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West Pharmaceutical Services Income Statement

Revenue, expenses, and profitability over time

West Pharmaceutical Services generated $3.2B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $542.7M with a 16.85% net margin. Gross margin stands at 36.28% and operating margin at 20.34%. Diluted EPS is $7.48, which grew 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$3.2BGross Profit (TTM)$1.2BOperating Income (TTM)$655.0MNet Income (TTM)$542.7MEps Diluted (TTM)$7.48
Latest FilingQ1 2026
Report Date2026-04-23
Market Cap$23.3B
P/E Ratio43.00
ROE19.13%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$1.3M$7.4M$8.4M—$6.6M
Depreciation and amortization—$40M$41.4M$43M—$45.2M
Impairment charges—$300K$3.8M$300K—$300K
Occupancy and equipment—$6.6M$6.8M$6.9M—$7.2M
Separation costs—$16.4M$200K$900K—$1.8M
Other operating expenses—-$400K-$300K-$300K—$0
Research and development$18.5M$16.3M$19.1M$17.1M$21.8M$15.8M
Selling, general and administrative$85.3M$88M$95.9M$102.7M$107M$99.5M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.79$1.24$1.82$1.94$1.83$1.93
Diluted earnings per share$1.78$1.23$1.82$1.92$1.82$1.92
Weighted-average shares, basic73M72.5M72.2M72.2M72.3M72M
Weighted-average shares, diluted73.7M73M72.5M72.6M72.7M72.4M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments$2M$3.4M$5M$2.1M$3.9M$3.4M
Interest expense—$400K$100K$200K—$1.9M
Interest income$4.8M$4.1M$3.6M$4.7M$5.1M$5.1M
Other income (expense), net-$11.3M-$200K-$200K-$200K-$400K-$200K

