Westinghouse Air Brake Technologies Corp (WAB) · Oct 21, 2026 · Earnings

Wabtec earnings beat and guidance rises, but sales miss estimates

Beat — Adjusted EPS $2.83 vs ~$2.73 consensus

Wabtec’s Q3 earnings beat on adjusted EPS and margins, while revenue fell short of estimates. Full-year EPS guidance was raised.

Wabtec is a rail-industrial supplier using acquisitions, digital products, aftermarket services, and cost programs to grow beyond cyclical locomotive deliveries; its current story is strong backlog conversion and margin expansion, with Frauscher strengthening digital freight offerings and Dellner expanding transit. That backdrop was already established after management raised 2026 guidance in July.

Metric	Q3 2026	Q3 2025 / prior guidance	Read
Revenue	$3.12B	$2.89B; ~$3.20B consensus	Up 8.1% year over year, but below expectations
Adjusted diluted EPS	$2.83	$2.32; ~$2.73 consensus	Beat by about $0.10
Adjusted operating margin	22.9%	21.0%	Expanded 1.9 points
Operating cash flow	$455M	$367M	Increased $88M
Total backlog	$31.44B	$25.58B	Increased 22.9%
2026 adjusted EPS guidance	$10.85–$11.05	$10.60–$10.90 prior range	Raised and tightened

The earnings beat came from profitability, not top-line acceleration. Adjusted EPS reached $2.83 versus a published consensus near $2.73, while adjusted operating margin rose to 22.9% from 21.0%. 〔0〕 The margin improvement reflects better mix, pricing and productivity, including ongoing Integration 3.0 savings, although tariffs and raw-material costs were still a drag. This is the most important change to the business story: Wabtec is converting moderate sales growth into faster earnings growth.

Revenue was the main miss against expectations. Sales grew 8.1% to $3.12 billion, below the roughly $3.20 billion consensus. The composition was uneven: Freight rose 6.9%, with digital sales up 24.2% but equipment nearly flat as lower locomotive deliveries offset mining strength; Transit grew 11.3%, helped by Dellner and higher original-equipment and aftermarket sales. 〔1〕〔2〕

The raised EPS outlook is the filing’s clearest incremental positive. Wabtec lifted 2026 adjusted EPS guidance to $10.85–$11.05 from $10.60–$10.90, a $0.20 increase at the midpoint, while leaving revenue guidance at $12.30–$12.60 billion. 〔3〕 In plain English, management now expects more profit from the same sales envelope, relying on productivity, absorption, Integration 3.0, portfolio optimization, and continued margin expansion. The unchanged revenue range also says the upgrade is primarily an execution and profitability story rather than a demand reacceleration.

Backlog supports the higher earnings confidence, but cash conversion remains uneven. Total backlog reached $31.44 billion, up 22.9% year over year, while 12-month backlog was $8.99 billion, up 8.8%. 〔4〕 Quarterly operating cash flow rose to $455 million, but year-to-date cash conversion was 69%, below the company’s longer-term goal of averaging above 90%; the filing gives no indication that this is derailing the outlook, but it remains a less polished part of the quarter.

Bottom line: This was a profitability beat with a modest revenue miss, made more meaningful by a higher full-year EPS target. It advances Wabtec’s margin-expansion and backlog-conversion story, but not its near-term sales-growth story by as much as expectations had assumed.

What to watch next

Q4 earnings report, early February 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

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Wabtec earnings beat and guidance rises, but sales miss estimates

What to watch next

More Westinghouse Air Brake Technologies Corp news

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