Value Wesfarmers by testing what its earnings can sustainably support, then compare that earnings base and its recurring dividends with a dated share price. For FY2026, basic EPS was 253.4 cents and ordinary dividends totalled A$2.22 per share; a separate A$1.50 capital management distribution was paid in December 2025 and should not be treated as recurring income. Wesfarmers does not provide a company-endorsed fair value in its FY2026 results, so any estimate depends on your assumptions about earnings durability, investment needs and the valuation multiple.
Start with a consistent earnings figure
For the year ended 30 June 2026, Wesfarmers reported revenue of A$47,274 million, statutory net profit after tax (NPAT) of A$2,874 million and basic earnings per share (EPS) of 253.4 cents. The FY2026 release reports the same EPS on its adjusted basis, but the year-on-year growth story depends on the basis used: FY2025 included significant items, while adjusted FY2026 NPAT and EPS each increased 8.3 per cent. Use like-for-like figures when describing growth or calculating a price-to-earnings (P/E) ratio. Wesfarmers’ FY2026 full-year results
A P/E ratio is the share price divided by EPS for a stated period. At the investor-centre reference price of A$76.22, updated 2 October 2026 at 16:10:19 AEST, dividing by FY2026 EPS of A$2.534 gives about 30.1 times earnings. This is an illustration using a historical, dated quote—not a live multiple. Refresh the share price and use the latest reported EPS before relying on a P/E figure. Wesfarmers investor centre
Separate reported results from normalized earnings
Reported EPS describes the result for that financial year; normalized or sustainable EPS is an analytical estimate of earnings that might reasonably persist. If you adjust earnings, identify the items removed and explain why they are not representative. Do not mix adjusted EPS with a statutory comparison, or silently assume that an unusually strong or weak division result will recur.
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Use the ordinary dividend to assess income
Wesfarmers’ FY2026 fully franked ordinary dividends totalled A$2.22 per share: A$1.02 interim and A$1.20 final. The ordinary dividend yield is the annual ordinary dividend divided by the share price. Using the same dated A$76.22 reference quote gives an illustrative yield of about 2.9 per cent before tax. The yield changes with the share price and future declarations, so verify both before using it as a current figure. FY2026 results and the FY2026 dividend notice
The separate A$1.50 per-share capital management distribution paid in December 2025 consisted of a A$1.10 capital return and a A$0.40 special dividend. It is not part of the recurring A$2.22 ordinary dividend and should not be added to the ordinary dividend to imply a repeatable annual yield. Check the company’s dividend information and key dates for subsequent declarations. Franking is a feature of the FY2026 ordinary dividends; the after-tax outcome depends on an investor’s circumstances.
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Check how durable each division’s earnings look
Group earnings are not generated by one uniform retail business. FY2026 results show different sales, cost and investment drivers across divisions:
| Division | FY2026 revenue | FY2026 earnings | What to consider |
|---|---|---|---|
| Bunnings | A$20,399 million; up 4.1% | A$2,455 million; up 5.1% | Total store sales grew 4.0%. Assess whether sales and margins can hold up as household budgets and costs shift. |
| Kmart Group | A$11,751 million; up 2.8% | A$1,109 million; up 6.0% | Revenue and earnings grew at different rates; consider the margin and sales mix behind earnings resilience. |
| Officeworks | A$3,698 million | A$165 million; down 22.2% | The company attributed results to one-off costs associated with a transformation program; judge how much is temporary and what performance follows. |
| WesCEF | not stated in the FY2026 results cited here | A$473 million | Results reflected the timing of higher ammonia prices and an improved lithium contribution. |
| Wesfarmers Health | not stated in the FY2026 results cited here | A$76 million | The company attributed improvement to transformation, Priceline network sales and wholesale performance. |
These figures and explanations are from Wesfarmers’ FY2026 results. The differing businesses call for separate judgments: retail demand and operating costs matter to Bunnings, Kmart and Officeworks, while ammonia pricing and lithium exposure contribute to WesCEF’s outlook.
Read FY2027 trading comments as evidence, not a forecast
In its 27 August 2026 results release, management said consumer demand remained resilient, while cost-of-living pressure and uncertainty affected sentiment. It expected elevated labour, energy and supply-chain costs to persist. For the first seven weeks of FY2027, management reported Bunnings sales growth slightly stronger than in the second half of FY2026, Kmart growth in line with that period, and positive Officeworks sales growth at a slightly slower pace. These are dated management observations, not a guarantee of subsequent performance. FY2026 results and outlook
Management also pointed to productivity measures and expected FY2027 net capital expenditure of A$1,300–1,500 million. The release reported net financial debt of A$5,295 million. Debt and planned investment are relevant to earnings quality and future cash available to shareholders, but neither figure determines intrinsic value on its own. Treat cost, demand and capital-spending assumptions explicitly in any forecast.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Build valuation cases from stated assumptions
Wesfarmers’ cited FY2026 results do not set an intrinsic value or target P/E multiple. A valuation range is therefore your analysis, not company guidance. Use a consistent set of inputs for each case:
- Earnings base: Start with reported EPS, then show any adjustments and the reasoning behind them.
- Durability: Consider division-specific growth, transformation costs, price competition, consumer demand and exposure to non-retail drivers.
- Capital needs and balance sheet: Factor in reported net financial debt and the company’s stated FY2027 capital expenditure outlook.
- Valuation method: State the P/E multiple or discount rate you apply and why it fits your assumptions about growth and risk.
- Shareholder distributions: Model ordinary dividends separately from special dividends and capital returns; do not assume a one-off distribution recurs.
- Market comparison: Date the share price used, then recalculate the P/E and ordinary dividend yield whenever the price or latest results change.
A useful stress test compares a cautious case, a central case and an optimistic case using the same framework. Change only the assumptions that justify different outcomes—such as sustainable EPS, divisional growth, investment burden or chosen multiple—and make those changes visible. This shows which judgments drive the range instead of presenting a single precise value unsupported by the company’s disclosures.
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