Filing Flows › West Pharmaceutical Services (WST) › Q3 2026 › vs Q2 2026
West Pharmaceutical Services (WST) Q3 2026 vs Q2 2026 (quarter over quarter)
West Pharmaceutical Services's revenue rose $2.2M (+0.3%) from $872M in Q2 2026 to $874M in Q3 2026. The biggest changes: Proprietary Products +$6.2M (+0.9%); West Vantage −$4.0M (-3%). Gross margin 39.7% against 37.7% (+2.0 pts).
West Pharmaceutical Services, Q3 2026: revenue $874M (+9% year over year), operating margin 30.6%, net earnings $214M, operating cash flow $190M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Gross margin | 39.7% | 37.7% | +2.0 pts |
| Operating margin | 30.6% | 20.5% | +10.0 pts |
| Net margin | 24.5% | 17.7% | +6.8 pts |
| Free cash flow margin | 17.2% | 9.3% | +7.9 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Proprietary Products | $729M | $723M | $6.2M | +0.9% |
| West Vantage | $146M | $150M | −$4.0M | -3% |
| Revenue | $874M | $872M | $2.2M | +0.3% |
| Gross profit | $347M | $329M | $18.2M | +6% |
| Cost of revenue | $527M | $543M | −$16.0M | -3% |
| Other income, net | $4.6M | $7.1M | −$2.5M | -35% |
| Operating profit | $267M | $179M | $88.3M | +49% |
| Operating expenses | $80.0M | $150M | −$70.1M | -47% |
| Pre-tax earnings | $272M | $186M | $85.8M | +46% |
| Net earnings | $214M | $154M | $60.0M | +39% |
| Income tax | $58.0M | $32.2M | $25.8M | +80% |
| Depreciation & amortization | $45.9M | $46.2M | −$300K | -0.6% |
| Share-based compensation | $4.3M | $10.9M | −$6.6M | -61% |
| Working capital & other | $74.7M | $87.1M | −$12.4M | -14% |
| Operating cash flow | $190M | $124M | $65.5M | +53% |
| Free cash flow (OCF − capex) | $150M | $80.8M | $69.6M | +86% |
| Capital expenditures | $39.1M | $43.2M | −$4.1M | -9% |
Questions
How much did West Pharmaceutical Services's revenue grow quarter over quarter in Q3 2026?
West Pharmaceutical Services's revenue rose $2.2M (+0.3%) from $872M in Q2 2026 to $874M in Q3 2026.
What drove West Pharmaceutical Services's revenue change in Q3 2026?
Proprietary Products +$6.2M (+0.9%); West Vantage −$4.0M (-3%).