Key points

  • Macquarie reported FY26 net profit of AUD 4.847 billion, up 30% from FY25.
  • International income represented 68% of total income during FY26, reflecting the group’s global operations.
  • Macquarie Asset Management contributed AUD 2.602 billion in net profit, up 27%, primarily due to higher performance fees.
  • The FY26 ordinary Dividend was AUD 7.00 per share, 35% franked, representing a 55% payout ratio.

Macquarie Group Limited (ASX:MQG) is a diversified financial group operating across asset management, banking, commodities, financial markets and corporate finance. Its exposure to long-term Investment themes sits alongside businesses that are more sensitive to transactions and financial-market activity. The FY26 result demonstrated this diversification, with contributions increasing across each of Macquarie’s major operating groups.

FY26 profit increased across the group

For the year ended 31 March 2026, Macquarie reported net profit after tax attributable to ordinary shareholders of AUD 4.847 billion, an increase of 30% from FY25. Second-half profit reached AUD 3.192 billion, up 93% from the first half and representing a record half-year result.

Net Operating Income increased 13% to AUD 19.477 billion, while operating expenses rose 5% to AUD 12.748 billion. International income represented 68% of total income, highlighting the importance of markets outside Australia to the group’s earnings.

Return on equity reached 14.0%, compared with 11.2% in FY25. Earnings per share increased 30% to AUD 12.77.

Asset management remains an important contributor

Macquarie Asset Management generated a net profit contribution of AUD 2.602 billion in FY26, up 27% from AUD 2.049 billion in the previous year. The increase was primarily driven by higher performance fees.

The attached FY26 release does not provide detailed information on infrastructure Assets under management, individual infrastructure funds or the composition of real-asset investments. Accordingly, claims in the original article describing Macquarie as one of the world’s largest infrastructure managers and detailing specific roads, airports, energy networks or data-centre investments have been generalised.

What the result does demonstrate is that asset management remains one of Macquarie’s major sources of earnings. The performance of this division depends on factors including investment performance, asset realisations, performance fees, fundraising and broader market conditions.

Infrastructure and other long-duration assets can form part of Macquarie’s broader investment activities, but the FY26 announcement focuses primarily on financial performance rather than providing detailed infrastructure portfolio metrics.

Diversification across four operating groups

Macquarie’s Business model extends well beyond asset management. Banking and Financial Services generated a net profit contribution of AUD 1.610 billion, up 17%. The increase primarily reflected growth in loans and deposits, partly offset by lower margins and higher technology expenditure.

Commodities and Global Markets contributed AUD 4.221 billion, up 49%. The result reflected a higher contribution from Asset Finance following an asset sale, together with increased client hedging, inventory management and trading activity across commodities markets.

Macquarie Capital contributed AUD 1.491 billion, up 43%. Higher income from equity investments, mergers and acquisitions fees, brokerage and the private-credit portfolio supported the result, although Impairment charges and losses from associates and joint ventures provided offsets.

This mix means Macquarie combines activities that can generate recurring income with businesses whose results can vary depending on transactions, asset sales and market conditions.

Capital and funding position

Macquarie’s Bank Group Common Equity Tier 1 capital ratio was 12.8% at 31 March 2026. The Liquidity Coverage Ratio was 173%, while the Net Stable Funding Ratio stood at 116%.

Deposits increased 25% to AUD 221.5 billion, while Macquarie raised AUD 29.9 billion of term funding during FY26. These funding and liquidity metrics provide support for the group’s lending and investment activities across different market environments.

The board declared a final ordinary dividend of AUD 4.20 per share, 35% franked. This brought the total FY26 ordinary dividend to AUD 7.00 per share, also 35% franked, representing a full-year Payout Ratio of 55%.

Risks remain linked to global market conditions

Macquarie’s diversified earnings base also exposes the group to a wide range of risks. Management identified global economic conditions, inflation, interest rates, market volatility, geopolitical developments, foreign-exchange movements and possible regulatory or tax changes as factors that could affect the short-term outlook.

Performance fees and investment income can also vary between reporting periods, while commodities and capital-markets earnings can be influenced by trading conditions, transaction activity and client demand.

The group’s global footprint means changes in the geographic mix of income and foreign-exchange rates can also affect reported results.

What to watch next

Macquarie’s next results will provide further evidence on whether the earnings momentum recorded in FY26 is continuing across its operating divisions.

Key areas to monitor include Macquarie Asset Management’s performance fees and investment activity, Loan and deposit growth within Banking and Financial Services, conditions across Commodities and Global Markets, and transaction activity within Macquarie Capital.

For infrastructure-related exposure specifically, future disclosures on fundraising, asset deployment and investment activity will provide a clearer indication of how long-term real-asset opportunities are contributing to Macquarie’s broader earnings mix.