Reporting Season 2026: 5 ASX Dividend Stocks That Just Changed Their Payouts

February is the busiest time on the ASX calendar. Over 180 companies are opening their books, sharing profit numbers, and, most importantly for income investors, announcing whether dividends are going up, going down, or disappearing altogether.

Keeping track of every result is overwhelming. So we have pulled out five ASX dividend stocks that made notable payout moves in the opening weeks of reporting season, and what each one signals about the broader market.

Why Reporting Season Dividends Matter Right Now

This earnings season arrives at a tricky moment. The ASX 200 dividend yield currently sits at just 3.3%, a full percentage point below its 10-year average of 4.3%, according to Morningstar. Meanwhile, the RBA just raised the cash rate to 3.85%, making term deposits more competitive against shares for the first time in years.

That puts extra pressure on companies to prove their dividends are worth holding.

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The Dividend Movers

1. Commonwealth Bank (ASX:CBA) - Dividend Lifted

Australia's largest bank reported a half-year net profit of A$5.41 billion, up 5% on the prior corresponding period. CBA raised its fully franked interim dividend to A$2.35 per share, backed by solid loan growth and steady credit quality. Shares surged nearly 7% on the day, the bank's biggest single-session gain in six years. At current prices, CBA trades on a forward yield of roughly 2.9%. The increase signals confidence from a bellwether that often sets the tone for the broader banking sector.

2. Evolution Mining (ASX:EVN) - Record Dividend

Gold miner Evolution Mining delivered a standout result. Underlying profit more than doubled to A$785 million, driven by gold prices above US$5,100 per ounce and strong operational performance. The company declared a record interim dividend of 20 cents per share, up 186% from the prior year. It marks Evolution's 26th consecutive dividend since 2013 and reflects a clear strategy of returning cash when margins are healthy.

3. Argo Investments (ASX:ARG) - Record Dividend

Listed investment company Argo Investments also hit a new high, reporting record interim profit and lifting its fully franked interim dividend. Its consistent payout history makes it a common fixture in income-focused portfolios and SMSFs, and a reminder that diversified equity portfolios can still deliver growing income even as overall yields compress.

4. ASX Ltd (ASX:ASX) - Dividend Trimmed

The exchange operator posted solid revenue growth of 11.2% to A$602.8 million, but its dividend moved in the opposite direction. ASX Ltd trimmed its interim payout and lowered its payout ratio guidance to 75%, the bottom end of its updated range. The reason? Costs are rising rapidly; total expenses are now forecast to increase by 20-23% this financial year, primarily driven by an ASIC regulatory investigation. CEO Helen Lofthouse will stay until May 2026 to oversee the CHESS clearing system upgrade targeting go-live in April. Shares fell over 8% across two sessions. For investors, it serves as a reminder that even profitable companies can reduce or suspend dividends when capital needs to be redirected.

5. G8 Education (ASX:GEM) - Dividend Suspended

Childcare operator G8 Education delivered the sharpest payout change, suspending its final dividend entirely. The company flagged a roughly A$350 million non-cash goodwill impairment tied to low occupancy rates and rising costs. It also paused its share buyback. Notably, G8 maintained its FY25 lease-adjusted EBIT guidance of A$91-98 million, suggesting operations are still generating cash, but the board is prioritising balance sheet caution. Shares dropped around 19%. G8's situation highlights the risk of chasing high yields without examining the health of the business underneath.

What Income Investors Can Take Away

This reporting season reinforces a key lesson: not all dividends are created equal. Some companies are raising payouts from strength, while others are pulling back to protect their balance sheets.

For those building income portfolios, looking beyond the headline yield to understand profit trends, payout ratios, and sector conditions is essential. Income-focused investors can access detailed dividend analysis, including payout sustainability and franking credit strategies, through ASR's Income Report.

With weeks of reporting still ahead, and major names like BHP (ASX: BHP), Wesfarmers (ASX: WES), and ANZ (ASX: ANZ) yet to report, more dividend surprises are likely. To stay across the key developments, download ASR's free Top-3 Stocks & Market Outlook Report.

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