WiseTech delivers record FY26 revenue up 79%, beats guidance on EBITDA
WiseTech Global recorded record full-year revenue of $1,395.9 million for the twelve months ended 30 June 2026 (FY26), up 79% on FY25 and landing within its guidance range. The result was driven primarily by the e2open acquisition, alongside CargoWise Value Packs, AI productivity gains and cost efficiencies.
Guidance EBITDA came in at $585.8 million, up 54%, exceeding guidance. The company also beat its margin guidance, delivering a guidance EBITDA margin of 42%, signalling early margin discipline emerging within a growth-at-scale story.
CEO Zubin Appoo described the period as a “transformational year for WiseTech.” The company also issued FY27 guidance, detailed later in this article, pointing to continued growth and significant margin expansion ahead.
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FY26 results: the numbers behind the record
The full-year figures reflect both the scale of the e2open acquisition and the underlying strength of the CargoWise engine. All amounts are in US dollars.
| Metric | FY25 | FY26 | Change |
|---|---|---|---|
| Total revenue | $778.7M | $1,395.9M | +79% |
| Reported EBITDA | $381.6M | $558.4M | +46% |
| Underlying EBITDA | $413.9M | $644.5M | +56% |
| Underlying NPAT | $243.0M | $313.5M | +29% |
| Statutory NPAT | $200.7M | $178.7M | -11% |
| Underlying free cash flow | $292.4M | $489.6M | +67% |
| Final dividend | 7.7cps | 8.8cps | +14% |
Statutory NPAT declined 11% to $178.7 million. This reflected interest and amortisation expense associated with the e2open acquisition, partially offset by a lower effective tax rate.
Reported EBITDA margin of 40% (down 9 percentage points) and Underlying EBITDA margin of 46% (down 7 percentage points) both reflect e2open’s lower-margin operating model. This dilution was expected rather than a sign of operational weakness.
A standout metric was the record Underlying Rule of 40 of 114%, up 62 percentage points on FY25, indicating exceptional combined growth and cash generation.
Segment performance: CargoWise growth plus e2open contribution
Two distinct engines drove the FY26 result. CargoWise revenue reached $756.9 million, up 11%, supported by customer growth, Large Global Freight Forwarder (LGFF) rollouts, FY25 and FY26 M&A, and the new commercial model.
e2open contributed $541.2 million from 11 months of consolidation following completion on 4 August 2025. Its Underlying EBITDA margin came in 8 percentage points ahead of FY25 pro forma, reflecting early synergy realisation.
CargoWise Value Packs (CVP) drove notable sales momentum since introduction:
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Over 95% of CargoWise customers are now on CargoWise Value Packs
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Approximately 55% increase in new SME signings
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Approximately 30% overall increase in new signings
LGFF progress also pointed to future revenue upside:
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Four new LGFF rollouts secured (Sankyu and CJ Logistics pre-CVP; Blue Water Shipping and XPD Global on CVP)
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61 LGFF rollouts secured in total, including 13 of the Top 25 Global Freight Forwarders
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Twelve LGFFs are “Contracted and In Progress” with more than 75% of expected volume not yet live, creating significant future revenue upside
The migration of remaining Seat and Transaction License (STL) commitment customers onto the CVP is expected to accelerate in FY27 and drive additional revenue growth.
CEO commentary
Zubin Appoo, CEO, WiseTech Global
“This was a transformational year for WiseTech. We acquired e2open to expand our offerings into adjacent markets, launched our new commercial model with more than 95% of CargoWise customers now on CargoWise Value Packs, and adopted AI across our own operations. We secured government agreements, delivering customs solutions for both the New Zealand Customs Service and the New Zealand trade community. We added to our VerifyWise solution, acquiring FRDM.ai to accelerate supply chain compliance for exporters, importers and banks, and we continue to build out our CargoWise AI Workflow Engine and AI Management Engine to reduce the cost of global trade and logistics for our customers. We grew revenue 79% within guidance, exceeded guidance EBITDA and EBITDA margin, reduced net leverage to 2.7x ahead of expectations, and delivered approximately $115 million in annualized run-rate savings through our focus on efficiency and earnings. CargoWise grew 11% with clear growth acceleration plans into FY27 and beyond.”
