Filing Flows › West Pharmaceutical Services (WST) › Q3 2025
West Pharmaceutical Services (WST) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 23, 2025
West Pharmaceutical Services (WST) reported revenue of $805M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 20.8%, net earnings $140M (17.4% of revenue).
West Pharmaceutical Services, Q3 2025: revenue $805M (+8% year over year), operating margin 20.8%, net earnings $140M, operating cash flow $197M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $805M | +5% | +8% |
| Gross profit | $294M | +7% | +11% |
| Operating profit | $168M | +9% | +4% |
| Net earnings | $140M | +6% | +3% |
| Operating cash flow | $197M | +11% | +9% |
| Free cash flow | $134M | +31% | +36% |
What changed
Revenue was $804.6M in Q3 2025, up 8% year over year and up 5% from the previous quarter. Proprietary Products was the largest line at 80% of revenue. Proprietary Products added $46.1M year over year (up 8%), 80% of the total change.
Gross margin was 36.6%, up 1.1 points from a year earlier. Operating profit was $167.6M, a 20.8% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 11% reached operating profit, below the 22% margin then. Operating expenses grew 23% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+57%). Net earnings were $140.0M, up 3% year over year. The effective tax rate was 19.5%.
Operating cash flow was $197.2M (up 9% year over year), 141% of net earnings. Non-cash charges added back $43.0M of depreciation and amortization and $8.4M of share-based compensation. Capital expenditures of $63.3M left free cash flow of $133.9M.
Questions
What was West Pharmaceutical Services' revenue in the third quarter 2025?
West Pharmaceutical Services (WST) reported revenue of $805M for the third quarter 2025 (Q3 2025), +8% from a year earlier and +5% from the quarter before.
Was West Pharmaceutical Services profitable in the third quarter 2025?
Operating profit was $168M (20.8% of revenue) and net earnings $140M.