West Pharmaceutical Services (WST) Q1 FY2026 earnings: revenue $845 million, up 21.0% on the year

West Pharmaceutical Services Inc. (WST) reported revenue of $845 million for Q1 FY2026, the quarter ended 31 March 2026, up 21.0% on the same quarter a year earlier. Net income was $139 million, up 54.6% on the year, and diluted earnings per share $1.92. The figures are the company's own, from the 10-Q it filed with the SEC on 23 April 2026.

Revenue

$845 million

+21.0% on the year · +5.0% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

21.0%

15.3% a year earlier

Q2 FY2024Q1 FY2026

Net income

$139 million

+54.6% on the year · +5.1% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$1.92

+56.1% on the year · +5.5% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 5 raised, 5 new, 2 kept.

Net sales grew 21% reported: Net sales were $844.9 million, up 21.0% on the prior-year quarter, with organic growth of 15.3%.
Proprietary Products rose 23.3%: Proprietary Products net sales rose 23.3% to $694.3 million, with organic growth of 17.5%.
HVP Components rose 29.6%: HVP Components sales were $409.3 million, 48% of company net sales, driven by Westar and NovaPure products.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	845	805	698	+5.0%	+21.0%
Cost of revenue	548	501	466	+9.5%	+17.7%
Gross profit	296	304	232	-2.5%	+27.8%
Gross margin	35.1%	37.8%	33.2%
Research and development	15.8	21.8	16.3	-27.5%	-3.1%
Selling, general and administrative	99.5	107	88.0	-7.0%	+13.1%
Operating income	177	157	107	+13.1%	+65.5%
Operating margin	21.0%	19.5%	15.3%
Interest expense	1.9	-0.2	0.4		+375.0%
Pre-tax income	180	162	110	+11.5%	+63.0%
Income tax	44.7	33.3	24.1	+34.2%	+85.5%
Effective tax rate	24.8%	20.6%	21.8%
Net income	139	132	89.8	+5.1%	+54.6%
Net margin	16.4%	16.4%	12.9%
Diluted EPS	$1.92	$1.82	$1.23	+5.5%	+56.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	89.9	251	129	-64.2%	-30.5%
Capital expenditure	42.7	76.1	71.3	-43.9%	-40.1%
Free cash flow	47.2	175	58.1	-73.0%	-18.8%
Free cash flow margin	5.6%	21.7%	8.3%
Cash from investing	-42.7	-76.1	-71.3
Cash from financing	-309	-11.7	-147
Depreciation and amortisation	45.2	47.0	40.0	-3.8%	+13.0%
Share-based compensation	6.6	6.7	1.3	-1.5%	+407.7%
Buybacks	298	0.0	134		+122.9%
Dividends paid	15.8	15.8	15.2	0.0%	+3.9%
Dividend per share	$0.22	n/a	$0.21		+4.8%
Diluted shares, weighted	72m	73m	73m	-0.4%	-0.8%
Shares outstanding at period end	71m	72m	72m	-1.5%	-1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	2,990	3,176	2,683	-5.8%	+11.5%
Debt	203	203	203	0.0%	+0.1%
Operating lease liabilities	92.0	95.6	78.8	-3.8%	+16.8%
Finance lease liabilities	3.3	3.6	3.1	-8.3%	+6.5%
Other liabilities	821	792	651	+3.7%	+26.2%
Total liabilities and equity	4,110	4,270	3,618	-3.8%	+13.6%
Fixed assets	1,702	1,726	1,632	-1.4%	+4.3%
Goodwill	109	110	108	-0.6%	+1.6%
Intangible assets	7.0	7.7	10.0	-9.1%	-30.0%
Cash and equivalents	521	791	404	-34.1%	+29.0%
Receivables	686	574	544	+19.4%	+26.1%
Inventory	453	444	389	+2.0%	+16.4%
Other assets	632	616	532	+2.5%	+18.6%
Total assets	4,110	4,270	3,618	-3.8%	+13.6%

Questions

What was West Pharmaceutical Services' revenue in Q1 FY2026?

