...August 4, 2026 This report does not constitute a rating action. We expect total revenue growth of 11%-12% in 2026, moderating toward the mid-single-digit percents over the next 12-24 months. Westinghouse Air Brake Technologies Corp. (Wabtec) will get support from a $30.9 billion multiyear backlog-up 13% from Dec. 31, 2025. The 12-month backlog reached $9.1 billion, up 11% from fiscal year-end. Moreover, order momentum and integration of recently completed acquisitions also support revenue growth. Freight revenues account for approximately 70% of total sales. A recovery in North American carload traffic following several quarters of weakness will likely bolster organic growth in this segment. This recovery will likely increase the active locomotive fleet and drive demand for ancillary products and services. Furthermore, the dual pressures of an aging North American fleet and the emergence of more efficient technologies will likely stimulate demand for both new locomotives and modernization...
