WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$11.2B
Gross margin	34.1%
Operating income	$1.8B
Net income	$1.2B
Diluted EPS	$6.83
Cash & equivalents	— not reported
Total assets	$22.1B
Long-term debt	$5.5B

Key takeaway

WAB's revenue reached $11.167 billion with operating income of $1.793 billion, reflecting a 16.1% operating margin for fiscal 2025.

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Beneath the surface

Cash and restricted cash totaled only $789 million against $5.5 billion of total debt, meaning net debt remains substantial at roughly $4.7 billion despite strong operating cash generation implied by $501 million of depreciation and amortization.

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