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Westpac Banking
(Sydney:WBC)
Westpac Banking (WBC) vs. iShares MSCI Australia ETF (EWA)
Westpac Banking Business Overview & Revenue Model
Westpac Banking Earnings Call Summary
Westpac Banking Financial Statement Overview
| Breakdown | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 57.90B | 21.05B | 21.00B | 19.27B | 21.81B |
| Gross Profit | 21.81B | 21.05B | 20.73B | 20.09B | 21.59B |
| EBITDA | 10.59B | 0.00 | 11.55B | 10.06B | -1.06B |
| Net Income | 6.91B | 6.98B | 7.20B | 5.69B | 5.46B |
Balance Sheet | |||||
| Total Assets | 1.13T | 1.08T | 1.03T | 1.01T | 935.88B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 168.07B | 176.87B | 181.02B | 70.91B |
| Total Debt | 232.44B | 207.17B | 138.20B | 126.71B | 113.17B |
| Total Liabilities | 1.05T | 1.01T | 957.24B | 943.69B | 863.78B |
| Stockholders Equity | 72.77B | 71.70B | 72.50B | 70.45B | 72.03B |
Cash Flow | |||||
| Free Cash Flow | 13.55B | -1.17B | -35.73B | -18.27B | 16.44B |
| Operating Cash Flow | 13.93B | -933.00M | -35.49B | -18.10B | 16.67B |
| Investing Cash Flow | -68.45B | -80.24B | 1.71B | 2.81B | 5.62B |
| Financing Cash Flow | 39.20B | 45.08B | 30.35B | 48.29B | 18.64B |
Westpac Banking Technical Analysis
Westpac Banking Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | AU$118.86B | 19.93 | 7.92% | 4.53% | 5.21% | -9.07% | |
70 Outperform | AU$298.42B | 28.84 | 13.34% | 3.00% | 6.39% | 7.78% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
61 Neutral | AU$145.69B | 21.12 | 9.08% | 3.90% | 1.57% | 0.13% | |
61 Neutral | AU$17.73B | 19.04 | 29.52% | 2.69% | 6.44% | 22.38% | |
58 Neutral | AU$147.96B | 21.89 | 10.36% | 4.00% | -4.56% | -1.63% | |
56 Neutral | AU$75.48B | 20.80 | 10.30% | 3.27% | 3.65% | 1.58% |
Westpac Banking Corporate Events
Westpac Banking Corporation has notified the market of the issuance of 65,427 ordinary fully paid shares following the exercise or conversion of previously unquoted options or other convertible securities. The new shares, issued on 23 February 2026, represent a minor increase in Westpac’s equity base, reflecting ongoing use of equity-linked instruments while having limited impact on overall capital structure or existing shareholders’ positions.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$44.00 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation announced that Chief Information Officer Scott Collary will retire later this year after six years with the bank and a long career in financial services. During his tenure, Collary led a broad technology modernisation program, improving resilience and simplifying core systems across the organisation.
The bank credited Collary with significantly strengthening its technology foundations, particularly in cyber security and scam prevention, which has enhanced protection for customers against evolving threats. Westpac said he will remain during a transition period while a search is conducted for his successor, signalling a managed handover designed to maintain stability in its technology operations.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$34.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has notified the market of the issue of 498,125 unquoted share rights under its employee incentive scheme, effective 13 January 2026. These equity awards, which will not be quoted on the ASX, reflect Westpac’s ongoing use of share-based remuneration to align employees’ interests with those of shareholders and support long-term performance and retention within the group.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$39.00 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has notified the market of the issue of 91,383 unquoted share rights under an employee incentive scheme, effective 13 January 2026. The additional equity-based awards, which are not intended to be quoted on the ASX, reflect the bank’s ongoing use of share rights to reward and retain staff, further aligning employee interests with shareholder value without immediately diluting the pool of quoted securities.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$39.00 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has disclosed a change in the interests of director Anthony James Miller, notifying the ASX that his holdings in Westpac securities increased following the grant of additional equity under the Westpac Group Equity Incentive Plan. Miller received 45,691 restricted rights and 45,692 performance rights, as well as additional fully paid ordinary shares, lifting his share rights to 375,914 and his ordinary shareholding to 343,348. The transaction, which did not involve any on-market trading or cash consideration and did not occur during a closed period, reflects Westpac’s continued use of equity-based remuneration to align executive and director incentives with shareholder interests and long-term corporate performance.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$39.00 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has notified the market of the issue of 640,065 new ordinary fully paid shares following the exercise or conversion of previously unquoted equity securities. The new shares, dated 31 December 2025, represent the conversion of unquoted options or other convertible instruments into listed equity, modestly increasing Westpac’s share capital and reflecting ongoing utilisation of employee or investor equity incentive arrangements without signaling any major strategic shift.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$39.00 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has announced a quarterly distribution on its Westpac Capital Notes 10 (ASX code WBCPM), a listed hybrid capital security, with a fully franked cash payment of AUD 1.1789 per note to be paid on 23 March 2026. The distribution, covering the period from 23 December 2025 to 22 March 2026, is based on an annualised distribution rate of 4.7809%, derived from the three‑month BBSW plus a 3.10% margin adjusted for franking, underscoring Westpac’s ongoing access to, and support for, hybrid capital markets and providing income stability for noteholders within the bank’s broader capital management framework.