Filing Flows › West Pharmaceutical Services (WST) › Q4 2025
West Pharmaceutical Services (WST) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
West Pharmaceutical Services (WST) reported revenue of $805M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and 0% from the quarter before. Operating margin was 19.5%, net earnings $132M (16.4% of revenue).
West Pharmaceutical Services, Q4 2025: revenue $805M (+8% year over year), operating margin 19.5%, net earnings $132M, operating cash flow $251M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $805M | 0% | +8% |
| Gross profit | $304M | +3% | +11% |
| Operating profit | $157M | -7% | -2% |
| Net earnings | $132M | -6% | +2% |
| Operating cash flow | $251M | +27% | +32% |
| Free cash flow | $175M | +31% | +105% |
What changed
Revenue was $805.0M in Q4 2025, up 8% year over year and roughly flat from the previous quarter. Proprietary Products was the largest line at 82% of revenue.
Gross margin was 37.8%, up 1.2 points from a year earlier. Operating profit was $156.6M, a 19.5% margin (down 1.9 points year over year). Operating profit fell $3.0M even though revenue rose $56.2M versus a year earlier, so costs grew faster than sales. Operating expenses grew 29% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+81%). Net earnings were $132.1M, up 2% year over year. The effective tax rate was 20.1%.
Operating cash flow was $251.1M (up 32% year over year), 190% of net earnings. Non-cash charges added back $47.0M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items added $65.3M. Capital expenditures of $76.1M left free cash flow of $175.0M.
Questions
What was West Pharmaceutical Services' revenue in the fourth quarter 2025?
West Pharmaceutical Services (WST) reported revenue of $805M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and 0% from the quarter before.
Was West Pharmaceutical Services profitable in the fourth quarter 2025?
Operating profit was $157M (19.5% of revenue) and net earnings $132M.