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Wabtec (WAB) delivered strong Q1 2026 results with revenue up 13.0% YoY to $2.95B and net income rising 12.4% to $362M, though a sharp surge in SG&A expenses (+30.6%) and a significant increase in long-term debt (+63.2%) warrant close monitoring.
营业收入
$2.95B
同比 ++13.03%
每股收益（基本）
$2.12
同比 ++12.77%
毛利率
36.0%
同比 ++1.48%
营业利润
$517M
同比 ++9.07%
提交于 · 来源: SEC EDGAR 10-Q 原文
WAB Q1 FY2026 营收 $2.95B，同比增长 13.0%。 净利润 $362M，同比增长 12.4%，稀释每股收益 $2.12。 毛利率 36.0%。
Total revenue grew 13.0% YoY from $2.61B to $2.95B in Q1 2026, reflecting strong demand across Wabtec's freight and transit segments. This top-line expansion outpaced cost of revenue growth of 10.5%, contributing to gross profit improvement of 17.9% to $1.06B.
来源: Source: 10-Q Financial Data, Income Statement
Gross margin improved 148 basis points YoY to 35.97%, demonstrating better operational efficiency and pricing power. However, SG&A expenses surged 30.6% YoY to $401M, significantly outpacing revenue growth and compressing operating margin by approximately 64 basis points to 17.53%.
来源: Source: 10-Q Financial Data, Income Statement & Key Ratios
Total assets grew 21.5% YoY to $23.20B while total liabilities surged 38.7% to $12.05B, with long-term debt jumping 63.2% to $6.54B. This suggests Wabtec may have completed a significant acquisition or capital deployment activity during the quarter, materially increasing financial leverage.
来源: Source: 10-Q Financial Data, Balance Sheet
R&D expense increased 21.7% YoY to $56M, growing faster than revenue, indicating Wabtec is investing more aggressively in product innovation and technology development to sustain its competitive position in the rail and transit equipment market.
来源: Source: 10-Q Financial Data, Income Statement
Investing cash flow swung to -$1.11B from -$44M in the prior year period, a dramatic change of -2,411.4% YoY, while financing cash flow turned positive to $656M (from -$172M), consistent with debt-funded acquisition or major capital expenditure activity during Q1 2026.
来源: Source: 10-Q Financial Data, Cash Flow Statement
Long-term debt surged 63.2% YoY to $6.54B, pushing the debt-to-equity ratio to 1.08x. This elevated leverage increases Wabtec's sensitivity to interest rate changes and could constrain financial flexibility if operating conditions deteriorate. The financing activity in Q1 2026 appears to have been a primary driver of this increase.
来源: Source: 10-Q Financial Data, Balance Sheet & Key Ratios
The current ratio stands at just 1.02x, with current liabilities having surged 48.6% YoY to $5.84B against current assets of $5.97B. This razor-thin liquidity buffer leaves limited room to absorb unexpected short-term cash demands or operational disruptions. Any deterioration in working capital management could create near-term liquidity stress.
来源: Source: 10-Q Financial Data, Balance Sheet & Key Ratios
SG&A expenses grew 30.6% YoY to $401M, far exceeding the 13.0% revenue growth rate, which contributed to a 64 basis point compression in operating margin to 17.53%. If this cost trend persists without corresponding revenue acceleration, operating profitability could face further headwinds in subsequent quarters.
来源: Source: 10-Q Financial Data, Income Statement & Key Ratios
Operating cash flow of $199M significantly lags net income of $362M, suggesting meaningful non-cash earnings components or working capital consumption. With heavy investing outflows of -$1.11B and share buybacks of $242M, the company is deploying substantially more cash than it is generating from operations in the near term.
来源: Source: 10-Q Financial Data, Cash Flow Statement
The dramatic increase in total assets (+$4.10B YoY), long-term debt (+$2.53B), and investing cash outflows (-$1.11B) collectively suggest a significant acquisition may have been completed in Q1 2026. Integrating large acquisitions carries execution risk, potential goodwill impairment exposure, and could divert management attention from core operations.
来源: Source: 10-Q Financial Data, Balance Sheet & Cash Flow Statement
Q1 FY2026 实际 EPS $2.71，分析师一致预期 $2.53，超预期 +7.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $2.95B | $2.61B | +13.03% |
营业成本 | $1.89B | $1.71B | +10.47% |
毛利润 | $1.06B | $900M | +17.89% |
营业利润 | $517M | $474M | +9.07% |
净利润 | $362M | $322M | +12.42% |
每股收益（基本） | $2.12 | $1.88 | +12.77% |
每股收益（稀释） | $2.12 | $1.88 | +12.77% |
研发费用 | $56M | $46M | +21.74% |
销售及管理费用 | $401M | $307M | +30.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $23.2B | $19.1B | +21.47% |
流动资产 | $5.97B | $5.25B | +13.66% |
总负债 | $12.04B | $8.68B | +38.74% |
流动负债 | $5.83B | $3.93B | +48.59% |
股东权益 | $11.1B | $10.37B | +7.09% |
长期债务 | $6.54B | $4.01B | +63.16% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $199M | $191M | +4.19% |
投资活动现金流 | $-1.1B | $-44M | -2411.36% |
筹资活动现金流 | $656M | $-172M | +481.40% |
股票回购 | $242M | $98M | +146.94% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 36.0% | 34.5% | +1.48% |
营业利润率 | 17.5% | 18.2% | -0.64% |
净利率 | 12.3% | — | — |
净资产收益率 | 3.3% | — | — |
总资产收益率 | 1.6% | — | — |
流动比率 | $1.024 | — | — |
资产负债率 | $1.085 | — | — |
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.
WAB delivered strong FY2025 results with revenue growing 7.5% to $11.2B and net income rising 10.8% to $1.17B, driven by margin expansion, though a major acquisition significantly increased debt and investing outflows.
Construction Machinery & Heavy Transportation Equipment 行业其他公司
Wabtec delivered solid Q1 2026 results with revenue of $2.95B (+13.0% YoY), net income of $362M (+12.4% YoY), and diluted EPS of $2.12 (+12.8% YoY). Gross margin expanded to 35.97% from 34.48%, though operating margin dipped slightly to 17.53% due to a 30.6% surge in SG&A expenses.
The key takeaways from WAB's Q1 2026 report are strong top-line growth (+13%), gross margin expansion, and rising EPS, offset by a sharp increase in SG&A costs and a dramatic 63.2% jump in long-term debt to $6.54B. The investing cash outflow of -$1.11B (vs. -$44M a year ago) suggests a major acquisition or capital deployment occurred during the quarter.
Yes, Wabtec's long-term debt surged 63.2% YoY to $6.54B as of Q1 2026, up from $4.01B a year earlier, pushing the debt-to-equity ratio to 1.08x. This was accompanied by a large investing cash outflow of -$1.11B, consistent with significant acquisition or capital expenditure activity financed partly through new debt.
Wabtec's financial health shows a mixed picture: profitability is solid with net income of $362M and improving gross margins, but liquidity is tight with a current ratio of just 1.02x and leverage has increased significantly with debt-to-equity at 1.08x. Operating cash flow of $199M lags net income, and the company spent $242M on share buybacks while taking on substantial new debt.
Wabtec's SG&A expenses jumped 30.6% YoY to $401M in Q1 2026, far outpacing the 13.0% revenue growth rate, which compressed operating margin by approximately 64 basis points to 17.53%. The specific drivers of this increase are not detailed in the available financial data, but the magnitude suggests potential integration costs, increased headcount, or expenses related to a recent acquisition.