> ## Content Index > Fetch the complete content index at: https://www.bullished.co/llms.txt > Use this file to discover other available public pages before exploring further. # Wabtec Bought Back $762 Million Of Stock As Debt Due Within A Year Hit $1.714 Billion - URL: https://www.bullished.co/wabtec-bought-back-762-million-of-stock-as-debt-due-within-a-year-hit-1-714-billion-99cd200d/ - Published: 2026-10-21T14:20:59.000Z - Updated: 2026-10-21T14:20:59.000Z - Description: Cash fell to $489 million and available liquidity to $2,091 million, and the rail supplier set up a $2.0 billion commercial paper program. - Author: Matteo Parrino - Tags: SEC Filings, WAB, Industry: Industrials Wabtec's debt due within a year stood at [$1,714 million](https://www.sec.gov/Archives/edgar/data/0000943452/000162828026066629/wab-20260930.htm?ref=bullished.co) on September 30, against $1,250 million at December 31, 2025, the company's 10-Q shows. Over the same nine months it spent $762 million on share repurchases while cash shrank, and after quarter-end it set up a commercial paper program. ## Buybacks up, cash down Wabtec repurchased $762 million of stock in the first nine months of 2026, versus $148 million a year earlier. Cash, cash equivalents and restricted cash fell to $489 million from $789 million at year-end. The board refreshed the repurchase authorization to $1.2 billion on February 6\. About $456 million remained at September 30. The same period included the Dellner Couplers purchase, for which Wabtec used $1,062 million on acquisitions, and net debt inflows of $855 million. Operating cash flow rose to $1,095 million from $767 million. ## Near-term maturities and thinner liquidity The current debt includes $750 million of 3.45% senior notes due 2026 and a $500 million term loan that matures November 27, 2026. Total available liquidity dropped to $2,091 million from $3,207 million at year-end. The Revolving Receivables Program, which had $443 million of room at December 31, went to zero, with $427 million borrowed. Revolver availability fell to $1,613 million from [$2,000 million](https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3645882?ref=bullished.co). The company says it believes cash, operating cash flow, credit facilities and capital-market access will cover needs for at least the next twelve months, and that it met all covenants. Those include a leverage ratio cap of 3.5 to 1.0. ## The commercial paper program After quarter-end, Wabtec authorized $2.0 billion of commercial paper. It rests on the existing revolver and, the filing says, does not raise overall borrowing capacity. The [prior quarterly filing](https://www.sec.gov/Archives/edgar/data/0000943452/000162828026049139/wab-20260630.htm?ref=bullished.co) carries no such program in its new wording, per the filing comparison. S&P Global Ratings assigned the program an [A-2 short-term rating](https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3645882?ref=bullished.co) and left its BBB long-term rating and stable outlook unchanged. Operations are strong: third-quarter sales were $3.12 billion, up 8.1%, and backlog reached a record $31.4 billion. Net interest expense for nine months rose $74 million to $231 million on higher debt tied to acquisitions. Next on the calendar is November 27, 2026, when the $500 million term loan matures alongside the $750 million of 2026 notes. ### Sources - [10-Q Filing — Westinghouse Air Brake (WAB)](https://www.sec.gov/Archives/edgar/data/0000943452/000162828026066629/wab-20260930.htm?ref=bullished.co) — SEC EDGAR - [10-Q Filing — Westinghouse Air Brake (WAB), Q2 FY2026 filed 2026-07-22 (comparison basis)](https://www.sec.gov/Archives/edgar/data/0000943452/000162828026049139/wab-20260630.htm?ref=bullished.co) — SEC EDGAR - [Earnings release (8-K Item 2.02, a3q26pressreleaseword.htm) — Westinghouse Air Brake, filed 2026-10-21](https://www.sec.gov/Archives/edgar/data/0000943452/000094345226000017/a3q26pressreleaseword.htm?ref=bullished.co) — SEC EDGAR - [Westinghouse Air Brake Q3 Adj. EPS $2.83 Beat...](https://www.benzinga.com/news/earnings/26/10/62489181/westinghouse-air-brake-q3-adj-eps-2-83-beats-2-74-estimate-sales-3-120b-miss-3-201b-estimate?ref=bullished.co) — benzinga.com - [Westinghouse Air Brake Q3 2026 Earnings Call Transcript](https://www.benzinga.com/news/26/10/62495600/westinghouse-air-brake-q3-2026-earnings-call-transcript?ref=bullished.co) — benzinga.com - [Westinghouse Air Brake Technologies (WAB) Tops Q3 Earnings Estimates](https://finance.yahoo.com/markets/stocks/articles/westinghouse-air-brake-technologies-wab-104002066.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance - [Wabtec (WAB) Q3 Earnings: What To Expect](https://finance.yahoo.com/markets/stocks/articles/wabtec-wab-q3-earnings-expect-065350027.html?ref=bullished.co) — Yahoo Finance - [Westinghouse Air Brake Technologies Corp. Assigne | S&P Global Ratings](https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3645882?ref=bullished.co) — spglobal.com ### More on Westinghouse Air Brake - [Wabtec CEO Says Order Coverage Is 'The Strongest It's Ever Been' Even As Railroads Hold Buying Habits](https://www.bullished.co/wabtec-ceo-says-order-coverage-is-the-strongest-its-ever-been-even-as-railroads-hold-9b106712/) - [Wabtec Raises 2026 Adjusted EPS Outlook To $10.85-$11.05 As Backlog Reaches $31.4 Billion](https://www.bullished.co/wabtec-raises-2026-adjusted-eps-outlook-to-10-85-11-05-as-backlog-reaches-31-4-billion-4b20c660/) - [Wabtec Opens A $2 Billion Commercial Paper Program, Backed By Ten Subsidiaries](https://www.bullished.co/wabtec-opens-a-2-billion-commercial-paper-program-backed-by-ten-subsidiaries-2f2ae843/) [All Westinghouse Air Brake (WAB) coverage →](https://www.bullished.co/tag/wab/)