Highlights

  • FY26 Operating Revenue reached A$1,254.6 million, while total expenses were A$557.4 million.
  • Underlying net profit after tax was A$536.4 million and statutory net profit after tax was A$484.9 million.
  • ASX continued its CHESS replacement and broader technology modernisation program during FY26.
  • FY27 guidance points to further expense growth and Capital Expenditure as technology work continues.
  • The final FY26 Dividend was 104.7 cents per share, fully franked.

ASX Limited operates at the heart of Australia’s financial markets, providing listings, trading, clearing, settlement, technology, data and other post-trade services. Its FY26 result highlights a period in which revenue growth continued alongside elevated spending on technology, operational resilience and the CHESS replacement program. The balance between recurring market infrastructure revenue and rising Investment costs remains central to the company’s near-term financial profile.

FY26 Earnings and Cost Profile

For the year to 30 June 2026, ASX reported operating revenue of A$1,254.6 million and total expenses of A$557.4 million. EBIT was A$697.2 million. Underlying net profit after tax was A$536.4 million, while statutory net profit after tax was A$484.9 million after A$51.5 million of after-tax significant items.

The difference between underlying and statutory earnings reflects items treated separately from ongoing operations, including costs connected with regulatory matters, the CHESS Replacement Partnership Program and the disposal of ASX’s interest in Sympli. These items made statutory earnings the lower of the two reported profit measures.

CHESS Replacement Remains a Major Investment Area

ASX (ASX:ASX) continued work on replacing CHESS, the system supporting cash Equity clearing and settlement. During FY26, the company reported delivery of CHESS Release 1, which upgraded clearing services and established cloud, data and integration platforms that form part of the wider modernisation program.

The program remains a material contributor to ASX’s investment requirements. Management has stated that delivery risk could affect planned expenditure and timing, making execution against technology milestones an important operational consideration.

FY27 Spending Guidance

For FY27, ASX (ASX:ASX) reaffirmed guidance for total expense growth of 18% to 21% and Operating Expense growth, excluding Depreciation and amortisation, of 13% to 16%. Capital expenditure is guided at A$180 million to A$200 million for FY27, with A$170 million to A$190 million indicated for FY28.

These ranges show that the technology investment cycle is expected to continue beyond FY26. The financial effect will depend on how revenue develops while the company absorbs higher operating costs, depreciation and program expenditure.

Dividend and Financial Market Role

ASX declared a fully franked final dividend of 104.7 cents per share. Total FY26 dividends were 206.5 cents per share, with the payout linked to underlying earnings.

The company’s revenue base spans listings, cash market trading, derivatives, clearing and settlement, data and technology services. Activity across these markets can influence revenue, while ASX’s role in critical financial infrastructure also brings substantial regulatory and operational responsibilities.

Key Insights

ASX’s (ASX:ASX) FY26 result shows a Business generating substantial revenue from core market infrastructure while directing significant resources toward technology renewal and regulatory commitments. The central issue for the next reporting periods is execution: progress on CHESS, control of the expanding cost base and delivery within capital expenditure guidance will shape how effectively revenue growth translates into earnings.