Wabtec delivered a strong Q2 with revenue up 17.5% and adjusted EPS up 21.6%, raising full-year guidance. Management flagged accelerating flow business from higher rail volumes, successful cost-out initiatives (Integration 3.0), and a robust multi-year backlog of $30B. Tariff headwinds are moderating in H2 and the transit business benefited from the Dellner acquisition. Q2 revenue $3.18B (+17.5% YoY), adjusted EPS $2.76 (+21.6%), above expectations.
Buzzberg 분석Raised 2026 revenue guidanceWabtec delivered a strong Q2 with revenue up 17.5% and adjusted EPS up 21.6%, raising full-year guidance. Management flagged accelerating flow business from higher rail volumes, successful cost-out initiatives (Integration 3.0), and a robust multi-year backlog of $30B. Tariff headwinds are moderating in H2 and the transit business benefited from the Dellner acquisition. Q2 revenue $3.18B (+17.5% YoY), adjusted EPS $2.76 (+21.6%), above expectations.전체 분석 보기분석 접기
Wabtec delivered a strong Q2 with revenue up 17.5% and adjusted EPS up 21.6%, raising full-year guidance. Management flagged accelerating flow business from higher rail volumes, successful cost-out initiatives (Integration 3.0), and a robust multi-year backlog of $30B. Tariff headwinds are moderating in H2 and the transit business benefited from the Dellner acquisition. Q2 revenue $3.18B (+17.5% YoY), adjusted EPS $2.76 (+21.6%), above expectations.
Full-year 2026 revenue guidance raised to ~$12.5B (+11.5% YoY); adjusted EPS guidance raised to $10.60-$10.90 (up 20% at midpoint).
Flow business (non-backlog) accelerated due to North America rail volume growth (+4% carloads in Q2) and truck-to-rail modal shift.
Integration 3.0 productivity program delivering faster cost savings, a key driver of margin expansion.
Revenue$3.179B
+8% QoQ
EPS$2.76
+2% QoQ
Gross margin36.52%
reported
Op margin18.87%
reported
이번 분기에 달라진 점
01
Guidance
Raised 2026 revenue guidance
Guidance · revenue to $12.5B
02
Demand
Secured $1B order from Australia
Management expressed strong confidence, citing a strong first half, raised guidance, robust backlog growth, and successful execution despite tariff headwinds.
03
Demand
Multi-year backlog exceeds $30B, up 42%
Secured $1B order from Australia. Management expressed strong confidence, citing a strong first half, raised guidance, robust backlog growth, and successful execution despite tariff headwinds.
04
Margins
Adjusted EPS up 21.6%
Reported gross margin was 36.52%, reinforcing the quarter's better-than-guided profitability.
수요
수요
수주 및 전환
Secured $1B order from Australia. Management expressed strong confidence, citing a strong first half, raised guidance, robust backlog growth, and successful execution despite tariff headwinds.
톤 · confident
Management expressed strong confidence, citing a strong first half, raised guidance, robust backlog growth, and successful execution despite tariff headwinds.
공급망 알파
A1
Wabtec's flow business (non-backlog revenue tied to rail volumes) accelerated in Q2, driven by a 4% year-over-year increase in North America carloads and modal shift from truck to rail. This flow revenue carries higher margins and is expected to sustain into H2, contributing to the guidance raise.
“Where we've seen the growth is coming strictly from that... we've looked at that and held what we're seeing in the second quarter throughout the back half and that's delivering the $110 million of additional benefits.”
Wabtec's 'Integration 3.0' program is delivering faster-than-expected cost savings, adding to margin expansion. Management raised the savings expectation and said it is a key driver of the EPS guidance increase.
“And again, that is part of that increase in the EPS guidance of 30 cents.”
Vale is investing in PTC technology from Wabtec, indicating ongoing modernization and safety upgrades in its Brazilian rail operations, which could signal sustained demand for rail automation solutions.
“We also signed a $184 million order for positive train control with Vale, strengthening our long-standing partnership and marking an important step forward in advancing rail safety, efficiency, and automation across Brazil's rail network.”
… expansion and renewals. Now let's turn to slide six, and highlight several recent business wins. During the quarter, we secured a billion dollar order from an Australian customer spending across locomotives, services, components and digital solutions. This award highlights the breadth of WAPTX capabilities and demonstrates how our integrated offering are creating value throughout the product life cycle. We also signed a $184 million order for positive train control with Vale, strengthening our long-standing partnership and marking an important step forward in advancing rail safety, efficiency, and automation across Brazil's rail network. In transit, we were awarded a $55 million platform door order for the Grand Paris Express project. Moving to mining. Our APAC team secured a $52 million order to supply drive systems for 240-ton mining trucks. Overall, these successes continue to demonstrate our leadership in the markets we serve, the strength of our pipeline, and the commitment of the Wabtec team to deliver meaningful results for our customers and stakeholders. With that, I'll turn it over to John to review the quarter segment results and our overall financial performance. John?
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