Westinghouse Air Brake Technologies Corporation (Wabtec)

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 1,139 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• FORMER STRATEGIC HOLDER, FULLY EXITED. General Electric Company (GE, CIK 0000040545) received Wabtec common stock as consideration in the 25 Feb 2019 reverse-Morris-Trust combination of GE Transportation into Wabtec. GE's initial Schedule 13D (filed 7 Mar 2019, accession 0000950103-19-003187) reported 47,833,671 shares, 25.0% of class, as of the closing. GE sold down through two underwritten secondary offerings disclosed in 13D/A amendments: 0000950103-19-006086 (filed 7 May 2019) and 0000950103-19-010752 (filed 12 Aug 2019), the latter reporting GE's remaining stake at 2,048,515 shares, 1.1% of class, after selling 20,485,156 shares (common plus common-equivalent convertible preferred) in the second offering. No Schedule 13D or 13D/A, and no Schedule 13G or 13G/A, has been filed by General Electric Company (or any GE affiliate) on Wabtec since that 12 Aug 2019 filing: the full SC 13D/SC 13G filing history on Wabtec's CIK was pulled back to 2006 and shows nothing from GE after Aug 2019. GE is absent from the 2026 proxy's 5%-holder table (Vanguard, FMR, BlackRock only) and does not appear anywhere in it except as CEO Rafael Santana's prior employer in his biography. Conclusion: GE's Wabtec COMMON STOCK position is fully exited, proven in both directions (register absence in the current proxy, and a complete, unbroken 13D/13G search back to 2019 with no filings since the last sell-down amendment).
• GE RETAINS A SEPARATE, NON-COMMON-STOCK INSTRUMENT, NOT PLACED IN THE REGISTER. Wabtec's FY2025 10-K (debt Note, guarantor subsidiaries for the US Senior Notes) discloses that 'GE Transportation, a Wabtec Company' (a guarantor subsidiary, otherwise 100% owned by Wabtec like the other guarantors) has 15,000 shares of Class A Non-Voting Preferred Stock outstanding, held by General Electric Company. No dollar value, no percentage of that subsidiary's total equity, and no voting rights are disclosed; the disclosure exists only in the context of guarantor-subsidiary structure for bond covenants. This is a genuine, current, sourced GE position inside a Wabtec subsidiary as of the FY2025 10-K (filed 13 Feb 2026), but it is preferred stock in a private subsidiary, not Wabtec (WAB) common stock, has no public share count/price to size it against shares_outstanding, and does not appear in any 13D/13G because that reporting regime covers the registered common stock of the reporting company (Wabtec), not preferred instruments of an unlisted subsidiary. It is recorded here as a finding, not as a register row, because it cannot be expressed in WAB shares or WAB pct_of_company.
• HOLDINGS SIDE IS EMPTY. Searched the FY2025 10-K (filed 13 Feb 2026) and the Q2 2026 10-Q (filed 22 Jul 2026) for 'equity method', 'unconsolidated', 'joint venture', 'noncontrolling interest', 'investments in', and 'variable interest entity'. Findings: (1) Lokomotiv Kurastyru Zauyty ('LKZ'), a Kazakhstan locomotive manufacturer in which Wabtec held a 50% joint-venture interest accounted for as an equity-method investment, was bought out to 100% ownership in Dec 2023 for $111 million and is now a wholly owned, consolidated subsidiary; per the brief it is EXCLUDED as an ordinary operating subsidiary, not carried as a holding. (2) The 10-K's risk-factors section states generically that Wabtec conducts international operations 'through a variety of wholly and majority-owned subsidiaries and joint ventures' in twenty-plus named countries (including China and India), but names no specific entity, partner, or ownership percentage anywhere in either filing, unlike Otis's China joint venture which names both the entity and its partner. (3) A combined Noncontrolling interest balance on the consolidated balance sheet ($48 million at 31 Dec 2025, falling to $30 million at 30 Jun 2026 after a $19 million 'distribution to/redemption of noncontrolling interest' recorded in H1 2026) covers all of Wabtec's majority-owned, non-wholly-owned subsidiaries combined, with no per-entity breakdown; per the combined-balance rule this cannot be assigned to any single named venture, and no venture is named to assign it to regardless. (4) The Corporate segment note lists 'equity method investment assets' as a component of segment assets but discloses no dollar figure and names no investee. No individually named, currently-held, unconsolidated equity-method investment or joint venture with a disclosed ownership percentage was found in either filing checked.
