As the Q4 earnings season wraps, let’s dig into this quarter’s best and worst performers in the heavy transportation equipment industry, including Wabtec (NYSE: WAB) and its peers.

Heavy transportation equipment companies are investing in automated vehicles that increase efficiencies and connected machinery that collects actionable data. Some are also developing electric vehicles and mobility solutions to address customers’ concerns about carbon emissions, creating new sales opportunities. On the other hand, heavy transportation equipment companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the construction and transport volumes that drive demand for these companies’ offerings.

The 12 heavy transportation equipment stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 3% while next quarter’s revenue guidance was in line.

Luckily, heavy transportation equipment stocks have performed well with share prices up 17% on average since the latest earnings results.

Wabtec (NYSE: WAB)

Also known as Wabtec, Westinghouse Air Brake Technologies (NYSE: WAB) provides equipment, systems, and related software for the railway industry.

Wabtec reported revenues of $2.97 billion, up 14.8% year on year. This print exceeded analysts’ expectations by 3.5%. Despite the top-line beat, it was still a mixed quarter for the company with an impressive beat of analysts’ revenue estimates but a significant miss of analysts’ organic revenue estimates.

“The Wabtec team delivered a strong fourth quarter and full year results, reflecting the strength of our business and our ability to execute in dynamic markets,” said Rafael Santana, Wabtec’s President and CEO.

Interestingly, the stock is up 6.6% since reporting and currently trades at $262.65.

Is now the time to buy Wabtec? Access our full analysis of the earnings results here, it’s free.

Best Q4: Douglas Dynamics (NYSE: PLOW)

Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE: PLOW) offers snow and ice equipment for the roads and sidewalks.

Douglas Dynamics reported revenues of $184.5 million, up 28.6% year on year, outperforming analysts’ expectations by 8.6%. The business had a stunning quarter with a solid beat of analysts’ EBITDA and revenue estimates.

Douglas Dynamics delivered the fastest revenue growth among its peers. The market seems happy with the results as the stock is up 8.4% since reporting. It currently trades at $46.23.

Is now the time to buy Douglas Dynamics? Access our full analysis of the earnings results here, it’s free.

Slowest Q4: Greenbrier (NYSE: GBX)

Having designed the industry’s first double-decker railcar in the 1980s, Greenbrier (NYSE: GBX) supplies the freight rail transportation industry with railcars and related services.

Greenbrier reported revenues of $587.5 million, down 22.9% year on year, falling short of analysts’ expectations by 11.5%. It was a disappointing quarter as it posted full-year revenue and EPS guidance missing analysts’ expectations significantly.

Greenbrier delivered the weakest performance against analyst estimates, slowest revenue growth, and weakest full-year guidance update in the group. Interestingly, the stock is up 5.6% since the results and currently trades at $50.30.

Read our full analysis of Greenbrier’s results here.

Blue Bird (NASDAQ: BLBD)

With around a century of experience, Blue Bird (NASDAQ: BLBD) is a manufacturer of school buses and complementary parts.

Blue Bird reported revenues of $333.1 million, up 6.1% year on year. This print topped analysts’ expectations by 0.9%. Overall, it was a very strong quarter as it also put up a solid beat of analysts’ EBITDA estimates.

The stock is up 24.4% since reporting and currently trades at $61.82.

Read our full, actionable report on Blue Bird here, it’s free.

PACCAR (NASDAQ: PCAR)

Founded more than a century ago, PACCAR (NASDAQ: PCAR) designs and manufactures commercial trucks of various weights and sizes for the commercial trucking industry.

PACCAR reported revenues of $6.82 billion, down 13.7% year on year. This number surpassed analysts’ expectations by 2.5%. It was a very strong quarter as it also produced a solid beat of analysts’ EBITDA and revenue estimates.

The stock is up 3.2% since reporting and currently trades at $125.99.

Read our full, actionable report on PACCAR here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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