easyJet

Website: easyJet
Index: FTSE 100
EPIC: EZJ
Supersector: Travel and Leisure
Sector: Travel and Leisure
Subsector: Airlines
Market Cap: £3.68B
Payout Frequency: Annual

Next easyJet Dividend

easyJet next goes ex-dividend on 19/02/2026. This will be the Final dividend for 2026.

The dividend per share amount is 13.2000p (GBP) and the payment date is 27/03/2026.

Key dividend details

Policy and cover

Dividend policy: maintain an ordinary dividend of 20% of headline PAT; additional “excess capital” returns to be assessed based on market conditions, capex and progress vs medium-term targets.
Earnings cover: headline EPS 66.4p vs DPS 13.2p ? ~5.0x cover; cash dividend equals ~£100m vs headline PAT of ~£499m.
Year-on-year growth: DPS up ~9% (13.2p vs 12.1p), aligned with earnings growth and unchanged payout formula.

Short, focused analysis

Sustainability: Strong balance sheet with £602m net cash and £4.8bn liquidity supports the ordinary dividend. High cover (~5x) and investment-grade ratings (BBB+/Baa2) underpin capacity to pay under the 20% policy.
Growth trajectory: DPS growth (~9%) mirrors improved FY25 performance (headline PBT +9%). Medium-term ambitions (>£1bn PBT; holidays PBT target upgraded to £450m by FY30) imply scope for dividend growth if delivered, given the fixed 20% payout.
Financial and capital allocation support: FY25 headline PBT £665m, ROCE 18%, and continued cost discipline bolster distributions. However, capital allocation is clearly prioritising fleet modernisation and upgauging, with heavy capex guidance: FY26 c.£1.7bn, FY27 c.£2.3bn, FY28 c.£3.3bn. The 20% payout framework is conservative and should remain serviceable through this capex cycle, but leaves limited headroom for specials/buybacks near term.

Structural or strategic items relevant to future dividends

Network/base changes: new bases (Milan Linate, Rome Fiumicino, London Southend) and closures (Toulouse, Venice); further base openings in FY26 (Newcastle, Marrakech). Near-term drag from route maturity and first winter at new Italian bases noted; longer term expected to enhance utilisation and returns.
Fleet actions: repurchase of eight leased aircraft into ownership and ongoing A320neo deliveries (17 in FY26; 30 in FY27; 43 in FY28) support structural cost efficiencies but elevate capex in the medium term.
Financing: New undrawn $1.7bn RCF to 2030 and repayment of a €500m Eurobond improve flexibility; supports dividend resilience under the current 20% policy.

Risks and flags to dividend stability

Execution/cycle risks: Airline RASK down 3% and winter improvement slower than planned; ongoing investments to mature new routes may weigh on near-term airline profitability.
Cost inflation and regulation: Market-wide inflation across navigation, airport charges, maintenance, wages; rising environmental costs (ETS free allowances phasing out, SAF mandates) could pressure margins.
Fuel and FX volatility: Despite hedging (FY26 H1 fuel ~80% at ~$717/mt; USD hedges in place), movements can affect earnings and hence the dividend quantum under the 20% policy.
Operational/geopolitical disruption: ATC issues, geopolitical events and disruption costs remain structural risks for airlines.
Legal/regulatory: Ongoing litigation and the Spanish consumer fine appeal (c.€29m)—no provision recorded—represent potential downside, albeit not currently cash-relevant per company stance.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
26/02/2014	21/03/2014	Special	44.10p	GBX
26/02/2014	21/03/2014	Final	33.50p	GBX

Total (Annual Dividends Per Share): 77.60p

Dividend Yield = Annual Dividends Per Share (77.60p) ÷ Share Price (488p) = 15.9%

Ex Dividend Date	Payment Date	Type	Amount	Currency
19/02/2026	27/03/2026	Final	13.2000p	GBX
20/02/2025	21/03/2025	Final	12.10p	GBX
22/02/2024	22/03/2024	Final	4.50p	GBX
27/02/2020	20/03/2020	Final	43.90p	GBX
28/02/2019	22/03/2019	Final	58.60p	GBX
01/03/2018	23/03/2018	Final	40.90p	GBX
23/02/2017	17/03/2017	Final	53.80p	GBX
25/02/2016	18/03/2016	Final	55.20p	GBX
26/02/2015	20/03/2015	Final	45.40p	GBX
26/02/2014	21/03/2014	Special	44.10p	GBX
26/02/2014	21/03/2014	Final	33.50p	GBX

Year	Final	Special	Currency	Total	Change
2024	12.100		GBX	12.100	168.880
2023	4.500		GBX	4.500	-89.740
2019	43.900		GBX	43.900	-25.080
2018	58.600		GBX	58.600	43.270
2017	40.900		GBX	40.900	-23.970
2016	53.800		GBX	53.800	-2.530
2015	55.200		GBX	55.200	-38.320
2014	45.400	44.100	GBX	89.500	167.160
2013	33.500		GBX	33.500

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–