Highlights

  • WiseTech is evolving from a logistics software provider into a broader global trade technology platform.
  • FY26 Revenue increased 79% to USD 1.396 billion, supported by e2open and CargoWise growth.
  • Underlying EBITDA rose 56% to USD 644.5 million, with a 46% margin.
  • CargoWise revenue increased 11%, while customer adoption of CargoWise Value Packs exceeded 95%.
  • FY27 guidance points to continued revenue and Earnings expansion, although at a more moderate pace.

WiseTech Global (ASX:WTC) has built one of the more distinctive Long-term Growth stories in Australia’s technology sector. From its origins in freight and logistics software, the company has steadily broadened its reach across global Supply chains through CargoWise, acquisitions and an expanding suite of automation, compliance and artificial-intelligence capabilities.

The trajectory of the Business has changed considerably in recent years. WiseTech is no longer simply attempting to add more logistics customers to CargoWise. Its strategy now centres on becoming what management describes as the operating system for global trade and logistics, connecting freight forwarding, customs, transport, supply-chain planning and compliance within a wider technology ecosystem.

That expansion has created a significantly larger revenue base, particularly following the Acquisition of e2open. It has also raised the importance of integration, execution and margins. For investors considering ASX:WTC over a longer horizon, the key issue is whether WiseTech can combine continued CargoWise growth with successful e2open integration and increasing monetisation of its newer products.

Growth Evolution

CargoWise remains the foundation of WiseTech’s business. The platform provides logistics service providers with tools spanning freight forwarding, customs, warehousing, transport and other supply-chain functions across a global customer base.

Over time, WiseTech has benefited from deeper adoption among existing customers as large global freight forwarders progressively deploy CargoWise across more countries and users. In FY26, CargoWise revenue increased 11% to USD 756.9 million. Customer attrition for the CargoWise application suite remained below 1%, continuing a long-running pattern of high customer retention.

The company also secured four new large global freight-forwarder rollouts during FY26, including Sankyu, CJ Logistics, Blue Water Shipping and XPD Global. Additional customers including Neptune Pacific, CTS International Logistics and ClearFreight moved into production.

This creates an important feature of WiseTech’s longer-term trajectory: growth can come not only from adding customers, but also from increasing usage and expanding the number of modules adopted by existing customers.

Record FY26 Results

WiseTech’s most recent financial update as of 28 August 2026 was its FY26 result released on 26 August.

Total revenue reached USD 1.3959 billion, representing growth of 79% from USD 778.7 million in FY25. The increase was substantially influenced by the e2open acquisition, which contributed USD 541.2 million of revenue during its 11-month contribution period.

Reported EBITDA increased 46% to USD 558.4 million, while underlying EBITDA climbed 56% to USD 644.5 million. The underlying EBITDA Margin stood at 46%. WiseTech also reported underlying NPAT of USD 313.5 million, up 29%, while statutory NPAT was USD 178.7 million.

Cash generation also remained substantial. Operating Cash Flow increased 29% to USD 564.0 million, while free cash flow rose 43% to USD 410.7 million. Underlying free cash flow increased 67% to USD 489.6 million.

The company declared a fully franked final Dividend of 8.8 cents per share, up 14%, representing a Payout Ratio of 17% of underlying NPAT.

e2open Integration

The acquisition of e2open represents one of the biggest changes to WiseTech’s business model and scale.

WiseTech completed the acquisition in August 2025, giving it exposure to areas beyond its traditional freight-forwarding stronghold, including supply-chain planning, connected execution and broader trade-management capabilities. The integration contributed heavily to FY26 revenue growth, but the strategic rationale extends beyond simple scale.

Management is moving e2open toward a more product-led operating model while focusing more heavily on recurring revenue. During FY26, e2open delivered an underlying EBITDA margin eight percentage points above its FY25 pro-forma level as cost synergies were realised earlier than expected.

WiseTech also reported approximately USD 115 million in annualised run-rate savings across the group. Net Leverage fell to 2.7 times by 30 June 2026, ahead of management’s earlier expectations.

The integration remains important to watch because e2open significantly increases WiseTech’s addressable market but also makes the group more complex. The quality of revenue retention, margin expansion and cross-selling between platforms may therefore matter as much as headline revenue growth.

AI and New Products

Artificial intelligence has become another major part of WiseTech’s strategy.

The company has been deploying AI internally to improve engineering productivity and operational efficiency while simultaneously embedding AI into its customer-facing products. Development areas include the CargoWise AI Workflow Engine and AI Management Engine, which are intended to automate processes across global logistics operations.

WiseTech has also introduced CargoWise Value Packs, a new commercial model launched in December 2025. More than 95% of CargoWise customers had moved onto the model by the FY26 results announcement.

Another emerging area is VerifyWise, which targets identity, trade-data and compliance verification. In July 2026, WiseTech agreed to acquire FRDM.ai for upfront consideration of USD 10 million in cash and WiseTech shares, with additional earn-outs potentially payable. The technology maps supplier networks and supports human-rights risk and regulatory-compliance analysis.

These initiatives illustrate how WiseTech is attempting to expand beyond traditional logistics execution toward compliance, intelligence and automation across the broader supply chain.

Outlook and Risks

For FY27, WiseTech expects revenue of approximately USD 1.48 billion to USD 1.54 billion, implying growth of 6% to 10%. Underlying EBITDA is expected to reach USD 725 million to USD 780 million, representing growth of approximately 12% to 21%, with an underlying EBITDA margin of 49% to 51%.

The guidance suggests that the dramatic headline growth generated by the first year of e2open consolidation will naturally moderate. The next phase is therefore likely to be judged more on organic growth, Operating Leverage and successful monetisation of newer products.

WiseTech also faces execution risks. Integrating a large acquired platform, managing debt, maintaining CargoWise growth and successfully rolling out new commercial models all require disciplined execution. Global trade conditions can also affect transaction volumes and customer activity.

Competition is another consideration. Logistics technology is attracting growing investment, while rapid advances in AI could both strengthen WiseTech’s capabilities and lower technological barriers for competitors.

WiseTech Global (ASX:WTC) nevertheless enters its next phase with a much larger platform than it had only a few years ago. CargoWise remains highly embedded among major logistics providers, e2open has broadened the group’s reach, and Investment in AI and compliance technology is creating additional avenues for growth.

The long-term question is increasingly about quality rather than simply scale. If WiseTech can maintain CargoWise’s customer economics, improve e2open margins and convert its broader product ecosystem into higher recurring earnings, the company could strengthen its position across global trade technology. Investors following ASX:WTC will therefore be watching organic revenue growth, e2open integration, margins, cash generation and adoption of newer platforms as the next indicators of its trajectory.