Key Highlights

  • The fully franked FY26 final Dividend of 10.9 cents per share was paid on 8 October 2026.
  • FY26 dividends totalled 19.2 cents, a payout of 83.0 per cent of underlying profit.
  • The final dividend carried franking credits of about 4.67 cents.
  • The AGM on 18 November is the next date on the calendar.

Medibank Private Limited (ASX:MPL) heads into its Annual General Meeting on Wednesday 18 November 2026 having already paid its fully franked FY26 final dividend of 10.9 cents per share on 8 October. The health insurer's FY26 key dates, published on its newsroom, listed an ex-dividend date of 2 September, a Record Date of 3 September and payment on Thursday 8 October 2026. For investors following the ASX dividend calendar, Medibank shows the half-yearly rhythm many industrial companies follow, with an interim payment in March and a final payment in October.

Medibank's FY26 dividend timetable

Medibank released its full-year result for the year ended 30 June 2026 on Thursday 20 August. The final dividend of 10.9 cents per share, fully franked, represented a payout of about $300.2 million. Shares traded ex-dividend on Wednesday 2 September, the record date was Thursday 3 September and the cash was paid on Thursday 8 October.

Earlier in the year, Medibank paid an Interim Dividend of 8.3 cents per share, fully franked, on 18 March 2026, with a record date of 27 February 2026. Together the two payments brought FY26 dividends to 19.2 cents per share, fully franked, a total of about $528.8 million. Medibank said that represented a Payout Ratio of 83.0 per cent of underlying net profit after tax, within its target range of 75 to 85 per cent.

The two payments also show how the gap between record date and payment date can vary within the same company. For the interim dividend, the record date of 27 February was followed by payment on 18 March, a gap of under three weeks. For the final dividend, the record date of 3 September was followed by payment on 8 October, a gap of about five weeks. Investors who rely on dividend income for Cash Flow planning often track both the record date and the payment date for this reason.

Franking credits on the final dividend

Because Medibank's dividends are fully franked, each payment carries franking credits reflecting company tax already paid. Using the 30 per cent company tax rate, the franking Credit attached to the 10.9 cent final dividend is 10.9 cents multiplied by 30/70, or about 4.67 cents per share. The grossed-up value of the dividend is therefore about 15.57 cents per share.

For an Australian resident shareholder, the grossed-up amount is included in assessable income and the franking credit is applied against tax payable. Across the full year, the 19.2 cents in fully franked dividends carried franking credits of about 8.23 cents per share. Individual outcomes depend on each investor's marginal tax rate and circumstances.

The Earnings behind the payout

Medibank reported statutory net profit after tax attributable to shareholders of $638.7 million for FY26, up 27.5 per cent. Underlying net profit after tax, which the company uses to set its dividend payout, rose 2.9 per cent to $636.8 million, and underlying Earnings Per Share were 23.1 cents.

Resident policyholder numbers increased by 22,100, or 1.1 per cent, during the year. The Medibank Brand grew 0.6 per cent and the ahm brand grew 2.4 per cent, while non-resident policy units fell 2.3 per cent. Medibank said it now covers more than 4.3 million people.

Capital position and future payments

Medibank's Capital settings are relevant to future dividends. The company reported a prescribed capital amount coverage ratio of 1.9 times, or 2.1 times on a regulatory basis. Unallocated capital fell by $69.0 million to $182.9 million, mainly due to the Acquisition of Better Medical, and a $250 million temporary supervisory adjustment required by APRA remains in place.

On capital management, the company said: "We will consider capital management actions if suitable M&A opportunities do not eventuate in a reasonable timeframe." Dates for the FY27 interim dividend will be confirmed by Medibank in due course. If the company follows the same pattern as this year, the interim decision would come with its half-year result for the six months to 31 December.

What the 18 November AGM means for shareholders

The AGM on 18 November is the next scheduled date on Medibank's calendar. AGMs do not usually involve dividend declarations for companies with a June balance date, because the final dividend has already been determined and paid. They do give shareholders the chance to vote on director elections and remuneration and to ask the board questions, and companies commonly provide a trading update or outlook commentary. Shareholders who cannot attend can usually lodge a proxy ahead of the meeting under the instructions in the notice of meeting.

Medibank in the wider November dividend calendar

While Medibank's payments for FY26 are complete, the ASX dividend calendar for November is dominated by companies with September balance dates. National Australia Bank lists an ex-dividend date of 10 November for its final dividend, Macquarie Group lists 11 November for its interim, and ANZ Group Holdings lists 12 November for its final. Westpac Banking Corporation's 77 cent fully franked final dividend goes ex on 5 November.

These dividends arrive against a tighter monetary backdrop. The Reserve Bank of Australia raised the cash rate target to 4.85 per cent on 3 November 2026, its fifth increase this year, and said the economy is slowing and Unemployment has risen. Health insurers' premium increases are approved by the federal government annually, which is one reason the sector's earnings cycle differs from that of banks.

Key Takeaways

Medibank Private Limited (ASX:MPL) paid its fully franked FY26 final dividend of 10.9 cents per share on 8 October 2026, after an ex-dividend date of 2 September and a record date of 3 September. FY26 dividends totalled 19.2 cents, a payout ratio of 83.0 per cent of underlying profit, with the 10.9 cent final carrying franking credits of about 4.67 cents. The AGM on 18 November is the next date on Medibank's calendar, while the FY27 interim timetable is yet to be confirmed. Within the November ASX dividend calendar, Medibank sits alongside the September-balance-date banks that dominate this month's ex-dividend dates.