WiseTech Global Posts Strong FY25 Results, Margin Beats Expectations
WiseTech Global (ASX: WTC) delivered a solid full-year result for the 12 months ended 30 June 2025, with the headline story being a margin performance that came in ahead of guidance — even as revenue landed at the softer end of its forecast range.
The Numbers WiseTech reported FY25 revenue of $778.7 million, up 14% year-on-year, with EBITDA rising 26% to $409.5 million, representing a 53% margin (excluding M&A costs). Underlying NPAT reached $241.8 million, up 30%, while free cash flow climbed 31% to $287 million. Margin Beats, Revenue Misses The result was a tale of two metrics. In a pre-results update in February 2025, WiseTech flagged that revenue was expected to come in at the bottom end of its guidance range due to further delays in the rollout of three announced Breakthrough Products, though the EBITDA margin rate was expected to land towards the top of the previously announced range, driven by stronger results from a company-wide efficiency program. That's exactly what transpired. The EBITDA margin rate came in up 5 percentage points to 53%, ahead of expectations, with a 52% FY25 EBITDA margin exit run rate. A company-wide cost efficiency program achieved $40 million in annual run-rate savings, exceeding the original target of $33 million. Analyst Sentiment Analyst ratings at the time of reporting included 13 buys, 6 holds, and 1 sell, reflecting broadly positive sentiment despite the revenue shortfall. The market's focus quickly shifted to the transformative FY26 outlook, underpinned by WiseTech's completed acquisition of U.S.-based supply chain software provider e2open in August 2025. The Road Ahead For FY26, WiseTech is guiding for revenue of $1.39–1.44 billion, representing growth of 79–85%, with EBITDA of $550–585 million — implying growth of 44–53% on FY25. The bulk of that revenue jump is driven by the e2open consolidation rather than organic growth, and FY26 guidance includes one-off costs of approximately $45–50 million associated with e2open integration, retention, and break costs, which could reduce margins by 2–3 percentage points. For investors, the FY25 result underscores WiseTech's operational discipline — the company found ways to over-deliver on profitability even when new product timelines slipped. The bigger test will be whether management can successfully integrate e2open while keeping its core CargoWise business on its strong organic growth trajectory.
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