WEST PHARMACEUTICAL SERVICES INC

WST 10-Q · Q1 2026

WST Q1 2026 request

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Income Statement

Income Statement
Metric Q1 2026 Q1 2025 YoY
Revenue 844.9 698 +21.0%
Show Business Segments breakouts
Proprietary Products 694.3 563 +23.3%
Proprietary Products · Operating Segments 694.3 563 +23.3%
West Vantage 150.6 135 +11.6%
West Vantage · Operating Segments 150.6 135 +11.6%
Show Equity Components breakouts
Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract -0.3 0.2 -250.0%
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Operating Segments 844.9 698 +21.0%
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 3.2 3.2 0.0%
Cost of Revenue 548.5 466.1 +17.7%
Show Business Segments breakouts
Proprietary Products · Operating Segments 421.2 352.8 +19.4%
West Vantage · Operating Segments 127.3 113.3 +12.4%
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Accumulated Gain Loss Net Cash Flow Hedge Parent · Foreign Exchange Contract 0.6 0.8 -25.0%
Gross Profit 296.4 231.9 +27.8%
Research & Development 15.8 16.3 -3.1%
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Proprietary Products · Operating Segments 15.8 16.3 -3.1%
Selling, General & Administrative 99.5 88 +13.1%
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Proprietary Products · Operating Segments 65 60.3 +7.8%
West Vantage · Operating Segments 7.8 7.6 +2.6%
Show Disposal Group Classification breakouts
Disposal Group Heldforsale Not Discontinued Operations · SmartDose® 3.5mL On-Body Delivery System And Associated Facilities 1
Other Income Expense 4 20.6 -80.6%
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Disposal Group Heldforsale Not Discontinued Operations · SmartDose® 3.5mL On-Body Delivery System And Associated Facilities 0.9
Operating Income 177.1 107 +65.5%
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Proprietary Products · Operating Segments 189.2 130.6 +44.9%
West Vantage · Operating Segments 15.6 13.5 +15.6%
Show Consolidation Items breakouts
Operating Segments 204.8 144.1 +42.1%
Interest Expense 1.9 0.4 +375.0%
Investment Income Net -5.1 -4.1 -24.4%
Other Non-Operating Income (Expense) 0.2 0.2 0.0%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 180.1 110.5 +63.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 0.2 0.1 +100.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.9 -0.6 -50.0%
Income Tax Expense (Benefit) 44.7 24.1 +85.5%
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Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.2 -0.2 0.0%
Income Loss From Equity Method Investments -3.4 -3.4 0.0%
Net Income 138.8 89.8 +54.6%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income 0.2 0.1 +100.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income -0.7 -0.4 -75.0%
Retained Earnings 138.8 89.8 +54.6%
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts
Reclassification Out Of Accumulated Other Comprehensive Income -0.5 -0.3 -66.7%
EPS (Basic) 1.93 1.24 +55.6%
EPS (Diluted) 1.92 1.23 +56.1%
Wtd Avg Shares (Basic) 72 72.5 -0.7%
Wtd Avg Shares (Diluted) 72.4 73 -0.8%
General & Administrative (Q)
Show Consolidation Items breakouts
Corporate And Reconciling Items -17.2 -17.8 +3.4%
Income Before Taxes 180.1 110.5 +63.0%
Comprehensive Income 119.1 142.4 -16.4%
Other Comprehensive Income -19.7 52.6 -137.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -0.1 -0.4 +75.0%
Accumulated Gain Loss Net Cash Flow Hedge Parent -0.1 2.5 -104.0%
Accumulated Other Comprehensive Income -19.7 52.6 -137.5%
Accumulated Translation Adjustment -19.5 50.4 -138.7%
Foreign Currency Transaction Gain Loss Before Tax 1.1 1.2 -8.3%