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$273.6M$231.9M$273.9M$294.3M$303.9M$296.4M
Operating income$159.6M$107M$153.7M$167.6M$156.6M$177.1M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$164.9M$110.5M$157M$171.9M$161.5M$180.1M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$36.8M$24.1M$30.2M$34M$33.3M$44.7M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$130.1M$89.8M$131.8M$140M$132.1M$138.8M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Adjustment For Amortization—$900K$600K$700K—$600K
Pre-tax stock-based compensation cost—$1.3M$7.4M$8.4M—$6.6M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—300K400K400K—400K
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1—$2.4M$2.2M$2.7M—$3M
Capital investments accrued but not yet paid$2.7M$37.5M—$2.7M—$26.1M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—-$80.4M$105.5M$118.8M—-$269.9M
Dividends declared (in dollars per share)—$0.21$0.21$0.22—$0.22
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$142.4M$248.6M$126.4M—$119.1M
Revenue recognized that was included in deferred income at the beginning of the period—$18.3M$10.8M$10.2M—$23.1M
Depreciation$39.8M$39.1M$40.8M$42.3M$46.4M$44.6M
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net—-$200K———$1.9M
Dividends, Common Stock, Cash—$15.2M$15M$15.8M—$15.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—$8.5M$18.5M——-$8.4M
Effective tax rates—$0.2$0.2$0.2—$0.2
Finance Lease Interest Payment On Liability—$0$100K——$100K
Finance Lease Principal Payments$100K$200K$300K$300K$300K$300K
Finance Lease Right Of Use Asset Amortization—$300K$400K$500K—$500K
Gain (Loss), Foreign Currency Transaction, before Tax—-$1.2M-$1.7M-$2.7M—-$1.1M
Gain Loss On Fair Value Hedges Recognized In Earnings—$400K$500K$400K—$1.2M
Increase (Decrease) in Contract with Customer, Asset—$2.5M$2.1M——$3.5M
Increase (decrease) in contract liabilities and current deferred income—-$5.4M-$1.6M——$8.5M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—-$100K$4.1M——$102.9M
Add - Incremental shares under stock-based compensation plans (in shares)—$500K$300K$400K—$400K
Interest Income (Expense) And Other Nonoperating (Expense) Income, Net—$3.5M$3.3M$4.3M—$3M
Net interest and investment income (loss)$4.8M$4.1M$3.6M$4.7M$5.1M$5.1M
Lease Cost—$10.6M$10.5M$11.3M—$11.2M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation-$68.9M-$147M-$14.9M-$11.5M-$11.7M-$308.7M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$104.8M-$71.3M-$75.2M-$63.3M-$76.1M-$42.7M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$190.1M$129.4M$177.1M$197.2M$251.1M$89.9M
Number of reportable segments—2.00———2.00
Number of restructuring program—2.00———2.00
Other comprehensive income/(loss) before reclassifications—$52.3M$117M——-$20.2M
Share of other comprehensive (loss) income from Brookfield Asset Management ULC—$100K$100K-$100K—$0
Net gain (loss) on equity affiliate accumulated other comprehensive income, tax—$0$0$0—$0
Operating Lease Payments—$6.1M$6.5M$7M—$6.4M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax and Reclassification Adjustment, Attributable to Parent—$400K$700K-$100K—$100K
Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent—$100K-$200K$0—$0
Foreign currency translation—$50.4M$114.9M-$12M—-$19.5M
Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent—-$1.1M-$1M$700K—$100K
Cash flow hedges—$1.7M$2.2M-$1.7M—-$1.1M
Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax—-$400K$100K$100K—-$700K
Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments Tax Parent—$900K$800K-$500K—$100K
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), after Adjustments and Tax, Parent—$2.5M$2.5M-$1.6M—-$100K
Net investment hedges—-$2.8M-$3.5M$2.4M—$400K
Other Comprehensive Income (Loss), Net Investment Hedge, Gain (Loss), Reclassification, before Tax—$0$0$0—$0
Other comprehensive income/(loss)—$52.6M$116.8M-$13.6M—-$19.7M
Other Income (Expense)-$10.2M-$20.6M-$5.2M-$6.9M-$18.5M-$4M
Other Noncash Income (Expense)—$2.9M$4M—$3M-$1M
Other income, net (Note 6)-$300K-$200K-$200K-$200K-$400K-$200K
Other income, net—-$400K-$300K-$300K—$0
Payments for Repurchase of Common Stock$54.4M$133.5M$500K——$297.6M
Payments of Ordinary Dividends, Common Stock$15.3M$15.2M$15.1M$15.1M$15.8M$15.8M
Payment, Tax Withholding, Share-Based Payment Arrangement$200K$2.5M$0$100K$200K$2.5M
Payments to Acquire Property, Plant, and Equipment$104.9M$71.3M$75.2M$63.3M$76.1M$42.7M
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans$1.6M$1.9M$1.7M$1.8M$1.5M$2M
Cash received from option exercises$1.5M$2.5M$3.5M$2.2M$3.1M$5.5M
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent—-$300K—$300K—-$500K
Related Party Transaction Purchases From Related Party—$27.7M$30.2M$25.2M—$34M
Revenue From Contract With Customer Excluding Assessed Tax$748.8M$698M$766.5M$804.6M$805M$844.9M
Right Of Use Asset Obtained In Exchange For Finance Lease Liability—$1.3M$900K$700K—$200K
Right Of Use Asset Obtained In Exchange For Operating Lease Liability—$4.2M$4.9M$800K—$0
Property, plant, and equipment additions—$71.3M$75.2M$63.3M—$42.7M
Stock-based compensation$4.3M$1.3M$7.4M$8.4M$6.7M$6.6M
Expected volatility—37.0%———35.5%
Weighted-average grant date fair value of stock options (in dollars per share)—$91.28———$107.06
Number of additional shares authorized under the plan (in shares)——2M———
Risk-free rate—4.5%———3.7%
Options granted (in shares)—53.1K———65K
Weighted-average dividend yield—0.4%———0.4%
Granted (in shares)—$211.00———$254.34
Short Term Lease Cost—$800K$700K$1M—$900K
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture—$7.1M$12.9M$11.8M—$8.8M
Average price paid (in dollars per share)—$242.63$222.56——$243.57
Number of shares purchased (in shares)—550.3K2.3K0—1.2M
Treasury stock, value, acquired—$133.5M$500K——$297.6M
Variable Lease Cost—$2.9M$2.5M$2.9M—$2.5M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$475.2M$466.1M$492.6M$510.3M$501.1M$548.5M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$748.8M$698M$766.5M$804.6M$805M$844.9M