West Pharmaceutical Services (WST) financial statements
West Pharmaceutical Services reported revenue of $3.1B in fiscal 2025, up 8.2% a year over 9 years.
Net income was $494M and the operating margin 19.0%, against 12.9% in 2016.
Free cash flow was $469M, and the company returned $61M in dividends and $134M in net buybacks.
The diluted share count fell 3% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from West Pharmaceutical Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.6B | $1.7B | $1.8B | $2.1B | $2.8B | $2.9B | $2.9B | $2.9B | $3.1B |
| Cost of revenue | $1.0B | $1.1B | $1.2B | $1.2B | $1.4B | $1.7B | $1.8B | $1.8B | $1.9B | $2.0B |
| Gross profit | $501M | $513M | $545M | $606M | $768M | $1.2B | $1.1B | $1.1B | $998M | $1.1B |
| Research and development | $37M | $39M | $40M | $39M | $47M | $53M | $58M | $68M | $69M | $74M |
| Selling, general and admin | $240M | $246M | $263M | $273M | $302M | $363M | $317M | $353M | $338M | $394M |
| Operating income | $195M | $226M | $240M | $297M | $407M | $752M | $734M | $676M | $570M | $585M |
| Interest expense | $8M | $8M | $8M | $8M | $8M | $8M | $8M | $9M | $3M | $500,000 |
| Pre-tax income | $190M | $222M | $241M | $292M | $401M | $749M | $680M | $698M | $586M | $601M |
| Income tax | $54M | $81M | $41M | $59M | $72M | $107M | $115M | $122M | $108M | $122M |
| Net income | $144M | $151M | $207M | $242M | $346M | $662M | $586M | $593M | $493M | $494M |
| EPS (diluted) | $1.91 | $1.99 | $2.74 | $3.21 | $4.57 | $8.67 | $7.73 | $7.88 | $6.69 | $6.79 |
| Diluted shares | 75M | 76M | 75M | 75M | 76M | 76M | 76M | 75M | 74M | 73M |
| Gross margin | 33.2% | 32.1% | 31.8% | 32.9% | 35.8% | 41.5% | 39.4% | 38.3% | 34.5% | 35.9% |
| Operating margin | 12.9% | 14.1% | 14.0% | 16.1% | 19.0% | 26.6% | 25.4% | 22.9% | 19.7% | 19.0% |
| Net margin | 9.5% | 9.4% | 12.0% | 13.1% | 16.1% | 23.4% | 20.3% | 20.1% | 17.0% | 16.1% |
Balance sheet
Fiscal years, from West Pharmaceutical Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $203M | $236M | $337M | $439M | $616M | $763M | $894M | $854M | $485M | $791M |
| Receivables | $200M | $253M | $288M | $319M | $385M | $489M | $507M | $512M | $552M | $574M |
| Inventory | $199M | $215M | $214M | $236M | $321M | $378M | $415M | $435M | $377M | $444M |
| Total current assets | $642M | $744M | $894M | $1.1B | $1.4B | $1.7B | $1.9B | $1.9B | $1.5B | $2.0B |
| Property, plant and equipment | $778M | $855M | $822M | $839M | $943M | $1.1B | $1.2B | $1.4B | $1.6B | $1.7B |
| Goodwill | $103M | $108M | $106M | $108M | $111M | $110M | $107M | $108M | $106M | $110M |
| Total assets | $1.7B | $1.9B | $2.0B | $2.3B | $2.8B | $3.3B | $3.6B | $3.8B | $3.6B | $4.3B |
| Total current liabilities | $241M | $280M | $284M | $342M | $503M | $594M | $519M | $672M | $550M | $655M |
| Long-term debt | $226M | $197M | $196M | $255M | $253M | $209M | $207M | $73M | $203M | $203M |
| Total liabilities | $599M | $583M | $583M | $768M | $939M | $978M | $932M | $948M | $961M | $1.1B |
| Shareholders' equity | $1.1B | $1.3B | $1.4B | $1.6B | $1.9B | $2.3B | $2.7B | $2.9B | $2.7B | $3.2B |
| Net debt | $26M | -$39M | -$141M | -$182M | -$360M | -$510M | -$685M | -$647M | -$282M | -$588M |
Cash flow
Fiscal years, from West Pharmaceutical Services's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $219M | $263M | $289M | $367M | $472M | $584M | $724M | $776M | $653M | $755M |
| Capital spending | $170M | $131M | $105M | $126M | $174M | $253M | $285M | $362M | $377M | $286M |
| Free cash flow | $49M | $132M | $184M | $241M | $298M | $331M | $439M | $414M | $276M | $469M |
| Stock-based compensation | $20M | $16M | $15M | $24M | $34M | $38M | $24M | $23M | $19M | $24M |
| Dividends paid | $36M | $39M | $42M | $45M | $48M | $51M | $54M | $57M | $59M | $61M |
| Share buybacks (net) | -$52M | -$74M | -$71M | -$83M | -$116M | -$137M | -$203M | -$438M | -$561M | -$134M |
| Net borrowing | — | -$35M | $0 | -$1M | $0 | $0 | -$44M | -$2M | -$4M | $0 |
| Free cash flow margin | 3.3% | 8.3% | 10.7% | 13.1% | 13.9% | 11.7% | 15.2% | 14.1% | 9.6% | 15.3% |
| Dividends per share | $0.48 | $0.52 | $0.56 | $0.60 | $0.63 | $0.67 | $0.71 | $0.76 | $0.80 | $0.84 |
Questions
What was West Pharmaceutical Services's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does West Pharmaceutical Services generate?
$469M in fiscal 2025 (operating cash flow minus capital spending).
From West Pharmaceutical Services's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.