How Have Transurban (ASX:TCL) Shares Fared Over the Past Year, and What Did the FY26 Result and FY27 Guidance Show?

Sonal Goyal

20 October 2026 12:47 PM AEDT

How Have Transurban (ASX:TCL) Shares Fared Over the Past Year, and What Did the FY26 Result and FY27 Guidance Show?

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Key highlights

Transurban Group (ASX:TCL) the shares closed at $13.68, up approximately 0.22% on 19 October 2026, and the shares are down approximately 7.88% over the past year.
The 13 August 2026 release reports FY26 distributions of 69.0 cents per stapled security, up 6.2%, and proportional operating EBITDA of $3,063 million, up 7.5%.
Distribution guidance for FY27 is 72 cents per security, with statutory profit after tax of $432 million in FY26.

Transurban Group (ASX:TCL) owns and operates toll roads in Australia and North America. On 19 October 2026, the shares closed at $13.68, up approximately 0.22%. Over the longer term, the shares are down approximately 7.88% over the past year. On 13 August 2026, the company announced its FY26 results and FY27 distribution guidance, covering traffic, toll revenue, costs, distributions and liquidity.

FY26 results

Statutory profit after tax was $432 million. Average daily traffic rose 2.2% across all markets, and proportional toll revenue rose 6.7% to $3,982 million. Proportional operating costs rose 3.3% to $984 million, or 0.7% like-for-like excluding new assets. Proportional EBITDA was $3,110 million and proportional operating EBITDA was $3,063 million, up 7.5%, with the margin improving to 75.7% from 74.9%.

Distributions

The FY26 distribution of 69.0 cents per stapled security is up 6.2% and 98.1% covered by free cash, excluding capital releases, of 67.7 cents per security. FY27 distribution is expected to be 72 cents, about 4.3% higher, with free cash coverage expected to be slightly below the 95% to 105% target range. The release notes that traffic in June and July was more positive than in April and May and that guidance is subject to traffic and macroeconomic factors.

Balance sheet and assets

Corporate liquidity was $3.7 billion at 30 June 2026, the debt book was 87.8% hedged and the weighted average cost of Australian dollar debt rose marginally to 4.8%. The WestConnex Western Harbour Tunnel opened on 14 December 2025, and Transurban sold its remaining 50% interest in the A25 concession in Canada on 15 June 2026.

The release also explains that traffic comparisons are adjusted. Average daily traffic growth of 2.2% is normalised for the opening of the Western Harbour Tunnel and for the sale of the A25 concession, and on a like-for-like basis excluding the new tunnel, group traffic growth was 1.4% and Melbourne growth was 0.7%. The company notes that free cash per security including capital releases was 85.6 cents, compared with 67.7 cents excluding them.

Reading the share price change

The share price of Transurban Group is down approximately 7.88% over the past year. That figure measures price movement only. It does not include dividends or franking credits, and the exact amount depends on the start and end dates used, which is why it is described as approximate here. A share price that is approximately 7.88% lower over the period reflects market expectations and conditions across many factors at once, not only the company’s most recent results.

On 19 October 2026 the shares moved approximately 0.22% on the day, which is one session within that longer period. The results referred to in this article cover a period that ended before 19 October 2026 and were released on a different date to the share price figures quoted. For that reason, this article does not treat the share price change as a response to the announcement.

Sector backdrop

The S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Industrials rose 0.93%. On the sector map for the session, Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, while Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%.

Risks shareholders should weigh

Free cash coverage for FY27 is expected to be below the target range, and traffic growth on a like-for-like basis excluding the new tunnel was lower at 1.4%. Distribution guidance is subject to traffic and the board’s decision.

What’s next

Transurban will target an FY27 distribution of 72 cents per security and continue to manage traffic and costs.

FAQs

Q: What was the FY26 distribution?

A:69.0 cents per stapled security, up 6.2%.

Q: What is FY27 distribution guidance?

A:72 cents per security.

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