WiseTech Global (ASX:WTC): CargoWise Growth and e2open Integration Shape FY26

Aditi Sarkar

10 November 2026 03:07 PM AEDT

WiseTech Global (ASX:WTC): CargoWise Growth and e2open Integration Shape FY26

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Highlights

FY26 Revenue reached USD 1,395.9 million, with e2open contributing USD 541.2 million.
CargoWise revenue rose 11% to USD 756.9 million during FY26.
Statutory net profit declined 11% to USD 178.7 million as financing costs increased.
Underlying EBITDA reached USD 644.5 million, while gross Margin narrowed to 77%.
FY27 guidance outlines USD 1.48–1.54 billion in revenue and USD 725–780 million in underlying EBITDA.

WiseTech Global Limited develops software for international logistics and supply-chain operations, including its CargoWise platform for freight forwarding, customs and shipment management. During FY26, WiseTech Global (ASX:WTC) expanded through the integration of e2open, adjusted CargoWise commercial arrangements and increased its use of automation.

Revenue Growth and the CargoWise Transition

For the year ended 30 June 2026, WiseTech Global (ASX:WTC) reported revenue of USD 1,395.9 million, an increase of 79%. The acquired e2open Business contributed USD 541.2 million over approximately 11 months.

CargoWise revenue increased 11% to USD 756.9 million. That outcome was below the 14–21% growth assumption previously incorporated into FY26 guidance. The company attributed the difference partly to refinements in billing timing and implementation of CargoWise Value Packs, its transaction-oriented commercial model. More than 95% of CargoWise customers had transitioned to the new model, leaving a smaller group on earlier arrangements.

Profit, Cash Generation and Acquisition Financing

The revenue increase did not translate into comparable statutory Earnings growth. WiseTech Global (ASX:WTC) recorded statutory net profit after tax of USD 178.7 million, down 11%, while underlying net profit rose 29% to USD 313.5 million. The adjusted measure excludes specified items and should be distinguished from the statutory result. Finance costs reached USD 139.6 million, reflecting the Debt used to finance the acquisition.

Underlying EBITDA increased 56% to USD 644.5 million, although its margin declined to 46%. Group gross margin fell to 77% from 86%, with the lower-margin e2open operations affecting the consolidated mix. Excluding e2open, gross margin was approximately 85%.

Operating cash flow rose 29% to USD 564.0 million and free cash flow increased 43% to USD 410.7 million. At 30 June 2026, cash totalled USD 343.5 million and net Leverage stood at 2.7 times. WiseTech Global (ASX:WTC) identified deleveraging as a priority while continuing to fund product development and integration work.

AI Efficiency Programme and FY27 Expectations

The company outlined approximately USD 115 million in annualised run-rate savings from restructuring and efficiency initiatives, including USD 64 million associated with e2open and USD 34 million from its AI transformation programme. Annualised savings represent an estimated ongoing rate rather than savings already realised over a full financial year.

For FY27, WiseTech Global (ASX:WTC) guided to revenue between USD 1.48 billion and USD 1.54 billion and underlying EBITDA between USD 725 million and USD 780 million. This implies an underlying EBITDA margin of approximately 49–51%. Progress depends partly on CargoWise pricing adoption, e2open integration and planned product initiatives.

Regulatory Matters and Execution Risks

In October 2026, WiseTech reported that two regulatory investigations concerning governance and trading matters had concluded with no-action letters, while a separate inquiry involving a non-employee continued. The company also disclosed an investigation concerning an alleged competition-law breach; no finding was reported in the cited announcement.

Integration complexity, higher interest costs and execution of the new commercial model are additional considerations. WiseTech Global (ASX:WTC) expects net leverage to decline to approximately 2.2 times by the end of FY27, although the outcome will depend on cash generation and debt reduction.

Key Insights

WiseTech’s FY26 results reflect a substantially larger logistics software group following e2open, with CargoWise continuing to grow but consolidated margins and statutory profit under pressure. FY27 disclosures will clarify how pricing changes, integration savings, cash flow and debt reduction develop alongside the company’s guidance.

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