• No stock split was found: 'stock split', 'forward split' and 'reverse split' all return zero hits in the FY2025 10-K. Weighted average shares (basic) were 169.5 million for H1 2026 versus 170.6 million for H1 2025 per the Q2 2026 10-Q, consistent with ongoing buybacks (the 10-Q's equity statement shows share repurchases each quarter), not a split.
• Single class of common stock, one vote per share; no dual-class or founder-control structure found in the 10-K, 10-Q, or proxy.
• Vanguard case: parent CIK 0000102909 filed Form 13F-NT (no holdings) for Q2 2026, so the position is the SUM of successor filers, not a substitution. Checked all 8 successor entities that appear in this project's own Q1 2026 bulk register for WAB (data/registers/WAB.json) and confirmed all 8 still held WAB shares in Q2 2026 (more than the usual two): Vanguard Capital Management LLC, Vanguard Portfolio Management LLC, Vanguard Fiduciary Trust Co, Vanguard Investments Australia Ltd, Vanguard Asset Management Ltd, Vanguard Personalized Indexing Management LLC, Vanguard Global Advisers LLC, and Vanguard National Trust Co, summed to 19,989,940 shares. Other Vanguard-affiliated 13F filers beyond these 8 were not individually checked; see unknowns.
• T. Rowe Price family: both CIKs checked for Q2 2026. T. Rowe Price Associates, Inc. (0000080255) held 7,271,071 WAB shares (see the thousands-trap method_note on its row). T. Rowe Price Investment Management, Inc. (0001897612), the separate registrant, filed its own Q2 2026 13F-HR and held zero WAB shares (name-fragment search, no match).
• Capital Group family: all three CIKs checked for Q2 2026 (Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848). None held WAB shares (name-fragment search for 'WABTEC' and 'WESTINGHOUSE' returned no match in any of the three info tables). Reported as an absence rather than omitted silently.
• Self-gate, computed on this final file exactly as the chart formula computes it: 13 register rows (12 institutional 13F rows plus 1 insider aggregate). The aggregate row has no rolls_up_into members (its own individually-named rows sum exactly to its total, so none were added as separate member rows; adding them would have required marking the aggregate's residual as 0 rather than omitting the members, and the arithmetic is identical either way), so it counts at full value. Sum of shares: FMR 21,383,543 + Vanguard 19,989,940 + BlackRock 13,876,398 + State Street 7,905,748 + T. Rowe Price 7,271,071 + Geode 4,522,854 + Morgan Stanley 2,491,148 + Norges Bank 1,896,763 + Northern Trust 1,731,125 + JPMorgan 1,520,067 + MFS 1,428,720 + Schwab 1,107,445 + Directors/Officers group 974,690 = 86,099,512 shares, or 50.97% of 168,910,851 shares outstanding. This is above the brief's typical 25-45% expectation but below its 55% error ceiling. Checked for the usual causes of an inflated total and found none: every 13F row above implies the same $269.59-$269.60 per share (Q2 2026 valuation date), confirming no thousands-scaling error and no unit mismatch across rows; Vanguard was summed once as a family, not double counted against any successor; the insider aggregate's members were not added on top of the container. The high total appears to be a genuine feature of Wabtec's ownership structure (top three holders alone, FMR, Vanguard and BlackRock, hold 32.7% combined) rather than a data defect.
• Company name written as 'Westinghouse Air Brake Technologies Corporation (Wabtec)' deliberately, not as the bare legal name. scripts/crosscheck.py reported UNMATCHABLE for this company because the slug 'wabtec' does not occur anywhere inside 'Westinghouse Air Brake Technologies Corporation', so the matcher could not find the company under its own name and would have silently dropped every edge into it. That is the shape of bug 12 recorded in STATE.md, which was dangerous precisely because it produced a clean report while comparing nothing. This follows the documented BNY Mellon workaround, where company.name was written as 'BNY Mellon (The Bank of New York Mellon Corporation)' for the same reason. STATE.md notes that workaround is one tidy-up away from breaking, so the durable fix is a KEY entry in crosscheck.py reading "wabtec": ("wabtec", "westinghouseairbrake"); that is a pipeline change and is reported to the maintainer rather than made here.