Highlights

  • FY26 revenue reached US$1,395.9 million, up 79% year on year.
  • CargoWise revenue increased 11% to US$756.9 million.
  • Underlying EBITDA reached US$644.5 million, up 56%.
  • Statutory profit fell 11% despite higher operating cash flow.
  • FY27 guidance points to revenue of US$1.48–1.54 billion.

WiseTech Global develops logistics software used by freight forwarders, customs specialists and supply-chain operators. Its CargoWise platform sits at the centre of the company's product portfolio, while e2open broadens its exposure to connected supply-chain planning and execution. For FY26, WiseTech Global (ASX:WTC) reported US$1,395.9 million in total revenue, an increase of 79% year on year. That headline expansion, however, includes the contribution of the acquired e2open business, making the composition of growth as important as the overall rate. Investors evaluating the latest results need to distinguish acquisition-related scale from underlying CargoWise demand and the costs of integrating a larger software group.

Why the Revenue Mix Matters

CargoWise generated US$756.9 million of revenue in FY26, rising 11% from the preceding financial year. The company attributed growth to existing customer expansion, new customers, large global freight forwarder rollouts and changes in its commercial model. e2open contributed US$541.2 million over approximately eleven months, accounting for much of the change in consolidated revenue. Non-CargoWise revenue was US$97.9 million. WiseTech Global (ASX:WTC) also reported recurring revenue representing 95% of group revenue, highlighting its subscription-oriented structure. Nevertheless, recurring revenue concentration does not eliminate customer implementation risks or the impact of pricing changes. A useful measure in subsequent reporting will be whether organic CargoWise expansion accelerates as customers adopt more of the platform's functionality.

Profitability Improved on One Measure, Not Every Measure

Reported EBITDA rose 46% to US$558.4 million, but the associated margin declined from 49% to 40%. Underlying EBITDA, which adjusts for specified acquisition, restructuring and divestment items, increased 56% to US$644.5 million, with an underlying margin of 46%. WiseTech Global (ASX:WTC) reported statutory net profit after tax of US$178.7 million, down 11%, compared with a 29% increase in underlying net profit to US$313.5 million. These different movements reflect why adjusted metrics should not be confused with statutory earnings. Net finance costs of US$133.6 million were associated with debt used for the e2open acquisition. Profit growth therefore depends on both operating execution and the financial consequences of the enlarged business.

Cash Generation and the Integration Agenda

Operating cash flow was US$564.0 million in FY26, an increase of 29%, while reported free cash flow reached US$410.7 million, up 43%. The company disclosed approximately US$115 million of annualised run-rate savings across its restructuring and efficiency initiatives. WiseTech Global (ASX:WTC) continues to develop artificial-intelligence functionality and adjust how CargoWise customers are charged through Value Packs. These initiatives may support process efficiency and customer usage, but their longer-term financial effects remain execution-dependent. Integration of e2open introduces additional product, customer and organisational complexity. The benefit of cost savings must also be assessed alongside service quality, product investment, net leverage and the potential disruption associated with organisational change.

FY27 Outlook and the Questions Ahead

For FY27, WiseTech forecast revenue of US$1.48 billion to US$1.54 billion and underlying EBITDA of US$725 million to US$780 million. The projected underlying EBITDA margin range was 49% to 51%. Management also outlined a pathway towards net leverage of approximately 2.2 times by the end of FY27, although this remains a forward-looking objective. WiseTech Global (ASX:WTC) faces potential headwinds from international trade activity, geopolitical uncertainty, acquisition integration and changing software purchasing patterns. Progress should be judged against disclosed annual guidance, organic revenue growth, recurring revenue retention and whether the planned cost reductions become sustained improvements in cash generation rather than one-off accounting adjustments.

Key Insights

WiseTech Global (ASX:WTC) enters FY27 with a larger revenue base and measurable cash generation, but investors should separate e2open consolidation from CargoWise organic growth and monitor the gap between statutory and underlying profit.