Filing Flows › West Pharmaceutical Services (WST) › Q2 2026 › vs Q1 2026
West Pharmaceutical Services (WST) Q2 2026 vs Q1 2026 (quarter over quarter)
West Pharmaceutical Services's revenue rose $27.4M (+3%) from $845M in Q1 2026 to $872M in Q2 2026. The biggest changes: Proprietary Products +$28.3M (+4%); West Vantage −$900K (-0.6%). Gross margin 37.7% against 35.1% (+2.7 pts).
West Pharmaceutical Services, Q2 2026: revenue $872M (+14% year over year), operating margin 20.5%, net earnings $154M, operating cash flow $124M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 37.7% | 35.1% | +2.7 pts |
| Operating margin | 20.5% | 21.0% | -0.4 pts |
| Net margin | 17.7% | 16.4% | +1.2 pts |
| Free cash flow margin | 9.3% | 5.6% | +3.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Proprietary Products | $723M | $694M | $28.3M | +4% |
| West Vantage | $150M | $151M | −$900K | -0.6% |
| Revenue | $872M | $845M | $27.4M | +3% |
| Gross profit | $329M | $296M | $32.8M | +11% |
| Cost of revenue | $543M | $548M | −$5.4M | -1% |
| Other income, net | $7.1M | $6.4M | $700K | +11% |
| Operating profit | $179M | $177M | $2.0M | +1% |
| Operating expenses | $150M | $119M | $30.8M | +26% |
| Pre-tax earnings | $186M | $184M | $2.7M | +1% |
| Research & development | $19.7M | $15.8M | $3.9M | +25% |
| SG&A | $118M | $99.5M | $18.1M | +18% |
| Other operating costs | $12.8M | $4.0M | $8.8M | +220% |
| Net earnings | $154M | $139M | $15.2M | +11% |
| Income tax | $32.2M | $44.7M | −$12.5M | -28% |
| Depreciation & amortization | $46.2M | $45.2M | $1.0M | +2% |
| Share-based compensation | $10.9M | $6.6M | $4.3M | +65% |
| Working capital & other | $87.1M | $101M | −$13.6M | -14% |
| Operating cash flow | $124M | $89.9M | $34.1M | +38% |
| Free cash flow (OCF − capex) | $80.8M | $47.2M | $33.6M | +71% |
| Capital expenditures | $43.2M | $42.7M | $500K | +1% |
Questions
How much did West Pharmaceutical Services's revenue grow quarter over quarter in Q2 2026?
West Pharmaceutical Services's revenue rose $27.4M (+3%) from $845M in Q1 2026 to $872M in Q2 2026.
What drove West Pharmaceutical Services's revenue change in Q2 2026?
Proprietary Products +$28.3M (+4%); West Vantage −$900K (-0.6%).