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Wesfarmers Ltd · Financials

ASX: WES · Consumer Cyclical · Home Improvement Retail

A$87.25
At close 24 Jul 2026

Income Statement, FY16–FY25

Revenue, costs and profitability, exactly as reported in each year's audited accounts. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue
Total Revenue 66.0B 64.9B 26.8B 27.9B 30.8B 33.8B 36.7B 43.4B 44.0B 45.6B
Costs and Expenses
Cost of Revenue (45.9B) (45.0B) (16.5B) (17.5B) (25.8B) (27.9B) (30.9B) (36.9B) (28.8B) (29.9B)
Gross Profit 20.1B 19.9B 10.2B 10.5B 4.9B 5.9B 5.8B 6.5B 15.2B 15.6B
Operating Expenses (18.7B) (15.7B) (7.9B) (7.5B) (2.2B) (2.3B) (2.5B) (2.7B) (11.5B) (11.8B)
Operating Income 3.2B 3.8B 2.5B 2.5B 2.7B 3.6B 3.4B 3.8B 3.7B 3.8B
Other Income/Expenses
Interest Expense (308M) (264M) (211M) (175M) (370M) (344M) (313M) (354M) (402M) (412M)
Profit Before Taxes 1.0B 3.9B 2.1B 2.8B 2.2B 3.3B 3.1B 3.5B 3.6B 4.1B
Income Tax 631M 1.2B 725M 859M 752M 993M 968M 1.0B 1.0B 1.1B
Net Income 407M 2.9B 1.2B 1.9B 1.7B 2.4B 2.4B 2.5B 2.6B 2.9B
Per Share Data
Basic EPS 0.36 2.45 1.06 1.72 1.5 2.1 2.08 2.18 2.26 2.58
Diluted EPS 0.36 2.44 1.06 1.71 1.5 2.1 2.08 2.18 2.26 2.58
Shares Outstanding (in millions)
Basic Shares 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B
Diluted Shares 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B 1.1B

Balance Sheet, FY16–FY25

Assets, liabilities and shareholders' equity at each financial year end. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Current Assets
Cash & Cash Equivalents 611M 1.0B 683M 795M 2.9B 3.0B 705M 673M 835M 638M
Short-term Investments – – – – – – – – – –
Accounts Receivable 1.6B 1.6B 1.7B 1.0B 1.0B 1.2B 2.1B 2.0B 2.2B 3.0B
Inventories 6.3B 6.5B 6.0B 4.2B 3.8B 4.5B 6.1B 6.0B 6.1B 6.0B
Total Current Assets 9.7B 9.7B 8.7B 6.4B 8.1B 9.1B 9.6B 9.2B 9.4B 9.9B
Non-Current Assets
Property, Plant & Equipment (Net) 9.6B 9.4B 8.4B 3.9B 3.6B 3.5B 3.6B 5.4B 5.7B 5.6B
Investments – – – 34M 1.1B 1.1B 677M – 938M 1.1B
Intangible Assets 4.6B 4.6B 4.4B 4.1B 1.7B 3.9B – 4.7B 1.5B 1.5B
Goodwill 14.4B 14.4B 13.5B – 3.0B – 4.7B – 3.6B 3.5B
Total Non-Current Assets 31.1B 30.4B 28.2B 12.0B 17.4B 17.1B 17.7B 17.4B 17.9B 18.0B
Total Assets 40.8B 40.1B 36.9B 18.3B 25.4B 26.2B 27.3B 26.5B 27.3B 28.0B
Current Liabilities
Short-term Debt & Overdrafts 1.6B 1.3B 1.2B 356M 503M 950M 988M – – –
Trade Payables 6.5B 6.6B 6.5B 3.6B 4.0B 4.2B 5.4B 5.3B 5.4B 5.4B
Total Current Liabilities 10.4B 10.4B 10.0B 5.2B 7.3B 7.9B 8.9B 7.9B 8.2B 8.3B
Non-Current Liabilities
Long-term Debt 5.7B 4.1B 3.0B 2.7B 2.2B 2.1B 4.0B 4.4B 4.8B 4.7B
Total Non-Current Liabilities 7.4B 5.8B 4.2B 3.1B 8.8B 8.6B 10.4B 10.4B 10.5B 10.5B
Total Liabilities 17.8B 16.2B 14.2B 8.4B 16.1B 16.5B 19.3B 18.3B 18.7B 18.8B
Shareholders' Equity
Share Capital 21.9B 22.3B 22.3B 15.8B 15.8B 15.8B 13.6B 13.6B 13.6B 13.6B
Retained Earnings 874M 1.5B 176M (208M) (245M) 60M 485M 818M 1.2B 1.8B
Total Shareholders' Equity 22.9B 23.9B 22.8B 10.0B 9.3B 9.7B 8.0B 8.3B 8.6B 9.2B
Total Liabilities & Equity 40.8B 40.1B 36.9B 18.3B 25.4B 26.2B 27.3B 26.5B 27.3B 28.0B

Cash Flow, FY16–FY25

Cash generated and spent across operating, investing and financing activities. Negative figures shown in (brackets).

