WEST PHARMACEUTICAL SERVICES INC

WST 10-K · Q4 2025

WST Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 805 748.8 +7.5%
Show Business Segments breakouts
Contract-Manufactured Products 143.2 134.9 +6.2%
Contract-Manufactured Products · Operating Segments 143.2 134.9 +6.2%
Proprietary Products 661.8 613.9 +7.8%
Proprietary Products · Operating Segments 661.8 613.9 +7.8%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract -0.2 0.3 -166.7%
Show Consolidation Items breakouts
Operating Segments 805 748.8 +7.5%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 3.3 4.6 -28.3%
Cost of Revenue 501.1 475.2 +5.5%
Show Business Segments breakouts
Contract-Manufactured Products · Operating Segments 125 112 +11.6%
Proprietary Products · Operating Segments 376.1 363.2 +3.6%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract 0.3 1.4 -78.6%
Gross Profit 303.9 273.6 +11.1%
Research & Development 21.8 18.5 +17.8%
Show Business Segments breakouts
Proprietary Products · Operating Segments 21.8 18.5 +17.8%
Selling, General & Administrative 107 85.3 +25.4%
Show Business Segments breakouts
Contract-Manufactured Products · Operating Segments 7.8 7.1 +9.9%
Proprietary Products · Operating Segments 68.2 58.1 +17.4%
Other Income Expense 18.5 10.2 +81.4%
Operating Income 156.6 159.6 -1.9%
Show Business Segments breakouts
Contract-Manufactured Products · Operating Segments 9.8 16.2 -39.5%
Proprietary Products · Operating Segments 189.7 162.3 +16.9%
Show Consolidation Items breakouts
Operating Segments 199.5 178.5 +11.8%
Interest Expense -0.2 -0.8 +75.0%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Treasury Lock 0 0
Investment Income Net -5.1 -4.8 -6.2%
Other Non-Operating Income (Expense) 0.4 0.3 +33.3%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 161.5 164.9 -2.1%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income -0.1 0.2 -150.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.5 -1.1 +54.5%
Income Tax Expense (Benefit) 33.3 36.8 -9.5%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.1 -0.3 +66.7%
Income Loss From Equity Method Investments -3.9 -2 -95.0%
Net Income 132.1 130.1 +1.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 0 0.2 -100.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.4 -0.8 +50.0%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -0.4 -0.6 +33.3%
EPS (Basic) 1.83 1.79 +2.2%
EPS (Diluted) 1.82 1.78 +2.2%
Wtd Avg Shares (Basic) 0 -0.1 +100.0%
Wtd Avg Shares (Diluted) 0 -0.1 +100.0%
General & Administrative (Q)
Show Consolidation Items breakouts
Corporate and Unallocated -20.8 -11.4 -82.5%
Income Before Taxes 161.5 164.9 -2.1%
Comprehensive Income 128.9 8.3 +1453.0%
Other Comprehensive Income -3.2 -121.8 +97.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment 2.7 1.5 +80.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -2.4 -4.5 +46.7%
Accumulated Translation Adjustment -4.1 -119 +96.6%
Foreign Currency Transaction Gain Loss Before Tax 2.8 2.9 -3.4%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 791.3 484.6 +63.3%
Accounts Receivable 574.4 552.5 +4.0%
Inventory 443.9 377 +17.7%
Other Assets Current 168.6 124 +36.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 2 2.5 -20.0%
Total Current Assets 1,978.2 1,538.1 +28.6%
Non-Current Assets
Property, Plant & Equipment 1,726.4 1,581.6 +9.2%
Operating Lease Right-of-Use Assets 117 104.5 +12.0%
Goodwill 109.9 106 +3.7%
Show Business Segments breakouts
Contract-Manufactured Products 29.9 29.2 +2.4%
Proprietary Products 80 76.8 +4.2%
Deferred Tax Assets 38.4 26 +47.7%
Other Non-Current Assets 80.1 74.3 +7.8%
Total Assets 4,270 3,643.4 +17.2%
Show Business Segments breakouts
Contract-Manufactured Products · Operating Segments 718.1 612.2 +17.3%
Proprietary Products · Operating Segments 2,987 2,621.1 +14.0%
Show Consolidation Items breakouts
Corporate and Unallocated 564.9 410.1 +37.7%
Intangible Assets 7.7 10.8 -28.7%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Contracts 0.2 0.4 -50.0%
