S&P/ASX 200 Index (ASX: XJO) blue-chip shares can deliver strong and resilient earnings thanks to their market position, margins, and brand power.
I'm not particularly attracted to ASX mining or bank shares, but there are other industry-leading businesses that could be compelling to own.
The two businesses below have a good growth outlook.
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Sigma Healthcare Ltd (ASX: SIG)
Sigma is best known as the owner of a few different brands, including Chemist Warehouse, Amcal, and Discount Drug Stores. It also has significant wholesale operations.
The ASX 200 blue-chip share delivered a strong result in its FY26 half-year result. Revenue grew by 14.9% to $5.5 billion, normalised operating profit (EBIT) increased 18.7% to $582.9 million, and normalised net profit after tax (NPAT) climbed 19.2% to $392 million. It's pleasing to see that the company's profit margins are rising.
Sigma Healthcare's performance was driven by Australian Chemist Warehouse-branded store sales increasing 17.2%, with like-for-like sales growth of 15%. It continues to grow its core Chemist Warehouse earnings by expanding its Australian network – this grew by 13 locations to 550 stores during the period.
One area of the business that I'm particularly interested in is the international segment because of how much growth potential there is with other countries.
International retail network sales grew by 24.5% to $807 million, with like-for-like sales growth of 11.1%. It plans to open 12 new international stores in the second half, and it expects this "growth profile" to continue. The Chemist Warehouse model is resonating in both New Zealand and Ireland, with 70 and 17 stores, respectively.
The trading update in the first seven weeks of the second half of FY26 was strong too for the ASX 200 blue-chip share – Australian Chemist Warehouse-branded store sales rose 16.6% and growth in the international retail network "continues".
According to the earnings projection from UBS, the business is predicted to generate a net profit of $711 million in FY26 and $846 million in FY27. That puts the Sigma Healthcare share price at 40x FY27's estimated earnings.
Qantas Airways Ltd (ASX: QAN)
Qantas is Australia's leading airline, and it continues to deliver strong profits.
In the FY26 half-year result, the business delivered $1.46 billion of underlying profit before tax, an increase of $71 million. Statutory net profit rose $2 million to $925 million.
The business also saw an increase in the on-time performance and customer satisfaction for both Qantas and Jetstar.
The ASX 200 blue-chip share also decided on $450 million of shareholder returns, with a $300 million base dividend and a share buyback of $150 million.
Impressively, the Qantas loyalty division continues to deliver strong results with underlying operating profit (EBIT) climbing 12% to $286 million.
Another positive is that the business continues to invest in renewing its fleet, with nine new aircraft being delivered. The new planes can give customers a better experience and help with costs.
Qantas expects strong travel demand to continue, and the group's domestic unit revenue is expected to increase by approximately 3% in the second half of FY26 compared to the previous year. Group international unit revenue is expected to increase by between 1% to 3%.
The broker UBS projects that the business could make a net profit of $1.75 billion in FY26 and $1.93 billion in FY27. This would put the Qantas share price at less than 9x FY26's estimated earnings.
