Wabtec revenue rises 13% as freight and transit demand drives record $30.8B backlog

Wabtec (NYSE:WAB) delivered a robust start to 2026, reporting first-quarter sales of $2.95 billion, a 13% increase over the prior year.

The Pittsburgh-based rail technology leader saw balanced growth across its primary business units, with both the Freight and Transit segments contributing to the top-line momentum.

The results were further bolstered by a significant expansion in the company's total backlog, which now stands at a historic $30.80 billion.

For the quarter ended March 31, 2026, Wabtec reported GAAP earnings per diluted share of $2.12, an increase of 12.8% compared to the first quarter of 2025.

On an adjusted basis, earnings per diluted share rose 18.9% to $2.71.

The company’s profitability metrics also showed improvement, with a GAAP operating margin of 17.5% and an adjusted operating margin that expanded to 21.9%, reflecting strong operational execution and a favorable product mix.

The company’s 12-month backlog grew by 12.8%, highlighting sustained long-term demand for its fuel-efficient locomotives, digital solutions, and transit components.

Financially, Wabtec generated $199 million in cash from operations during the quarter.