Which ASX 200 Dividend Stocks Offer the Highest Cash Yields Today?

Ask five investors what a stock like Arena REIT (ASX:ARF) or AGL Energy Limited (ASX:AGL) yields and you may hear five answers. and you may hear five answers. Some quote cash received, some add franking credits, some use next year's forecast and some think only about what lands after tax. That confusion matters more than usual in 2026, as income-focused investors comb the ASX 200 following a reporting season that confirmed a fresh set of payouts.

This article keeps to one measure only: the cash yield. It is the latest confirmed full-year cash payout divided by the share price, before franking credits and before any personal tax. On that basis, and using prices after the close on Wednesday 23 September 2026, ten ASX 200 stocks and property trusts come in above 5%.

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.

What exactly is a cash yield?

A cash yield answers a narrow question: how much cash did this security pay over its latest full year, per dollar of today's price? It looks backward, because the numerator is a payout already announced, and it is unstable, because the denominator changes with every trade. The percentages in the table are our own calculations, not figures published by the ASX, and tomorrow's price will give a different answer from the same payout. Franking credits and forward guidance both sit outside the calculation.

Why are cash yields drawing so much attention?

Cash is the part of the return investors can spend without selling anything, which makes it a natural starting point for anyone drawing an income. Most of these ten reported between June and August 2026, so the payouts are current. The risk is treating a trailing number as a forecast.

The ten highest cash yields, and their tax character

Arena REIT (ASX:ARF): 8.95%, trust distribution

Arena, a childcare and healthcare landlord, paid 19.25c per security in FY2026 through four quarterly distributions of 4.8125c. Its cash yield is the highest here, but tenant Edge Early Learning, about 14% of income, failed to pay rent in August 2026 and entered voluntary administration. Arena has guided to an FY2027 distribution of at least 18.0c, assuming no Edge rent from 1 August 2026, so the 8.95% relies on a payout it does not currently expect to repeat.

HomeCo Daily Needs REIT (ASX:HDN): 7.85%, trust distribution

HDN distributed 8.60c from FFO of 9.0c and has guided to 8.6c for FY2027, despite FFO guidance easing to 8.8c on higher finance costs.

Waypoint REIT (ASX:WPR): 7.53%, trust distribution

Waypoint's 16.64c relates to calendar-year FY2025 and equalled distributable earnings. Guidance for calendar 2026 is distributable Earnings of 17.14c per security, which is an earnings figure rather than a promised distribution.

Charter Hall Long WALE REIT (ASX:CLW): 7.52%, trust distribution

CLW paid out all of its 25.5c operating earnings and guides to 25.5c again in FY2027, supported by a WALE of 9.2 years.

Harvey Norman Holdings Limited (ASX:HVN): 6.58%, fully franked

The 27.5c dividend, up from 26.5c, is the highest cash yield among the four companies. The final dividend is paid on 12 November 2026.

Fortescue Ltd (ASX:FMG): 6.41%, fully franked

Fortescue paid the largest cash amount per share, A$1.08, but at A$16.85 that converts to a lower percentage. Its dividend tracks iron ore earnings, with FY2026 set at 65% of underlying profit.

Metcash Limited (ASX:MTS): 6.34%, fully franked

Metcash paid 18.0c, a 73.6% Payout Ratio against its target of about 74%.

AGL Energy Limited (ASX:AGL): 6.09%, fully franked

AGL's 50c represented 53.3% of underlying profit. FY2027 profit guidance of $470m–$670m means the cash amount could move either way.

Stockland (ASX:SGP): 6.00%, trust distribution

Stockland's 25.2c was 69% of FFO, with the same 25.2c guided for FY2027.

BWP Group (ASX:BWP): 5.41%, trust distribution

BWP paid 19.41c, slightly above FFO of 19.29c, and guides to 20.00c for FY2027.

How can franking and trust tax components change the picture?

Harvey Norman, Fortescue, Metcash and AGL pay fully franked dividends. Franking credits represent company tax already paid, and for eligible Australian investors they can affect the after-tax value of a dividend, depending on individual circumstances such as tax rate and residency. For some investors a fully Franked Dividend may be worth more after tax than its cash yield implies; for others it may make little difference. Because that varies, the credits are not added to any figure in the table.

The six property trusts work differently. Franking is marked not applicable to them in the table, but a trust's distribution can be made up of several tax components, and some trusts include tax-deferred amounts that are treated differently from ordinary income. The mix varies between trusts and across years. Two securities with identical cash yields can therefore produce different after-tax outcomes, and investors may want to consider their own position rather than rely on the headline percentage.

What could sustain or erode these cash payments?

Cash yields hold only as long as the underlying cash does. For the trusts, that means rent, occupancy and gearing, which, where reported, runs from Stockland's 22.7% to HDN's 35.7%. For the companies, it means profit, because Fortescue, Metcash and AGL all link dividends to underlying earnings through payout ratios.

Which risks could reduce future payments?

Tenant stress is already visible at Arena. Fortescue's dividend depends on iron ore prices, Chinese steel Demand and the exchange rate, as it reports in US dollars but pays in Australian dollars. AGL faces a wide profit range during its transition from coal-fired generation. Retail conditions matter for Harvey Norman and Metcash, while higher finance costs are already weighing on HDN's FFO guidance.

Why doesn't the highest cash yield mean the better investment?

A high cash yield can reflect a price the market has marked down because it doubts the payout. Arena is the live example: the top trailing figure sits beside the only guidance on this list for a lower distribution. Tax character also means the highest cash figure may not be the highest after-tax figure for every investor.

What should investors monitor next?

Investors may want to watch Fortescue's final dividend payment on 29 September, Harvey Norman's 7 October record date, Edge's administration, AGL's progress against guidance and daily price moves, which alter every cash yield in the table.

Key Insights / Key Takeaways

The cash yield is useful precisely because it is simple: cash paid, divided by price, nothing added. That simplicity is also its limit, since it ignores tax, looks backwards and resets with every trade. It shows where the cash has come from. Franking, trust tax components and guidance help show what that cash may be worth, and whether it is likely to keep arriving.