What changed in WAB's 10-Q

Wabtec used $(1,062) million for acquisitions, primarily for Dellner Couplers

Net sales for the three months ended March 31, 2026 increased by $340 million, or 13.0%

The improvement in gross margin is attributable to productivity and cost management, savings from restructuring initiatives, and accretion from recent acquisitions

cash used for investing activities was $(1,105) million... primarily for Dellner Couplers

Freight sales increased primarily due to higher North American and international locomotive deliveries and higher mining sales

The Company has experienced increased tariff costs which unfavorably impacted our operating results and cash from operations for the three months ended March 31, 2026.

Transaction costs incurred during the three months ended March 31, 2026 and 2025 related to recent acquisitions were approximately $13 million and $10 million, respectively.