Finals

As Australia’s leading AFL and rugby league teams prepare for finals, some of the ASX’s biggest names are set to face-off in a clash of industry titans in an action-packed final week of earnings season.  

Heavy hitters like Wesfarmers ($WES), Fortescue ($FMG), Woolworths ($WOW) and Qantas ($QAN) enter the arena this week, with investors watching from the sidelines hoping these big beasts can deliver and sustain the momentum that’s driven the S&P/ASX 200 Index to record highs this month.  

So far, it’s been a bittersweet set of results for investors this month. Reliable performers like Commonwealth Bank ($CBA) and Telstra ($TLS) played to form, delivering solid profit growth and increased dividends.  

But some former stars were left bruised and battered after falling way short of expectations. CSL ($CSL) copped its biggest one day decline since listing in 1994.   

This week the big match up is in the retail sector. Coles Group ($COL) and Woolworths ($WOW) will be under the lights as competition heats up for supermarket supremacy. Coles has the edge on sales growth, but Woolies has fought back with discounts across its range. Woolies CEO Amanda Bardwell will need to show her team is getting back to form after a poor 2024 season marked by regulatory issues and industrial disputes.  

Wesfarmers is retail’s in-form player, with its top-of-the-ladder market cap cracking $100b this month as shares hit record highs. With Bunnings, Kmart, Target and Officeworks in its lineup, Wesfarmers reaches into almost every Australian household and has been switching up its strategy to snare more of it.  

Investors want to see progress on Bunnings’ push into automotive and cleaning products, and continued growth from Kmart’s below-the-radar power player Anko.

Sigma Healthcare ($SIG) has attracted new fans after drafting Chemist Warehouse into its team earlier this year. Thursday’s earnings will be the first big update on team chemistry since the merger and IPO in February. 

Another headline clash is between aviation rivals Qantas and Virgin Australia ($VGN). Investors will get their first proper look at Virgin’s form after it rejoined the big league following June’s IPO. Friday’s results will show if it’s delivering on its gameplan to carve a path between premium player Qantas and its scrappy team mate Jetstar.

Qantas, like Collingwood, cops flack from many but manages to be consistent on the scoreboard. The stock’s flying high and Thursday’s update will show if travel markets remain strong. However, its culture is costing the company after the Federal Court red-carded and fined it $90m last week for illegally firing team members.  

Over west it’s been a forgettable run. While not quite the horror show that is the West Coast Eagles, the past 12 months won’t make miner Fortescue’s highlights reel. 

Tuesday’s results will reflect weaker iron ore prices, but investors will be looking for strategic clarity. Chair Andrew Forrest threw out his green energy playbook after it ran into immovable opponents called physics and economics. 

Strap in, it’s going to be a big week. Check in on your watchlists and portfolios on Stake: tap to log in now.

EARNINGS REPORT CARD

Commonwealth Bank ($CBA)

Posted a record cash profit of $10.25b, up 4% from FY24. Strong volume growth in mortgages and business lending, though cost rose with tech investment. CBA announced a partnership with OpenAI to bolster fraud detection and personalised customer service. Final dividend (fully franked): $2.60 a share paid on 9 September. 

BHP ($BHP)

Delivered a strong operational performance in FY25, but weak iron ore prices hurt its bottom line. Underlying profit fell 26% to US$10.2b. Planned capex over 2028-2030 was trimmed by US$1b a year, with annual spending to total US$10b. A call on its Olympic Dam refinery and smelter expansion was pushed back to 2028. Final dividend: US$0.60 paid on 25 September.  

CSL ($CSL)

The biotech giant suffered its biggest share price drop since listing in 1994 after disappointing full-year earnings and weaker-than-expected revenue outlook. Underlying profit rose 14% to US$3.3b and a proposed spin-off of its Seqirus vaccine business was also announced. It’ll cut 15% of its workforce and will buy back $750m of shares in FY26. Final dividend:  US$1.62 a share paid on 3 October.    

Pro Medicus ($PME)

The health imaging group’s FY25 profit increased 40% to $115m after winning $520m in new contracts. North America revenue grew 35.8% and management highlighted a ‘sizeable revenue pathway’ ahead in FY26 and beyond. Forward revenue for the next five years is $948m, up from $624m a year ago. Final dividend (fully-franked): $0.30 a share paid on 25 September. 

JB Hi-Fi ($JBH)

Dropped a dividend double – a $1 special dividend declared and a final dividend of $1.05 a share, both full-franked and paid on 5 September. Nintendo’s Switch 2 helped lift revenue 10% to $10.6b and net profit rose 5.4% to $462.4m. It was outgoing CEO Terry Smart’s parting gift before COO Nick Wells steps up to the top job.

Temple & Webster ($TPW)

Clocked record revenue of $600.7m (up 20.7%) as it grew repeat and new active customers. Active customers rose 16% year-on-year to 1.3m. Net profit rose 532% to $11.3m. The company said the home improvement market ‘continues to outperform’ and lower interest rates should support this. TPW has cash of $144m and no debt.