West Pharmaceutical Services, Inc. (WST) Income Statement
WST 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWST revenue and net income
Where WST's revenue goes
2025Each bar shows an amount and its share of revenue. WST kept 16.1% of revenue as net income.
WST profit margins
WST growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.3% | +2.1% | +7.4% | +8.2% |
| Gross profit | +10.1% | −1.1% | +7.5% | +9.2% |
| Operating income | +3.8% | −6.8% | +8.1% | +17.0% |
| Net income | +0.2% | −5.5% | +7.4% | +17.8% |
| EPS (diluted) | +8.0% | −5.2% | +8.9% | +14.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WST quarterly EPS vs estimates
West Pharmaceutical beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $2.18).
WST income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.07B | $2.89B | $2.95B | $2.89B | $2.83B | $2.15B | $1.84B | $1.72B | $1.60B | $1.51B |
| Cost of revenue | $1.97B | $1.89B | $1.82B | $1.75B | $1.66B | $1.38B | $1.23B | $1.17B | $1.09B | $1.01B |
| Gross profit | $1.10B | $1.00B | $1.13B | $1.14B | $1.17B | $767.9M | $608.8M | $546.3M | $512.6M | $501.1M |
| Research & development | $74.3M | $69.1M | $68.4M | $58.5M | $52.8M | $46.9M | $38.9M | $40.3M | $39.1M | $36.8M |
| Sales, general & admin | $388.7M | $338.5M | $353.4M | $343.7M | $362.8M | $302.0M | $272.7M | $262.9M | $242.6M | $239.8M |
| Total operating expenses | $485.9M | $407.6M | $421.8M | $375.4M | $414.7M | $348.9M | $311.6M | $291.5M | $281.7M | $276.6M |
| Operating income | $617.4M | $594.6M | $710.9M | $763.5M | $758.7M | $419.0M | $297.2M | $254.8M | $228.9M | $196.8M |
| Interest income | $17.0M | $19.6M | $28.0M | $2.8M | $7.2M | $6.8M | $3.8M | $2.1M | $1.3M | $1.1M |
| Interest expense | $600,000 | $2.9M | $8.8M | $7.6M | $8.5M | $8.5M | $8.0M | $8.1M | $6.5M | $7.0M |
| Income before taxes | $615.3M | $600.2M | $715.7M | $700.6M | $769.0M | $418.7M | $300.7M | $248.3M | $222.4M | $189.8M |
| Income taxes | $121.6M | $107.5M | $122.3M | $114.7M | $107.2M | $72.5M | $59.0M | $41.4M | $80.9M | $54.4M |
| Net income | $493.7M | $492.7M | $593.4M | $585.9M | $661.8M | $346.2M | $241.7M | $206.9M | $150.7M | $143.6M |
| EBITDA | $770.6M | $743.8M | $844.1M | $808.1M | $879.7M | $518.9M | $403.2M | $353.2M | $325.6M | $287.5M |
| EPS (diluted) | $7.29 | $6.75 | $8.08 | $8.57 | $8.61 | $4.75 | $3.24 | $2.81 | $2.57 | $2.19 |
| Gross margin | 35.9% | 34.6% | 38.4% | 39.5% | 41.5% | 35.8% | 33.0% | 31.8% | 32.1% | 33.2% |
| Operating margin | 20.1% | 20.6% | 24.1% | 26.5% | 26.8% | 19.5% | 16.1% | 14.8% | 14.3% | 13.0% |
| Net margin | 16.1% | 17.0% | 20.1% | 20.3% | 23.4% | 16.1% | 13.1% | 12.0% | 9.4% | 9.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $872.3M | $844.9M | $805.0M | $804.3M | $766.2M | $698.2M | $748.5M | $746.9M | $702.0M | $695.3M | $732.1M | $747.5M |
| Cost of revenue | $543.1M | $548.5M | $501.1M | $510.8M | $493.0M | $465.5M | $474.1M | $481.7M | $470.7M | $464.0M | $453.1M | $458.0M |
| Gross profit | $329.2M | $296.4M | $303.9M | $293.5M | $273.2M | $232.7M | $274.4M | $265.2M | $231.3M | $231.3M | $279.0M | $289.5M |
| Research & development | $19.7M | $15.8M | $21.8M | $17.1M | $19.1M | $16.3M | $18.5M | $15.5M | $17.5M | $17.6M | $18.4M | $16.4M |
| Sales, general & admin | $117.6M | $99.5M | $106.5M | $102.7M | $95.9M | $88.0M | $85.3M | $83.5M | $83.0M | $86.7M | $90.0M | $89.0M |
