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Here are 1-3 brief analogies for Westinghouse Air Brake Technologies (WAB):

• Rolls-Royce for the rail industry. (WAB provides critical, high-tech systems and components for locomotives and rail cars, similar to Rolls-Royce's role in aerospace.)
• Magna International for the rail industry. (WAB is a leading global supplier of a wide array of systems, products, and services for rail and industrial markets, akin to Magna's role as a diversified supplier to the automotive industry.)
• Honeywell for critical rail and industrial systems. (WAB offers a broad portfolio of essential technologies, components, and digital solutions for heavy transport and industrial applications, similar to Honeywell's diverse industrial and systems offerings.)

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• Freight and Transit Locomotives: Manufactures and refurbishes new and remanufactured locomotives for freight and passenger rail.
• Rail Components: Provides a wide range of critical components for freight cars and locomotives, including braking systems, couplers, draft gears, and engine parts.
• Digital Intelligence Solutions: Offers advanced train control systems, signaling solutions, and software for optimizing rail operations, asset management, and predictive maintenance.
• Aftermarket Services: Supplies parts, repairs, overhauls, and modernization services to maintain and improve the performance of rail equipment throughout its lifecycle.

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Westinghouse Air Brake Technologies (WAB) is a business-to-business (B2B) company that sells equipment, systems, digital solutions, and services primarily to other companies and organizations within the global freight and transit rail industries.

Its major customers fall into several key categories:

• Freight Railroads: Large operators of freight rail networks, including all Class I railroads in North America and similar national and regional freight operators globally.
• Transit Authorities/Agencies: Operators of passenger rail systems such as subways, commuter rail, and light rail in urban and regional areas worldwide. These are often government entities or publicly funded corporations.
• Locomotive and Freight Car Builders (OEMs): Manufacturers of new locomotives and railcars that integrate Wabtec's components and systems into their new builds.

While specific customer contract details are proprietary, the following are examples of major customer companies within the freight railroad sector, representing a significant portion of Wabtec's clientele:

• Union Pacific Corporation (Symbol: UNP)
• CSX Corporation (Symbol: CSX)
• Norfolk Southern Corporation (Symbol: NSC)
• Canadian National Railway Company (Symbol: CNI)
• Canadian Pacific Kansas City (Symbol: CP)

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Rafael Santana, President and Chief Executive Officer

Mr. Rafael Santana has been the Chief Executive Officer, Director, and President of Westinghouse Air Brake Technologies (WAB) since 2019. Prior to this role, he served as the Executive Vice President of the company. Mr. Santana also held significant leadership positions at General Electric (GE), including President and Chief Executive Officer of GE Transportation, President and Chief Executive Officer of GE in Latin America, and President and Chief Executive Officer of GE Oil and Gas Turbomachinery Solutions. His career at GE, which began in 2000, involved steering complex international operations and driving strategic growth across various sectors. He also serves on the Board of Directors of Travelers Insurance.

John Olin, Executive Vice President and Chief Financial Officer

Mr. John Olin has served as an Executive Vice President and Chief Financial Officer of WAB since 2021. Before joining Wabtec, he was the Senior Vice President and Chief Financial Officer at Harley-Davidson. Mr. Olin's background also includes financial leadership roles as Controller of Kraft Food's Cheese Division, and various financial positions at Kraft, Oscar Mayer Foods, and Miller Brewing Company. He also held positions with financial services and specialized consulting firms.

Albert J. Neupaver, Chairman

Mr. Albert J. Neupaver has been the Chairman of WAB since 2020. He previously served as the President and Chief Executive Officer of the company from 2006 to 2014. Earlier in his career, he was the President of the Electromechanical Group of AMETEK Inc from 1998 to 2006. Mr. Neupaver has also served as a Director for Genesee & Wyoming Inc and Robbins & Myers, Inc., and currently serves as a Director of Koppers Holdings Inc.

