It's earnings season on the ASX, and that means it's also dividend season. When an ASX share reports its latest financials, it also usually tends to tell investors how much its next dividend will be worth (if it is a dividend-paying stock, of course). This dynamic makes earnings season one of the most interesting periods that investors can enjoy in a given year. This week, we heard from a number of ASX 200 blue-chip shares, and boy, did they have some good news for income investors.
So today, let's go through two ASX 200 blue-chip shares that just gave investors a pay rise.
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Two ASX 200 blue-chip shares that just increased dividends
Telstra Group Ltd (ASX: TLS)
First up, we have ASX 200 dividend stalwart Telstra. This telco has long been a favourite for ASX income investors, given its long history of providing fat, fully-franked dividends.
Well, Telstra's earnings on Thursday did not disappoint on most metrics. The telco revealed that its first dividend of 2026 would be worth 10.5 cents per share, underpinned by strong earnings growth. That's a (coincidental)10.5% rise from the 9.5 cents per share interim dividend that Telstra doled out in 2025. Together with the final dividend of 9.5 cents per share from September, it takes the company's 12-month payouts to a total of 20 cents per share.
However, this dividend comes with a major caveat. It is the first dividend Telstra has paid in decades that will not come fully franked. It will come partially franked at 90.5%, arguably making this a change with more symbolism than impact.
Wesfarmers Ltd (ASX: WES)
Next up, we have another ASX 200 blue-chip share in Wesfarmers. Wesfarmers reported its own half-year earnings on Thursday, too. Although the market received these earnings less enthusiastically than it did Telstra's, Wesfarmers still reported strong growth across revenue, earnings, and profits.
This helped the company declare an interim dividend of $1.02 per share. That represents a 7.37% rise over last year's interim dividend of 95 cents per share. Unlike Telstra's payout, it will come with full franking credits attached. This is a significant dividend from Wesfarmers, as it is the largest ordinary dividend the company has funded since the 2018 spin-off of Coles Group Ltd (ASX: COL).
Together with the final dividend of $1.11 per share from October, this ASX 200 blue-chip share's 12-month ordinary dividend total is $2.13 per share ($2.53 if we include December's special dividend).
