Wabtec started 2026 with first-quarter sales of $2.95 billion, up 13.0% from $2.61 billion a year earlier.
GAAP diluted earnings per share rose to $2.12 from $1.88, a 12.8% increase. Adjusted diluted EPS climbed to $2.71 from $2.28, up 18.9%.
Operating performance also improved on an adjusted basis. Adjusted operating margin was 21.9%, up 0.2 percentage points from 21.7%. GAAP operating margin, however, fell to 17.5% from 18.2%.
Gross margin widened in both measures. GAAP gross margin increased to 36.0% from 34.5%, while adjusted gross margin rose to 36.9% from 34.6%.
Cash from operations increased to $199 million from $191 million.
Backlog expanded sharply. 12-month backlog reached $9.247 billion, up 12.8% from $8.196 billion a year earlier. Total backlog climbed to $30.802 billion from $22.302 billion, a gain of 38.1%.
By segment, freight sales rose 11.3% to $2.115 billion from $1.901 billion. Freight GAAP operating margin slipped to 21.3% from 22.1%, while adjusted operating margin edged up to 26.0% from 25.7%.
Transit sales increased 17.8% to $835 million from $709 million. Transit GAAP operating margin improved to 14.5% from 12.7%, and adjusted operating margin rose to 16.6% from 14.6%.
Within freight, equipment sales jumped 52.5%, digital sales increased 75.7%, and services sales fell 17.3%. In transit, sales rose 11.0% on a constant-currency basis.
Wabtec ended the quarter with $0.53 billion of cash, cash equivalents and restricted cash, and total debt of $6.54 billion. Available liquidity was $2.09 billion.
During the quarter, the company repurchased $242 million of stock and paid $53 million in dividends.
Wabtec raised its 2026 adjusted EPS guidance to a range of $10.25 to $10.65, up $0.20 at the midpoint, or 16.5%. Revenue guidance remains $12.19 billion to $12.49 billion, which implies 10.5% growth at the midpoint. Following these announcements, the company's shares moved -1.12%, and are now trading at a price of $245.54. Check out the company's full 8-K submission here.
