WEST PHARMACEUTICAL SERVICES INC
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
WST$412.55-0.1%Stored close · as of Nov 10, 2026
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net sales | $3,074.1 | $2,893.2 | $2,949.8 |
| Cost of goods and services sold | 1,970.1 | 1,894.7 | 1,820.6 |
| Gross profit | 1,104.0 | 998.5 | 1,129.2 |
| Research and development | 74.3 | 69.1 | 68.4 |
| Selling, general and administrative expenses | 393.6 | 338.5 | 353.4 |
| Other expense (income) (Note 16) | 51.2 | 21.0 | 31.4 |
| Operating profit | 584.9 | 569.9 | 676.0 |
| Interest expense | 0.5 | 3.0 | 9.0 |
| Interest income | (17.5) | (19.6) | (28.0) |
| Other nonoperating expense (income) | 1.0 | 1.0 | (3.0) |
| Income before income taxes and equity in net income of affiliated companies | 600.9 | 585.5 | 698.0 |
| Income tax expense | 121.6 | 107.5 | 122.3 |
| Equity in net income of affiliated companies | (14.4) | (14.7) | (17.7) |
| Net income | $493.7 | $492.7 | $593.4 |
| Net income per share: | |||
| Basic | $6.83 | $6.75 | $7.98 |
| Diluted | $6.79 | $6.69 | $7.88 |
| Weighted average shares outstanding: | |||
| Basic | 72.3 | 73.0 | 74.3 |
| Diluted | 72.7 | 73.7 | 75.3 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Net income | $493.7 | $492.7 | $593.4 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation adjustments, net of tax of $0.0, $3.6, and $1.0 | 149.2 | (112.3) | 39.4 |
| Defined benefit pension and other postretirement plans: | |||
| Net actuarial gain arising during period, net of tax of $0.9, $0.3, and $0.4 | 2.1 | 1.1 | 0.8 |
| Settlement effects arising during period, net of tax of $0.0, $0.0, and $0.0 | — | — | 0.1 |
| Less: amortization of actuarial gain, net of tax of $0.0, $(0.2), and $(0.4) | (0.4) | (0.8) | (1.3) |
| Less: amortization of other, net of tax of $0.0, $0.0, and $(0.1) | — | — | (0.3) |
| Net gain on equity affiliate accumulated other comprehensive income, net of tax of $0.0, $0.0, and $0.0 | 0.7 | 0.2 | 0.7 |
| Net gain (loss) on derivatives, net of tax of $0.5, $(0.9), and $0.0 | 1.0 | (2.5) | (0.2) |
| Other comprehensive income (loss), net of tax | 152.6 | (114.3) | 39.2 |
| Comprehensive income | $646.3 | $378.4 | $632.6 |
CONSOLIDATED BALANCE SHEETS
West Pharmaceutical Services, Inc. and Subsidiaries at December 31, 2025 and 2024
| (in millions, except per share data) | 2025 | 2024 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $791.3 | $484.6 |
| Accounts receivable, net | 574.4 | 552.5 |
| Inventories | 443.9 | 377.0 |
| Other current assets | 168.6 | 124.0 |
| Total current assets | 1,978.2 | 1,538.1 |
| Property, plant and equipment | 3,223.4 | 2,985.8 |
| Less: accumulated depreciation and amortization | 1,497.0 | 1,404.2 |
| Property, plant and equipment, net | 1,726.4 | 1,581.6 |
| Operating lease right-of-use assets | 117.0 | 104.5 |
| Investments in affiliated companies | 212.3 | 202.1 |
| Goodwill | 109.9 | 106.0 |
| Intangible assets, net | 7.7 | 10.8 |
| Deferred income taxes | 38.4 | 26.0 |
| Other noncurrent assets | 80.1 | 74.3 |
| Total Assets | $4,270.0 | $3,643.4 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 253.7 | 239.3 |
| Accrued salaries, wages and benefits | 135.9 | 73.5 |
| Income taxes payable | 28.1 | 31.5 |
| Operating lease liabilities | 22.7 | 17.9 |
| Other current liabilities | 214.5 | 188.2 |
| Total current liabilities | 654.9 | 550.4 |
| Long-term debt | 202.8 | 202.6 |
| Deferred income taxes | 23.0 | 20.5 |
| Pension and other postretirement benefits | 29.0 | 28.2 |
| Operating lease liabilities | 95.6 | 81.8 |
| Deferred compensation benefits | 13.5 | 15.4 |
| Other long-term liabilities | 75.2 | 62.2 |
| Total Liabilities | 1,094.0 | 961.1 |
| Commitments and contingencies (Note 18) | ||
| Equity: | ||
| Preferred stock, 3.0 million shares authorized; 0.0 shares issued and outstanding in 2025 and 2024 | — | — |
| 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 | 18.8 | 18.8 |
| Capital in excess of par value | — | 22.1 |
| Retained earnings | 4,374.9 | 3,956.6 |
| Accumulated other comprehensive loss | (105.5) | (258.1) |
| Treasury stock, at cost (3.3 million and 3.0 million shares in 2025 and 2024) | (1,112.2) | (1,057.1) |
| Total Equity | 3,176.0 | 2,682.3 |
| Total Liabilities and Equity | $4,270.0 | $3,643.4 |
CONSOLIDATED STATEMENTS OF EQUITY
| Common shares issued | Common stock | Capital in excess of par value | Number of treasury shares | Treasury stock | Retained earnings | Accumulated other comprehensive loss | Total | |
