West Pharmaceutical Services Inc. (WST) financial statements: income statement, balance sheet and cash flow
West Pharmaceutical Services Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), West Pharmaceutical Services Inc. reported revenue of $3.1B (+6.3% year on year) and net income of $493.7M (+0.2% year on year).
Income statement
West Pharmaceutical Services Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net sales
$3.1B
$2.9B
$2.9B
$2.9B
Cost of goods and services sold
$2.0B
$1.9B
$1.8B
$1.8B
Gross profit
$1.1B
$998.5M
$1.1B
$1.1B
Research and development
$74.3M
$69.1M
$68.4M
$58.5M
Selling, general and administrative expenses
$393.6M
$338.5M
$353.4M
$316.9M
Other expense (income) (Note 16)
$51.2M
$21.0M
$31.4M
$26.8M
Operating profit
$584.9M
$569.9M
$676.0M
$734.0M
Interest expense
$500.0K
$3.0M
$9.0M
$7.9M
Interest income
($17.5M)
($19.6M)
($28.0M)
($5.1M)
Other nonoperating expense (income)
$1.0M
$1.0M
($3.0M)
$51.3M
Income before income taxes and equity in net income of affiliated companies
$600.9M
$585.5M
$698.0M
$679.9M
Income tax expense
$121.6M
$107.5M
$122.3M
$114.7M
Equity in net income of affiliated companies
($14.4M)
($14.7M)
($17.7M)
($20.7M)
Net income
$493.7M
$492.7M
$593.4M
$585.9M
Basic (in dollars per share)
$6.83
$6.75
$7.98
$7.87
Diluted (in dollars per share)
$6.79
$6.69
$7.88
$7.73
Basic (in shares)
72.3M
73.0M
74.3M
74.4M
Diluted (in shares)
72.7M
73.7M
75.3M
75.8M
West Pharmaceutical Services Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net sales
$872.3M
$844.9M
$804.6M
$766.5M
Cost of goods and services sold
$543.1M
$548.5M
$510.3M
$492.6M
Gross profit
$329.2M
$296.4M
$294.3M
$273.9M
Research and development
$19.7M
$15.8M
$17.1M
$19.1M
Selling, general and administrative expenses
$117.6M
$99.5M
$102.7M
$95.9M
Other expense (income) (Note 14)
$12.8M
$4.0M
$6.9M
$5.2M
Operating profit
$179.1M
$177.1M
$167.6M
$153.7M
Interest expense, net
$2.6M
$1.9M
$200.0K
$100.0K
Interest income
($3.8M)
($5.1M)
($4.7M)
($3.6M)
Other nonoperating expense (income)
$200.0K
$200.0K
$200.0K
$200.0K
Income before income taxes and equity in net income of affiliated companies
$180.1M
$180.1M
$171.9M
$157.0M
Income tax expense
$32.2M
$44.7M
$34.0M
$30.2M
Equity in net income of affiliated companies
($6.1M)
($3.4M)
($2.1M)
($5.0M)
Net income
$154.0M
$138.8M
$140.0M
$131.8M
Basic (in dollars per share)
$2.17
$1.93
$1.94
$1.82
Diluted (in dollars per share)
$2.15
$1.92
$1.92
$1.82
Basic (in shares)
70.8M
72.0M
72.2M
72.2M
Diluted (in shares)
71.3M
72.4M
72.6M
72.5M
Balance sheet
West Pharmaceutical Services Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$791.3M
$484.6M
$853.9M
$894.3M
Accounts receivable, net
$574.4M
$552.5M
$512.0M
$507.4M
Inventories
$443.9M
$377.0M
$434.7M
$414.8M
Other current assets
$168.6M
$124.0M
$135.8M
$103.0M
