ASX Limited (ASX: ASX), operator of Australia's primary securities exchange and a constituent of the S&P/ASX 200, released its FY26 full-year results on 13 August 2026, reporting Operating Revenue of $1.25 billion, up 13.3%, driven by strong growth across all four of its Business units. Underlying NPAT of $536.4 million increased 5.2%, as revenue growth was partially offset by a 21.1% increase in total expenses reflecting the company's technology modernisation program, ASIC Inquiry costs, and the ongoing implementation of the Accelerate transformation program.

About the Company

ASX Limited is the operator of Australia's primary securities exchange, providing markets infrastructure, clearing and settlement, listings, and technology and data services. The company's four business units are: Markets (cash equities, futures, Derivatives trading), Securities and Payments (post-trade clearing, settlement, and payments infrastructure including Austraclear), Listings (primary and secondary Capital raising, annual listing fees), and Technology and Data (market data, technical services). ASX operates critical national financial market infrastructure and is regulated by ASIC and the Reserve Bank of Australia.

FY26 Results

Operating revenue was $1.25 billion, up 13.3% on FY25. Underlying NPAT was $536.4 million, up 5.2%. Statutory NPAT was $484.9 million, down 3.5%, reflecting significant items of $51.5 million after tax, including the penalty and legal costs from the ASIC legal proceedings settlement, CHESS Replacement Partnership Program payments, and the loss on sale of the Sympli interest. Total expenses were $557.4 million, up 21.1%, below the mid-point of updated guidance of 20-23% growth. Underlying ROE was 13.7%, up 10 basis points and within the medium-term target range. By business unit: Markets revenue was $414.1 million, up 18.6%, with futures and OTC revenue up 18.4% on a 14.4% increase in total futures and Options volumes, and cash market trading revenue up 24.2% on 22.5% higher on-market traded value. Securities and Payments revenue was $327.7 million, up 19.4%, with Equity post-trade services up 24.3% and Austraclear revenue up 15.8% on 12.2% higher transaction volumes. Technology and Data revenue was $297.6 million, up 8.0%, with Information Services up 9.0% on strong Demand for real-time equities and derivatives data. Listings revenue was $215.2 million, up 3.5%, with 100 new entities listed in FY26 — the strongest year since FY22 — bringing more than $32.6 billion in new quoted market capitalisation, up 85.5% year-on-year. A major milestone was the successful delivery of CHESS Release 1, upgrading clearing services to a modern, secure platform.

Distribution

The Board declared a fully franked final Dividend of 104.7 cents per share (up 2.8% on the 1H26 interim), representing a Payout Ratio of 75% of underlying NPAT. Total dividends for FY26 were 206.5 cents per share, fully franked, down 7.5% on FY25. A discounted Dividend reinvestment plan operated for the final dividend, with shares issued at a 2.5% discount to a 9-day VWAP. Depending on participation, ASX had flexibility to partially underwrite the DRP.

Index Context

ASX Limited is a constituent of the S&P/ASX 200 and one of the most distinctive businesses in the index — it is both the operator of the exchange on which it is listed and an issuer of listed securities. For S&P/ASX 200 investors, ASX provides exposure to Australian financial market activity volumes (equities, derivatives), the IPO and capital raising cycle, and the technology modernisation of Australia's post-trade infrastructure. The company's Earnings have a significant Leverage to market Volatility and activity levels, meaning FY26 — an unusually active and volatile year — produced revenue outcomes that may be difficult to replicate in lower-volatility conditions.

Material Risks and Uncertainties

ASX's elevated expense growth of 21.1% in FY26 reflects investment in technology modernisation, ASIC Inquiry-related costs, and the Accelerate program — and management's FY27 and FY28 capex and FY27 opex guidance are unchanged, meaning the expense pressure is expected to continue. The ASIC Inquiry into ASX was described as a highly consequential and landmark process, representing significant reputational and Regulatory Risk that has not yet fully resolved. Markets revenue — the largest business unit — benefits from high volatility and activity; any normalisation of markets conditions or reduction in trading volumes would reduce this revenue contribution. The DRP Underwriting flexibility indicates management awareness of the capital demands of the investment program.

Upcoming Milestones

Technology platform delivery under the Accelerate program — including further CHESS upgrades and the cloud, data, and integration infrastructure established by CHESS Release 1 — will be the most closely watched operational milestones. The company's FY27 expense guidance is unchanged, providing a clear benchmark against which cost management will be measured at the FY27 interim result. The future direction of the CHESS Replacement program — including the third-party partnership arrangements — remains a significant strategic and reputational matter for ASX following the previous CHESS Replacement failure. Progress on the new Interim CEO's priorities as ASX enters FY27 with what Darren Yip described as 'clearer priorities, stronger foundations and a disciplined focus on execution' will be assessed.