|---|---|---|---|---|---|---|---|---|
| Balance, December 31, 2022 | 75.3 | $18.8 | $232.2 | 1.2 | $(370.9) | $2,987.8 | $(183.0) | $2,684.9 |
| Net income | — | — | — | — | — | 593.4 | — | 593.4 |
| Activity related to stock-based compensation | — | — | (112.0) | (0.7) | 171.6 | — | — | 59.6 |
| Shares purchased under share repurchase program | — | — | — | 1.3 | (438.3) | — | — | (438.3) |
| Dividends declared ($0.78 per share) | — | — | — | — | — | (57.8) | — | (57.8) |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 39.2 | 39.2 |
| Balance, December 31, 2023 | 75.3 | 18.8 | 120.2 | 1.8 | (637.6) | 3,523.4 | (143.8) | 2,881.0 |
| Net income | — | — | — | — | — | 492.7 | — | 492.7 |
| Activity related to stock-based compensation | — | — | (98.1) | (0.4) | 141.4 | — | — | 43.3 |
| Share purchased under share repurchase program | — | — | — | 1.6 | (560.9) | — | — | (560.9) |
| Dividends declared ($0.82 per share) | — | — | — | — | — | (59.5) | — | (59.5) |
| Other comprehensive loss, net of tax | — | — | — | — | — | — | (114.3) | (114.3) |
| Balance, December 31, 2024 | 75.3 | 18.8 | 22.1 | 3.0 | (1,057.1) | 3,956.6 | (258.1) | 2,682.3 |
| Net income | — | — | — | — | — | 493.7 | — | 493.7 |
| Activity related to stock-based compensation | — | — | (22.1) | (0.3) | 78.9 | (13.5) | — | 43.3 |
| Shares purchased under share repurchase program | — | — | — | 0.6 | (134.0) | — | — | (134.0) |
| Dividends declared ($0.86 per share) | — | — | — | — | — | (61.9) | — | (61.9) |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 152.6 | 152.6 |
| Balance, December 31, 2025 | 75.3 | $18.8 | $— | 3.3 | $(1,112.2) | $4,374.9 | $(105.5) | $3,176.0 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $493.7 | $492.7 | $593.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 168.6 | 151.8 | 133.7 |
| Amortization | 2.8 | 3.6 | 3.6 |
| Stock-based compensation | 23.8 | 18.7 | 23.3 |
| Non-cash restructuring charges | 5.4 | — | — |
| Pension settlement charges | — | — | 0.1 |
| Loss on disposal of plant | — | — | 11.6 |
| Asset impairments | 11.7 | 7.3 | 9.6 |
| Deferred income taxes | (13.7) | (3.5) | 37.5 |
| Pension and other retirement plans, net | 0.6 | (2.0) | (2.6) |
| Equity in undistributed earnings of affiliates, net of dividends | (10.5) | (13.4) | (14.3) |
| Other, net | (7.4) | (4.7) | 1.0 |
| Changes in assets and liabilities: | |||
| Decrease (increase) in accounts receivable | 6.9 | (58.8) | 4.0 |
| (Increase) decrease in inventories | (62.8) | 42.0 | (13.5) |
| Decrease (increase) in other current assets | 9.7 | (5.8) | (21.3) |
| Increase in accounts payable | 17.9 | 2.9 | 4.4 |
| Changes in other assets and liabilities | 108.1 | 22.6 | 6.0 |
| Net cash provided by operating activities | 754.8 | 653.4 | 776.5 |
| Cash flows from investing activities: | |||
| Capital expenditures | (285.9) | (377.0) | (362.0) |
| Other, net | — | (1.7) | (6.7) |
| Net cash used in investing activities | (285.9) | (378.7) | (368.7) |
| Cash flows from financing activities: | |||
| Borrowings of long-term debt | — | 164.7 | — |
| Repayments of long-term debt | — | (169.0) | (2.3) |
| Principal repayments on finance leases | (1.1) | (23.3) | (0.1) |
| Dividend payments | (61.2) | (59.1) | (57.0) |
| Excise tax payments | (4.2) | (2.0) | — |
| Proceeds from stock-based compensation awards | 11.3 | 25.5 | 43.9 |
| Employee stock purchase plan contributions | 6.9 | 7.2 | 7.1 |
| Shares purchased under share repurchase programs | (134.0) | (560.9) | (438.3) |
| Shares repurchased for employee tax withholdings | (2.8) | (5.7) | (12.9) |
| Net cash used in financing activities | (185.1) | (622.6) | (459.6) |
| Effect of exchange rates on cash | 22.9 | (21.4) | 11.4 |
| Net increase (decrease) in cash and cash equivalents | 306.7 | (369.3) | (40.4) |
| Cash, including cash equivalents at beginning of period | 484.6 | 853.9 | 894.3 |
| Cash, including cash equivalents at end of period | $791.3 | $484.6 | $853.9 |
| Supplemental cash flow information: | |||
| Interest paid, net of amounts capitalized | $0.3 | $0.5 | $6.0 |
| Income taxes paid, net | $125.2 | $71.4 | $90.8 |
| Accrued capital expenditures | $37.9 | $53.0 | $53.3 |
| Dividends declared, not paid | $15.8 | $15.2 | $14.8 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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