Balance Sheet

Balance Sheet
Metric Q1 2026 Q1 2025 YoY
Current Assets
Cash & Cash Equivalents 521.4 404.2 +29.0%
Accounts Receivable 685.6 543.6 +26.1%
Inventory 452.6 388.7 +16.4%
Other Assets Current 167.2
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 2.3
Total Current Assets 1,826.8 1,457.5 +25.3%
Non-Current Assets
Property, Plant & Equipment 1,702.2 1,631.7 +4.3%
Operating Lease Right-of-Use Assets 110.2 103.4 +6.6%
Goodwill 109.2 107.5 +1.6%
Deferred Tax Assets 63.9 26 +145.8%
Other Non-Current Assets 81.3 70.2 +15.8%
Total Assets 4,109.8 3,618.2 +13.6%
Show Business Segments breakouts
Proprietary Products · Operating Segments 2,931.8 2,625.1 +11.7%
West Vantage · Operating Segments 739.6
Show Consolidation Items breakouts
Corporate And Reconciling Items 438.4 365.4 +20.0%
Other Assets
Property Plant And Equipment Gross 3,223 3,005.4 +7.2%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 1,520.8 1,373.7 +10.7%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 209.2
Intangible Assets Net Excluding Goodwill 7 10 -30.0%
Current Liabilities
Accounts Payable 252.3 228.4 +10.5%
Accrued Salaries Wages And Benefits Current 72.6 67.8 +7.1%
Accrued Income Taxes Current 78.9 22.3 +253.8%
Operating Lease Liability Current 21.4 21.8 -1.8%
Accrued Liabilities 46.6
Other Liabilities Current 202.2
Show Related Party Transactions By Related Party breakouts
Affiliated Entity 27.5
Total Current Liabilities 674 526.7 +28.0%
Non-Current Liabilities
Long-Term Debt 202.8
Deferred Tax Liabilities 22.7 21.3 +6.6%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 28.5 28.6 -0.3%
Operating Lease Liabilities 92 78.8 +16.8%
Deferred Compensation Liability Classified Noncurrent 11.8 11.4 +3.5%
Other Non-Current Liabilities 87.6 65.7 +33.3%
Total Liabilities 1,119.4 935.1 +19.7%
Long-Term Debt 202.8
Stockholders' Equity
Common Stock 18.8 18.8 0.0%
Retained Earnings 4,475.9 4,031.2 +11.0%
Accumulated Other Comprehensive Income -125.2 -205.5 +39.1%
Treasury Stock Common Value -1,379.1 -1,163.2 -18.6%
Total Stockholders' Equity 2,990.4 2,683.1 +11.5%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -8.2 -10.2 +19.6%
Accumulated Gain Loss Net Cash Flow Hedge Parent -1.6
Accumulated Other Comprehensive Income -125.2 -205.5 +39.1%
Accumulated Translation Adjustment -118.6 -197.9 +40.1%
Aoci Equity Method Investment Parent 3.2 2.6 +23.1%
Common Stock 18.8 18.8 0.0%
Retained Earnings 4,475.9 4,031.2 +11.0%
Treasury Stock Common -1,379.1 -1,163.2 -18.6%
Total Liabilities & Equity 4,109.8 3,618.2 +13.6%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q1 2026 YTD Q1 2025 YoY
Operating Activities
Depreciation 44.6 39.1 +14.1%
Adjustment For Amortization 0.6 0.9 -33.3%
Stock-Based Compensation 6.6 1.3 +407.7%
Show Consolidation Items breakouts
Corporate And Reconciling Items 6.6 1.3 +407.7%
Restructuring Reserve Settled Without Cash2 0.9 0.8 +12.5%
Show Restructuring Cost And Reserve breakouts
Asset-related charges · January 2025 Restructuring Plan 0.9
Show Restructuring Plan breakouts
January 2025 Restructuring Plan 0.9
Asset Impairment Charges 0.3 0.3 0.0%
Other Non-Cash Items 1 -2.9 +134.5%
Increase Decrease In Operating Capital -102.9 0.1 -103000.0%
Net Cash from Operations 89.9 129.4 -30.5%
Depreciation & Amortization 45.2 40 +13.0%
Show Business Segments breakouts
Proprietary Products · Operating Segments 36.4 32.7 +11.3%
West Vantage · Operating Segments 8 6.4 +25.0%
Show Consolidation Items breakouts
Corporate And Reconciling Items 0.8 0.9 -11.1%
Change in Deferred Revenue -8.5
Investing Activities
Capital Expenditures -42.7 -71.3 +40.1%
Net Cash from Investing -42.7 -71.3 +40.1%
Financing Activities
Finance Lease Principal Payments -0.3 -0.2 -50.0%
Payments Of Dividends Common Stock -15.8 -15.2 -3.9%
Proceeds From Stock Options Exercised 5.5 2.5 +120.0%
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans 2 1.9 +5.3%
Share Repurchases -297.6 -133.5 -122.9%
Tax Withholding for Share Compensation -2.5 -2.5 0.0%
Net Cash from Financing -308.7 -147 -110.0%
Supplemental
Unpaid Capital Expenditures 26.1 37.5 -30.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -8.4 8.5 -198.8%
Net Change in Cash -269.9 -80.4 -235.7%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 521.4 404.2 +29.0%

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

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