Machinery
WAB delivered strong Q2 FY2026 results with net sales up 17.5% YoY to $3.18B, gross margin expanding to 36.5%, and operating income growing 27.1% to $600M, driven by both organic growth (8.5%) and the Dellner Couplers acquisition, though higher debt from the $1.053B Dellner acquisition increased interest expense and leverage.
Key risk: Elevated Leverage from Debt-Funded Acquisitions
Long-term debt increased 37.4% YoY to $6.57B, and current liabilities rose 49.4% YoY to $5.39B, driven substantially by $1,049 million of net debt inflows used to fund the Dellner Couplers acquisition, pushing Debt-to-Equity to approximately 1.06x.
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