence \| Freight Segment
Segment Reporting Information [Line Items]
Total sales	318	181
Original Equipment Manufacturer \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	381	322
Aftermarket \| Transit Segment
Segment Reporting Information [Line Items]
Total sales	$ 454	$ 387

FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	3 Months Ended
FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	Mar. 31, 2026
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS	FAIR VALUE MEASUREMENT AND DERIVATIVE INSTRUMENTS ASC 820 “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value and explains the related disclosure requirements. ASC 820 indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability and defines fair value based upon an exit price model. Valuation Hierarchy. ASC 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the Company’s assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The Company’s cash, cash equivalents and restricted cash are highly liquid investments purchased with an original maturity of three months or less and are considered Level 1 on the fair value valuation hierarchy. The fair value of cash, cash equivalents and restricted cash approximated the carrying value at March 31, 2026 and December 31, 2025. The Senior Notes are considered Level 2 based on the fair value valuation hierarchy. Hedging Activities In the normal course of business, the Company is exposed to market risk related to interest rates, commodity prices and foreign currency exchange rate fluctuations, which may adversely affect our operating results and financial position. At times, we limit these risks through the use of derivatives such as cross-currency swaps, foreign currency forward contracts, interest rate swaps, commodity swaps and options. These hedging contracts are valued using broker quotations, or market transactions in either the listed or over-the-counter markets. As such, these derivative instruments are classified within Level 2. In accordance with our policy, derivatives are only used for hedging purposes. We do not use derivatives for trading or speculative purposes. The Company uses forward contracts to hedge forecasted foreign currency denominated sales of finished goods and future settlement of foreign currency denominated assets and liabilities. The Company may use interest rate hedge contracts on certain investing and borrowing transactions to manage its net exposure to interest rate changes and to manage its overall cost of borrowing. The Company may also use commodity forward swaps to manage its exposure to commodity price changes and to reduce its overall cost of manufacturing. The Company has also established balance sheet risk management and net investment hedging programs to protect its balance sheet against foreign currency exchange rate volatility. We conduct our business worldwide in U.S. dollars and the functional currencies of our foreign subsidiaries, including euro, Indian rupee, British pound sterling, Australian dollars, Canadian dollars, Brazilian real, Kazakhstani tenge, and several other foreign currencies. Changes in these foreign currency exchange rates could have a material adverse impact on our financial results that are reported in U.S. dollars. We are also exposed to foreign currency exchange rate risk related to our foreign subsidiaries, including intercompany loans denominated in non-functional currencies. We hedge these exposures using foreign currency swap contracts and cross-currency swaps to offset the potential income statement effects on intercompany loans denominated in non-functional currencies. These programs reduce but do not eliminate foreign currency exchange rate risk entirely. Net gains and losses related to the Company's hedging activities, except as described below, were not material for the three months ended March 31, 2026 and 2025. During 2025, in connection with the acquisitions of Frauscher and Dellner Couplers, the Company entered into foreign exchange contracts for a notional value of €1,290 million to mitigate foreign currency exposure of the purchase prices. As part of the acquisition of Frauscher in the fourth quarter of 2025, the Company utilized foreign exchange forward contracts with a notional value of €690 million. As part of the acquisition of Dellner Couplers in the first quarter of 2026, the Company utilized foreign exchange forward contracts with a notional value of €600 million. The contracts are not designated as accounting hedges under Topic 815 of ASC, and as such, the gains and losses are recorded as a component of Other income (expense), net. For the three months ended March 31, 2026, these contracts resulted in a net gain of $2 million. At March 31, 2026, the Company had a total gross notional amount of designated and non-designated derivatives of $478 million and $496 million, respectively. At December 31, 2025, the Company had a total gross notional amount of designated and non-designated derivatives of $467 million and $1.355 billion, respectively. The related assets and liabilities at both March 31, 2026 and December 31, 2025 were not significant.