10 financial years
Line item FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Activities
Net Income 407M 2.9B 1.2B 5.5B 1.6B 2.4B 2.4B 2.5B 2.6B –
Cash from Operating Activities 3.4B 4.2B 4.1B 2.7B 4.5B 3.4B 2.3B 4.2B 4.6B 4.6B
Investing Activities
Investments in PPE (1.8B) (1.6B) (1.6B) (1.3B) (867M) (874M) (1.1B) (1.3B) (1.1B) (1.1B)
Cash from Investing Activities (2.1B) (53M) (658M) 245M 642M (642M) (1.2B) (552M) (1.4B) (1.1B)
Financing Activities
Debt Repayments 936M (1.8B) (1.2B) 836M (381M) 429M 1.8B (385M) 317M (158M)
Share Repurchases – – – – – – (2.3B) – – –
Dividends Paid (2.3B) (2.0B) (2.5B) (3.6B) (1.7B) (2.1B) (1.9B) (2.1B) (2.2B) (2.3B)
Cash from Financing Activities (1.3B) (3.8B) (3.8B) (2.9B) (3.1B) (2.6B) (3.4B) (3.7B) (3.1B) (3.6B)
Cash Position
Cash at Beginning of Period 711M 611M 1.0B 683M 795M 2.9B 3.0B 705M 673M 835M
Cash at End of Period 611M 1.0B 683M 795M 2.9B 3.0B 705M 673M 835M 638M
Free Cash Flow
Free Cash Flow (Reported) 1.6B 2.7B 2.5B 1.4B 3.7B 2.5B 1.2B 2.9B 3.5B 3.4B
Free Cash Flow (Calculated) 1.6B 2.7B 2.5B 1.4B 3.7B 2.5B 1.2B 2.9B 3.5B 3.4B

Analysis

What do Wesfarmers' (WES) revenue, margins and earnings per share show over the past decade?

Wesfarmers reported revenue of $66.0B in FY2016, easing to $64.9B in FY2017, then stepping down to a $26.8B-$34.0B range across FY2018 to FY2021 before rising again to $36.7B in FY2022, $43.4B in FY2023, $44.0B in FY2024 and $45.6B in FY2025. Gross profit margin fluctuated considerably across the period, from around 30% in FY2016-FY2017 to below 17% in FY2020-FY2023, before increasing to 34.6% in FY2024 and 34.3% in FY2025.

Operating margin improved on balance, from 4.8% in FY2016 to a peak of 10.7% in FY2021, before settling around 8.4% in FY2024 and FY2025. Net income margin rose from just 0.6% in FY2016 to a 4.4%-7.0% range across most years since FY2017, reaching 6.4% in FY2025. Diluted earnings per share moved from $0.36 in FY2016 to $2.44 in FY2017, then dipped to $1.06 in FY2018 before climbing in most subsequent years to reach $2.58 in FY2025.

Updated 4 Jul 2026

How healthy is Wesfarmers' (ASX: WES) balance sheet?

Wesfarmers' balance sheet has changed shape considerably over the past decade of reported results. Total assets stood at $40.8B in FY2016, held broadly steady through FY2018 at $36.9B, then contracted sharply to $18.3B in FY2019 alongside a drop in shareholder equity from $22.8B to $10.0B in the same year. Since that reset, the asset base has rebuilt gradually, reaching $28.0B by FY2025, while equity has settled in a narrower $8.0B to $9.2B range over the last four reported years.

On the liabilities side, short-term debt and bank overdrafts have been eliminated entirely, falling from $1.6B in FY2016 to zero in each of the last three reported years, FY2023 through FY2025. Long-term loans, however, have grown to $4.7B in FY2025 from $3.0B in FY2018. Combined short and long-term debt against equity works out to roughly 0.5x in FY2025, versus about 0.3x in FY2016, while total liabilities of $18.8B sit at close to 2.0x equity of $9.2B, up from about 0.8x a decade earlier.

Cash and cash equivalents have swung across the period, from $611M in FY2016 to a high of $3.0B in FY2021, before easing back to $638M in FY2025. Retained earnings turned negative in FY2019 and FY2020, at -$208M and -$245M respectively, but have since rebuilt steadily to $1.8B by FY2025, the highest level in the reported record.

Updated 5 Jul 2026

How much cash does Wesfarmers (WES) generate, and how much goes to dividends and buybacks?

Operating cash flow rose from $3.4B in FY2016 to $4.6B in FY2025, with dips to $2.7B in FY2019 and $2.3B in FY2022 along the way. Capital expenditure has stayed in a $0.9B-$1.8B band each year, with $1.1B spent in FY2025, leaving free cash flow of $3.4B for the year - up from $1.6B in FY2016 and a low of $1.2B in FY2022.

Dividend payments have ranged between roughly $1.7B and $3.6B annually across the period, with $2.3B paid out in FY2025. Share buybacks appear in only one year of the reported figures - $2.3B in FY2022 - with no buyback spending recorded in any other year shown, indicating dividends have been the primary and more consistent channel for returning cash to shareholders.

Updated 4 Jul 2026

AI-assisted analysis generated from Craytheon's verified financial data · How this works

Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.