For the year ending 2025-12-31, WAB had $74M increase in cash & cash equivalents over the period. $1,499M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 1,183 | 1,067 | 825 | 641 |
| Depreciation and amortization | 501 | 503 | 531 | 479 |
| Stock-based compensation expense | 80 | 66 | 47 | 41 |
| Net loss on business disposition | -38 | - | - | - |
| Net gain on mark-to-market derivatives | 19 | - | - | - |
| Below market intangible amortization | 44 | 44 | 54 | 53 |
| Deferred income taxes | 11 | 51 | -58 | 36 |
| Net loss on disposal of property, plant and equipment | -2 | -4 | -7 | -3 |
| Accounts receivable and unbilled accounts receivable | 36 | 34 | 195 | 52 |
| Inventories | 182 | 117 | 58 | 368 |
| Accounts payable | 34 | 70 | -58 | 306 |
| Accrued income taxes | 6 | 21 | 1 | 7 |
| Current and noncurrent customer deposits | 146 | 113 | - | - |
| Accrued liabilities and customer deposits | - | - | 126 | 108 |
| Other accrued liabilities | 36 | 124 | - | - |
| Other operating activities | -3 | -10 | -87 | 110 |
| Net cash provided by operating activities | 1,759 | 1,834 | 1,201 | 1,038 |
| Acquisitions of businesses, net of cash acquired | 2,520 | 168 | 308 | 89 |
| Purchase of property, plant and equipment | 260 | 207 | 186 | 149 |
| Proceeds from dispositions of businesses, net of cash disposed | 8 | 19 | - | - |
| Settlement of foreign currency derivatives related to acquisition | 20 | - | - | - |
| Proceeds from disposal of property, plant and equipment | 5 | 13 | 2 | 3 |
| Net cash used for investing activities | -2,747 | -343 | -492 | -235 |
| Proceeds from debt, net of issuance costs | 4,708 | 2,258 | 5,563 | 6,087 |
| Payments of debt | 3,224 | 2,322 | 5,521 | 6,117 |
| Repurchase of stock | 223 | 1,097 | 409 | 473 |
| Cash dividends | 173 | 140 | 123 | 111 |
| Payment of contingent consideration | 0 | 42 | 112 | 101 |
| Payment of income tax withholding on share-based compensation | 40 | 25 | 16 | - |
| Distribution to noncontrolling interest | 6 | 6 | 17 | - |
| Other financing activities | -11 | 3 | 2 | 7 |
| Net cash provided by (used for) financing activities | 1,031 | -1,371 | -633 | -708 |
| Effect of changes in currency exchange rates on cash | 31 | -25 | 3 | -27 |
| Increase in cash | 74 | 95 | 79 | 68 |
| Cash and cash equivalents at beginning of period | 715 | 620 | 541 | 473 |
| Cash and cash equivalents at end of period | 789 | 715 | 620 | 541 |
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)