ITV
Website:
ITV
Index:
FTSE 250
EPIC: ITV
Supersector:
Media
Sector:
Media
Subsector:
Broadcasting and Entertainment
Market Cap:
£3.03B
Payout Frequency: Semi-Annual
ITV Dividend Analysis and Summary
Key Dividend Details
- Final dividend: 3.3p per share (to be paid in May 2026)
- Full-year ordinary dividend: 5.0p per share (c. £190m total cash outlay)
- Ex-dividend date: Thursday 09/04/2026
- Record date: Friday 10/04/2026
- Payment date: Thursday 21/05/2026
- AGM/approval: Thursday 07/05/2026
Dividend Sustainability and Growth Outlook
- Coverage: Adjusted EPS of 8.5p implies c. 1.7x dividend cover (c. 59% payout). On a statutory EPS of 5.9p, cover is thinner at ~1.2x.
- Cash support: 2025 profit-to-cash conversion was 65% (down from 83%), but guidance targets ~80% medium-term. Capex is modest at ~£60m and leverage remains low at 1.0x (net debt £566m), supporting ongoing distributions.
- Earnings trajectory: Group adjusted EBITA was broadly resilient (down 1% to £534m), with 5% growth in ITV Studios revenue and 10% digital revenue growth offsetting weaker linear advertising (TAR down 5%). Management expects further Studios growth in 2026 and continued profitable digital expansion.
- Policy and growth: The full-year dividend of 5.0p is “in line with policy” and appears effectively flat year-on-year. Near-term, dividend growth will likely be constrained until EPS and cash conversion improve, but current coverage and balance sheet suggest the ordinary dividend is maintainable.
Structural Changes and Potential Impact
- Possible sale of M&E business to Sky: Discussions are ongoing; no certainty of a transaction. A sale would be strategically significant and could reset dividend policy depending on earnings mix post-transaction and any use of proceeds (e.g., debt reduction, reinvestment, or potential returns).
- Content and rights mix: Expanded 2026 Men’s Football World Cup coverage and England Men’s rugby rights could bolster advertising and cash generation in H2 2026, supporting dividends, though these are timing- and event-dependent.
Risks and Flags Relevant to Dividend Stability
- Advertising cyclicality: TAR was down 5% in 2025; Q1 2026 expected down ~2%. Event-driven uplift may not fully offset macro softness.
- Cash conversion: At 65% in 2025, sustained improvement toward the ~80% target is important to comfortably fund the ~£190m dividend alongside content spend (~£1.225bn in 2026).
- Exceptional and transaction costs: £107m in 2025; guidance of ~£55m in 2026 continues to consume cash.
- Leverage and investment needs: Net debt rose to £566m (1.0x), still conservative, but higher than 2024; ongoing digital investment and restructuring may compete with distributions if trading weakens.
- M&A uncertainty: A potential M&E divestment could alter earnings capacity and capital allocation priorities, affecting future payout level and cadence.
Read more
ITV Annual Dividend Yield - 6.17%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 10/04/2025 |
22/05/2025 |
Final |
3.30p |
GBX |
| 16/10/2025 |
25/11/2025 |
Interim |
1.70p |
GBX |
Total (Annual Dividends Per Share):
5.00p
Dividend Yield =
Annual Dividends Per Share (5.00p)
÷ Share Price (81p)
= 6.17%
ITV Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 09/04/2026 |
21/05/2026 |
Final |
3.3000p |
GBX |
| 16/10/2025 |
25/11/2025 |
Interim |
1.70p |
GBX |
| 10/04/2025 |
22/05/2025 |
Final |
3.30p |
GBX |
| 17/10/2024 |
26/11/2024 |
Interim |
1.70p |
GBX |
| 11/04/2024 |
23/05/2024 |
Final |
3.30p |
GBX |
| 19/10/2023 |
28/11/2023 |
Interim |
1.70p |
GBX |
| 13/04/2023 |
25/05/2023 |
Final |
3.30p |
GBX |
| 20/10/2022 |
28/11/2022 |
Interim |
1.70p |
GBX |
| 14/04/2022 |
26/05/2022 |
Final |
3.30p |
GBX |
| 09/04/2020 |
21/05/2020 |
Final |
5.40p |
GBX |
| 24/10/2019 |
02/12/2019 |
Interim |
2.60p |
GBX |
| 11/04/2019 |
23/05/2019 |
Final |
5.40p |
GBX |
| 25/10/2018 |
03/12/2018 |
Interim |
2.60p |
GBX |
| 12/04/2018 |
24/05/2018 |
Final |
5.28p |
GBX |
| 26/10/2017 |
27/11/2017 |
Interim |
2.52p |
GBX |
| 27/04/2017 |
25/05/2017 |
Special |
5.00p |
GBX |
| 27/04/2017 |
25/05/2017 |
Final |
4.80p |
GBX |
| 27/10/2016 |
28/11/2016 |
Interim |
2.40p |
GBX |
| 28/04/2016 |
27/05/2016 |
Special |
10.00p |
GBX |
| 28/04/2016 |
27/05/2016 |
Final |
4.10p |
GBX |
| 29/10/2015 |
30/11/2015 |
Interim |
1.90p |
GBX |
| 30/04/2015 |
29/05/2015 |
Special |
6.25p |
GBX |
| 30/04/2015 |
29/05/2015 |
Final |
3.30p |
GBX |
| 30/10/2014 |
01/12/2014 |
Interim |
1.40p |
GBX |
| 30/04/2014 |
30/05/2014 |
Special |
4.00p |
GBX |
| 30/04/2014 |
30/05/2014 |
Final |
2.40p |
GBX |
| 30/10/2013 |
29/11/2013 |
Interim |
1.10p |
GBX |
| Year |
Interim |
Final |
Special |
Currency |
Total |
Change |
| 2024 |
1.700 |
3.300 |
|
GBX |
5.000 |
0.000 |
| 2023 |
1.700 |
3.300 |
|
GBX |
5.000 |
0.000 |
| 2022 |
1.700 |
3.300 |
|
GBX |
5.000 |
-7.400 |
| 2020 |
|
5.400 |
|
GBX |
5.400 |
-32.500 |
| 2019 |
2.600 |
5.400 |
|
GBX |
8.000 |
1.520 |
| 2018 |
2.600 |
5.280 |
|
GBX |
7.880 |
-36.030 |
| 2017 |
2.520 |
4.800 |
5.000 |
GBX |
12.320 |
-25.330 |
| 2016 |
2.400 |
4.100 |
10.000 |
GBX |
16.500 |
44.100 |
| 2015 |
1.900 |
3.300 |
6.250 |
GBX |
11.450 |
46.790 |
| 2014 |
1.400 |
2.400 |
4.000 |
GBX |
7.800 |
609.090 |
| 2013 |
1.100 |
|
|
GBX |
1.100 |
|
ITV Dividend Calculator
ITV Dividend Growth
| Dividend Growth (1Y) |
–
|
| Dividend CAGR (5Y) |
8.67%
|
| Years of Growth |
–
|
| Payout Ratio |
85%
|
| Buyback Yield |
5.03%
|
| Shareholder Yield |
11.32%
|
| P/E Ratio (TTM) | 13.59 |
|---|
| Forward P/E | 9.11 |
|---|
| P/FCF | 16.74 |
|---|
| Earnings Yield | 7.46% |
|---|
| FCF Yield | 5.97% |
|---|
| ROE | 12.31% |
|---|
| ROCE | 18.46% |
|---|
| Profit Margin | 6.27% |
|---|
| Operating Margin | 13.61% |
|---|
| Gross Margin | 16.78% |
|---|