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$32.20 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has declared a fully franked quarterly distribution of AUD 1.2306 per Westpac Capital Notes 9 (ASX: WBCPL), payable on 23 March 2026 to holders on the record date of 13 March 2026, with the securities trading ex-distribution from 12 March 2026. The distribution, covering the period from 23 December 2025 to 22 March 2026, reflects an annualised distribution rate of 4.9909%, derived from the three‑month BBSW plus a 3.40% margin adjusted for tax, underscoring the bank’s ongoing commitment to servicing its hybrid capital investors and maintaining confidence in its additional tier 1 funding structure.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$32.20 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has announced a fully franked quarterly distribution on its ASX-listed Westpac Capital Notes 8 (WBCPK), set at AUD 1.1439 per security for the period from 22 December 2025 to 21 March 2026, with an ex-date of 12 March 2026, record date of 13 March 2026, and payment scheduled for 23 March 2026. The distribution rate for this period is 4.6393% per annum, derived from a 3‑month BBSW of 3.7275% plus a 2.90% margin, adjusted for a 30% tax rate, underscoring the ongoing cost of Westpac’s hybrid capital and providing income visibility for noteholders while signaling continued access to and utilisation of hybrid markets as part of the bank’s broader capital management strategy.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$32.20 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has cancelled 50,000 ordinary fully paid shares as part of an on‑market buy-back, effective 22 December 2025. The reduction in issued capital reflects the bank’s ongoing capital management strategy, which can enhance earnings per share and return surplus capital to shareholders, and underscores continued use of buy-backs as a tool to optimise its balance sheet and support shareholder value.
The most recent analyst rating on (AU:WBC) stock is a Sell with a A$32.20 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares (code: WBC). As of 19 December 2025, the bank reported that it had repurchased a cumulative total of 88,723,655 shares prior to the previous trading day and bought back an additional 50,000 shares on the previous day, continuing the capital management initiative first notified in November 2023 and last updated in November 2025.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation held its 2025 Annual General Meeting where all resolutions were decided by poll. Key outcomes included the re-election of Peter Nash and the election of David Cohen, Pip Greenwood, and Debra Hazelton as directors, with significant support from shareholders. However, an amendment to the constitution was not carried. These decisions reflect Westpac’s strategic direction and governance priorities, impacting its leadership structure and potentially influencing its market positioning and stakeholder relations.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has announced the aggregated percentage of voting shares controlled by its entities, which stands at 0.27% of the total voting shares issued. This update, in line with an exemption granted by the Australian Securities and Investments Commission, reflects Westpac’s ongoing management of its shareholding structure and its influence over voting rights, which could have implications for its operational control and stakeholder engagement.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac’s CEO addressed shareholders at the 2025 Annual General Meeting, emphasizing the company’s commitment to becoming a more resilient and customer-focused bank. The CEO highlighted the importance of improving service standards to build trust and loyalty, with the ultimate goal of being the top bank for customers. Westpac is pursuing a growth and transformation agenda, supported by a strong balance sheet, and is guided by five strategic priorities to achieve its ambitions. The company reported a solid financial performance for the year, with strong momentum in its target segments.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
In 2025, Westpac has embarked on a transformative agenda under new leadership, aiming to improve operational efficiency and customer experiences, which is expected to enhance shareholder returns. The completion of the five-year CORE program has improved risk management and governance, while the removal of a $500 million risk capital overlay by APRA has bolstered the bank’s capital position. Westpac’s commitment to sustainability is evident as it remains Australia’s largest lender to renewable energy, supporting the nation’s transition while ensuring energy reliability and affordability. Financially, Westpac’s net profit was slightly down to $7 billion, reflecting its strategy of balancing growth and necessary investments in innovation and transformation.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac Banking Corporation has updated its previous announcement regarding its dividend distribution, providing new details on the Dividend Reinvestment Plan (DRP) price, participation rate, and foreign currency payment options. This update is part of the company’s ongoing financial reporting for the six-month period ending September 30, 2025, and reflects Westpac’s commitment to maintaining transparency and shareholder engagement through clear communication of its financial strategies.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.
Westpac has released its latest sustainability update, highlighting its ongoing commitment to sustainable practices. The update reflects Westpac’s efforts to integrate sustainability into its operations, which is crucial for maintaining its competitive edge and meeting stakeholder expectations in a rapidly evolving market landscape.
The most recent analyst rating on (AU:WBC) stock is a Hold with a A$38.50 price target. To see the full list of analyst forecasts on Westpac Banking stock, see the AU:WBC Stock Forecast page.