ASX delivers record $1.25 billion revenue in FY26 as diversified model drives growth
In its FY26 results presentation delivered on 13 August 2026, ASX Limited reported record operating revenue of $1.25 billion, up 13.3% on FY25, with growth recorded across all four business segments for the financial year ended 30 June 2026.
Management reported Underlying NPAT of $536.4 million, an increase of 5.2%, while Statutory NPAT came in at $484.9 million, down 3.5%. The statutory decline was driven by significant items, including the ASIC legal settlement, CHESS Replacement Partnership Program expenses and the loss on the Sympli disposal, rather than operational weakness.
The results were presented during a significant year for the group, which included a CEO transition, with Interim CEO Darren Yip delivering the highlights. Management characterised FY26 as a period of operational resilience during record trading volumes.
The CEO transition was structured as an orderly succession timed around the CHESS Release 1 milestone, with Helen Lofthouse departing in May 2026 and a global executive search via Korn Ferry ultimately delivering Anthony Attia as incoming CEO effective 1 September 2026.
| Metric | FY26 | FY25 | Variance |
|---|---|---|---|
| Operating revenue | $1.25 billion | $1.11 billion | +13.3% |
| Underlying NPAT | $536.4m | $510.0m | +5.2% |
| Statutory NPAT | $484.9m | $502.6m | -3.5% |
| EBITDA margin | 61.0% | 62.8% | -180bps |
| Underlying ROE | 13.7% | 13.6% | +10bps |
| Total dividend | 206.5c | 223.3c | -7.5% |
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Diversified business model powers broad-based revenue growth
Management outlined revenue growth across all four operating segments, which it presented as evidence of the strength of the group’s diversified model.
Markets leads with 18.6% growth
Markets revenue reached $414.1m, up 18.6%, driven by futures and OTC clearing (+18.4%) and cash market trading (+24.2%) on the back of heightened market volatility. Interest rate futures and options volumes rose to 208.8 million, while on-market traded value reached $1,888.7 billion, an increase of 22.5%.
Securities & Payments up 19.4%
Securities & Payments revenue rose to $327.7m, up 19.4%, led by equity post-trade services (+24.3%) on elevated clearing and settlement activity. The group’s interest in Sympli was disposed of in late FY26 for a nominal amount, which management noted removes future recognition of operating losses.
Technology & Data and Listings
Technology & Data revenue grew 8.0% to $297.6m, supported by higher demand for real-time data. Listings revenue increased 3.5% to $215.2m, with the presentation highlighting 100 new listings (up 44.9%) and quoted market capital of new listings of $32.6 billion, up 85.5%.
| Segment | FY26 $m | FY25 $m | Variance |
|---|---|---|---|
| Listings | 215.2 | 208.0 | +3.5% |
| Markets | 414.1 | 349.2 | +18.6% |
| Technology & Data | 297.6 | 275.6 | +8.0% |
| Securities & Payments | 327.7 | 274.4 | +19.4% |
| Operating revenue | 1,254.6 | 1,107.2 | +13.3% |
Understanding ASX’s revenue engine
ASX earns revenue from far more than share trading alone. Its income is generated across four distinct streams, each tied to a different part of the market ecosystem.
- Markets (33% of FY26 revenue): trading fees on futures, options and cash equities.
- Securities & Payments (26%): clearing and settlement of trades, plus debt market services.
- Technology & Data (24%): sale of market data and access to trading infrastructure.
- Listings (17%): fees charged to companies to list and raise capital.
This spread matters to investors because it allows the group to earn across different market cycles. When trading volumes surge on volatility, Markets and Securities & Payments benefit; when structural demand for data grows, Technology & Data provides more recurring revenue. ASX also operates critical infrastructure holding a monopoly or near-monopoly position in several of these segments.
Rising costs, regulatory reset and the $150 million capital charge
The stronger revenue outcome was partially offset by higher costs. Management reported total expenses of $557.4m, up 21.1%, driven by investment in the Accelerate program, technology modernisation, higher depreciation and amortisation, and one-off ASIC Inquiry costs of $30.8m.
The ASIC legal settlement, provisioned as a non-recurring significant item in FY26, covered a $20.5 million penalty plus $3 million in ASIC legal costs, arising from civil proceedings over misleading statements made in 2022 about the original blockchain-based CHESS replacement project.
Excluding the ASIC Inquiry costs, the EBITDA margin rose 60bps to 63.4%.
On the regulatory front, the presentation detailed two milestones. The ASIC Inquiry is complete, with a Commitments Plan agreed that includes a reset of the Accelerate Program, and the ASIC legal proceedings have concluded. The reset Accelerate Program was described as a multi-year, enterprise-wide transformation program supported by Adjacent Initiatives.
Management also explained a new capital requirement. From 30 June 2027, ASX must hold an additional $150 million in net tangible assets as a capital charge until it achieves the milestones in the reset Accelerate Program and ASIC agrees to a staged reduction or release, subject to ASIC approval.
FY26 in review
Management outlined that FY26 was defined by operational resilience during a period of record volumes, delivery of elements of the technology modernisation program, heightened regulatory engagement, a CEO transition, and a continued focus on delivering for customers.
Technology modernisation and CHESS Release 1 go-live
The presentation highlighted the successful go-live of CHESS Release 1 as a key technology modernisation milestone, alongside continued investment in future-ready market infrastructure. Capital expenditure of $179.6m was reported within guidance, delivering elements of the group’s multi-year technology modernisation roadmap.
Key delivery achievements outlined for FY26 included:
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CHESS Release 1 go-live.
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Cash market moved to a single opening auction with an additional post-close trading opportunity.
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Trade Accept upgrade supporting off-market trades to be cleared through a derivatives clearing house.
Shareholder returns and dividend
Management reported a total dividend of 206.5 cents per share, down 7.5%, comprising an interim dividend of 101.8c and a final dividend of 104.7c.
The lower dividend reflected a payout ratio moving to the bottom of the 75%–85% range, set at 75% of underlying NPAT, with a discounted dividend reinvestment plan operating. Management framed this as a capital management decision to support future funding requirements, noting underlying EPS rose 4.9% to 275.8c.
The presentation also outlined capital management flexibility, including an undrawn $400 million corporate debt facility, a $275 million corporate bond maturing in February 2027, and a technology equipment leasing program of up to $60 million.
FY27 priorities and outlook
Looking ahead, management outlined three strategic pillars for FY27: “Powering markets you can trust everyday,” “Customer driven growth,” and “Shaping tomorrow.”
On outlook, the presentation pointed to the strongest new listings pipeline in several years, a strong start to FY27 in cash market trading, and an environment supportive of interest rate futures volumes.
Guidance provided included:
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FY27 total expense growth guidance of 18%–21% (operating growth of 13%–16% excluding D&A).
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FY27 CAPEX guidance of $180m–$200m.
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Dividend payout ratio range of 75%–85% of underlying NPAT.
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Medium-term underlying ROE target of 12.0%–14.0%.
Management also flagged emerging initiatives, including tokenisation through initial investments in instant collateral movement via Austraclear, US dollar-denominated securities on Austraclear, and a forthcoming discussion paper on market innovation.
For investors, the case rests on record trading volumes and a strong listings pipeline driving revenue, weighed against a multi-year cost investment cycle. The key question is whether revenue momentum can outpace the elevated expense guidance over the period ahead.
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