Transurban Group · Dividends
ASX: TCL · Industrials · Infrastructure Operations
Dividends per share
Per financial year, as reported in the accounts
Payment record
Totals paid and share of profit distributed
| FY | Per share | Total paid | Payout ratio |
|---|---|---|---|
| FY25 | $0.68 | $2.1B | 1,592% |
| FY24 | $0.56 | $1.7B | 535% |
| FY23 | $0.48 | $1.5B | 2,327% |
| FY22 | $0.31 | $942.0M | 4,958% |
| FY21 | $0.30 | $818.0M | – |
| FY20 | $0.58 | $1.6B | – |
| FY19 | $0.60 | $1.5B | 906% |
| FY18 | $0.54 | $1.1B | 236% |
| FY17 | $0.44 | $891.0M | 373% |
| FY16 | $0.38 | $744.0M | 752% |
Reading the payout ratio
The payout ratio is the share of net profit returned to shareholders as dividends. A ratio under ~70% generally leaves room to maintain the dividend through a weaker year; a ratio persistently near or above 100% means the company is paying out more than it earns, which is rarely sustainable. Per-share figures here are company-reported annual totals. Check the company's own announcements for franking credits and payment dates.
What is Transurban Group's (TCL) dividend history, and is it sustainable?
Transurban Group's reported dividend per share has grown from $0.38 in FY2016 to $0.68 in FY2025, though not in a straight line: payments dipped from $0.58 in FY2020 to $0.30 in FY2021 before rising again in each of the four years since. Aside from that one cut, the per-share dividend has otherwise increased most years across the decade on record.
Payout ratios measured against reported net income have been extremely volatile, reflecting thin and erratic underlying earnings rather than a stable distribution policy. Dividends paid have run at multiples of net income in most years - around 7.5 times earnings in FY2016, 9.1 times in FY2019 and 49.6 times in FY2022 - and the ratio turned negative in FY2020 and FY2021, when the company reported net losses of $111M and $423M respectively.
Total dividends paid have risen in almost every year, from $744M in FY2016 to $2.1B in FY2025, even as net income over the same period swung between a $485M high in FY2018 and losses in FY2020 and FY2021. This pattern suggests distributions have been driven by factors beyond year-to-year accounting profit, though the reported figures do not disclose a formal payout policy.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 4 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.