Filing Flows › West Pharmaceutical Services (WST) › Q2 2026 › vs Q2 2025
West Pharmaceutical Services (WST) Q2 2026 vs Q2 2025 (year over year)
West Pharmaceutical Services's revenue rose $106M (+14%) from $766M in Q2 2025 to $872M in Q2 2026. The biggest changes: Proprietary Products +$103M (+17%); West Vantage +$3.0M (+2%). Gross margin 37.7% against 35.7% (+2.0 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 37.7% | 35.7% | +2.0 pts |
| Operating margin | 20.5% | 20.1% | +0.5 pts |
| Net margin | 17.7% | 17.2% | +0.5 pts |
| Free cash flow margin | 9.3% | 13.3% | -4.0 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Proprietary Products | $723M | $620M | $103M | +17% |
| West Vantage | $150M | $147M | $3.0M | +2% |
| Revenue | $872M | $766M | $106M | +14% |
| Gross profit | $329M | $274M | $55.3M | +20% |
| Cost of revenue | $543M | $493M | $50.5M | +10% |
| Other income, net | $7.1M | $8.3M | −$1.2M | -14% |
| Operating profit | $179M | $154M | $25.4M | +17% |
| Operating expenses | $150M | $120M | $29.9M | +25% |
| Pre-tax earnings | $186M | $162M | $24.2M | +15% |
| Research & development | $19.7M | $19.1M | $600K | +3% |
| SG&A | $118M | $95.9M | $21.7M | +23% |
| Other operating costs | $12.8M | $5.2M | $7.6M | +146% |
| Net earnings | $154M | $132M | $22.2M | +17% |
| Income tax | $32.2M | $30.2M | $2.0M | +7% |
| Depreciation & amortization | $46.2M | $41.4M | $4.8M | +12% |
| Share-based compensation | $10.9M | $7.4M | $3.5M | +47% |
| Working capital & other | $87.1M | $3.5M | $83.6M | 25× |
| Operating cash flow | $124M | $177M | −$53.1M | -30% |
| Free cash flow (OCF − capex) | $80.8M | $102M | −$21.1M | -21% |
| Capital expenditures | $43.2M | $75.2M | −$32.0M | -43% |
Questions
How much did West Pharmaceutical Services's revenue grow year over year in Q2 2026?
West Pharmaceutical Services's revenue rose $106M (+14%) from $766M in Q2 2025 to $872M in Q2 2026.
What drove West Pharmaceutical Services's revenue change in Q2 2026?
Proprietary Products +$103M (+17%); West Vantage +$3.0M (+2%).