West Pharmaceutical Services (WST) reported revenue of $845 million for Q1 FY2026, the quarter ended 31 March 2026, up 21.0% on the same quarter a year earlier.

How much did West Pharmaceutical Services earn in Q1 FY2026?

Net income for Q1 FY2026 was $139 million, up 54.6% on the year, and diluted earnings per share $1.92.

When did West Pharmaceutical Services report Q1 FY2026 results?

West Pharmaceutical Services filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 23 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	731	720	771	687	709	717	754	747	732	695	702	747	749	698	766	805	805	845	872	874
Cost of revenue	430	435	450	419	447	445	462	459	454	465	472	482	475	466	493	510	501	548	543	527
Gross profit	301	285	322	268	262	271	291	288	278	230	230	265	274	232	274	294	304	296	329	347
Gross margin	41%	40%	42%	39%	37%	38%	39%	39%	38%	33%	33%	35%	37%	33%	36%	37%	38%	35%	38%	40%
R&D	13.7	14.6	14.4	13.6	15.9	17.1	16.5	16.4	18.4	17.6	17.5	15.5	18.5	16.3	19.1	17.1	21.8	15.8	19.7	18.3
SG&A	98.0	83.4	81.5	66.3	85.7	86.0	88.4	89.0	90.0	86.7	83.0	83.5	85.3	88.0	95.9	103	107	99.5	118	113
Operating income	184	190	228	186	130	155	182	177	161	123	126	161	160	107	154	168	157	177	179	267
Operating margin	25%	26%	30%	27%	18%	22%	24%	24%	22%	18%	18%	22%	21%	15%	20%	21%	19%	21%	21%	31%
Interest expense	2.6	2.2	1.8	2.2	1.7	2.2	2.7	2.9	1.2	1.6	1.5	0.7	-0.8	0.4	0.1	0.2	-0.2	1.9	2.6	3.8
Pre-tax income	182	188	227	136	129	158	185	187	168	127	129	164	165	110	157	172	162	180	180	268
Tax rate	19%	11%	19%	15%	22%	15%	19%	16%	21%	13%	17%	20%	22%	22%	19%	20%	21%	25%	18%	22%
Net income	148	174	188	121	103	140	155	161	137	115	111	136	130	89.8	132	140	132	139	154	214
Net margin	20%	24%	24%	18%	15%	20%	21%	22%	19%	17%	16%	18%	17%	13%	17%	17%	16%	16%	18%	24%
Diluted EPS	$1.90	$2.29	$2.48	$1.59	$1.36	$1.85	$2.06	$2.14	$1.83	$1.55	$1.51	$1.85	$1.78	$1.23	$1.82	$1.92	$1.82	$1.92	$2.15	$3.02
Operating cash flow	161	151	173	169	231	138	169	230	239	118	165	180	190	129	177	197	251	89.9	124	190
Capital expenditure	76.5	65.8	66.1	57.8	94.9	82.1	75.4	95.8	109	90.6	100	81.3	105	71.3	75.2	63.3	76.1	42.7	43.2	39.1
Free cash flow	84.3	85.4	107	111	136	56.0	93.8	134	130	27.6	64.8	98.8	85.2	58.1	102	134	175	47.2	80.8	150
Buybacks	0.0	147	28.6	27.2	-0.1	60.1	173	27.8	177	267	187	52.4	54.4	134	0.5	0.0	0.0	298	157	231
Dividends paid	13.3	13.4	13.1	13.5	14.1	14.1	14.1	14.0	14.8	14.7	14.6	14.5	15.3	15.2	15.1	15.1	15.8	15.8	15.7	15.5
Shares outstanding	74m	74m	74m	74m	74m	74m	74m	74m	74m	73m	73m	72m	72m	72m	72m	72m	72m	71m	70m	70m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 23 April 2026: the filing.