Filing Flows › West Pharmaceutical Services (WST) › Q2 2026
West Pharmaceutical Services (WST) Q2 2026 earnings results (second quarter 2026)
10-Q filed Jul 23, 2026
West Pharmaceutical Services (WST) reported revenue of $872M for the second quarter 2026 (Q2 2026), +14% from a year earlier and +3% from the quarter before. Operating margin was 20.5%, net earnings $154M (17.7% of revenue).
West Pharmaceutical Services, Q2 2026: revenue $872M (+14% year over year), operating margin 20.5%, net earnings $154M, operating cash flow $124M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $872M | +3% | +14% |
| Gross profit | $329M | +11% | +20% |
| Operating profit | $179M | +1% | +17% |
| Net earnings | $154M | +11% | +17% |
| Operating cash flow | $124M | +38% | -30% |
| Free cash flow | $80.8M | +71% | -21% |
What changed
Revenue was $872.3M in Q2 2026, up 14% year over year and up 3% from the previous quarter. Proprietary Products was the largest line at 83% of revenue. Proprietary Products added $102.8M year over year (up 17%), 97% of the total change.
Gross margin was 37.7%, up 2.0 points from Q2 2025. Operating profit was $179.1M, a 20.5% margin (up 0.5 points year over year). Of the extra revenue versus Q2 2025, 24% reached operating profit, above the 20% margin then. Operating expenses grew 25% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+146%). Net earnings were $154.0M, up 17% year over year. The effective tax rate was 17.3%.
Operating cash flow was $124.0M (down 30% year over year), 81% of net earnings. Non-cash charges added back $46.2M of depreciation and amortization and $10.9M of share-based compensation. Working capital and other items used $87.1M. Capital expenditures of $43.2M left free cash flow of $80.8M.
Questions
What was West Pharmaceutical Services' revenue in the second quarter 2026?
West Pharmaceutical Services (WST) reported revenue of $872M for the second quarter 2026 (Q2 2026), +14% from a year earlier and +3% from the quarter before.
Was West Pharmaceutical Services profitable in the second quarter 2026?
Operating profit was $179M (20.5% of revenue) and net earnings $154M.