GSK

Website: GSK
Index: FTSE 100
EPIC: GSK
Supersector: Health Care
Sector: Pharmaceuticals and Biotechnology
Subsector: Pharmaceuticals
Market Cap: £89.02B
Payout Frequency: Quarterly

Next GSK Dividend

GSK next goes ex-dividend on 19/02/2026. This will be the Q4 dividend for 2026.

The dividend per share amount is 18.0000p (GBP) and the payment date is 09/04/2026.

GSK Dividend Analysis and Summary

Declared Dividend and Key Dates

Q4 2025 dividend: 18p per share
Ex-dividend date (Ordinary shares): 19/02/2026
Ex-dividend date (ADRs): 20/02/2026
Record date: 20/02/2026
Payment date: 09/04/2026
FY 2025 total dividend: 66p per share (up from 61p in 2024)
FY 2026 expected dividend: 70p per share
Dividend policy: progressive, guided by a 40–60% pay-out ratio through the investment cycle
Ongoing capital returns: £2bn share buyback (to end Q2 2026), with £1.4bn executed to date

Coverage and Cash Flow Support

Core EPS (2025): 172.0p; FY DPS of 66p is covered ~2.6x by earnings
Free cash flow (2025): £4.0bn vs £2.56bn dividends paid (c.1.6x cash cover)
Balance sheet: Net debt £14.5bn; Net debt/Core EBITDA 1.3x (modest leverage)

Outlook for Dividend Growth

Company reiterates FY 2026 DPS of 70p (implies further growth from 66p)
2026 guidance: Core EPS growth +7–9%, supporting dividend progression and coverage
Mix shift to Specialty Medicines and ongoing buybacks bolster per-share metrics

Structural/Policy Developments Relevant to Dividends

ViiV Healthcare ownership change (post balance sheet): Pfizer’s 11.7% economic interest to be replaced by Shionogi (Shionogi to 21.7%, GSK unchanged at 78.3%). GSK to receive a $0.25bn special dividend and Pfizer put option liability to be extinguished on completion (expected Q1 2026) — reduces overhang/volatility around that obligation and is supportive for future cash flows.
Active M&A: IDRx and BP Asset IX acquisitions in 2025; agreement to acquire RAPT (expected close Q1 2026). These increase near-term cash outlays but are manageable given FCF and leverage.
Ongoing £2bn buyback through Q2 2026 complements the cash dividend and supports capital return consistency.

Risks and Flags for Dividend Stability

US pricing headwinds: Medicare Part D redesign and the confidential US agreement to lower prescription costs; management’s 2026 guidance includes expected impacts, but margins remain exposed to policy changes.
ViiV contingent consideration to Shionogi: Cash payments were £1.28bn in 2025 and are ongoing; while non-IFRS in P&L, they represent a meaningful cash drain (offset partially by the Pfizer put option removal once the ViiV transaction closes).
FX headwinds: If current rates persist, 2026 Sterling turnover growth could see ~–3% impact and Core operating profit ~–6%; may affect reported dividend cover.
Legal overhang (Zantac et al.): Provisions reduced and many cases resolved/dismissed, but residual cases and appeals remain; outcome uncertainty persists.
Capital intensity: Management expects R&D to grow ahead of sales and continues to fund launches; near-term cash needs rise but are balanced by strong FCF and disciplined SG&A.

Bottom Line

The Q4 2025 dividend of 18p with ex-dividend date 19/02/2026 is well covered by earnings and cash flow.
Dividend trajectory is positive (61p ? 66p ? 70p expected), supported by Specialty Medicines growth, robust FCF, moderate leverage, and concurrent buybacks.
Key watchpoints are US pricing dynamics, ongoing ViiV cash obligations, and FX; the pending ViiV transaction (removing the Pfizer put) is a structural positive for future cash flexibility.

GSK Annual Dividend Yield - 1.52%

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
13/11/2025	08/01/2026	Q3	16.0000p	GBX
19/02/2026	09/04/2026	Q4	18.0000p	GBX

Total (Annual Dividends Per Share): 34.00p

Dividend Yield = Annual Dividends Per Share (34.00p) ÷ Share Price (2239p) = 1.52%

