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February 20, 2026
From press releases and news reports
Reflecting the strength of the company’s business and its ability to execute in dynamic markets, Wabtec Corp. delivered a strong fourth quarter and full 2025 year results, president and CEO Rafael Santana said after earnings were announced earlier this month.
Wabtec reported fourth quarter 2025 GAAP earnings per diluted share of $1.18, down 4.1 percent versus the fourth quarter of 2024. Fourth quarter adjusted earnings per diluted share were $2.10, up 25 percent compared to the same quarter a year ago. Full year 2025 earnings per diluted share were $6.83, up 13.1 percent versus full year 2024 and last year’s adjusted earnings per diluted share climbed to $8.97, up 18.7 percent over 2024.
Fourth quarter sales were up 14.8 percent at $2.97 billion and cash from operations was $992 million.
The boost was fueled by the company’s Freight segment, which included the acquisitions of Inspection Technologies and Frauscher Sensor Technology, and Transit division.
Driven by higher locomotive deliveries, equipment sales jumped 33.5 percent over the same quarter a year ago.
“In the fourth quarter we achieved double-digit sales growth, expanded adjusted operating margins and grew adjusted EPS 25 percent, all while building a very strong backlog and generating robust operating cash flow,” Santana said.
Total 2025 sales were $11.17 billion and cash from operations was $1.76 billion. The company’s multi-year backlog reached another record at $27 billion, a 23 percent increase from the previous year.
“As we exit 2025, I am very encouraged by the underlying momentum of our business and our recent acquisitions, both of which we expect to drive significant value going forward,” Santana said.
The company’s 12-month and multi-year backlogs continue to provide strong visibility, he added. At the end of the year, the backlog was $5,135 million higher than the same time a year ago.
Orders are continuing to roll in this year.
Union Pacific and Wabtec signed a landmark agreement totaling $1.2 billion to modernize the railroad’s AC4400 locomotives in early February. This agreement represents the largest locomotive modernization investment in rail industry history and builds on UP’s previous 2022 order which is scheduled to be completed this year 2026.
A similar deal with CSX followed a few days later.
CSX signed a $670 million deal with Wabtec to upgrade its fleet with 100 new Evolution Series locomotives, 50 modernized locomotives and a suite of digital solutions and services.
UP said the upgraded fleet will help enhance the railroad’s operational efficiency, service reliability and network performance.
Wabtec’s modernization program will extend each locomotive’s useful life, improve fleet standardization and equip UP to take advantage of next‑generation control and diagnostics technologies. The upgraded locomotives are expected to deliver over 5 percent reduction in fuel consumption, a 14 percent increase in tractive effort and an 80 percent improvement in reliability.
“These redesigned locomotives will be just like new, providing the improved fuel efficiency and enhanced reliability that we need to grow with our customers and to win new business,” UP CEO Jim Vena said.
The new ES locomotives will support CSX’s fleet by improving fuel efficiency, tractive effort, and overall reliability. The locomotives are designed to reduce fuel consumption while maintaining performance for long-haul and heavy-duty operations.
In addition, CSX will modernize aging D9 locomotives by converting them from DC to AC traction. These upgrades will enable the use of advanced control and diagnostic technologies, with expected improvements in fuel efficiency, tractive effort and reliability.
The modernized locomotives will be equipped with Trip Optimizer with Smart Horsepower per Ton, an EPA-certified system intended to support fuel efficiency. Delivery of the new ES locomotives is expected to begin this year. Modernized locomotives will begin arriving at CSX in 2027.
