Filing Flows › West Pharmaceutical Services (WST) › Q2 2025
West Pharmaceutical Services (WST) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 24, 2025
West Pharmaceutical Services (WST) reported revenue of $766M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +10% from the quarter before. Operating margin was 20.1%, net earnings $132M (17.2% of revenue).
West Pharmaceutical Services, Q2 2025: revenue $766M (+9% year over year), operating margin 20.1%, net earnings $132M, operating cash flow $177M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $766M | +10% | +9% |
| Gross profit | $274M | +18% | +19% |
| Operating profit | $154M | +44% | +22% |
| Net earnings | $132M | +47% | +18% |
| Operating cash flow | $177M | +37% | +7% |
| Free cash flow | $102M | +75% | +57% |
What changed
Revenue was $766.5M in Q2 2025, up 9% year over year and up 10% from the previous quarter. Proprietary Products was the largest line at 81% of revenue. Proprietary Products added $60.1M year over year (up 11%), 93% of the total change.
Gross margin was 35.7%, up 3.0 points from a year earlier. Operating profit was $153.7M, a 20.1% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 43% reached operating profit, above the 18% margin then. Operating expenses grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+58%). Net earnings were $131.8M, up 18% year over year. The effective tax rate was 18.6%.
Operating cash flow was $177.1M (up 7% year over year), 134% of net earnings. Non-cash charges added back $41.4M of depreciation and amortization and $7.4M of share-based compensation. Capital expenditures of $75.2M left free cash flow of $101.9M.
Questions
What was West Pharmaceutical Services' revenue in the second quarter 2025?
West Pharmaceutical Services (WST) reported revenue of $766M for the second quarter 2025 (Q2 2025), +9% from a year earlier and +10% from the quarter before.
Was West Pharmaceutical Services profitable in the second quarter 2025?
Operating profit was $154M (20.1% of revenue) and net earnings $132M.