This week saw 9 actual earnings results and 11 trading updates across the ASX, with XRO delivering strong annual revenue growth and CBA providing a Q3 trading update that disappointed markets. The overall sentiment remained largely neutral despite some positive earnings surprises from mid-cap companies.
Earnings Results
Xero (XRO)
Xero reported strong FY26 results with operating revenue of NZ$2.75 billion, up 31% year-on-year, though net profit declined 27% to NZ$167.4 million due to acquisition costs. The cloud accounting software company added 506,000 net new customers to reach 4.9 million globally, while average revenue per customer increased 11% to NZ$55.44. This comes as analysts are updating their estimates following the annual results, though shares fell 4.2% for the week to $80.07 amid scrutiny over the company's AI growth story.
Almonty Industries (AII)
Almonty delivered exceptional Q1 2026 results with revenue surging 221% year-on-year to $25.4 million, driven by record tungsten pricing and strong operational performance from its Panasqueira Mine. The tungsten producer achieved net profit of $3.1 million and generated positive operating cash flow of $9.7 million, marking a significant turnaround from the previous year's losses. Shares declined 6.9% for the week to $25.39 despite the strong operational momentum, which comes after Diamond Equity Research released an update note on the company.
Dyno Nobel (DNL)
Dyno Nobel reported strong 1H26 results as a pure-play explosives business, with underlying net profit surging 83% to $161 million despite revenue declining 15.7% to $1.9 billion. The company completed its separation from fertilisers with the binding sale of Phosphate Hill and declared an interim dividend of 4.6 cents per share, up 92% from the prior period. The result demonstrates the transformation program momentum as explosives EBIT grew 39% year-on-year to $243 million, with shares jumping following the earnings announcement.
GrainCorp (GNC)
GrainCorp faced challenging conditions with underlying net profit falling 52% to $33 million in 1H26, reflecting oversupply and compressed margins in global grain markets. The agricultural services company maintained its FY26 guidance and declared a 14 cents fully franked interim dividend, while its Animal Nutrition division delivered record sales of 390,000 tonnes. Shares hit a 52-week low during the week, falling 14.7% to $5.21 as investors reacted to the margin squeeze affecting the grain handling business.
PointsBet Holdings (PBH)
PointsBet reported a challenging 9-month period with revenue declining 29% to $186.6 million and a loss of $26.6 million, though this reflects the impact of changing financial year-ends and operational restructuring. The sports betting company showed growth in Canada with revenue up 13% and iGaming net win surging 28%, while cash active clients grew 1% to 298,100. This follows the successful completion of the MIXI transaction, with shares down 2.8% for the week to $1.04 as the company attempts a turnaround under new ownership.
AVITA Medical (AVH)
AVITA Medical reported Q1 2026 revenue of $19.3 million, up 4% year-on-year and 10% sequentially, with net losses narrowing to $10.6 million from $13.9 million in the prior year period. The medical device company maintained full-year revenue guidance of $80-85 million while reducing operating expenses by 11% through cost discipline measures. Shares gained 1.3% for the week to $1.19, with analysts noting the company's pathway to positive cash flow as it advances its RECELL GO platform.
FirstWave Cloud Technology (FCT)
FirstWave achieved a significant milestone by delivering its first cash-flow positive quarter in Q3 FY26, with net operating cash inflow of $1.40 million and customer receipts of $2.01 million, up 125% quarter-on-quarter. The cybersecurity company secured a two-year licensing agreement worth US$250,000 with Mexico's leading bank Banobras post-quarter end, demonstrating progress in converting pipeline opportunities. Shares surged 50% for the week to $0.006 as investors responded positively to the cash flow turnaround and AI compliance pivot with Open-AudIT v6.
Trading Updates & Guidance
Commonwealth Bank (CBA)
Commonwealth Bank reported March quarter 2026 unaudited cash net profit of approximately $2.7 billion, down 1% on the 1H26 quarterly average, while maintaining strong balance sheet metrics with a CET1 ratio of 11.6%. The update disappointed markets despite the bank paying $3.9 billion in dividends to over 800,000 shareholders, with shares suffering their biggest one-day fall on record and ending the week down 9.7% at $158.91. The share price crash comes after what analysts describe as an accident waiting to happen, reflecting concerns about the bank's elevated valuation.
SHAPE Australia (SHA)
SHAPE Australia delivered strong FY26 guidance with forecast revenue of $1.175-1.225 billion, up approximately 23% year-on-year, and estimated net profit of $30-32 million, up around 47%. The engineering services company reported project wins exceeding $1.16 billion, supported by sector diversification including explosive growth in data centre revenue. Shares surged 13.9% for the week to $7.64 as investors responded to the record pipeline and contract wins, with the company benefiting from the Arden acquisition completed in January.
Temple & Webster (TPW)
Temple & Webster reported its most profitable April in company history with approximately $2.5 million EBITDA despite historic low consumer confidence. The online furniture retailer expects FY26 revenue of $665-675 million, up 11-12% year-on-year, with EBITDA of $20-22 million through successful margin optimization. However, shares fell 17.1% for the week to $4.92 despite the positive update, though brokers are calling it a buy opportunity with management projecting FY27 EBITDA could nearly double to around $40 million.
Bapcor (BAP)
Bapcor reported positive turnaround momentum with sales growth across all segments but reduced FY26 earnings guidance to $144-150 million EBITDA due to deteriorating conditions from the Middle East conflict and higher fuel costs. The automotive parts retailer achieved growth in every segment from February-April 2026 but was impacted by external pressures since late March. Shares crashed 29.8% for the week to $0.40 as investors reacted to the downgraded earnings outlook, with the AutoBarn owner citing petrol price impacts on consumer spending.
Weekly Price Movers
Notable Shareholder Movements
State Street Corporation was active this week, building substantial holdings across multiple companies including Greatland Resources (5.15%), Service Stream (5.1%), and Bega Cheese (5.02%). Dimensional Entities made the week's largest move by acquiring a 20% stake in Cedar Woods Properties, while Citigroup became a substantial holder in Healius at 5.07%.
Looking ahead, the earnings season continues with more companies expected to report results in the coming weeks. The mixed signals from this week's announcements — with strong performance from technology and resources companies offset by challenges in traditional sectors — suggest investors will be closely watching for trends in margin pressure and consumer sentiment as companies navigate ongoing global uncertainties.