Which ASX 200 Stocks Have the Highest Dividend Yields Right Now?

It sounds like a question with a one-line answer — but on prices at the close on 23 September 2026, the answer is led by Arena REIT (ASX:ARF) at 8.95%, with nine other ASX 200 names including Fortescue Ltd (ASX:FMG) and Harvey Norman Holdings Limited (ASX:HVN) also clearing 5%. Type it into a search bar, though, and the answer depends on the day you ask, the payout you count and whether the Business is a company or a property trust. On prices at the close on Wednesday 23 September 2026, ten ASX 200 names in our screen carried indicative yields above 5%, led by childcare landlord Arena REIT (ASX:ARF) at 8.95% and rounded out by a Bunnings landlord at 5.41%. This explainer works through the questions readers ask next: how the figures are built, why they move, why the top name comes with a warning attached, and what a Yield can and cannot tell an income investor in 2026.

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 are investors asking about yields now?

Most of these ten reported full-year results between June and August 2026, so their payouts are now declared rather than forecast. That gives income investors a fresh set of numbers to compare across sectors, and a yield is the simplest way to put a miner, a retailer and a landlord on the same scale.

How is Dividend Yield calculated?

Take the cash paid over the latest full financial year and divide it by the price of one share or security. Fortescue Ltd (ASX:FMG), for example, paid A$1.08 per share for FY2026; against a reference price of A$16.85, that works out at 6.41%. Every figure in the table follows the same method and is our own calculation. ASX does not publish these yields.

The "right now" part is the catch. The payout is fixed once declared, but the price is not. If a share price rises, the yield shrinks; if it falls, the yield grows, without the business changing its payout. A figure calculated on 23 September can look different a week later. The cash yields here also exclude franking credits, which may add after-tax value for eligible Australian investors depending on their circumstances.

Why does Arena top the list?

Arena REIT (ASX:ARF)

Arena paid 19.25c per security in FY2026, four quarterly instalments of 4.8125c, up 5.5% on the prior year. Against a A$2.15 price, that gives 8.95%. The trust owns 274 early learning centres and 10 healthcare properties, with a weighted average Lease expiry (WALE) of about 17.5 years and 100% occupancy.

The warning: in August 2026 tenant Edge Early Learning, about 14% of income across 31 leases, failed to pay rent and entered voluntary administration. Arena has guided to an FY2027 distribution of at least 18.0c, lower than FY2026, assuming no Edge rent from 1 August 2026. The top yield is therefore built on a payout Arena does not currently expect to repeat.

What drives the other nine payouts?

Six of the ten are real estate Investment trusts. They pay distributions per security, not dividends, and pass through rental income. The four companies pay fully franked dividends out of profit.

HomeCo Daily Needs REIT (ASX:HDN)

The 8.60c distribution yields 7.85%. HDN owns supermarket-anchored convenience centres, earned Funds From Operations (FFO) of 9.0c and guides to an unchanged 8.6c distribution in FY2027, despite higher finance costs.

Waypoint REIT (ASX:WPR)

Waypoint's calendar financial year means its latest full-year figure is the FY2025 distribution of 16.64c, for 7.53%. Its roughly 395 service station and convenience properties are leased mainly to Viva Energy. Its calendar-2026 guidance of 17.14c refers to distributable earnings, not distributions.

Charter Hall Long WALE REIT (ASX:CLW)

CLW, which owns about 505 properties worth about $6.1bn, paid 25.50c, a 7.52% yield, equal to its operating earnings. Its WALE is 9.2 years and FY2027 guidance repeats 25.5c.

Harvey Norman Holdings Limited (ASX:HVN)

The top-ranked company paid 27.5c per share fully franked, up from 26.5c, for 6.58%. Profit after tax and minority interests rose 2.0% to $528.46m, drawing on Australian franchising, a large property portfolio and overseas retail.

Fortescue Ltd (ASX:FMG)

Fortescue's 6.41% reflects a payout of 65% of underlying net profit after tax (NPAT) of US$3.5bn, within a 50–80% policy. Record shipments of 201.3 million tonnes supported the result, and because dividends are paid in Australian dollars from US-dollar earnings, currency matters. The dividend slipped slightly from A$1.10.

Metcash Limited (ASX:MTS)

Metcash paid 18.0c per share fully franked for the year to 30 April 2026, yielding 6.34%. It targets a payout of about 74% of underlying profit; FY2026 came in at 73.6% of $268.8m.

AGL Energy Limited (ASX:AGL)

At the reference price, AGL's 50c fully Franked Dividend works out to 6.09%. It paid 53.3% of underlying NPAT of $631m, under a policy range of 50–75%.

Stockland (ASX:SGP)

The diversified group, spanning residential communities, land lease, town centres, logistics and workplace assets, paid a 25.2c distribution, 69% of FFO, for exactly 6.00%. FY2027 guidance keeps the distribution at 25.2c while FFO is guided higher.

BWP Group (ASX:BWP)

The owner of Bunnings Warehouse properties lifted its distribution 4.1% to 19.41c, which yields 5.41%, the lowest of the ten. FY2027 guidance is 20.00c.

How sustainable are these payouts?

A useful check is the share of Earnings paid out. CLW and Waypoint distributed what they earned. BWP paid slightly more than its FFO of 19.29c. Stockland kept a buffer by paying 69% of FFO. Among the three companies with stated policies, FY2026 payout ratios ranged from AGL's 53.3% to Metcash's 73.6%. Gearing is another test: HDN's 35.7% sits within its 30–40% target range, and Stockland's 22.7% within its 20–30% range.

What could put future payments at risk?

Tenant failure is the clearest example, as Arena has found. Rising finance costs can squeeze trusts, as HDN flagged. Iron ore prices, Chinese steel Demand and currency swings drive Fortescue's profit. AGL's FY2027 profit guidance of $470m–$670m, with a 55–60% target payout, leaves its next dividend uncertain.

Does a higher yield mean a better investment?

Not automatically. A high yield can reflect a share price that has fallen because the market expects lower payouts, and it tells you nothing about growth, Debt or management decisions. Arena's lower guidance and Stockland's higher FFO guidance show how differently two names can look once you move beyond the headline number.

What should investors watch next?

Investors may want to monitor the Edge administration and any update from Arena, Fortescue's final dividend payment on 29 September, Harvey Norman's Record Date of 7 October and payment on 12 November, Waypoint's quarterly distributions, and where AGL's FY2027 profit lands within its range.

Key Insights / Key Takeaways

On 23 September prices, Arena, HDN, Waypoint and CLW lead, with Harvey Norman the top company. But "right now" is a moving target, the ranking uses past payouts, and guidance already differs from those payouts for several names. A current yield is a useful starting point, not a forecast.