Total current assets
$2.0B
$1.5B
$1.9B
$1.9B
Property, plant and equipment
$3.2B
$3.0B
$2.7B
$2.4B
Less: accumulated depreciation and amortization
$1.5B
$1.4B
$1.3B
$1.2B
Property, plant and equipment, net
$1.7B
$1.6B
$1.4B
$1.2B
Operating lease right-of-use assets
$117.0M
$104.5M
$99.2M
$104.4M
Investments in affiliated companies
$212.3M
$202.1M
$210.0M
$204.9M
Goodwill
$109.9M
$106.0M
$108.5M
$107.3M
Intangible assets, net
$7.7M
$10.8M
$15.1M
$18.4M
Deferred income taxes
$38.4M
$26.0M
$25.7M
$65.6M
Other noncurrent assets
$80.1M
$74.3M
$21.3M
$38.1M
Total Assets
$4.3B
$3.6B
$3.8B
$3.6B
Accounts payable
$253.7M
$239.3M
$242.4M
$215.4M
Accrued salaries, wages and benefits
$135.9M
$73.5M
$105.9M
$76.8M
Income taxes payable
$28.1M
$31.5M
$16.6M
$24.8M
Operating lease liabilities
$22.7M
$17.9M
$17.7M
$16.0M
Other current liabilities
$214.5M
$188.2M
$155.2M
$181.7M
Total current liabilities
$654.9M
$550.4M
$671.8M
$519.0M
Long-term debt
$202.8M
$202.6M
$72.8M
$206.7M
Deferred income taxes
$23.0M
$20.5M
$12.7M
$14.3M
Pension and other postretirement benefits
$29.0M
$28.2M
$29.6M
$300.0K
Operating lease liabilities
$95.6M
$81.8M
$84.5M
$93.0M
Deferred compensation benefits
$13.5M
$15.4M
$18.6M
$19.1M
Other long-term liabilities
$75.2M
$62.2M
$58.5M
$51.6M
Total Liabilities
$1.1B
$961.1M
$948.5M
$931.9M
Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2025 and 2024
0
0
0
0
Common stock, par value $0.25 per share; 200 million shares authorized; shares issued: 75.3 million in 2025 and 2024; shares outstanding: 72.0 million and 72.3 million in 2025 and 2024
$18800000.00
$18800000.00
$18800000.00
$18800000.00
Capital in excess of par value
$0
$22.1M
$120.2M
$232.2M
Retained earnings
$4.4B
$4.0B
$3.5B
$3.0B
Accumulated other comprehensive loss
($105.5M)
($258.1M)
($143.8M)
($183.0M)
Treasury stock, at cost (3.3 million and 3.0 million shares in 2025 and 2024)
-1.1B
-1.1B
-637.6M
—
Total Equity
$3.2B
$2.7B
$2.9B
$2.7B
Total Liabilities and Equity
$4.3B
$3.6B
$3.8B
$3.6B
West Pharmaceutical Services Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$435.8M
$521.4M
$628.5M
$509.7M
Accounts receivable, net
$712.0M
$685.6M
$625.0M
$582.4M
Inventories
$447.4M
$452.6M
$438.0M
$421.1M
Other current assets
$212.3M
$167.2M
$131.8M
$167.7M
Total current assets
$1.8B
$1.8B
$1.8B
$1.7B
Property, plant and equipment
$3.2B
$3.2B
$3.2B
$3.2B
Less: accumulated depreciation and amortization
$1.6B
$1.5B
$1.5B
$1.5B
Property, plant and equipment, net
$1.7B
$1.7B
$1.7B
$1.7B
Operating lease right-of-use assets
$104.7M
$110.2M
$97.8M
$104.4M
Investments in affiliated companies
$207.7M
$209.2M
$220.9M
$224.7M
Goodwill
$108.7M
$109.2M
$110.6M
$110.9M
Intangible assets, net
$6.4M
$7.0M
$8.9M
$9.7M
Deferred income taxes
$72.3M
$63.9M
$27.9M
$29.7M
Other noncurrent assets
$82.8M
$81.3M
$75.8M
