Westpac Banking Past Earnings Performance
We're still processing the latest earnings report of this company
Past criteria checks 3/6
Westpac Banking has been growing earnings at an average annual rate of 7.5%, while the Banks industry saw earnings growing at 3.8% annually. Revenues have been growing at an average rate of 1.6% per year. Westpac Banking's return on equity is 9.9%, and it has net margins of 31.5%.
Key information
7.46%
Earnings growth rate
8.92%
EPS growth rate
| Banks Industry Growth | 7.90% |
| Revenue growth rate | 1.58% |
| Return on equity | 9.89% |
| Net Margin | 31.47% |
| Next Earnings Update | 02 Nov 2026 |
Recent past performance updates
Recent updates
New Narrative • Aug 16
Customer Relationship Deepening And Productivity Gains Will Drive Long-Term Upside Potential
Catalysts About Westpac Banking Westpac Banking is a major Australasian bank providing consumer, business and institutional banking, wealth and financial services. What are the underlying business or industry changes driving this perspective?
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.
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.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Westpac Banking makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 22,267 | 7,007 | 10,428 | 0 |
| 31 Dec 25 | 22,185 | 6,916 | 12,730 | 0 |
| 30 Sep 25 | 21,960 | 6,910 | 10,145 | 0 |
| 30 Jun 25 | 21,666 | 7,064 | 9,658 | 0 |
| 31 Mar 25 | 21,366 | 6,957 | 9,691 | 0 |
| 31 Dec 24 | 21,137 | 7,020 | 7,116 | 0 |
| 30 Sep 24 | 21,051 | 6,983 | 9,468 | 0 |
| 30 Jun 24 | 20,720 | 6,738 | 7,122 | 0 |
| 31 Mar 24 | 20,612 | 6,536 | 9,484 | 0 |
| 31 Dec 23 | 20,805 | 6,866 | 9,450 | 0 |
| 30 Sep 23 | 20,997 | 7,190 | 9,446 | 0 |
| 30 Jun 23 | 20,395 | 6,805 | 9,352 | 0 |
| 31 Mar 23 | 19,793 | 6,415 | 9,354 | 0 |
| 31 Dec 22 | 19,532 | 6,055 | 9,411 | 0 |
| 30 Sep 22 | 19,271 | 5,694 | 9,435 | 0 |
| 30 Jun 22 | 20,058 | 5,495 | 9,792 | 0 |
| 31 Mar 22 | 20,845 | 5,292 | 10,115 | 0 |
| 31 Dec 21 | 21,329 | 5,374 | 10,318 | 0 |
| 30 Sep 21 | 21,812 | 5,458 | 10,521 | 0 |
| 30 Jun 21 | 20,755 | 4,999 | 10,218 | 0 |
| 31 Mar 21 | 19,697 | 4,542 | 9,914 | 0 |
| 31 Dec 20 | 18,351 | 3,415 | 9,626 | 0 |
| 30 Sep 20 | 17,005 | 2,288 | 9,337 | 0 |
| 30 Jun 20 | 17,790 | 3,542 | 9,149 | 0 |
| 31 Mar 20 | 18,575 | 4,795 | 8,960 | 0 |
| 31 Dec 19 | 19,215 | 5,787 | 8,937 | 0 |
| 30 Sep 19 | 19,855 | 6,778 | 8,913 | 0 |
| 30 Jun 19 | 20,054 | 6,922 | 8,840 | 0 |
| 31 Mar 19 | 20,253 | 7,065 | 8,768 | 0 |
| 31 Dec 18 | 20,775 | 7,578 | 8,622 | 0 |
| 30 Sep 18 | 21,297 | 8,090 | 8,474 | 0 |
| 30 Jun 18 | 21,178 | 8,182 | 8,430 | 0 |
| 31 Mar 18 | 21,363 | 8,274 | 8,384 | 0 |
| 31 Dec 17 | 21,156 | 8,129 | 8,295 | 0 |
| 30 Sep 17 | 20,797 | 7,984 | 8,206 | 0 |
| 30 Jun 17 | 20,640 | 7,816 | 8,135 | 0 |
| 31 Mar 17 | 20,331 | 7,647 | 8,063 | 0 |
| 31 Dec 16 | 20,096 | 7,544 | 8,038 | 0 |
| 30 Sep 16 | 19,861 | 7,440 | 8,013 | 0 |
| 30 Jun 16 | 20,450 | 7,769 | 7,960 | 0 |
| 31 Mar 16 | 21,039 | 8,098 | 7,907 | 0 |
| 31 Dec 15 | 20,964 | 8,052 | 7,849 | 0 |
| 30 Sep 15 | 20,889 | 8,006 | 7,790 | 0 |
Quality Earnings: WBC has high quality earnings.
Growing Profit Margin: WBC's current net profit margins (31.5%) are lower than last year (32.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: WBC's earnings have grown by 7.5% per year over the past 5 years.
Accelerating Growth: WBC's earnings growth over the past year (0.7%) is below its 5-year average (7.5% per year).
Earnings vs Industry: WBC earnings growth over the past year (0.7%) exceeded the Banks industry -5.5%.
Return on Equity
High ROE: WBC's Return on Equity (9.9%) is considered low.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/20 12:02 |
| End of Day Share Price | 2026/08/20 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/09/30 |
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.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* 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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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 21 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.
| Analyst | Institution |
|---|---|
| Nicholas McGarrigle | Barrenjoey Markets Pty Limited |
| Craig Stafford | Barrenjoey Markets Pty Limited |
| Jonathan Mott | Barrenjoey Markets Pty Limited |