Follow Wabtec to never miss an important update.
SEC filing on 2026-11-04: 8-K, 8-K filing: entered a material agreement; took on new debt or obligations.
What the filing says (its own text, every fact in the card must come from here, and NAME the specific person, role and date it gives): false 0000943452 0000943452 2026-11-04 2026-11-04 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (date of earliest event reported): November 4, 2026 WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION (Exact name of registrant as specified in its charter) Delaware 033-90866 25-1615902 (State or other jurisdiction of incorporation or organization) (Commission File Number) (IRS Employer Identification No.) 30 Isabella Street Pittsburgh , Pennsylvania 15212 (Address and zip code of principal executive offices) ( 412 ) 825-1000 (Registrant's telephone number, including area code) Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $0.01 per share WAB New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 ( 240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 1.01. Entry into a Material Definitive Agreement. On November 4, 2026, Westinghouse Air Brake Technologies Corporation (the "Company") completed a public offering and sale of $500,000,000 aggregate principal amount of the Company's 5.900% Senior Notes due 2037 (the "Notes"). The offering and sale of the Notes was made pursuant to the Company's existing shelf registration statement on Form S-3 (File No. 333-299570) filed with the Securities and Exchange Commission (the "SEC") on October 21, 2026 (the "Registration Statement"). The Notes were issued pursuant to the Indenture, dated as of August 8, 2013 (the "Base Indenture"), by and between the Company and Computershare Trust Company, National Association (as successor to Wells Fargo Bank, National Association), as trustee (the "Base Indenture Trustee"), as amended and supplemented by the second supplemental indenture, dated as of November 3, 2016 (the "Second Supplemental Indenture"), among the Company, the subsidiary guarantors party thereto and the Base Indenture Trustee, and as further amended and supplemented by the fifteenth supplemental indenture, dated as of November 4, 2026 (the "Fifteenth Supplemental Indenture" and, together with the Base Indenture and the Second Supplemental Indenture, the "Indenture"), among the Company, the subsidiary guarantors party thereto, the Base Indenture Trustee, and U.S. Bank Trust Company, National Association, as trustee for the Notes (the "Notes Trustee"). The Notes will bear interest at 5.900% per year and will mature on February 25, 2037. Interest on the Notes is payable semi-annually on February 25 and August 25 of each year, commencing on February 25, 2027. At any time prior to the Par Call Date (as defined below), the Company may redeem the Notes, in whole or in part, by paying a "make-whole" premium, as described in the Indenture. In addition, the Company may redeem the Notes at any time on or after the Par Call Date, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but not including, the date of redemption. "Par Call Date" means November 25, 2036 (three months prior to the maturity date). All payments with respect to the Notes will be fully and unconditionally guaranteed, jointly and severally, on an unsecured basis by each of the Company's current and future subsidiaries that is a guarantor under (i) the Company's Amended and Restated Credit Agreement, dated April 23, 2025, by and among the Company, Wabtec Transportation Netherlands B.V. and the other borrowing subsidiaries party thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent, (ii) the Company's Credit Agreement, dated November 28, 2025, by and among the Company, the lenders party thereto and PNC Bank, National Association, as administrative agent, or (iii) any other debt of the Company or any other guarantor. If a change of control triggering event (as defined in the Indenture) occurs, the Company must make an offer to purchase the Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the date of repurchase. The Notes are subject to customary events of default, as set forth in the Indenture. The Notes are subject to covenants that limit the Company's ability, and the ability of the Company's restricted subsidiaries, to (i) incur, suffer to exist or guarantee any debt secured by certain liens, and (ii) enter into sale and leaseback transactions, in each case, subject to exceptions and qualifications, as set forth in the Indenture. The Notes will be the Company's senior unsecured obligations and will rank equally in right of payment with the Company's other senior unsecured indebtedness outstanding from time to time. The Notes will be effectively subordinated to the Company's existing and future secured indebtedn
Source: 8-K filing
Wabtec priced an offering of $500 million in senior notes, which are essentially bonds that the company sells to investors to raise cash. These notes carry a 5.9 percent interest rate and are scheduled to be paid back in 2037. This is a routine way for a large industrial company to manage its finances. While it adds to the company's total debt, it also provides cash that can be used to pay off older loans or invest back into the business. For a company with a massive $31 billion backlog of orders, this level of borrowing is a standard part of keeping the business running.
Source: Business Wire
Wabtec finalized a deal worth about $390 million to support two classes of locomotives for Transnet Engineering. The agreement focuses on providing the parts and technical expertise needed to keep the fleet running reliably over the long term.
This win fits the company's strategy of growing its service business, which earns more profit per dollar than selling new equipment. Because Wabtec already built these locomotives, it is the natural partner to maintain them, creating a steady stream of recurring revenue that is less dependent on new rail car orders.
Source: Business Wire
After Wabtec's October results, we updated our fair value. We have added exposure to the mining sector and foreign currency fluctuations in the passenger train division to the risks we track. We raised our expectations for profit margins in the digital and service businesses, and we adjusted our 12-month backlog growth target to reflect the current pace of 8.8%.
Wabtec earned $2.83 per share last quarter, beating the $2.73 analysts expected. While its $3.12 billion in sales came in just under the $3.20 billion target, the company grew its total revenue by 8 percent compared to last year. This growth was driven by strong demand across its rail portfolio and better profit margins on the equipment and services it sells.
Management raised its profit outlook for the full year, signaling confidence that it can continue to turn its large backlog of orders into higher earnings. For a long-term owner, the slight revenue miss is less important than the company's ability to expand its margins. This suggests Wabtec is successfully shifting toward higher-value services and digital tools rather than just selling heavy hardware.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
Management has beaten its own profit targets for five straight quarters, showing they have a firm handle on costs even when sales growth fluctuates.
| Expectation | |
|---|---|
| EPS | $2.67 |
| Revenue | $3.23B |