A new method for predicting performance of multistage axial flow compressors is proposed that utilizes stage performance curves. The method differs from the conventional sequential stage-stacking method in that it employs simultaneous calculation of all interstage variables (temperature, pressure and flow velocity). A consistent functional formulation of governing equations enables this simultaneous calculation. The method is found to be effective, i.e. fast and stable, in obtaining solutions for compressor inlet and outlet boundary conditions encountered in gas turbine analyses. Another advantage of the method is that the effect of changing the angles of movable stator vanes on the compressor's operating behaviour can be simulated easily. Accordingly, the proposed method is very suitable for complicated gas turbine system analysis. This paper presents the methodology and performance estimation results for various multistage compressors employing both fixed and variable vane setting angles. The effect of interstage air bleeding on compressor performance is also demonstrated.