For the quarter ending 2026-03-31, WAB had -$258M decrease in cash & cash equivalents over the period. $153M in free cash flow.
| Cash Flow | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 |
|---|---|---|---|---|
| Net income | 363 | 204 | 313 | 339 |
| Depreciation and amortization | 139 | 136 | 128 | 117 |
| Stock-based compensation expense | 22 | 22 | 22 | 19 |
| Net loss on business disposition | - | -38 | - | - |
| Net gain on mark-to-market derivatives | - | -11 | -2 | 32 |
| Below market intangible amortization | 10 | 8 | 14 | 12 |
| Deferred income taxes | - | 11 | - | - |
| Net loss on disposal of property, plant and equipment | - | 0 | -2 | 0 |
| Accounts receivable and unbilled accounts receivable | 305 | -332 | 125 | 17 |
| Inventories | 28 | -46 | 48 | 151 |
| Accounts payable | 20 | -42 | 2 | 61 |
| Accrued income taxes | 62 | -61 | 68 | -45 |
| Current and noncurrent customer deposits | -64 | 145 | -13 | -17 |
| Other accrued liabilities | 12 | 60 | 84 | -95 |
| Other operating activities | 12 | -98 | 54 | -42 |
| Net cash provided by operating activities | 199 | 992 | 367 | 209 |
| Acquisitions of businesses, net of cash acquired | 1,062 | 765 | 1,734 | 21 |
| Purchase of property, plant and equipment | 46 | 122 | 55 | 39 |
| Proceeds from dispositions of businesses, net of cash disposed | - | 8 | - | - |
| Proceeds from dispositions of businesses | - | - | 3 | - |
| Settlement of foreign currency derivatives related to acquisition | - | 20 | - | - |
| Proceeds from disposal of property, plant and equipment | - | 2 | -3 | 6 |
| Other investing activities | -3 | - | - | - |
| Net cash used for investing activities | -1,105 | -860 | -1,789 | -54 |
| Proceeds from debt, net of issuance costs | 1,682 | 851 | 1,668 | 1,993 |
| Payments of debt | 670 | 602 | 1,168 | 1,262 |
| Repurchase of stock | 242 | 75 | 0 | 50 |
| Cash dividends | 53 | 43 | 43 | 44 |
| Payment of contingent consideration | - | 0 | 0 | - |
| Payment of income tax withholding on share-based compensation | 53 | 1 | 0 | 5 |
| Distribution to noncontrolling interest | - | 0 | 6 | - |
| Other financing activities | -8 | -6 | 2 | -6 |
| Net cash provided by (used for) financing activities | 656 | 124 | 453 | 626 |
| Effect of changes in currency exchange rates on cash | - | 31 | - | - |
| Effect of changes in currency exchange rates | -26 | - | -2 | 20 |
| Decrease in cash | -258 | 261 | -971 | 801 |
| Cash, cash equivalents and restricted cash, beginning of period | 789 | 528 | 1,499 | 698 |
| Cash, cash equivalents and restricted cash, end of period | 531 | 789 | 528 | 1,499 |
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP (WAB)