The Commonwealth Bank of Australia Ltd (ASX: CBA) share price has delivered an impressive return for shareholders, rising 46% in FY25.
That's no small feat for a $300 billion-plus behemoth and the largest bank in the country. But despite the ASX 200 bank stock's strength, other ASX 200 companies quietly did even better — some by a long way.
Here are five ASX 200 stocks that outperformed CBA in FY25 and why they surged.
Qantas Airways Ltd (ASX: QAN) — up 81%
After a turbulent FY24, Qantas staged a strong comeback in FY25. Lower jet fuel prices, strong international and domestic pricing, and disciplined capacity growth gave investors renewed confidence in Qantas' earnings power.
The closure of Jetstar Asia, while sad for travellers, was cheered by markets as a smart strategic move.
JB Hi-Fi Ltd (ASX: JBH) — up 82%
JB Hi-Fi's standout FY25 performance was powered by strong customer demand for consumer electronics in categories like mobile phones, computers, TVs, cameras, and small appliances. Online sales surged 16.4% year-on-year, now accounting for 17.6% of total sales.
This growth was underpinned by a disciplined cost base and productivity focus, helping the company maintain a low cost of doing business, which remains a major competitive advantage for the company.
Pro Medicus Ltd (ASX: PME) — up 111%
Pro Medicus delivered another clinical performance in FY25 and its share price responded accordingly. The software company signed a string of major deals with U.S. health systems including LucidHealth (A$40M), University of Iowa Health Care (A$20M), BayCare (A$53M), and the University of Kentucky (A$33M). These wins reinforce Pro Medicus' dominance in enterprise imaging, particularly in North America, and validate its Visage 7 platform as the go-to choice for high-performance, cloud-based diagnostics.
With its pipeline still strong and execution flawless, investors have rewarded Pro Medicus with a valuation that assumes continued dominance and so far, it's delivering exactly that.
Temple & Webster Group Ltd (ASX: TPW) — up 124%
The e-commerce furniture player capitalised on improved consumer sentiment and strong sales momentum, especially in its home improvement and B2B categories. While questions around valuation remain, Temple & Webster has built a high return, asset-light model that investors continue to back.
TechnologyOne Ltd (ASX: TNE) — up 125%
With annual recurring revenue (ARR) soaring past $500 million, profit up 33%, and a doubling of free cash flow, TechnologyOne proved that profitable SaaS growth isn't a myth. Its government and university client base remains sticky, and the transition to cloud continues to drive margin expansion. Investors rewarded it with a soaring share price.
Foolish takeaway
CBA shares were a strong performer in FY25, but as this list shows, it couldn't match the pace of the ASX's most dynamic businesses. Whether it's software, travel, or e-commerce, when companies combine strong fundamentals with smart execution, the market takes notice. In a year with much volatility, these five proved that bold, well-run businesses still have plenty of room to surprise and outperform.
