Key Highlights

• WiseTech reported FY26 Revenue of $1,395.9m, up 79% from $778.7m.

• Most of that jump reflects the e2open acquisition, which completed on 4 August 2025 and contributed $541.2m across roughly eleven months.

• Underlying EBITDA, the company's preferred measure, rose 56% to $644.5m, a Margin of 46% compared with 53% a year earlier.

• The lower margin is largely a mix effect. e2open earns a lower margin than the CargoWise platform, and it is being integrated rather than simply added on.

What does WiseTech Global (ASX:WTC)'s FY26 result say about whether its artificial intelligence push and the e2open Acquisition are paying off? The answer, based on the company's 26 August 2026 results, is that the numbers show real progress on cost savings and cash generation, but the Business is now larger, more indebted and more exposed to execution than it was a year ago. All figures below are in US dollars unless stated.

The central development: a bigger group with a leaner cost base

WiseTech reported FY26 revenue of $1,395.9m, up 79% from $778.7m. Most of that jump reflects the e2open acquisition, which completed on 4 August 2025 and contributed $541.2m across roughly eleven months. Underlying EBITDA, the company's preferred measure, rose 56% to $644.5m, a margin of 46% compared with 53% a year earlier.

The lower margin is largely a mix effect. e2open earns a lower margin than the CargoWise platform, and it is being integrated rather than simply added on. Statutory net profit after tax fell 11% to $178.7m, while underlying net profit rose 29% to $313.5m.

Management says annualised run-rate savings now total about $115m. That is made up of $64m from e2open, $34m from what it calls its AI transformation, which involved roughly 1,200 role reductions globally, and $17m from a wider efficiency programme.

What WiseTech does and how it earns money

WiseTech develops CargoWise, a cloud software platform used by freight forwarders and logistics providers to manage customs, shipments, accounting and Warehousing on a single system. Customers typically pay based on usage and transaction volumes, which makes revenue recurring but tied to the activity of global trade.

CargoWise revenue was $756.9m in FY26, up 11%, and that included $14.2m from acquisitions and a $9.3m currency tailwind. Underlying CargoWise EBITDA was $451.2m, a 53% margin. The e2open segment, which supplies Supply chain planning and trade-compliance software, produced underlying EBITDA of $197.4m at a 36% margin. A further $97.9m of revenue came from other products.

Cash flow, Debt and dividends

Cash conversion was a bright spot. Operating Cash Flow was $564.0m, up 29%, and free cash flow was $410.7m, up 43%.

The acquisition was funded with debt. At 30 June 2026, WiseTech had drawn $2.2bn of a $3.0bn Facility and held $343.5m of cash. Net Leverage was 2.7 times, below the roughly 3.0 times previously signalled. The company targets about 2.2 times by the end of FY27 and below 2.0 times in FY28.

A fully franked final Dividend of 8.8 cents per share was declared, up 14%, equal to 17% of underlying profit. It was payable on 9 October 2026, with a Record Date of 14 September 2026.

Operating performance and the new commercial model

In December 2025 WiseTech introduced a revised CargoWise commercial model, known as CVP. The company says more than 95% of CargoWise customers have moved across, that new small and medium-sized customer signings are up about 55%, and that overall new signings are up about 30% since launch.

Large global freight forwarder rollouts are the other key driver. WiseTech reports 61 secured as at 30 June 2026, including 13 of the top 25 forwarders worldwide. Twelve are contracted and underway, and over 75% of their expected Volume is not yet live. That suggests substantial revenue still to come if implementations proceed on schedule, though timing is not guaranteed.

Research and development spending was $340.7m, or 24% of revenue. WiseTech now offers six AI agents within CargoWise. It cites a target of up to about 50% labour savings for logistics providers using them, which is a management ambition rather than a demonstrated average result.

Guidance for FY27

WiseTech guided to FY27 revenue of $1.48bn to $1.54bn, growth of 6% to 10%, and underlying EBITDA of $725m to $780m, growth of 12% to 21%. The implied underlying margin is 49% to 51%. Guidance assumes market conditions do not change materially. Revenue growth is therefore expected to slow from the acquisition-inflated FY26 rate, with profit growth leaning on the cost programme.

Sector conditions and competition

Logistics software sits between two forces. Global trade volumes, tariffs and customs complexity create Demand for compliance and visibility tools, and e2open is positioned in areas such as Tariff management and container optimisation. At the same time, freight activity is cyclical and trade policy can change quickly, which can affect transaction-based revenue.

CargoWise's competitive resilience is its breadth, with one codebase covering many functions and jurisdictions, and its high switching costs once a forwarder has implemented it. Competitors include other supply chain software providers and in-house systems at large forwarders, and rapid AI advances could cut either way.

Index status

An the index provider commentary on the September 2026 rebalance, published 16 September 2026, states that WiseTech and Cochlear fell below the rank buffer for the S&P/ASX 50, and that Mineral Resources and NEXTDC replaced them.

Risks and what to watch

Several uncertainties deserve attention. Leverage of 2.7 times leaves less room for error if Earnings disappoint or interest costs rise. Integration of e2open is still under way, and restructuring costs were $67.1m in the year, against $1.7m in FY25. Reducing about 1,200 roles carries execution and morale risks.

The guidance margin step-up is ambitious, and the large forwarder rollouts depend on customers' own timetables. Currency movements matter too, as WiseTech reports in US dollars.

The next scheduled event is the annual general meeting, which has been reported as set for 27 November 2026 with director elections among the resolutions. Shareholders may also watch the half-year result, expected in early 2027, for evidence on cost savings, rollout progress and deleveraging.