10 High-Dividend ASX 200 Stocks: Which Shares Offer the Biggest Yields in 2026?

Line up high-yielding names in the ASX 200 and one industry dominates: property, led by Arena REIT (ASX:ARF) at 8.95%. and one industry dominates: property. Of the ten names in this list, all with indicative yields above 5% at the close on Wednesday 23 September 2026. The other four, a retail franchisor, a grocery wholesaler, an iron ore miner and an energy retailer and generator, pay fully franked dividends. That split matters, because the Economics behind a landlord's distribution have little in common with those behind a miner's dividend. With 2026 full-year results largely published, this article groups the ten by sector and examines how each industry converts Earnings into income.

Source note: dividend and distribution amounts are the latest confirmed full-year payouts from official ASX company announcements. Reference prices are from an S&P/ASX 200 component snapshot after the close on 23 September 2026. Indicative Yield = annual payout ÷ reference price (our calculation, not an ASX-published figure); cash yields exclude franking credits.

*Waypoint REIT reports on a calendar-year basis; FY2025 (year to 31 December 2025) is its latest completed full year.

Why is ASX 200 income in focus?

Reporting season has turned forecasts into declared payouts, giving income investors firm numbers. The yields in the table are our own calculation, dividing each name's latest confirmed full-year payout by its 23 September reference price. ASX does not publish them. Because price sits underneath the sum, any market move shifts the yield even when the payout stays put. The figures are also cash-only: franking credits attached to the four company dividends are not added.

Property

A REIT collects rent, pays interest and costs, and passes most of what remains to its securityholders as a distribution. It is not a dividend, and it carries no franking in these figures. Long leases can make that income visible, but tenant health and borrowing costs still decide what is left to distribute.

Arena REIT (ASX:ARF)

Arena heads the table at 8.95%, based on its FY2026 distribution of 19.25c per security and a A$2.15 price. The trust owns 274 early learning centres and 10 healthcare properties, with a weighted average Lease expiry (WALE) of about 17.5 years. In August 2026, tenant Edge Early Learning, about 14% of income across 31 leases, failed to pay rent and entered voluntary administration. Arena now guides to an FY2027 distribution of at least 18.0c, below FY2026, so the 8.95% reflects a payout it does not currently expect to repeat.

HomeCo Daily Needs REIT (ASX:HDN)

HDN's supermarket and everyday-services centres support an 8.60c per security distribution and a 7.85% yield. FY2026 Funds From Operations (FFO) were 9.0c. For FY2027 it guides to FFO of 8.8c and a distribution held at 8.6c despite higher finance costs, with gearing of 35.7% inside a 30–40% target.

Waypoint REIT (ASX:WPR)

Service station and convenience properties, with Viva Energy the major tenant, underpin Waypoint's 7.53% yield. Because its financial year follows the calendar, the figure uses the FY2025 distribution of 16.64c, which equalled distributable earnings. Guidance for calendar 2026 is distributable earnings of 17.14c; that is an earnings figure, not a distribution. Gearing is 32.7%, inside a 30–40% target.

Charter Hall Long WALE REIT (ASX:CLW)

CLW's 25.50c distribution gives 7.52%. Spread across about 505 properties in retail, industrial and logistics, data centres, social infrastructure and office, it paid out all of its 25.5c operating earnings and guides to the same 25.5c in FY2027.

Stockland (ASX:SGP)

Stockland's mix of residential communities, land lease, town centres, logistics and workplace Assets produced FFO of 36.9c, of which 25.2c was distributed for a 6.00% yield. FY2027 guidance is FFO of 38.0–39.0c and a flat 25.2c distribution. Gearing is 22.7%, within a 20–30% target.

BWP Group (ASX:BWP)

Bunnings Warehouse properties anchor BWP's 19.41c distribution, up 4.1%, for a 5.41% yield. It guides to 20.00c for FY2027, after internalising management in August 2025.

Retail and wholesale

These payouts rest on consumer Demand and margins rather than lease contracts.

Harvey Norman Holdings Limited (ASX:HVN)

Harvey Norman pays 27.5c per share fully franked, for a 6.58% dividend yield, up from 26.5c. Earnings come from franchising in Australia, where Franchisee sales reached $6.584bn across 195 complexes, plus a large property portfolio and overseas retail. Profit after tax and minority interests was $528.46m, up 2.0%. The 13.0c final dividend has a Record Date of 7 October 2026.

Metcash Limited (ASX:MTS)

Metcash, which supplies independent supermarkets including IGA along with liquor and hardware outlets, paid 18.0c per share fully franked for the year to 30 April 2026, a 6.34% yield. It targets about 74% of underlying profit; FY2026 came in at 73.6% of $268.8m.

Resources

Fortescue Ltd (ASX:FMG)

Fortescue's A$1.08 fully franked dividend, slightly below FY2025's A$1.10, yields 6.41%. The miner pays 50–80% of underlying net profit after tax (NPAT), which was US$3.5bn in FY2026 on record shipments of 201.3 million tonnes. The Payout Ratio was 65%, net Debt was US$0.9bn and free Cash Flow reached US$3.2bn. Because Fortescue reports in US dollars but pays in Australian dollars, both iron ore prices and currency movements shape the result.

Energy

AGL Energy Limited (ASX:AGL)

AGL's 50c fully Franked Dividend yields 6.09%, representing 53.3% of underlying NPAT of $631m. For FY2027 it guides to profit of $470m–$670m and a 55–60% payout, so the next dividend depends heavily on where earnings land as it transitions away from coal-fired generation.

How sustainable is each sector's payout?

The trusts lean on contracted rent, which gives visibility but not certainty, as Arena's tenant problem shows. Several pay out close to all earnings: CLW and Waypoint matched distributions to earnings, and BWP's distribution was slightly above FFO of 19.29c. The companies use payout ratios instead, which means dividends rise and fall with profit. Franking credits may add after-tax value for eligible Australian investors, depending on their circumstances, but they do not change the cash yield.

What risks does each sector face?

For property, the risks are tenant failure, higher finance costs and the level of gearing. For retail and wholesale, weaker household spending could flow through to earnings. For Fortescue, iron ore prices and Chinese steel demand are the swing factors. For AGL, the width of its profit guidance is itself the risk.

Why a bigger yield isn't automatically better

A yield is a ratio, and a falling share price inflates it. A high figure can signal that the market has doubts about future payments, which is why Arena's lower guidance matters more than its ranking. Yield also ignores growth, balance-sheet strength and tax treatment.

What to monitor next

Investors may want to watch the Edge administration, Fortescue's final payment on 29 September, Harvey Norman's 12 November payment, Waypoint's quarterly distributions, and any guidance changes from AGL and the trusts.

Key Insights / Key Takeaways

Among these ten ASX 200 income names, the biggest 2026 yields sit overwhelmingly in property. That makes a yield-led list less diversified than it first appears, and it means past payouts, today's indicative yields and management guidance need to be read separately, sector by sector.