Well, one of the biggest pieces of news on the ASX so far this week has been the blockbuster earnings of healthcare giant CSL Ltd (ASX: CSL). CSL delivered its full-year results for FY 2026 yesterday. And boy, did the markets grab them (and plenty of CSL shares) and run.
By the end of yesterday's session, the CSL share price had rocketed a massive 17.25% for its best day in 20 years.
As we covered yesterday, there were a lot of lukewarm numbers in this ASX 200 healthcare stock's latest report. The company reported total revenues of US$15.89 billion for the year ended 30 June 2026. That was down 1% year on year. Underlying net profits after tax dropped 2% to US$3.1 billion.
A number of one-off costs and impairments drove CSL to a statutory net loss after tax of US$2.6 billion.
However, as my Fool colleague Mark discussed yesterday, it seems that the unbridled optimism we have seen for CSL shares this week has stemmed from its optimistic guidance for FY 2027 and beyond.
CSL told investors to expect underlying net profits after tax growth of around 5% over FY27. This indicates a return to form is on the cards for a company that repeatedly dazzled investors for the decade leading up to 2020, before a series of events tanked the company's fortunes.
Hopefully, CSL can deliver this turnaround. But now, I want to focus on one metric that has caught my eye in CSL's latest numbers.
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CSL shares surge despite a dividend hold
That metric is the final dividend that CSL will pay out in October. Yesterday, CSL revealed that this dividend will be worth US$1.60 per share. Coupled with April's interim dividend of US$1.30 per share, the company is set to dole out a total of US$2.92 in dividends per share in 2026.
That metric is significant because it marks only the second time that CSL will not be delivering a dividend hike to its shareholders. In fact, the last time that CSL didn't increase its year-on-year payouts was in 2022, largely thanks to the aftermath of the pandemic. You'd have to go back at least another decade to find any more instances of a dividend hold from this company.
This is a personal disappointment for me. I bought CSL shares many years ago, in part thanks to its strong history of dividend growth. As such, I was rather dismayed to see another hold on CSL's 2026 payout. A company's dividend growth is, in my view, one of the most vital indicators of a company's health. It is difficult to fudge and provides a sharp insight into the health of a company. Not to mention the fact that ASX shares that consistently grow their dividends over time tend to be market beaters.
Now, CSL has been upfront about its challenges for a while now. So this hold isn't really a surprise. But it is still something I didn't want to see. That's why I'll be watching the payouts that this company declares next year like a hawk.
