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West Pharmaceutical Services cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$150M in Q3 2026 · $453M over twelve months

Operating cash flow$190M
Capital spending−$39.1M
Free cash flow+$150M
Cash / net income0.9×
Cash conversion cycle113 days

Analysis

In Q3 2026, West Pharmaceutical Services generated $190M of operating cash flow and spent $39.1M on capital projects, leaving free cash flow of $150M. That is $16.5M more than in Q3 2025 ($134M).

Over the twelve months to Sep 30, 2026, operating cash flow was $654M; the largest uses were buybacks ($685M), capital spending ($201M), dividends ($62.8M); besides operations, cash came from other investing ($118M), shares issued ($20.1M); the cash balance fell by $164M.

Operating cash flow was $190M against net income of $214M — 0.9× profit, less cash than reported earnings, worth checking against working capital. The largest differences: depreciation & amortization +$45.9M, stock-based pay +$4.3M, contract assets +$2.1M.

Its cash conversion cycle was 113 days (receivables 77 + inventory 80 − payables 44).

Free cash flow

West Pharmaceutical Services: free cash flow by quarterWest Pharmaceutical Services: free cash flow by quarter$85.2MQ4 2024$58.1MQ1 2025$102MQ2 2025$134MQ3 2025$175MQ4 2025$47.2MQ1 2026$80.8MQ2 2026$150MQ3 2026
Operating cash flow less capital spending.
West Pharmaceutical Services: operating cash flow against capital spendingWest Pharmaceutical Services: operating cash flow against capital spendingOperating cash flowCapital spending$190M$105MQ4 2024$129M$71.3MQ1 2025$177M$75.2MQ2 2025$197M$63.3MQ3 2025$251M$76.1MQ4 2025$89.9M$42.7MQ1 2026$124M$43.2MQ2 2026$190M$39.1MQ3 2026
Latest (Q3 2026): Operating cash flow $190M, Capital spending $39.1M.

Capital allocation, year by year

West Pharmaceutical Services: where the cash came from (up) and went (down), by fiscal yearWest Pharmaceutical Services: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $584MFY2021: Shares issued $29.4MFY2021: Capital spending −$253MFY2021: Acquisitions −$2.2MFY2021: Buybacks −$137MFY2021: Dividends −$51.1M$613MFY2021FY2022: Operating cash flow $724MFY2022: Net borrowing −$44.3MFY2022: Shares issued $20.9MFY2022: Capital spending −$285MFY2022: Buybacks −$203MFY2022: Dividends −$54.1M$745MFY2022FY2023: Operating cash flow $776MFY2023: Net borrowing −$2.4MFY2023: Shares issued $43.9MFY2023: Capital spending −$362MFY2023: Buybacks −$438MFY2023: Dividends −$57.0M$820MFY2023FY2024: Operating cash flow $653MFY2024: Net borrowing −$23.3MFY2024: Shares issued $25.5MFY2024: Capital spending −$377MFY2024: Buybacks −$561MFY2024: Dividends −$59.1M$679MFY2024FY2025: Operating cash flow $755MFY2025: Net borrowing −$1.1MFY2025: Shares issued $11.3MFY2025: Capital spending −$286MFY2025: Buybacks −$134MFY2025: Dividends −$61.2M$766MFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were capital spending ($1.6B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$464M
Debt$203M
Net cash$261M

West Pharmaceutical Services funds itself: free cash flow was $453M over the last twelve months, and $464M of cash and investments stands against $203M of debt.

Where the cash came from and went

West Pharmaceutical Services: sources (+) and uses (−) of cash, Q3 2026West Pharmaceutical Services: sources (+) and uses (−) of cash, Q3 2026Buybacks−$231MOperating cash flow$190MOther investing$118MCapital spending−$39.1MCash drawn (+) / kept (−)−$28.3MDividends−$15.5MShares issued$4.6MExchange rates$1.7MOther financing$100K
West Pharmaceutical Services: sources (+) and uses (−) of cash, TTM to Q3 2026West Pharmaceutical Services: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$685MOperating cash flow$654MCapital spending−$201MCash drawn (+) / kept (−)$164MOther investing$118MDividends−$62.8MShares issued$20.1MExchange rates−$8.8MOther financing$1.0M

From profit to cash

West Pharmaceutical Services: net income to operating cash flow, Q3 2026West Pharmaceutical Services: net income to operating cash flow, Q3 2026Net income$214MDepreciation & amortization$45.9MStock-based pay$4.3MImpairments$400KOther non-cash−$2.0MDeferred revenue−$2.0MContract assets$2.1MOperating cash flow$190M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026778044113
Q2 2026737542106
Q1 202667744299
Q4 2025698147103
Q3 2025697745102
Q2 202567754398
Q1 202571744599
Q4 202466754597

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$190M−$39.1M−$231M−$15.5M—$4.6M−$28.3M$150M
Q2 2026$124M−$43.2M−$157M−$15.7M—$6.9M$85.6M$80.8M
Q1 2026$89.9M−$42.7M−$298M−$15.8M—$5.5M$270M$47.2M
Q4 2025$251M−$76.1M—−$15.8M—$3.1M−$163M$175M
Q3 2025$197M−$63.3M—−$15.1M−$300K$2.2M−$119M$134M
Q2 2025$177M−$75.2M−$500K−$15.1M−$300K$3.5M−$106M$102M
Q1 2025$129M−$71.3M−$134M−$15.2M—$2.5M$80.4M$58.1M
Q4 2024$190M−$105M−$54.4M−$15.3M−$100K$1.5M$6.3M$85.2M

West Pharmaceutical Services: income statement and cash flow

West Pharmaceutical Services, Q3 2026: revenue $874M (+9% year over year), operating margin 30.6%. The chart follows the revenue to costs, profit and cash.

West Pharmaceutical Services: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.