David L. DeNinno, Executive Vice President, General Counsel and Secretary

Mr. David L. DeNinno holds the position of Executive Vice President, General Counsel and Secretary.

Pascal Schweitzer, President, Transit

Mr. Pascal Schweitzer is the President of Transit at WAB. Prior to this, he served as the President of Transit from 2019 to 2023 and Group President of Brakes & Safety from 2017 to 2019. Mr. Leroux held various executive management roles with Faiveley Transport.

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The key risks to Westinghouse Air Brake Technologies (WAB) business operations include:

1. Economic Uncertainty and Volatility: The company anticipates an "uncertain and volatile economic landscape," which can lead to more defensive spending by customers and impact market demand, particularly in the North American market. This general economic unpredictability can influence the company's approach to business and its ability to meet commitments.
2. Supply Chain Disruptions and Geopolitical/Trade Policy: WAB faces risks from supply chain bottlenecks, which have previously resulted in lost revenue due to issues like delayed locomotive deliveries from supplied parts. Additionally, tariffs and evolving trade policies, such as those impacting North American tariffs, directly affect costs and revenue. The potential for reciprocal tariffs further adds to volatility and uncertainty in the supply chain.
3. Acquisition Integration Challenges: As WAB engages in strategic acquisitions, there are inherent execution risks associated with integrating acquired targets. These challenges include ensuring seamless operational alignment and realizing the anticipated synergies and benefits from these acquisitions. Failure to integrate successfully could strain resources and impact financial performance.

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Westinghouse Air Brake Technologies (WAB) operates in several addressable markets with varying sizes globally and regionally. The main products and services offered by WAB include locomotives and their parts, freight cars and components, passenger transit vehicles and components, railway signaling systems and digital solutions, mining equipment, and marine propulsion systems.

• Locomotives and Parts:
  • The global locomotive market was estimated at approximately USD 23.9 billion in 2024 and is projected to reach USD 40.70 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 9.7%. Another estimate places the global locomotive market at USD 13.80 billion in 2024, growing to USD 24.85 billion by 2032 at a CAGR of 8.1%.
  • North America held a substantial share of 34.0% of the global locomotive market in 2024.
  • The Asia Pacific locomotive market was valued at USD 7.22 billion in 2024 and held the largest market share in the same year.
• Freight Cars and Components:
  • The global freight car parts market is projected to be approximately USD 15 billion in 2025, with an anticipated CAGR of around 5.5% from 2025 to 2033.
  • The global freight railcar parts market is projected to grow from USD 11.7 billion in 2025 to USD 19.1 billion by 2035, at a CAGR of 5.0%.
• Passenger Transit Vehicles and Components:
  • The global train and components market, which includes passenger and freight, was USD 219.27 billion in 2024, growing to USD 234.2 billion in 2025 at a CAGR of 6.8%, and is projected to reach USD 311.62 billion in 2029 with a CAGR of 7.4%.
  • The global railway equipment market (which includes rolling stock for passenger transit) was valued at USD 207.65 billion in 2025 and is forecasted to grow to USD 378.7 billion by 2035 at a CAGR of 6.19%.
• Railway Signaling Systems and Digital Solutions:
  • The global railway signaling system market was estimated at USD 18.2 billion in 2024 and is expected to grow to USD 42.4 billion in 2034, at a CAGR of 8.9%. Other estimates for the global market include USD 15.04 billion in 2023, projected to reach USD 22.18 billion by 2030 (CAGR of 5.13%), and USD 10.9 billion in 2024, expecting to reach USD 18.8 billion by 2033 (CAGR of 6.18%).
• Mining Equipment and Solutions:
  • The global mining equipment market size was estimated at USD 141.31 billion in 2023 and is anticipated to reach USD 201.55 billion by 2030, growing at a CAGR of 5.2%. Another source indicates the global mining equipment market size was USD 133.09 billion in 2025 and is expected to reach approximately USD 218.15 billion by 2034, expanding at a CAGR of 5.6%.
  • The global underground mining equipment & service market was estimated at USD 31.7 billion in 2024 and is expected to grow to USD 44.9 billion in 2034, at a CAGR of 3.6%.
• Marine Propulsion Systems and Solutions:
  • The global marine propulsion systems market was valued at USD 27.9 billion in 2024 and is estimated to grow at a CAGR of over 2.9% from 2025 to 2034. Other figures for the global market include USD 16.24 billion in 2025, projected to reach USD 24.93 billion by 2033, with a CAGR of 5.5%, and USD 14.97 billion in 2025, predicted to reach USD 21.99 billion by 2034, growing at a CAGR of 4.37%.
  • The global marine hybrid propulsion market was valued at USD 6.05 billion in 2024 and is projected to grow to USD 14.49 billion by 2032, exhibiting a CAGR of 10.7%.

