The ASX delivered a remarkable week of earnings activity with 177 companies reporting actual results and 14 providing guidance updates out of 423 total announcements. The standout story emerged from the largest companies by market capitalisation, with NAB leading the charge with a strong Q1 trading update showing 6% revenue growth, while WES and RIO both delivered solid earnings despite different market conditions.
Major Company Results
Wesfarmers
WES delivered strong first half results with net profit increasing 9.3% to $1.6 billion and revenue up 3.1% to $24.2 billion, driven by solid performance from Bunnings, Kmart Group and WesCEF including positive lithium contributions. The conglomerate increased its interim dividend by 7.4% to 102 cents per share while executing a $1.7 billion capital distribution, demonstrating confidence in its diversified portfolio strength.
Rio Tinto
RIO posted solid 2025 results with revenue rising 7.4% to $57.6 billion and underlying EBITDA up 9% to $25.4 billion, driven by the Oyu Tolgoi ramp-up and record Pilbara performance. Despite net earnings falling 14% to $10.0 billion due to higher taxes and finance costs from the Arcadium acquisition, the miner maintained a healthy 60% payout ratio with $6.5 billion in dividends.
Goodman Group
GMG reported mixed results with operating profit of $1.2 billion down 1.5% from the prior period due to timing impacts, though the industrial property specialist continued advancing its significant data centre development workbook worth $14.4 billion, with 73% focused on data centres. The company maintained its interim distribution at 15.0 cents per security while total portfolio value increased 3.6% to $87.4 billion.
Telstra Group
TLS delivered strong first half results with underlying EBITDAaL up 5.5% to $4.2 billion and cash earnings up 17% to $1.6 billion, demonstrating the success of its Connected Future 30 strategy. The telecommunications leader increased its interim dividend to 10.5 cents and expanded its share buyback program to $1.25 billion, reflecting confidence in sustained performance momentum.
Transurban Group
TCL reported solid 1H26 results with proportional toll revenue up 6.4% to $1.99 billion and operating EBITDA growing 6.4% to $1.55 billion, benefiting from 2.5% traffic growth across the portfolio. The successful opening of West Gate Tunnel in December 2025 marked a significant milestone, with the company raising its interim distribution to 34.0 cents per security.
QBE Insurance Group
QBE delivered strong FY2025 results with net profit rising 21% to US$2.16 billion, supported by favourable catastrophe experience and an improved combined operating ratio of 91.9%. The insurer achieved 7% gross written premium growth to US$24.0 billion while maintaining a strong capital position, enabling a final dividend increase to 78 Australian cents per share.
Mid-Cap Highlights
Mineral Resources
MIN delivered exceptional results with revenue up 33% to $3.1 billion and profit surging 171% to $573 million, driven by Onslow Iron achieving nameplate capacity of 35Mtpa and strong Mining Services performance. The company generated $293 million in free cash flow and reduced net debt by $471 million, though no interim dividend was declared as the board focuses on balance sheet strengthening.
Telix Pharmaceuticals
TLX achieved strong revenue growth of 56% to US$803.8 million, beating upgraded guidance, while investing heavily in R&D pipeline development. Despite reporting a net loss of US$7.1 million due to increased R&D investment, management provided optimistic FY2026 guidance of US$950-970 million revenue, reflecting confidence in their commercial platform expansion.
Qube Holdings
QUB delivered another record half-year result with underlying revenue up 12.9% to $2.36 billion and underlying EBITA growing nearly 10% to $196.3 million. The logistics company increased its interim dividend by 30.5% to 5.35 cents per share while announcing a takeover by Macquarie Asset Management, following strong operational performance across all segments.
Trading Updates & Guidance
National Australia Bank
NAB delivered a standout Q1 FY26 performance with cash earnings up 15% and underlying profit rising 12% compared to 2H25 quarterly average, driven by 6% revenue growth and improved asset quality. The bank achieved market share gains in business lending while maintaining disciplined cost management, with management expecting operating expense growth to be lower than FY25's 4.6%.
TechnologyOne
TNE upgraded its FY26 guidance with profit growth increasing to 18-20% (from 13-17%) and ARR growth of 16-18%, driven by strong momentum in their SaaS+ platform and AI product launches. The company invested $8-9 million in AI showcases during H1 FY26, with management expressing confidence in their customer pipeline across Australia, New Zealand, and the UK.
Aristocrat Leisure
ALL reported strong FY25 results with revenue of $6.3 billion (up 11%) and EBITDA margin expanding to 41.7%, while NPATA grew 12% to $1.6 billion. The gaming technology leader is well-positioned for growth with Gaming Operations reaching all-time market share highs and Interactive's expansion into online real money gaming, with management expecting another positive year in FY26.
| Company | Revenue Change | Sentiment |
|---|---|---|
| National Australia Bank | +6.0% | Positive |
| Wesfarmers | +3.1% | Positive |
| Rio Tinto | +7.4% | Positive |
| Goodman Group | -17.6% | Neutral |
| Telstra Group | +0.3% | Positive |
| Transurban Group | +8.1% | Positive |
| QBE Insurance Group | +5.4% | Positive |
Notable Shareholder Movements
Significant shareholder activity emerged this week with Pinnacle Investment Management Group ceasing substantial holdings in both PPS (Praemium Limited) and OML (oOh!Media Limited) at 20% stakes each. Meanwhile, L1 Capital became a substantial holder in ELT (Elementos Limited) with a 19.99% stake, and cross-shareholding activity occurred between COG Financial Services and Pinnacle Investment Management, both acquiring 20% stakes in each other.
The week's results demonstrate the resilience of Australia's largest corporations, with the banking sector leading through NAB's strong quarterly update and diverse industrial performance across Wesfarmers' portfolio companies. As we progress through the February reporting season, investors will be closely watching for continuation of the positive momentum, particularly in the banking sector where NAB has set a strong benchmark for peer performance.