Key Highlights

  • Macquarie's upcoming Interim Dividend has an ex-dividend date of 11 November.
  • The Record Date is 12 November and payment is due on 17 December 2026.
  • The most recent final dividend was $4.20 per share, franked at 35%.
  • The half-year result will show what the board decides to distribute.

Macquarie Group Limited (ASX:MQG) has set an ex-dividend date of Wednesday, 11 November 2026 on the ASX dividend calendar, with a record date of Thursday, 12 November and payment on Thursday, 17 December. The company will announce the interim dividend amount with its half-year result on Friday, 6 November. The most recent final dividend was $4.20 per share, franked at 35%, and it took the total for the year ended 31 March 2026 to $7.00 per share, so the coming announcement is the first dividend decision of the new financial year.

How Macquarie's Dividend Timing Differs

Macquarie has a March financial year end, unlike the banks with September or June year ends. Its interim dividend therefore relates to the six months ended 30 September, while the final dividend relates to the six months ended 31 March. In practice, this means that its interim dividend is paid in December and its final dividend is paid in July, as was the case with the 2 July 2026 payment.

That final dividend had a record date of 19 May 2026, and its Dividend reinvestment plan pricing period ended on 5 June 2026, with a 1.5% discount on the plan's price. Terms can vary from one dividend to the next, so shareholders considering reinvestment should check the announcement published with the half-year result, including any changes to the discount and to the pricing period.

Payout Framework

Macquarie has a target payout range of 50–70% of profit. Its final dividend for FY26 brought the full-year Payout Ratio to 55%, based on net profit of $4,847 million, up 30% on the prior year. Earnings Per Share were $12.77. The payout ratio is therefore near the lower end of the target range, which gives some context as the board considers what to pay for the first half.

Because Macquarie's earnings can vary with market and asset realisation activity, its dividends have tended to move with profit more than those of some domestic banks. The 2026 financial year's ordinary dividend of $7.00 per share compared with $6.50 in the prior year. Whether the interim payment rises will depend on results from operating groups across the period.

Franking Levels

Franking is an important difference between Macquarie and the major banks. Its most recent dividends have been franked at 35%, compared with 100% for Westpac, National Australia Bank and Commonwealth Bank. Macquarie earns a large share of its income offshore, which limits the amount of Australian tax paid and therefore the franking credits available.

For Australian shareholders, this affects the after-tax value of the payment. A partly Franked Dividend provides fewer credits for the same cash amount, and this is one of the reasons investors should not compare dividends across companies on cash alone. Personal circumstances determine the eventual tax outcome. The franking percentage for the interim dividend will be confirmed in the 6 November announcement.

Calendar Neighbours

Macquarie's ex-dividend date falls between those of National Australia Bank on 10 November and ANZ on 12 November. Westpac traded ex-dividend on 5 November. The payment date of 17 December also sits among the sector's December payments, with National Australia Bank paying on 15 December, ANZ on 18 December and Westpac on 21 December.

The timing of the interim result itself is notable, arriving in the same week as a rate increase from the Reserve Bank and results from two major banks. The cash rate rose to 4.85% on 3 November, and Macquarie's own variable Mortgage rate increase of 0.25 percentage points will apply from 19 November. These events provide the backdrop for the company's commentary about the outlook.

Factors That May Influence the Payment

Key inputs include profit for the half, Capital surplus and management's view of the opportunities available for deployment. Macquarie's operating groups include asset management, banking and financial services, commodities and global markets and advisory businesses, and each can be influenced by different market conditions. Energy market Volatility has been a major theme of 2026, and the extent of its effect will be set out in the company's results.

Capital is another consideration. A sizeable regulatory capital buffer supports distributions, while growth opportunities may compete for that capital. Dividend announcements often coincide with commentary about capital management. Any buyback or other capital return would be separately disclosed, and shareholders can review these details in the half-year results documentation.

What to Watch Next

The 6 November result will reveal the interim dividend per share, its franking level and the dividend reinvestment plan terms. Investors will then track the ex-dividend date on 11 November, the record date on 12 November and the payment on 17 December 2026. Macquarie has noted its calendar on its investor page, and any changes would be advised to the market.

Interim dividends are often smaller than final dividends at Macquarie, reflecting the seasonality in parts of its earnings. The FY26 total of $7.00 per share included $2.80 for the first half and $4.20 for the second half. Those numbers may help shareholders understand the historical pattern, though the board's decision for the current half will depend on actual results.

Macquarie's interim dividend has historically been smaller than the final, but that pattern is not a commitment. The company's announcement will also confirm the record date and whether the dividend reinvestment plan will operate for this payment.

Details will be confirmed in the company's notice.

Key Takeaways

Macquarie's upcoming interim dividend carries an ex-dividend date of 11 November, a record date of 12 November and payment on 17 December 2026, with the amount due on 6 November. The most recent final dividend was $4.20 per share, franked at 35%, within a 50–70% target payout range. The result will show how the first half compares and what the board decides to distribute.