Ex Dividend Date	Payment Date	Type	Amount	Currency
19/02/2026	09/04/2026	Q4	18.0000p	GBX
13/11/2025	08/01/2026	Q3	16.0000p	GBX
14/08/2025	09/10/2025	Q2	16.00p	GBX
15/05/2025	10/07/2025	Q1	16.00p	GBX
20/02/2025	10/04/2025	Q4	16.00p	GBX
14/11/2024	09/01/2025	Q3	15.00p	GBX
15/08/2024	10/10/2024	Q2	15.00p	GBX
16/05/2024	11/07/2024	Q1	15.00p	GBX
22/02/2024	11/04/2024	Q4	16.00p	GBX
16/11/2023	11/01/2024	Q3	14.00p	GBX
17/08/2023	12/10/2023	Q2	14.00p	GBX
18/05/2023	13/07/2023	Q1	14.00p	GBX
23/02/2023	13/04/2023	Q4	13.75p	GBX
17/11/2022	12/01/2023	Q3	13.75p	GBX
18/08/2022	06/10/2022	Q2	16.25p	GBX
19/05/2022	01/07/2022	Q1	14.00p	GBX
24/02/2022	07/04/2022	Q4	23.00p	GBX
18/11/2021	13/01/2022	Q3	19.00p	GBX
19/08/2021	07/10/2021	Q2	19.00p	GBX
20/05/2021	08/07/2021	Q1	19.00p	GBX
18/02/2021	08/04/2021	Q4	23.00p	GBX
12/11/2020	14/01/2021	Q3	19.00p	GBX
13/08/2020	08/10/2020	Q2	19.00p	GBX
14/05/2020	09/07/2020	Q1	19.00p	GBX
20/02/2020	09/04/2020	Q4	23.00p	GBX
14/11/2019	09/01/2020	Q3	19.00p	GBX
08/08/2019	10/10/2019	Q2	19.00p	GBX
16/05/2019	11/07/2019	Q1	19.00p	GBX
21/02/2019	11/04/2019	Q4	23.00p	GBX
15/11/2018	10/01/2019	Q3	19.00p	GBX
09/08/2018	11/10/2018	Q2	19.00p	GBX
10/05/2018	12/07/2018	Q1	19.00p	GBX
22/02/2018	12/04/2018	Q4	23.00p	GBX
09/11/2017	11/01/2018	Q3	19.00p	GBX
10/08/2017	12/10/2017	Q2	19.00p	GBX
11/05/2017	13/07/2017	Q1	19.00p	GBX
23/02/2017	13/04/2017	Q4	23.00p	GBX
03/11/2016	12/01/2017	Q3	19.00p	GBX
11/08/2016	13/10/2016	Q2	19.00p	GBX
12/05/2016	14/07/2016	Q1	19.00p	GBX
18/02/2016	14/04/2016	Q4	23.00p	GBX
18/02/2016	14/04/2016	Special	20.00p	GBX
12/11/2015	14/01/2016	Q3	19.00p	GBX
13/08/2015	01/10/2015	Q2	19.00p	GBX
14/05/2015	09/07/2015	Q1	19.00p	GBX
19/02/2015	09/04/2015	Q4	23.00p	GBX
06/11/2014	08/01/2015	Q3	19.00p	GBX
06/08/2014	02/10/2014	Q2	19.00p	GBX
14/05/2014	10/07/2014	Q1	19.00p	GBX
19/02/2014	10/04/2014	Q4	23.00p	GBX
13/11/2013	09/01/2014	Q3	19.00p	GBX
07/08/2013	03/10/2013	Q2	18.00p	GBX
08/05/2013	11/07/2013	Q1	18.00p	GBX

Year	Special	Currency	Total	Change
2024		GBX	61.000	9.410
2023		GBX	55.750	-16.790
2022		GBX	67.000	-16.250
2021		GBX	80.000	0.000
2020		GBX	80.000	0.000
2019		GBX	80.000	0.000
2018		GBX	80.000	0.000
2017		GBX	80.000	-20.000
2016	20.000	GBX	100.000	25.000
2015		GBX	80.000	0.000
2014		GBX	80.000	45.450
2013		GBX	55.000

GSK Dividend Calculator

Number of Shares:

Payment	Paid	Amount
Next	–	–
Previous	–	–

GSK Dividend Growth

Dividend Growth (1Y)	8.2%
Dividend CAGR (5Y)	-7.97%
Years of Growth	2
Payout Ratio	44.86%
Buyback Yield	0.6%
Shareholder Yield	3.93%

P/E Ratio (TTM)	15.73
Forward P/E	12.06
P/FCF	13.71
Earnings Yield	6.52%
FCF Yield	7.29%
ROE	43.31%
ROCE	23.74%
Profit Margin	17.5%
Operating Margin	28.87%
Gross Margin	72.61%