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West Pharmaceutical Services (WST) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · West Pharmaceutical Services (WST) Q3 2026 earnings results →
Q3 2026 Revenue up 9% year over year to $874M · 24¢ of every $1 of revenue kept as net profit · operating margin 30.6%
West Pharmaceutical Services made $874M in Q3 2026 (+9% Y/Y): Proprietary Products $729M, West Vantage $146M. Operating margin 30.6%, net earnings $214M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $874.5M in Q3 2026, up 9% year over year and roughly flat from the previous quarter. Proprietary Products was the largest line at 83% of revenue. Proprietary Products added $81.3M year over year (up 13%), 116% of the total change. West Vantage declined 7%.
Gross margin was 39.7%, up 3.1 points from Q3 2025. Operating profit was $267.4M, a 30.6% margin (up 9.7 points year over year). Of the extra revenue versus Q3 2025, 143% reached operating profit, above the 21% margin then. Operating expenses fell 37% while revenue rose 9%. Net earnings were $214.0M, up 53% year over year. The effective tax rate was 21.3%.
Operating cash flow was $189.5M (down 4% year over year), 89% of net earnings. Non-cash charges added back $45.9M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $74.7M. Capital expenditures of $39.1M left free cash flow of $150.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $874M | +9% | 30.6% | $214M | $190M |
| Q2 2026 | 10-Q | Jul 23, 2026 | $872M | +14% | 20.5% | $154M | $124M |
| Q1 2026 | 10-Q | Apr 23, 2026 | $845M | +21% | 21.0% | $139M | $89.9M |
| Q4 2025 | 10-K | Feb 17, 2026 | $805M | +8% | 19.5% | $132M | $251M |
| Q3 2025 | 10-Q | Oct 23, 2025 | $805M | +8% | 20.8% | $140M | $197M |
| Q2 2025 | 10-Q | Jul 24, 2025 | $766M | +9% | 20.1% | $132M | $177M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $698M | +0.4% | 15.3% | $89.8M | $129M |
Charts
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Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About West Pharmaceutical Services
We are a leading global manufacturer in the design and production of technologically advanced, high-quality, integrated containment and delivery systems for injectable drugs and healthcare products. Our products include a variety of primary proprietary packaging, containment solutions, reconstitution and transfer systems, and drug delivery systems, as well as contract manufacturing, analytical lab services and integrated solutions. Our customers include leading biologic, generic, pharmaceutical, diagnostic, and medical device companies in the world. Our top priority is delivering quality products that meet the exact product specifications and quality standards customers require and expect.
In its own words, from its 10-K, filed Feb 17, 2026.
West Pharmaceutical Services against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +5%. Operating margin: 30.6% against the peers' median 15.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WST West Pharmaceutical Services | Q3 2026 | $874M | +9% | 30.6% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: West Pharmaceutical Services 10-Q on SEC EDGAR · CIK 105770 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns WST and who is buying
More on WST
- How West Pharmaceutical Services makes money: revenue by segment
- West Pharmaceutical Services next earnings date and what analysts expect
- West Pharmaceutical Services stock forecast, price target and fair value
- Who owns West Pharmaceutical Services stock: holders, funds and Congress trades
- West Pharmaceutical Services guidance and outlook
- Is West Pharmaceutical Services a takeover target? LBO and rumors
- West Pharmaceutical Services recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- West Pharmaceutical Services guidance history: guided vs reported
- West Pharmaceutical Services gross margin by quarter
- West Pharmaceutical Services operating margin by quarter
- West Pharmaceutical Services net income by quarter
- West Pharmaceutical Services free cash flow by quarter
- West Pharmaceutical Services R&D spending by quarter
- West Pharmaceutical Services capital expenditures by quarter
- West Pharmaceutical Services Proprietary Products revenue by quarter
- West Pharmaceutical Services West Vantage revenue by quarter