Westpac Banking Corporation

ASX:WBC Stock Report

Market Cap: AU$124.3b

Westpac Banking Future Growth

Future criteria checks 1/6

Westpac Banking is forecast to grow earnings and revenue by 5% and 3.9% per annum respectively. EPS is expected to grow by 4.8% per annum. Return on equity is forecast to be 10.6% in 3 years.

Key information

5.0%

Earnings growth rate

4.82%

EPS growth rate

Banks earnings growth5.7%
Revenue growth rate3.9%
Future return on equity10.60%
Analyst coverage

Good

Last updated27 May 2026

Recent future growth updates

No updates

Recent updates

Narrative Update • May 16

WBC: Higher Risk Assumptions And Dividend Outlook Will Shape Future Upside

Analysts have reduced their Westpac Banking price target from about A$34.87 to roughly A$34.15, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. Analyst Commentary Analysts are updating their views on Westpac Banking with a mixed tone, focusing on how current assumptions around discount rates, revenue trends, profit margins and future P/E multiples feed into the updated valuation.
Narrative Update • Apr 27

WBC: Higher Risk Assumptions Will Constrain Upside From Current Levels

Analysts have trimmed their Westpac Banking price target by A$0.35 to A$34.87, citing slightly revised assumptions for discount rate, revenue growth, profit margin and future P/E. These factors collectively point to a modest recalibration of fair value rather than a major shift in the investment case.
Narrative Update • Apr 12

WBC: Slight Discount Rate Shift Will Limit Upside Potential

Analysts have slightly reduced their Westpac Banking price target by about A$0.06, reflecting updated assumptions around discount rates, revenue growth and profit margins in their valuation models. Analyst Commentary Analysts are using the small A$0.06 trim to Westpac Banking's price target as a chance to fine tune their views on how much risk, growth and profitability to build into their models rather than signaling a major shift in stance.
Narrative Update • Mar 29

WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside

Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.
Narrative Update • Mar 15

WBC: Steady Assumptions And Elevated P/E Will Limit Future Upside

Analysts have modestly increased their 12 month price target for Westpac Banking to around A$35.33, reflecting small adjustments to fair value, discount rate and assumed future P/E, rather than any major change in the underlying thesis. Valuation Changes Fair Value: A$35.31 adjusted marginally to A$35.33, reflecting a very small change in the underlying valuation inputs.
Narrative Update • Mar 01

WBC: Steady Assumptions And Higher P/E Will Restrain Future Returns

Analysts have maintained Westpac Banking's fair value at A$35.31 and made minor adjustments to assumptions such as discount rate, revenue growth, profit margin and future P/E, reflecting a largely steady view of the bank's outlook and risk profile. What's in the News Shareholders approved an amendment to Westpac Banking Corporation's constitution at the annual general meeting held on December 11, 2025.
Narrative Update • Feb 14

WBC: Higher P/E Assumptions Will Limit Future Share Price Upside

Analysts have raised their price target for Westpac Banking to A$35.31 from A$33.86, reflecting updated assumptions around revenue growth, profit margin and future P/E. What's in the News Shareholders approved an amendment to Westpac Banking Corporation's constitution at the annual general meeting held on December 11, 2025 (Key Developments).
Narrative Update • Nov 12

WBC: Competitive And Regulatory Risks Will Limit Market Upside

Westpac Banking's analyst price target has been increased from A$32.23 to A$33.86, as analysts cite improved profit margins and a recent upgrade in rating following stronger financial outlooks. Analyst Commentary Recent analyst actions reflect a shift in sentiment towards Westpac Banking, particularly with the latest upgrade and price target adjustments.
Narrative Update • Oct 29

Near-Term Margin Pressures Will Limit Upside Amid Competitive Headwinds

Westpac Banking's analyst price target has increased modestly from $32.00 to $32.23. Analysts cite improving profit margins and an upgraded rating from Neutral to Sell as key drivers for the upward revision.
Narrative Update • Oct 08

Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia

Analysts have raised their fair value estimate for Westpac Banking, increasing the price target from A$31.49 to A$32.00. They cite recent upgrades in market sentiment and improved valuation factors as reasons for the adjustment.
Narrative Update • Sep 19

Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia

The slight increase in Westpac Banking’s consensus price target to A$31.49 is primarily supported by a higher future P/E multiple, reflecting improved market expectations for earnings growth. What's in the News HSBC is preparing to sell its Australian retail banking arm, valued in the billions, with $40 billion in loans and $30 billion in deposits.
Narrative Update • Sep 04

Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia

Westpac Banking’s fair value estimate was revised marginally higher amid minimal changes in both the consensus future P/E and the discount rate, resulting in a new analyst price target of A$30.71. What's in the News Westpac Banking is considered a leading contender to acquire HSBC's Australian retail banking arm, which is expected to sell for billions of dollars and includes approximately $40 billion in loans and $30 billion in deposits.
Narrative Update • Aug 17

Rising Tech Costs And Competition Will Pressure Bank Earnings In Australia

The upward revision in Westpac Banking’s consensus price target reflects improved revenue growth forecasts and a higher future P/E multiple, raising fair value from A$28.65 to A$30.17. What's in the News Westpac Banking is rumored to be a leading contender to acquire HSBC's Australian retail banking arm, which may be valued in the billions of dollars and includes approximately $40 billion in loans and $30 billion in deposits.
Analysis Article • Jul 25

Here's Why We Think Westpac Banking (ASX:WBC) Is Well Worth Watching

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
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New Narrative • Nov 07

Competitive Pressures And Cost Challenges Loom But Calculated Investments Could Bolster Long-Term Growth

Intense competition and changed deposit mix are compressing net interest margins, challenging revenue growth.

Earnings and Revenue Growth Forecasts

ASX:WBC - Analysts future estimates and past financials data (AUD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
9/30/202824,6027,855N/AN/A12
9/30/202723,8567,525N/AN/A13
9/30/202623,0037,062N/AN/A13
3/31/202622,2677,007-73,780-72,695N/A
12/31/202522,1856,916N/AN/AN/A
9/30/202521,9606,910-43,511-42,364N/A
6/30/202521,6667,064N/AN/AN/A
3/31/202521,3666,957-51,604-50,517N/A
12/31/202421,1377,020N/AN/AN/A
9/30/202421,0516,983-56,027-55,010N/A
6/30/202420,7206,738N/AN/AN/A
3/31/202420,6126,536-40,396-39,296N/A
12/31/202320,8056,866-38,631-37,392N/A
9/30/202320,9977,190-36,867-35,488N/A
6/30/202320,3956,805-26,346-24,920N/A
3/31/202319,7936,415-15,825-14,353N/A
12/31/202219,5326,055-17,595-16,226N/A
9/30/202219,2715,694-19,365-18,100N/A
6/30/202220,0585,495-17,378-16,239N/A
3/31/202220,8455,292-15,392-14,378N/A
12/31/202121,3295,3741541,148N/A
9/30/202121,8125,45815,69916,673N/A
6/30/202120,7554,99918,35119,459N/A
3/31/202119,6974,54221,00322,245N/A
12/31/202018,3513,41524,73525,993N/A
9/30/202017,0052,28828,46629,741N/A
6/30/202017,7903,54232,12433,353N/A
3/31/202018,5754,79535,78136,964N/A
12/31/201919,2155,787N/A21,478N/A
9/30/201919,8556,778N/A5,991N/A
6/30/201920,0546,922N/A2,235N/A
3/31/201920,2537,065N/A-1,522N/A
12/31/201820,7757,578N/A-2,840N/A
9/30/201821,2978,090N/A-4,158N/A
6/30/201821,1788,182N/A-8,262N/A
3/31/201821,3638,274N/A-12,401N/A
12/31/201721,1568,129N/A-16,321N/A
9/30/201720,7977,984N/A-20,225N/A
6/30/201720,6407,816N/A-24,012N/A
3/31/201720,3317,647N/A-27,783N/A
12/31/201620,0967,544N/A-30,528N/A
9/30/201619,8617,440N/A-33,274N/A
6/30/201620,4507,769N/A-24,708N/A
3/31/201621,0398,098N/A-16,143N/A
12/31/201520,9648,052N/A-12,605N/A
9/30/201520,8898,006N/A-9,067N/A
6/30/201520,1927,773N/A-14,627N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: WBC's forecast earnings growth (5% per year) is above the savings rate (3.6%).

Earnings vs Market: WBC's earnings (5% per year) are forecast to grow slower than the Australian market (12% per year).

High Growth Earnings: WBC's earnings are forecast to grow, but not significantly.

Revenue vs Market: WBC's revenue (3.9% per year) is forecast to grow slower than the Australian market (6.2% per year).

High Growth Revenue: WBC's revenue (3.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: WBC's Return on Equity is forecast to be low in 3 years time (10.6%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/27 23:38
End of Day Share Price 2026/05/27 00:00
Earnings2026/03/31
Annual Earnings2025/09/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Westpac Banking Corporation is covered by 22 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nicholas McGarrigleBarrenjoey Markets Pty Limited
Craig StaffordBarrenjoey Markets Pty Limited
Jonathan MottBarrenjoey Markets Pty Limited