| Total operating expenses | $150.1M | $119.3M | $146.8M | $119.8M | $115.0M | $104.3M | $103.8M | $97.4M | $100.5M | $104.3M | $108.4M | $98.4M |
| Operating income | $179.1M | $177.1M | $156.6M | $173.7M | $158.2M | $128.4M | $170.6M | $167.8M | $130.8M | $127.0M | $170.6M | $191.1M |
| Interest income | $3.8M | $5.1M | $5.3M | $4.7M | $3.5M | $4.1M | $4.8M | $4.6M | $4.0M | $6.2M | $9.4M | $5.9M |
| Interest expense | $2.6M | $1.9M | $5.3M | $100,000 | $100,000 | $400,000 | $800,000 | $700,000 | $1.5M | $1.5M | $1.1M | $2.9M |
| Income before taxes | $180.1M | $180.1M | $165.4M | $174.0M | $162.0M | $113.9M | $166.9M | $168.4M | $133.2M | $131.7M | $171.5M | $190.7M |
| Income taxes | $32.2M | $44.7M | $33.3M | $34.0M | $30.2M | $24.1M | $36.8M | $32.4M | $21.9M | $16.4M | $34.5M | $29.4M |
| Net income | $154.0M | $138.8M | $132.1M | $140.0M | $131.8M | $89.8M | $130.1M | $136.0M | $111.3M | $115.3M | $137.0M | $161.3M |
| EBITDA | $225.3M | $218.5M | $209.5M | $217.1M | $198.5M | $150.9M | $205.6M | $205.4M | $169.1M | $164.5M | $205.2M | $225.6M |
| EPS (diluted) | $2.37 | $2.13 | $2.04 | $1.96 | $1.84 | $1.45 | $1.82 | $1.85 | $1.52 | $1.56 | $1.83 | $2.16 |
| Gross margin | 37.7% | 35.1% | 37.8% | 36.5% | 35.7% | 33.3% | 36.7% | 35.5% | 32.9% | 33.3% | 38.1% | 38.7% |
| Operating margin | 20.5% | 21.0% | 19.5% | 21.6% | 20.6% | 18.4% | 22.8% | 22.5% | 18.6% | 18.3% | 23.3% | 25.6% |
| Net margin | 17.7% | 16.4% | 16.4% | 17.4% | 17.2% | 12.9% | 17.4% | 18.2% | 15.9% | 16.6% | 18.7% | 21.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WST's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WST financial results
In fiscal year 2025 (ended December 31, 2025), West Pharmaceutical reported revenue of $3.1 billion, up 6.3% from the year before. It had net income of $493.7 million (up 0.2%), a net profit margin of 16.1%. Diluted earnings per share came to $7.29. Over five years revenue grew at an average rate of 7.4% a year.
See the WST stock overview for the latest quote and news, or the WST chart for price history and technical indicators.
WST income statement FAQ
What is West Pharmaceutical's annual revenue?
West Pharmaceutical reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.3% from $2.9 billion the previous year.
Is West Pharmaceutical profitable?
Yes. West Pharmaceutical reported net income of $493.7 million in fiscal 2025, a net profit margin of 16.1%; its operating margin was 20.1%.
What is West Pharmaceutical's gross margin?
West Pharmaceutical's gross margin was 35.9% in fiscal 2025: for every $100 of revenue, West Pharmaceutical kept $36 after the direct cost of its products and services.
How much does West Pharmaceutical spend on research and development?
West Pharmaceutical spent $74.3 million on research and development in fiscal 2025, 2.4% of revenue.
How fast is West Pharmaceutical growing?
Revenue grew 7.4% a year on average over the last five fiscal years, from $2.1 billion to $3.1 billion.
What are West Pharmaceutical's earnings per share?
West Pharmaceutical earned $7.29 per diluted share in fiscal 2025, compared with $6.75 a year earlier.
When will West Pharmaceutical report its next earnings?
West Pharmaceutical is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does West Pharmaceutical's fiscal year end?
West Pharmaceutical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.