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Westinghouse Air Brake Technologies (WAB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Strong Backlog and Sustained Demand in Core Segments: WAB has reported a robust 12-month backlog of $8.3 billion, representing an 8.4% increase, and achieved a record multi-year backlog. This strong backlog, coupled with continued momentum and sustained order growth across both its Freight and Transit segments, provides significant revenue visibility for the coming years.
2. International Market Expansion and Strategic Orders: Expansion into international markets, particularly in regions like Asia and Kazakhstan, is a crucial growth driver. The company secured a historic $4.2 billion order with Kazakhstan's National Railway in Q3 2025, marking the largest single rail order in its history. These new rail lines, fleet renewals, and service agreements in these growing markets are anticipated to contribute substantially to future revenue.
3. Growth in Digital Intelligence Solutions: WAB is experiencing strong performance in its digital intelligence sales, which were up 45.6% in the third quarter of 2025. As modernization and digitalization continue to spread across the transit and freight rail industries, the demand for WAB's digital offerings is expected to be a significant revenue accelerator.
4. Strategic Acquisitions and Portfolio Optimization: The company's strategy includes targeted acquisitions and ongoing portfolio optimization efforts to strengthen its business capabilities and market position. The acquisition of Inspection Technologies at the beginning of Q3 2025, for instance, has already contributed to revenue growth. Such strategic moves are anticipated to enhance offerings and expand market reach.
5. Public Investment and Ridership Growth in the Transit Sector: Increasing public investment in rail infrastructure and rising ridership levels are key factors supporting continued order growth within WAB's Transit segment. This favorable environment for transit rail solutions is expected to drive demand for WAB's products and services in this sector.

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Share Repurchases

• In December 2024, the Board of Directors authorized an increase of $1.0 billion for the existing share repurchase program.
• For the full year 2024, Westinghouse Air Brake Technologies repurchased $1.10 billion of its shares.
• The company repurchased $409 million in shares during 2023 and $473 million in 2022.

Share Issuance

• No significant dollar amount of share issuances for capital raising purposes were explicitly detailed in the available information for the last 3-5 years.

Inbound Investments

• No information is available regarding large inbound investments by third-parties in Westinghouse Air Brake Technologies over the last 3-5 years.

Outbound Investments

• Wabtec acquired Evident's Inspection Technologies division in January 2025 for $1.78 billion.
• In March 2025, Wabtec agreed to acquire Couplers Holdco AB (Dellner).
• In 2024, Wabtec acquired Fanox and Kompozitum for a combined $110 million cash transaction to expand capabilities in its Transit Business, focusing on specialized relays and pantograph manufacturing.

Capital Expenditures

• From 2020 to 2024, capital expenditures accounted for 14% of the $5.9 billion in cash from operations allocated.
• Wabtec invested $206 million in 2024, $218 million in 2023, and $209 million in 2022 in engineering for product development and improvement activities.
• A primary focus of capital deployment includes investing in sustainable growth, research and development (R&D), and capital expenditures.