3 ASX dividend shares to buy right now

Franked income from three very different businesses.

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Investors hunting ASX dividend shares are about to get a lot more information to work with.

Reporting season runs from 3 to 31 August, and more than 250 companies will release FY26 results.

Final dividends will be declared right across the market.

Here are three names offering strong franked income, each with a result due this month.

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.

Image source: Getty Images

Why ASX dividend shares are back in focus

Two forces are pushing income back up the agenda.

The first is interest rates.

The RBA has lifted the cash rate three times this year to 4.35%, and left it there in June. That raises the bar term deposits set for equity income.

The second is tax.

Legislated capital gains tax changes from 1 July 2027 are already impacting investor returns from dividends and yield.

Telstra Group Ltd (ASX: TLS)

Telstra is the most defensive of the three ASX dividend shares.

The telco lifted its interim dividend 10.5% to 10.5 cents per share in the FY26 half-year result.

If it matches that with the final payout, the annual dividend will reach 21 cents per share.

That works out to a grossed-up yield of around 5.4%, including franking credits.

Recent earnings support the payout: Mobile handheld users rose by 135,000 in the first half.

That drove earnings before interest and tax to grow 9.2% to $2 billion, while cash earnings per share jumped 19.7% to 14 cents.

This is unusual growth for a business of Telstra's size and maturity.

Woodside Energy Group Ltd (ASX: WDS)

Woodside offers the biggest headline yield of the three.

The energy giant recently traded on a trailing yield of about 5.3%, which grosses up to 7.57% with full franking.

Woodside pays out a high proportion of underlying profit, and its dividends have carried full franking for most of its history.

The catch is the energy cycle.

Woodside's earnings, and therefore its dividends, move with oil and gas prices.

First-quarter 2026 operating revenue came in at US$3.26 billion, up 7% on the December quarter.

That was helped by an average realised price of US$63 per barrel of oil equivalent, though production fell 8% to 45.2 million barrels of oil equivalent over the same period.

As a potential driver for future earnings, Woodside's Scarborough project reached 96% completion and remains on track for its first LNG cargo in the fourth quarter of 2026.

BHP Group Ltd (ASX: BHP)

BHP had a spectacular FY26, with the shares soaring 62%.

CommSec estimates a FY26 dividend of $2.10 per share, a yield of around 3.6%. That is the smallest yield of the three, but it comes attached to the strongest balance sheet.

The June quarter operational review showed copper production of 491.9kt and iron ore production of 68.1mt.

For the first time in BHP's history, copper earnings exceeded those of iron ore in the first half of FY26.

BHP reports its FY26 result on 18 August, and brokers expect a healthy final dividend.

The risks with these ASX dividend shares

None of these payouts is guaranteed.

Woodside's dividend is the most cyclical of the three and could fall if energy prices retreat from current levels.

BHP's FY27 iron ore guidance of 260mt to 272mt sits below FY26 output of 264.7mt, and FY28 copper guidance of 1.65mt to 1.8mt implies a sizeable step down from 1.95mt.

Telstra, on the other hand, is the steadiest of the group, but it trades on a premium multiple for a telco.

Foolish takeaway

These three ASX dividend shares approach income from very different angles.

Telstra offers slow, reliable growth.

Woodside offers a high yield with cyclical risk attached.

BHP offers a smaller yield backed by an exceptional balance sheet and strong copper leverage.

All three report this month, so income investors will not have to wait long for clarity.

Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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