If I were putting $50,000 to work today with the aim of outperforming the S&P/ASX 200 Index (ASX: XJO) in 2026, I'd be looking for a mix of rebound potential, operational momentum, and businesses that are quietly executing better than the share price suggests.
These five ASX 200 shares stand out to me right now for different reasons. They're not perfect, and they won't all move in a straight line, but I think the combined risk-reward stacks up well.
CSL Ltd (ASX: CSL)
CSL feels like a classic rebound candidate after a frustrating period.
The business went through a tough stretch in 2025, with a combination of weaker influenza vaccine conditions in the US, softer albumin demand in China, and slower-than-expected margin recovery in its Behring division. Add in lingering disappointment around past pipeline setbacks, and sentiment clearly swung too far the wrong way.
What interests me now is that much of this negativity is already reflected in the share price. CSL remains a global leader in plasma-derived therapies, with structural demand drivers that haven't gone away. If operating conditions normalise even modestly, earnings momentum could surprise on the upside in 2026.
This isn't about a return to perfection. It's about a high-quality business getting back to something closer to its long-term trajectory.
ResMed Inc (ASX: RMD)
ResMed continues to do what great companies do. It executes.
As we saw last week when the ASX 200 share released its second-quarter results, demand for sleep apnoea treatment remains strong, and margins are improving. The business has also navigated competitive noise without losing momentum, which tells me its underlying position is stronger than headlines sometimes imply.
What I like most is consistency. ResMed doesn't rely on a single catalyst or one-off event. Growth comes from a combination of expanding patient numbers, higher device penetration, and recurring mask sales.
If I'm trying to beat the market, I want at least one stock that simply keeps compounding while others are more volatile. ResMed fits that role well.
HUB24 Ltd (ASX: HUB)
HUB24 is a business benefiting from a structural shift rather than a cyclical one.
As financial advice becomes more complex and regulated, advisers are gravitating toward platforms that offer flexibility, functionality, and efficiency. HUB24 continues to capture that flow, not through aggressive pricing, but by building a platform advisers genuinely want to use.
What stands out to me is operating leverage. As funds under administration grow, revenue scales faster than costs, which drives strong earnings growth. That dynamic is powerful when markets are supportive and still holds up reasonably well when conditions soften.
For 2026, I think HUB24 has a strong chance of outperforming the market if it continues to deliver on its growth targets.
Zip Co Ltd (ASX: ZIP)
Zip is a very different type of opportunity. The ASX 200 share has made real progress operationally, improving margins, tightening credit performance, and moving firmly into profitability. Yet the share price remains well below prior highs, largely due to lingering scepticism toward the BNPL sector as a whole.
That disconnect is what makes Zip interesting to me. It's no longer a growth-at-any-cost story, but the market hasn't fully adjusted to that reality yet. If execution continues and earnings scale as expected, I think the valuation gap could close meaningfully.
This is higher risk than the other names, but it also offers higher upside if things play out well.
Qantas Airways Ltd (ASX: QAN)
Qantas earns its place here because of how strong the underlying business has become.
The airline has emerged from its restructuring period with a leaner cost base, a more disciplined approach to capacity, and improved fleet efficiency. Demand remains solid, and cash generation has been impressive.
What I find compelling is that Qantas is no longer relying purely on a travel rebound. Loyalty, freight, and operational improvements are all contributing to earnings resilience.
If conditions remain even halfway reasonable, I think Qantas has a genuine chance to outperform expectations again in 2026.
Foolish Takeaway
If my goal were to beat the market in 2026, I'd want exposure to different types of upside. A high-quality rebound in CSL, consistent compounders like ResMed and HUB24, a higher-risk turnaround in Zip, and a cash-generative cyclical leader in Qantas.
I wouldn't expect all five to shine at the same time. But together, they give me multiple ways to win, which is exactly what I'd be aiming for when investing a meaningful sum with an eye on outperformance.
