Highlights

  • WiseTech Global (ASX:WTC) reported FY26 total revenue of US$1,395.9 million, up 79%, including US$541.2 million from e2open.
  • Underlying EBITDA rose 56% to US$644.5 million, while underlying NPAT increased 29% to US$313.5 million.
  • FY27 guidance points to revenue of US$1.48 billion to US$1.54 billion and an underlying EBITDA margin of 49% to 51%.
  • ASIC advised in mid-October 2026 that it will take no enforcement action against the company over its governance investigation.

WiseTech Global develops and provides software for the global logistics execution industry, with its CargoWise platform used by freight forwarders, customs brokers and supply chain operators.

Company Business

The group's core product is CargoWise, an integrated platform that handles freight forwarding, customs, warehousing, transport and compliance tasks on a single database. The acquisition of e2open broadened the product set into supply chain planning, trade management and global network connectivity, adding a large customer base of shippers and manufacturers. WiseTech reports in US dollars and invests heavily in product development, with research and development spending of US$340.7 million in FY26, equal to 24% of revenue. The company delivered 1,827 product enhancements during the year and now offers six CargoWise AI agents to customers.

Recent Developments

In mid-October 2026, ASX:WTC informed the market that the Australian Securities and Investments Commission had concluded two investigations. ASIC confirmed it will not take enforcement action against the company in relation to a governance investigation, and issued no-action letters in a separate trading matter involving founder Richard White and two current employees. A further investigation involving an individual who is not a company employee remains ongoing.

Board renewal has also continued through 2026. Raelene Murphy became independent Board Chair in early July 2026, and Tim Ebbeck joined as an independent non-executive director and Chair of the Audit and Risk Committee from the start of September 2026. On the product side, Container Transport Optimization went live in July 2026, and the company acquired FRDM.ai in the same month to accelerate development of its VerifyWise offering. WiseTech also launched a New Zealand community edition of BorderWise.

Shareholders received a fully franked final dividend of US 8.8 cents per share in early October 2026, up 14% on the prior year and representing a 17% payout of underlying NPAT. The company's 2026 Annual General Meeting is scheduled for late November 2026 as a hybrid event in Alexandria, Sydney.

Financial Performance and Sector Context

The FY26 result, released in late August 2026, showed total revenue of US$1,395.9 million, up 79%. CargoWise revenue increased 11% to US$756.9 million, while e2open contributed US$541.2 million across 11 months. Reported EBITDA rose 46% to US$558.4 million at a 40% margin, and underlying EBITDA increased 56% to US$644.5 million at a 46% margin. Statutory NPAT declined 11% to US$178.7 million, reflecting restructuring costs of US$67.1 million, M&A costs of US$11.9 million and a US$7.2 million loss on the divestment of Expedient Software. Underlying NPAT rose 29% to US$313.5 million, and underlying EPS increased 28% to 94.0 US cents.

Cash generation improved, with operating cash flow up 29% to US$564.0 million and free cash flow up 43% to US$410.7 million. Net leverage stood at 2.7 times, below the previously guided level of around 3.0 times, with US$2.2 billion drawn on a US$3.0 billion facility and cash of US$343.5 million.

Management reported around US$115 million in annualised run-rate savings, comprising US$64 million from e2open, US$34 million from the AI Transformation program, which reduced around 1,200 roles globally, and US$17 million from a broader efficiency program.

Risks to Consider

The e2open integration remains a significant execution task, and the acquired business carries a different growth profile from CargoWise. Statutory earnings fell in FY26 despite higher revenue, showing the effect of restructuring and transaction costs. The balance sheet now carries meaningful debt, so interest costs and deleveraging progress are relevant. Workforce reductions linked to the AI program could affect delivery if not managed carefully. One ASIC investigation involving a non-employee remains open, and governance matters have drawn attention in recent periods. Global freight volumes and trade policy changes may also influence customer activity.

What to Watch Next

FY27 guidance calls for revenue of US$1.48 billion to US$1.54 billion, representing growth of 6% to 10%, and underlying EBITDA of US$725 million to US$780 million, up 12% to 21%. The underlying EBITDA margin is guided at 49% to 51%. ASX:WTC is targeting net leverage of around 2.2 times by the end of FY27 and below 2.0 times in FY28. The November AGM may provide further commentary on trading, CargoWise Value Pack adoption, which now covers more than 95% of CargoWise customers, and the rollout of AI agents. The New Zealand Tariff Management Portal is expected to go live in the first half of calendar 2027.

Key Insights

FY26 marked a structural shift for WiseTech, with e2open lifting group revenue sharply and cost programs supporting underlying margins. Underlying earnings and cash flow increased, though statutory profit was weighed down by restructuring. The conclusion of two ASIC investigations without action against the company addresses one area of uncertainty, while guidance sets out a path toward higher margins and lower leverage over the next two years.