Westinghouse Air Brake Technologies (WAB) annual cash flow statement covering fiscal 2020 through 2025, as reported to the SEC.
Net cash provided by operating activities has grown 17.5% a year on average since fiscal 2020, from $784M to $1.76B.
A cash flow statement shows the cash that actually came in and went out, split between running the business, investing and financing.
| Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Operating Activities | |||||||||||||||||||||
Net income | |||||||||||||||||||||
1,183,000 | 1,067,000 | 825,000 | 641,000 | 565,000 | 412,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net income | 1,183,000 | 1,067,000 | 825,000 | 641,000 | 565,000 | 412,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||
501,000 | 503,000 | 531,000 | 479,000 | 491,000 | 473,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Depreciation and amortization | 501,000 | 503,000 | 531,000 | 479,000 | 491,000 | 473,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Stock-based compensation expense | |||||||||||||||||||||
80,000 | 66,000 | 47,000 | 41,000 | 46,000 | 20,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Stock-based compensation expense | 80,000 | 66,000 | 47,000 | 41,000 | 46,000 | 20,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net loss on business disposition | |||||||||||||||||||||
-38,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss on business disposition | -38,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Gain on mark-to-market derivatives | |||||||||||||||||||||
19,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Gain on mark-to-market derivatives | 19,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Below market intangible amortization | |||||||||||||||||||||
44,000 | 44,000 | 54,000 | 53,000 | 50,000 | 88,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Below market intangible amortization | 44,000 | 44,000 | 54,000 | 53,000 | 50,000 | 88,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deferred income taxes | |||||||||||||||||||||
11,000 | 51,000 | -58,000 | 36,000 | 88,000 | 29,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deferred income taxes | 11,000 | 51,000 | -58,000 | 36,000 | 88,000 | 29,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net loss on disposal of property, plant and equipment | |||||||||||||||||||||
-2,000 | -4,000 | -7,000 | -3,000 | 4,000 | -10,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net loss on disposal of property, plant and equipment | -2,000 | -4,000 | -7,000 | -3,000 | 4,000 | -10,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Excess income tax benefits from exercise of stock options | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Excess income tax benefits from exercise of stock options | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Discontinued operations | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Discontinued operations | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Changes in operating assets and liabilities, net of acquisitions and dispositions: | |||||||||||||||||||||
Accounts receivable and unbilled accounts receivable | |||||||||||||||||||||
36,000 | 34,000 | 195,000 | 52,000 | 76,000 | -315,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts receivable and unbilled accounts receivable | 36,000 | 34,000 | 195,000 | 52,000 | 76,000 | -315,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Inventories | |||||||||||||||||||||
182,000 | 117,000 | 58,000 | 368,000 | 41,000 | -181,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Inventories | 182,000 | 117,000 | 58,000 | 368,000 | 41,000 | -181,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accounts payable | |||||||||||||||||||||
34,000 | 70,000 | -58,000 | 306,000 | 109,000 | -269,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accounts payable | 34,000 | 70,000 | -58,000 | 306,000 | 109,000 | -269,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued income taxes | |||||||||||||||||||||
6,000 | 21,000 | 1,000 | 7,000 | -4,000 | 57,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued income taxes | 6,000 | 21,000 | 1,000 | 7,000 | -4,000 | 57,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Current and noncurrent customer deposits | |||||||||||||||||||||
146,000 | 113,000 | 116,000 | 142,000 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Current and noncurrent customer deposits | 146,000 | 113,000 | 116,000 | 142,000 | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Accrued liabilities and customer deposits | |||||||||||||||||||||
36,000 | 124,000 | 57,000 | -36,000 | 84,000 | -91,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Accrued liabilities and customer deposits | 36,000 | 124,000 | 57,000 | -36,000 | 84,000 | -91,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other operating activities | |||||||||||||||||||||
-3,000 | -10,000 | -40,000 | 108,000 | 135,000 | 265,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other operating activities | -3,000 | -10,000 | -40,000 | 108,000 | 135,000 | 265,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by operating activities | |||||||||||||||||||||
1,759,000 | 1,834,000 | 1,201,000 | 1,038,000 | 1,073,000 | 784,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by operating activities | 1,759,000 | 1,834,000 | 1,201,000 | 1,038,000 | 1,073,000 | 784,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Investing Activities | |||||||||||||||||||||
Proceeds from disposal of property, plant and equipment | |||||||||||||||||||||
5,000 | 13,000 | 2,000 | 3,000 | 25,000 | 21,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from disposal of property, plant and equipment | 5,000 | 13,000 | 2,000 | 3,000 | 25,000 | 21,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Acquisitions of businesses, net of cash acquired | |||||||||||||||||||||