Customer Relationships 6.5 8.1 -19.8%
Patents and licensing 0.6 1.7 -64.7%
Technology Based Intangible Assets 0.4 0.6 -33.3%
Other Assets
Property Plant And Equipment Gross 3,223.4 2,985.8 +8.0%
Show Property Plant And Equipment By Type breakouts
Building And Building Improvements 1,180.7 916.1 +28.9%
Computer hardware and software 188.6 232.5 -18.9%
Construction In Progress 256.7 410.8 -37.5%
Land 29.2 27.9 +4.7%
Machinery And Equipment 1,388.8 1,229 +13.0%
Tools Dies And Molds 179.4 169.5 +5.8%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 1,497 1,404.2 +6.6%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 212.3 202.1 +5.0%
Intangible Assets Net Excluding Goodwill 7.7 10.8 -28.7%
Current Liabilities
Accounts Payable 253.7 239.3 +6.0%
Accrued Salaries Wages And Benefits Current 135.9 73.5 +84.9%
Accrued Income Taxes Current 28.1 31.5 -10.8%
Operating Lease Liability Current 22.7 17.9 +26.8%
Other Liabilities Current 214.5 188.2 +14.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 26.2 18.7 +40.1%
Total Current Liabilities 654.9 550.4 +19.0%
Deferred Revenue 51.9 49.6 +4.6%
Non-Current Liabilities
Long-Term Debt 202.8 202.6 +0.1%
Deferred Tax Liabilities 23 20.5 +12.2%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 29 28.2 +2.8%
Show Retirement Plan Type breakouts
Other Postretirement Benefit Plans Defined Benefit 2.6 2.7 -3.7%
Pension Plans Defined Benefit 26.4 25.5 +3.5%
Operating Lease Liabilities 95.6 81.8 +16.9%
Deferred Compensation Liability Classified Noncurrent 13.5 15.4 -12.3%
Other Non-Current Liabilities 75.2 62.2 +20.9%
Total Liabilities 1,094 961.1 +13.8%
Long-Term Debt 202.8 202.6 +0.1%
Stockholders' Equity
Common Stock 18.8 18.8 0.0%
Retained Earnings 4,374.9 3,956.6 +10.6%
Accumulated Other Comprehensive Income -105.5 -258.1 +59.1%
Treasury Stock Common Value -1,112.2 -1,057.1 -5.2%
Total Stockholders' Equity 3,176 2,682.3 +18.4%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -8.1 -9.8 +17.3%
Accumulated Gain Loss Net Cash Flow Hedge Parent -1.5 -2.5 +40.0%
Accumulated Other Comprehensive Income -105.5 -258.1 +59.1%
Accumulated Translation Adjustment -99.1 -248.3 +60.1%
Aoci Equity Method Investment Parent 3.2 2.5 +28.0%
Common Stock 18.8 18.8 0.0%
Retained Earnings 4,374.9 3,956.6 +10.6%
Treasury Stock Common -1,112.2 -1,057.1 -5.2%
Total Liabilities & Equity 4,270 3,643.4 +17.2%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation 46.4 39.8 +16.6%
Adjustment For Amortization 0.6 0.9 -33.3%
Stock-Based Compensation 6.7 4.3 +55.8%
Show Consolidation Items breakouts
Corporate and Unallocated 6.7 4.3 +55.8%
Asset Impairment Charges 7.3 5.4 +35.2%
Other Non-Cash Items -3 5 -160.0%
Net Cash from Operations 251.1 190.1 +32.1%
Depreciation & Amortization 47 40.7 +15.5%
Show Business Segments breakouts
Contract-Manufactured Products · Operating Segments 7.6 6.2 +22.6%
Proprietary Products · Operating Segments 38.7 33.5 +15.5%
Show Consolidation Items breakouts
Corporate and Unallocated 0.7 1 -30.0%
Investing Activities
Capital Expenditures -76.1 -104.9 +27.5%
Net Cash from Investing -76.1 -104.8 +27.4%
Financing Activities
Finance Lease Principal Payments -0.3 -0.1 -200.0%
Payments Of Dividends Common Stock -15.8 -15.3 -3.3%
Proceeds From Stock Options Exercised 3.1 1.5 +106.7%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans 1.5 1.6 -6.3%
Share Repurchases 0 -54.4 +100.0%
Tax Withholding for Share Compensation -0.2 -0.2 0.0%
Net Cash from Financing -11.7 -68.9 +83.0%
Supplemental
Unpaid Capital Expenditures -0.2 2.7 -107.4%
Dividends Payable Current 15.8 15.2 +3.9%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -0.5 -22.7 +97.8%
Net Change in Cash 162.8 -6.3 +2684.1%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 791.3 484.6 +63.3%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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