Filing Flows › West Pharmaceutical Services (WST) › Q3 2026 › vs Q3 2025
West Pharmaceutical Services (WST) Q3 2026 vs Q3 2025 (year over year)
West Pharmaceutical Services's revenue rose $69.9M (+9%) from $805M in Q3 2025 to $874M in Q3 2026. The biggest changes: Proprietary Products +$81.3M (+13%); West Vantage −$11.4M (-7%). Gross margin 39.7% against 36.6% (+3.1 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 39.7% | 36.6% | +3.1 pts |
| Operating margin | 30.6% | 20.8% | +9.7 pts |
| Net margin | 24.5% | 17.4% | +7.1 pts |
| Free cash flow margin | 17.2% | 16.6% | +0.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Proprietary Products | $729M | $648M | $81.3M | +13% |
| West Vantage | $146M | $157M | −$11.4M | -7% |
| Revenue | $874M | $805M | $69.9M | +9% |
| Gross profit | $347M | $294M | $53.1M | +18% |
| Cost of revenue | $527M | $510M | $16.8M | +3% |
| Other income, net | $4.6M | $6.4M | −$1.8M | -28% |
| Operating profit | $267M | $168M | $99.8M | +60% |
| Operating expenses | $80.0M | $127M | −$46.7M | -37% |
| Pre-tax earnings | $272M | $174M | $98.0M | +56% |
| Net earnings | $214M | $140M | $74.0M | +53% |
| Income tax | $58.0M | $34.0M | $24.0M | +71% |
| Depreciation & amortization | $45.9M | $43.0M | $2.9M | +7% |
| Share-based compensation | $4.3M | $8.4M | −$4.1M | -49% |
| Working capital & other | $74.7M | −$5.8M | $80.5M | — |
| Operating cash flow | $190M | $197M | −$7.7M | -4% |
| Free cash flow (OCF − capex) | $150M | $134M | $16.5M | +12% |
| Capital expenditures | $39.1M | $63.3M | −$24.2M | -38% |
Questions
How much did West Pharmaceutical Services's revenue grow year over year in Q3 2026?
West Pharmaceutical Services's revenue rose $69.9M (+9%) from $805M in Q3 2025 to $874M in Q3 2026.
What drove West Pharmaceutical Services's revenue change in Q3 2026?
Proprietary Products +$81.3M (+13%); West Vantage −$11.4M (-7%).