2,520,000 | 168,000 | 308,000 | 89,000 | 435,000 | 40,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Acquisitions of businesses, net of cash acquired | 2,520,000 | 168,000 | 308,000 | 89,000 | 435,000 | 40,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Purchase of property, plant and equipment | |||||||||||||||||||||
260,000 | 207,000 | 186,000 | 149,000 | 130,000 | 136,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Purchase of property, plant and equipment | 260,000 | 207,000 | 186,000 | 149,000 | 130,000 | 136,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from dispositions of businesses, net of cash disposed | |||||||||||||||||||||
8,000 | 19,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from dispositions of businesses, net of cash disposed | 8,000 | 19,000 | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Settlement of foreign currency derivatives related to acquisition | |||||||||||||||||||||
20,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Settlement of foreign currency derivatives related to acquisition | 20,000 | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other investing activities | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other investing activities | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Deposit in escrow | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Deposit in escrow | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Acquisition purchase price adjustment | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Acquisition purchase price adjustment | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash used for investing activities | |||||||||||||||||||||
-2,747,000 | -343,000 | -492,000 | -235,000 | -540,000 | -155,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash used for investing activities | -2,747,000 | -343,000 | -492,000 | -235,000 | -540,000 | -155,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Financing Activities | |||||||||||||||||||||
Proceeds from debt, net of issuance costs | |||||||||||||||||||||
4,708,000 | 2,258,000 | 5,563,000 | 6,087,000 | 5,391,000 | 3,878,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from debt, net of issuance costs | 4,708,000 | 2,258,000 | 5,563,000 | 6,087,000 | 5,391,000 | 3,878,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payments of debt | |||||||||||||||||||||
3,224,000 | 2,322,000 | 5,521,000 | 6,117,000 | 5,552,000 | 4,077,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payments of debt | 3,224,000 | 2,322,000 | 5,521,000 | 6,117,000 | 5,552,000 | 4,077,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Repurchase of stock | |||||||||||||||||||||
223,000 | 1,097,000 | 409,000 | 473,000 | 300,000 | 207,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Repurchase of stock | 223,000 | 1,097,000 | 409,000 | 473,000 | 300,000 | 207,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Debt financing costs | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Debt financing costs | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Excess income tax benefits from exercise of equity options | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Excess income tax benefits from exercise of equity options | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Earn-out settlement | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Earn-out settlement | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Cash dividends | |||||||||||||||||||||
173,000 | 140,000 | 123,000 | 111,000 | 92,000 | 93,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Cash dividends | 173,000 | 140,000 | 123,000 | 111,000 | 92,000 | 93,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment of contingent consideration | |||||||||||||||||||||
- | 42,000 | 112,000 | 101,000 | 99,000 | 115,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of contingent consideration | - | 42,000 | 112,000 | 101,000 | 99,000 | 115,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Proceeds from exercise of stock options and other benefit plans | |||||||||||||||||||||
- | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Proceeds from exercise of stock options and other benefit plans | - | - | - | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Payment of income tax withholding on share-based compensation | |||||||||||||||||||||
40,000 | 25,000 | 16,000 | 7,000 | 7,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Payment of income tax withholding on share-based compensation | 40,000 | 25,000 | 16,000 | 7,000 | 7,000 | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Distribution to noncontrolling interest | |||||||||||||||||||||
6,000 | 6,000 | 17,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Distribution to noncontrolling interest | 6,000 | 6,000 | 17,000 | - | - | - | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Other financing activities | |||||||||||||||||||||
-11,000 | 3,000 | 2,000 | 14,000 | 6,000 | -5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Other financing activities | -11,000 | 3,000 | 2,000 | 14,000 | 6,000 | -5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Net cash provided by financing activities | |||||||||||||||||||||
1,031,000 | -1,371,000 | -633,000 | -708,000 | -653,000 | -619,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Net cash provided by financing activities | 1,031,000 | -1,371,000 | -633,000 | -708,000 | -653,000 | -619,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
Effect of changes in currency exchange rates | |||||||||||||||||||||
31,000 | -25,000 | 3,000 | -27,000 | -6,000 | -15,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
Effect of changes in currency exchange rates | 31,000 | -25,000 | 3,000 | -27,000 | -6,000 | -15,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||
(Decrease) increase in cash | |||||||||||||||||||||
74,000 | 95,000 | 79,000 | 68,000 | -126,000 | -5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | ||||||
(Decrease) increase in cash | 74,000 | 95,000 | 79,000 | 68,000 | -126,000 | -5,000 | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | xxxxx | |||||