Filing Flows › West Pharmaceutical Services (WST) › Q1 2026
West Pharmaceutical Services (WST) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 23, 2026
West Pharmaceutical Services (WST) reported revenue of $845M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +5% from the quarter before. Operating margin was 21.0%, net earnings $139M (16.4% of revenue).
West Pharmaceutical Services, Q1 2026: revenue $845M (+21% year over year), operating margin 21.0%, net earnings $139M, operating cash flow $89.9M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $845M | +5% | +21% |
| Gross profit | $296M | -2% | +28% |
| Operating profit | $177M | +13% | +66% |
| Net earnings | $139M | +5% | +55% |
| Operating cash flow | $89.9M | -64% | -31% |
| Free cash flow | $47.2M | -73% | -19% |
What changed
Revenue was $844.9M in Q1 2026, up 21% year over year and up 5% from the previous quarter. Proprietary Products was the largest line at 82% of revenue. Proprietary Products added $131.3M year over year (up 23%), 89% of the total change.
Gross margin was 35.1%, up 1.9 points from Q1 2025. Operating profit was $177.1M, a 21.0% margin (up 5.6 points year over year). Of the extra revenue versus Q1 2025, 48% reached operating profit, above the 15% margin then. Operating expenses fell 4% while revenue rose 21%. The fastest-growing cost line was SG&A (+13%). Net earnings were $138.8M, up 55% year over year. The effective tax rate was 24.4%.
Operating cash flow was $89.9M (down 31% year over year), 65% of net earnings. Non-cash charges added back $45.2M of depreciation and amortization and $6.6M of share-based compensation. Working capital and other items used $100.7M. Capital expenditures of $42.7M left free cash flow of $47.2M.
Questions
What was West Pharmaceutical Services' revenue in the first quarter 2026?
West Pharmaceutical Services (WST) reported revenue of $845M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +5% from the quarter before.
Was West Pharmaceutical Services profitable in the first quarter 2026?
Operating profit was $177M (21.0% of revenue) and net earnings $139M.