What are CargoWise Value Packs and the “Rule of 40”?
Two concepts sit at the heart of the FY26 story, and both warrant a plain explanation for investors.
CargoWise Value Packs (CVP) is a new commercial and pricing model launched in December 2025. It replaces the older Seat and Transaction License (STL) model.
The Rule of 40 is defined as the sum of the year-on-year total revenue growth and the underlying free cash flow margin. WiseTech’s Underlying Rule of 40 of 114% sits well above that threshold.
Why do these matter to investors? CVP drives new signings and upsell opportunities, while a Rule of 40 above 100% suggests the business is scaling profitably rather than buying growth at any cost.
Cost synergies and AI transformation driving margin
WiseTech delivered approximately $115 million in total annualised run-rate cost savings in FY26. These savings came from three sources:
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$64 million in annualised run-rate savings within e2open, surpassing the FY27 synergy target of $50 million early and delivering 8 percentage points of e2open Underlying EBITDA margin expansion versus FY25 pro forma
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$34 million from the FY26 AI Transformation program across Product & Development and Customer Service, with a reduction of approximately 1,200 roles globally
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$17 million from an efficiency program focused on high-performance teams and early AI adoption
R&D investment rose 29% to $340.7 million, equating to 24% of total revenue. The company delivered 1,827 new product enhancements, an increase of nearly 50% on FY25.
Within CargoWise, six AI agents are now available, and the company is targeting an opportunity of up to approximately 50% labour cost savings for logistics service providers.
Balance sheet strengthens ahead of target
The net leverage ratio stood at 2.7x at 30 June 2026, well ahead of the previously guided target of approximately 3.0x. Of the company’s $3.0 billion debt facility, $2.2 billion was outstanding, alongside a cash balance of $343.5 million.
WiseTech is on track to deleverage to approximately 2.2x by the end of FY27 and to less than 2.0x in FY28, reflecting an accelerated deleveraging pathway.
Operating cash flow reached $564.0 million, up 29%, while free cash flow rose 43% to $410.7 million. The Board determined a fully franked final ordinary dividend of 8.8cps, up 14%, representing a payout ratio of 17% of Underlying NPAT. The dividend is payable on 9 October 2026 to shareholders registered as at 14 September 2026.
FY27 guidance and the road ahead
WiseTech anticipates FY27 revenue of $1.48 billion–$1.54 billion, representing growth of 6%–10%. Underlying EBITDA guidance of $725 million–$780 million reflects growth of 12%–21%, with an Underlying EBITDA margin of 49%–51%, pointing to significant margin expansion.
The guidance range reflects several key growth levers:
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Adoption of the CVP commercial model by remaining STL customers
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Further delivery and adoption of agentic AI within CargoWise
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Launch and adoption of VerifyWise
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Migration of the remaining 5% of STL commitment customers to CVP
Management noted the company now operates across five markets: logistics and transport; connected supply chain orchestration; trade finance and banking; customs, border and government; and verified identity, trust and data.
Several recent strategic moves support this expansion:
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The acquisition of FRDM.ai in July 2026, accelerating the development of VerifyWise for supply chain compliance
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New Zealand Customs Service partnerships, including the free BorderWise community edition, which has been built and is provided free of charge to the entire trade community, and the NZ Tariff Management Portal, on track to go live in the first half of the 2027 calendar year
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Container Transport Optimization, which went live in July 2026
On governance, the company transitioned to an independent Board Chair, Raelene Murphy, effective 7 July 2026. Tim Ebbeck was appointed as an independent non-executive director and Chair of the Audit & Risk Committee, effective 1 September 2026.
The governance transition that brought Raelene Murphy to the Chair role was a staged process spanning more than six months, with WiseTech appointing four independent non-executive directors since March 2025 and founder Richard White simultaneously moving into a dedicated Chief Innovation Officer position.
Zubin Appoo, CEO, WiseTech Global
“We are on a multi-year journey to higher growth, higher profits and an increasingly AI-accelerated business. WiseTech continues to build the operating system for global trade and logistics, one innovation at a time.”
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