$70.5M
Total Assets
$4.1B
$4.1B
$4.1B
$4.0B
Accounts payable
$252.7M
$252.3M
$255.8M
$239.0M
Accrued salaries, wages and benefits
$97.1M
$72.6M
$111.8M
$93.4M
Income taxes payable
$64.7M
$78.9M
$33.3M
$28.5M
Operating lease liabilities
$20.9M
$21.4M
$21.4M
$20.9M
Accrued commissions, rebates and royalties
$34.0M
$46.6M
—
—
Other current liabilities
$171.1M
$202.2M
$213.1M
$222.8M
Total current liabilities
$640.5M
$674.0M
$635.4M
$604.6M
Long-term debt
$202.9M
$202.8M
$202.7M
$202.6M
Deferred income taxes
$22.4M
$22.7M
$22.8M
$23.0M
Pension and other postretirement benefits
$28.3M
$28.5M
$31.1M
$30.8M
Operating lease liabilities
$88.3M
$92.0M
$73.5M
$79.8M
Deferred compensation benefits
$13.9M
$11.8M
$13.5M
$12.5M
Other long-term liabilities
$89.9M
$87.6M
$75.3M
$70.4M
Total Liabilities
$1.1B
$1.1B
$1.1B
$1.0B
Preferred stock, 3.0 million shares authorized; 0 shares issued and outstanding
0
0
0
0
Common stock, par value $0.25 per share; 200.0 million shares authorized; shares issued: June 30, 2026 - 75.3 million, December 31, 2025 - 75.3 million; shares outstanding: June 30, 2026 - 70.4 million, December 31, 2025 - 72.0 million
$18800000.00
$18800000.00
$18800000.00
$18800000.00
Capital in excess of par value
$0
$0
$0
$0
Retained earnings
$4.6B
$4.5B
$4.3B
$4.1B
Accumulated other comprehensive loss
($140.4M)
($125.2M)
($102.3M)
($88.7M)
Treasury stock, at cost (June 30, 2026 - 4.9 million shares, December 31, 2025 - 3.3 million shares)
-1.5B
-1.4B
-1.1B
-1.1B
Total Equity
$3.0B
$3.0B
$3.1B
$2.9B
Total Liabilities and Equity
$4.1B
$4.1B
$4.1B
$4.0B
Cash flow statement
West Pharmaceutical Services Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$493.7M
$492.7M
$593.4M
$585.9M
Depreciation
$168.6M
$151.8M
$133.7M
$116.9M
Amortization
$2.8M
$3.6M
$3.6M
$3.7M
Stock-based compensation
$23.8M
$18.7M
$23.3M
$23.7M
Non-cash restructuring charges
$5.4M
$0
$0
$15.3M
Pension settlement charges
$0
$0
$100.0K
$52.2M
Loss on disposal of plant
$0
$0
$11.6M
$2.7M
Asset impairments
$11.7M
$7.3M
$9.6M
—
Deferred income taxes
($13.7M)
($3.5M)
$37.5M
($30.8M)
Pension and other retirement plans, net
$600.0K
($2.0M)
($2.6M)
($14.0M)
Equity in undistributed earnings of affiliates, net of dividends
($10.5M)
($13.4M)
($14.3M)
($18.1M)
Other, net
($7.4M)
($4.7M)
$1.0M
—
Decrease (increase) in accounts receivable
$6.9M
($58.8M)
$4.0M
($35.6M)
(Increase) decrease in inventories
($62.8M)
$42.0M
($13.5M)
($49.8M)
Decrease (increase) in other current assets
$9.7M
($5.8M)
($21.3M)
$18.5M
Increase in accounts payable
$17.9M
$2.9M
$4.4M
($2.8M)
Changes in other assets and liabilities
$108.1M
$22.6M
$6.0M
$58.2M
Net cash provided by operating activities
$754.8M
$653.4M
$776.5M
$724.0M
Capital expenditures
($285.9M)
($377.0M)
($362.0M)
($284.6M)
Other, net
$0
($1.7M)
($6.7M)
($3.6M)
