AstraZeneca dividend: pay, cash cover and yield
AstraZeneca pays a dividend per share shown across the years, and dividends took a smaller share of real free cash flow by 2025. AstraZeneca's real free cash flow after stock compensation was $7,579 million, with dividends, investment and deal payments competing for cash.
How much does AstraZeneca pay per share over the years?
Real free cash flow after stock compensation improved over the five-year period, and dividends took a smaller share of it by 2025. That gave AstraZeneca more room to fund research, acquisitions and manufacturing while continuing its dividend. Stock compensation is treated as a cost here because issuing shares dilutes existing shareholders.
| Year to Dec 2025 | Year to Dec 2024 | Year to Dec 2023 | Year to Dec 2022 | Year to Dec 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share (calculated) | 5.31 | 4.45 | 4.03 | 4.48 | 2.47 |
| Buybacks per share (calculated) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Stock pay per share (calculated) | 0.46 | 0.42 | 0.37 | 0.40 | 0.43 |
| Dividend per share | 3.20 | 3.10 | 2.90 | 2.90 | 2.87 |
| Net share dilution (calculated) | -0.1% | 0.1% | 0.1% | 9.3% | 8.7% |
Does AstraZeneca's cash cover its dividend?
Stock-based pay is an economic cost even though it is not paid entirely in cash. Subtracting the $719 million expense gives an analytical “real” free cash flow of $7,579 million. Receivables and inventory also require attention: faster collection, factoring and bank-backed drafts can change the timing of cash without changing the underlying sale.
| Year to Dec 2025 | Year to Dec 2024 | Year to Dec 2023 | Year to Dec 2022 | Year to Dec 2021 | |
|---|---|---|---|---|---|
| Real free cash flow (after stock pay) (calculated) | 7,579 | 6,299 | 5,720 | 6,374 | 2,908 |
| Dividends paid | 4,965 | 4,625 | 4,477 | 4,364 | 3,856 |
| Shares bought back | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 1,230 | 3,782 | 1,099 | 1,035 | 10,117 |
| Returned to shareholders, share of real free cash flow (calculated) | 65.5% | 73.4% | 78.3% | 68.5% | 132.6% |
What could change AstraZeneca's dividend?
The dividend begins at $3.30 in FY2026, which management intends to declare under its progressive policy. The base case reaches $3.60 by FY2029, bear reaches $3.39, and bull reaches $3.95. The declared interim dividend of $1.06 supports continuation, but investment and deal payments keep base growth below earnings growth.
The forecast moves toward the bear case if Farxiga generic competition and China price cuts slow revenue during 2027–2029. Weak trial results, restrictive coverage or poor testing and prescribing would reduce launch revenue and the P/E; technical approval alone may not create broad patient use. Investment running ahead of cash generation would add debt while buybacks remain absent.
| FY2026 | FY2027 | FY2028 | FY2029 | |
|---|---|---|---|---|
| Revenue growth | 7.5 % (5.5 % / 8.5 %) | 7.0 % (3.0 % / 9.0 %) | 6.5 % (2.0 % / 9.0 %) | 6.5 % (1.0 % / 8.5 %) |
| Earnings per share (GBp per AZN.L share) | 534 (461 / 555) | 580 (452 / 637) | 623 (444 / 729) | 669 (434 / 821) |
| Buybacks | 0.00 (0.00 / 0.00) | 0.00 (0.00 / 0.00) | 0.00 (0.00 / 0.00) | 0.00 (0.00 / 0.00) |
| Dividend per share (GBp per AZN.L share) | 249.87 (249.87 / 249.87) | 257.44 (252.14 / 265.01) | 265.01 (254.41 / 281.67) | 272.58 (256.68 / 299.09) |
What is AstraZeneca's dividend yield today against its share price?
Revenue has risen across the five-year table, but the latest growth rate is slower than the acquisition-influenced 2021 and 2022 comparisons. Operating margin has improved, although reported profit still moves with impairments, restructuring and other exceptional items; net debt remains substantial. Diluted EPS has risen from a near-zero 2021 base, while the company’s own free cash flow per share is lower after stock-based pay. Valuation is 23.5x trailing P/E and 13.8x next-twelve-month P/E; free-cash-flow yield is 2.3%, dividend yield is 2.0%, and buybacks are absent.