There are plenty of ASX shares that are exposed to cyclical earnings like banks, miners, and retailers. But a select few seem capable of producing net profit growth year after year.
Long-term shareholders have already made dramatic gains with the names below, driven by enormous capital growth, thanks to an incredible rise in earnings.
Of course, past performance is not a guarantee of ongoing success. But, at the same time, great businesses have a habit of continuing to grow earnings over time.
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Pro Medicus Ltd (ASX: PME)
Pro Medicus provides a full range of medical imaging software and services to hospitals, imaging centres, and healthcare groups. It offers an end-to-end offering, which is attractive for clients wanting just one provider. The ASX share has offices in Melbourne, Berlin, and San Diego.
The ASX share has won a wide range of clients on long-term contracts, with renewed contracts typically experiencing a higher rate, which is a strong tailwind for earnings growth.
The company has extremely high profit margins, so new revenue adds significantly to the bottom line. It's continually adding to revenue and is expected to do so for the foreseeable future.
In FY25 alone, the business achieved 31.9% revenue growth to $213 million and a 39.2% increase in net profit to $115.2 million.
TechnologyOne Ltd (ASX: TNE)
TechnologyOne is a technology business that provides enterprise resource planning (ERP) software, which is essential for the operations of clients like leading businesses, government agencies, local councils, and universities.
Almost all of the company's clients stay with the business each year – the loyalty is a great sign of how much the subscribers like it. Additionally, TechnologyOne invests heavily in its software to continually improve it for subscribers, unlocking further revenue growth opportunities.
The ASX share targets a 15% annual revenue increase each year from existing clients, while winning new subscribers is a bonus.
The business is aiming to reach $1 billion of annual recurring revenue (ARR) by FY30. It says its revenue streams come from multiple regions, multiple products, and multiple vertical markets, ensuring it can "maintain strong consistent growth".
It's also aiming to reach a (continuing operations) profit before tax (PBT) margin of at least 35% in the long term.
That combination of rising revenue and climbing profit margins should lead to a strengthening bottom line. In HY25, revenue grew by 19% and profit after tax climbed 31%.
WiseTech Global Ltd (ASX: WTC)
This company provides software to the logistics execution industry globally. Its customers include 17,000 of the world's logistics companies across 193 countries, including many of the largest logistics companies.
There is a strong drive across the world to become more efficient, so software like WiseTech can be a very valuable tool. Additionally, the world is a complex web for logistics these days, so WiseTech is helpful with that too.
Through a combination of acquisitions and organic growth, the ASX share has delivered very strong long-term growth.
In FY25 alone, revenue rose 14% and underlying net profit jumped 30% to $241.8 million. In FY26, it expects to grow revenue by between 79% to 85%, partly thanks to the acquisition of e2open.