Net cash used in investing activities
($285.9M)
($378.7M)
($368.7M)
($288.2M)
Borrowings of long-term debt
$0
$164.7M
—
—
Repayments of long-term debt
$0
($169.0M)
($2.3M)
($1.2M)
Principal repayments on finance leases
($1.1M)
($23.3M)
—
—
Dividend payments
($61.2M)
($59.1M)
($57.0M)
($54.1M)
Excise tax payments
($4.2M)
($2.0M)
—
—
Proceeds from stock-based compensation awards
$11.3M
$25.5M
$43.9M
$20.9M
Employee stock purchase plan contributions
6.9M
7.2M
7.1M
7.3M
Shares purchased under share repurchase programs
-134.0M
-560.9M
-438.3M
-202.8M
Shares repurchased for employee tax withholdings
-2.8M
-5.7M
-12.9M
-19.4M
Net cash used in financing activities
($185.1M)
($622.6M)
($459.6M)
($293.6M)
Effect of exchange rates on cash
$22.9M
($21.4M)
$11.4M
($10.5M)
Net increase (decrease) in cash and cash equivalents
$306.7M
($369.3M)
($40.4M)
$131.7M
Cash, including cash equivalents at beginning of period
$484.6M
$853.9M
$894.3M
$762.6M
Cash, including cash equivalents at end of period
$791.3M
$484.6M
$853.9M
$894.3M
Interest paid, net of amounts capitalized
$300.0K
$500.0K
$6.0M
$6.6M
Income taxes paid, net
$125.2M
$71.4M
$90.8M
$109.7M
Accrued capital expenditures
$37.9M
$53.0M
$53.3M
$33.2M
Dividends declared, not paid
$15.8M
$15.2M
$14.8M
$14.1M
West Pharmaceutical Services Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$292.8M
$138.8M
$361.6M
$221.6M
Depreciation
$90.3M
$44.6M
$122.2M
$79.9M
Amortization
$1.1M
$600.0K
$2.2M
$1.5M
Stock-based compensation
$17.5M
$6.6M
$17.1M
$8.7M
Non-cash restructuring charges
$1.9M
$900.0K
$2.5M
$1.6M
Asset impairments
$4.2M
$300.0K
$4.4M
$4.1M
Other non-cash items, net
($5.0M)
$1.0M
($4.4M)
($6.9M)
Changes in assets and liabilities
($188.9M)
($102.9M)
($1.9M)
($4.0M)
Net cash provided by operating activities
$213.9M
$89.9M
$503.7M
$306.5M
Capital expenditures
($85.9M)
($42.7M)
($209.8M)
($146.5M)
Net cash used in investing activities
($85.9M)
($42.7M)
($209.8M)
($146.5M)
Borrowings under revolving credit agreements
$50.0M
—
—
—
Repayments under revolving credit agreements
($50.0M)
—
—
—
Principal repayments on finance leases
($700.0K)
($300.0K)
($800.0K)
($500.0K)
Excise tax payments
($800.0K)
—
($4.2M)
($4.2M)
Dividend payments
($31.5M)
($15.8M)
($45.4M)
($30.3M)
Proceeds from stock-based compensation awards
$12.4M
$5.5M
$8.2M
$6.0M
Employee stock purchase plan contributions
3.9M
2.0M
5.4M
3.6M
Shares purchased under share repurchase programs
-454.3M
-297.6M
-134.0M
-134.0M
Shares repurchased for employee tax withholdings
-2.5M
-2.5M
-2.6M
-2.5M
Net cash used in financing activities
($473.5M)
($308.7M)
($173.4M)
($161.9M)
Effect of exchange rates on cash
($10.0M)
($8.4M)
$23.4M
$27.0M
Net (decrease) increase in cash and cash equivalents
($355.5M)
($269.9M)
$143.9M
$25.1M
Cash, including cash equivalents at beginning of period