Filing Flows › West Pharmaceutical Services (WST) › Q3 2026
West Pharmaceutical Services (WST) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
West Pharmaceutical Services (WST) reported revenue of $874M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +0.3% from the quarter before. Operating margin was 30.6%, net earnings $214M (24.5% of revenue).
West Pharmaceutical Services, Q3 2026: revenue $874M (+9% year over year), operating margin 30.6%, net earnings $214M, operating cash flow $190M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $874M | +0.3% | +9% |
| Gross profit | $347M | +6% | +18% |
| Operating profit | $267M | +49% | +60% |
| Net earnings | $214M | +39% | +53% |
| Operating cash flow | $190M | +53% | -4% |
| Free cash flow | $150M | +86% | +12% |
What changed
Revenue was $874.5M in Q3 2026, up 9% year over year and roughly flat from the previous quarter. Proprietary Products was the largest line at 83% of revenue. Proprietary Products added $81.3M year over year (up 13%), 116% of the total change. West Vantage declined 7%.
Gross margin was 39.7%, up 3.1 points from Q3 2025. Operating profit was $267.4M, a 30.6% margin (up 9.7 points year over year). Of the extra revenue versus Q3 2025, 143% reached operating profit, above the 21% margin then. Operating expenses fell 37% while revenue rose 9%. Net earnings were $214.0M, up 53% year over year. The effective tax rate was 21.3%.
Operating cash flow was $189.5M (down 4% year over year), 89% of net earnings. Non-cash charges added back $45.9M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items used $74.7M. Capital expenditures of $39.1M left free cash flow of $150.4M.
Questions
What was West Pharmaceutical Services' revenue in the third quarter 2026?
West Pharmaceutical Services (WST) reported revenue of $874M for the third quarter 2026 (Q3 2026), +9% from a year earlier and +0.3% from the quarter before.
Was West Pharmaceutical Services profitable in the third quarter 2026?
Operating profit was $267M (30.6% of revenue) and net earnings $214M.