Westinghouse Air Brake Technologies (WAB): what its 10-K says it depends on

Customers

Top five customers

concentrated in · approximately 30% of net salesnamed as a risk

For the fiscal year ended December 31, 2025, our top five customers accounted for approximately 30% of net sales.Business (Item 1)

Also named by AEHR, AROC, GXO, HAS, NXT, RKLB, RMBS, RXO

Suppliers

Single-sourced suppliers

depends onnamed as a risk

In addition, we rely upon third-party suppliers, including certain single-sourced suppliers, for various components for our products.Risk factors (Item 1A)

Other companies

United Electrical, Radio and Machine Workers of America (UE)

approximately 1,400 locomotive manufacturing workersnamed as a risk

The United Electrical, Radio and Machine Workers of America ("UE"), Locals 506 and 618 collective bargaining agreement, covering approximately 1,400 locomotive manufacturing workers in Erie, Pennsylvania, expires April 30, 2027.Business (Item 1)

Competitors

Knorr-Bremse AG

competes with

Outside of North America, Knorr is our main competitor, although not in every product line or geography.Business (Item 1)

Progress Rail (Caterpillar)

competes with

Our primary competition for locomotives is Progress Rail, owned by a subsidiary of Caterpillar.Business (Item 1)

Amsted Rail Company, Inc.

competes with

Within North America, New York Air Brake Company, a subsidiary of the German air brake producer Knorr-Bremse AG (“Knorr”) and Amsted Rail Company, Inc., a subsidiary of Amsted Industries Corporation, are our principal overall OEM competitors.Business (Item 1)

CRRC Corporation Limited

competes with

Depending on the product line and geography, we can also compete with our customers, such as CRRC Corporation Limited, a China-based manufacturer of rolling stock.Business (Item 1)

Places

International markets (outside United States)

earns from · approximately half of our consolidated net salesnamed as a risk

For the fiscal year ended December 31, 2025, approximately half of our consolidated net sales were to customers outside of the United States.Risk factors (Item 1A)

Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more

United States

earns from · approximately 60% of its net sales in the U.S.

In 2025, the Freight Segment accounted for approximately 72% of Wabtec’s total net sales, with approximately 60% of its net sales in the U.S. and approximately 58% of the Freight Segment’s net sales in the aftermarket.Business (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

Erie, Pennsylvania

operates in · approximately 1,400 locomotive manufacturing workers

The United Electrical, Radio and Machine Workers of America ("UE"), Locals 506 and 618 collective bargaining agreement, covering approximately 1,400 locomotive manufacturing workers in Erie, Pennsylvania, expires April 30, 2027.Business (Item 1)

Also named by ERIE

India

operates innamed as a risk

We have substantial operations located in emerging markets, such as Brazil, India, and Kazakhstan.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Brazil

operates innamed as a risk

We have substantial operations located in emerging markets, such as Brazil, India, and Kazakhstan.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Kazakhstan

operates innamed as a risk

Additionally, Wabtec has operations in Kazakhstan that have continued operating but have incurred supply, distribution and currency impacts as an indirect result from the Russian invasion of Ukraine.Risk factors (Item 1A)

Also named by CVX

France

operates in

Our global headquarters for the Transit group is located in France, and we conduct other international operations through a variety of wholly and majority-owned subsidiaries and joint ventures, including in Australia, Austria, Brazil, Canada, China, Czech Republic, France, Germany, India, Italy, Kazakhstan/Commonwealth of Independent States ("CIS"), the Republic of North Macedonia, Mexico, the Netherlands, Poland, Spain, South Africa, Guinea, Turkey, Japan, and the United Kingdom.Risk factors (Item 1A)

Also named by ATR, BAM, DDOG, HROW, IDCC, MS, UBER, UGI and 1 more

Hazards

Russia-Ukraine conflict

named as a risk

For example, the continuing conflict between Russia and Ukraine has affected, and may continue to adversely affect our business and results of operations.Risk factors (Item 1A)

Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more

Commodities and inputs

Steel

exposed to its pricenamed as a risk

We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Aluminum

exposed to its pricenamed as a risk

We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers.Risk factors (Item 1A)

Also named by AAON, ACHR, ALSN, AYI, BA, BALL, BF/B, BWA and 59 more

Copper

exposed to its pricenamed as a risk

We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers.Risk factors (Item 1A)

Also named by AAON, AGX, AMKR, APG, APH, APLD, BMI, BWA and 58 more

Rubber

exposed to its pricenamed as a risk

We purchase energy, steel, aluminum, copper, rubber and rubber-based materials, chemicals, polymers and other key manufacturing inputs from outside sources, and traditionally have not had long-term pricing contracts with our pure raw material suppliers.Risk factors (Item 1A)

Also named by DORM, ODFL

Regulators

U.S. Environmental Protection Agency

subject tonamed as a risk

In addition, certain of our products are subject to extensive, and increasingly stringent, statutory and regulatory requirements governing attributes, such as emissions and noise, including standards imposed by the U.S. Environmental Protection Agency, the European Union and other regulatory agencies around the world.Risk factors (Item 1A)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

Federal Railroad Administration (FRA)

subject to

The governing bodies include the Federal Railroad Administration ("FRA") and the Association of American Railroads ("AAR") in the U.S., and the International Union of Railways (“UIC”) and the European Railway Agencies in Europe.Business (Item 1)

Also named by CP, CSX, FCNCA, HESM, NSC, UNP

Association of American Railroads (AAR)

subject to

The governing bodies include the Federal Railroad Administration ("FRA") and the Association of American Railroads ("AAR") in the U.S., and the International Union of Railways (“UIC”) and the European Railway Agencies in Europe.Business (Item 1)

Also named by ONDS

European Union Agency for Railways

subject to

To support interoperability of the European railway network, the European Union for Railway Agencies is responsible for defining and implementing Technical Standards of Interoperability, which covers areas such as infrastructure, energy, rolling stock, telematic applications, traffic operation and management subsystems, noise pollution and waste generation, protection against fire and smoke, and system safety.Business (Item 1)

Laws and programs

U.S. Foreign Corrupt Practices Act

subject tonamed as a risk

We are subject to various laws, rules and regulations administered by authorities in jurisdictions in which we do business, such as the anti-corruption laws of the U.S. Foreign Corrupt Practices Act, the French Law n° 2016-1691 (Sapin II) and the U.K. Bribery Act, relating to our business and our employees.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

2025 Credit Agreement

subject tonamed as a risk

At December 31, 2025, the Company's interest risk related to variable-rate debt was limited to the amounts borrowed under the 2025 Credit Agreement and the 2025 Term Credit Agreement.Market risk (Item 7A)

Also named by ADSK

Government spending on public transit

earns fromnamed as a risk

To the extent that future funding for proposed public projects is curtailed or withdrawn altogether as a result of changes in political, economic, fiscal, or other conditions beyond our control, such projects may be delayed or canceled, resulting in a potential loss of business for us, including transit aftermarket and new transit car orders.Risk factors (Item 1A)

Technology

Positive Train Control (PTC)

earns from · nearly 24,600 locomotives

We have nearly 24,600 locomotives in service, the majority of which are equipped with Digital Intelligence technologies, like Positive Train Control.Business (Item 1)

Also named by UNP