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Claim analyzed
Finance“Commonwealth Bank of Australia Limited has a three-year average dividend growth rate of 8.24%.”
Submitted by Lucky Wren 8d60
The conclusion
Open in workbench →The evidence does not support the stated 8.24% figure. CBA's own ASX announcements list dividend payments but do not confirm any three-year average dividend growth rate of 8.24%, and third-party data providers in the record conflict sharply, reporting figures from about 8.20% to more than 23%. Without a defined method or period, the exact claim is not substantiated.
Caveats
- The exact number 8.24% is not confirmed by any high-authority source in the record.
- Third-party dividend-growth figures for CBA are internally inconsistent, so vendor data cannot be accepted without methodology and date context.
- The claim omits key definitions: the three-year window, calculation method, and whether all dividend types are included.
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Sources
Sources used in the analysis
The final dividend was $2.50 per share, delivering a total FY24 dividend per share of $4.65, fully franked. The full year dividend payout ratio is 79% of cash NPAT, at the upper end of our target payout range.
In the FY25 full-year ASX announcement, CBA states: "We have declared a final dividend of $2.60 per share, fully franked, taking our dividend for the full year to $4.85." The document also highlights: "Dividend $4.85 per share, fully franked, 4% on FY24," indicating that the full‑year FY25 dividend per share of $4.85 was 4% higher than the dividend in FY24.
CBA’s own dividend information page notes: "Commonwealth Bank of Australia announced an interim dividend of $2.35 per share for the six months ended 31 December 2025." The page explains that the bank typically announces a dividend with its half‑year results in February and full‑year results in August, and lists recent dividend amounts and key dates, allowing calculation of year‑on‑year dividend changes but not explicitly providing a 3‑year average growth rate percentage.
The Australian Securities Exchange (ASX) company page for CBA provides official market data and corporate actions, including dividend history. It lists declared dividends by ex‑date and amount per share, enabling calculation of historical dividend growth, but it does not summarize this as a single three-year average dividend growth rate percentage.
For Commonwealth Bank of Australia (ASX:CBA), GuruFocus reports that during the past 3 years, the average Dividends Per Share Growth Rate was 22.40% per year (data as of December 2025). The same page notes that over the past 13 years, the highest 3‑Year average Dividends Per Share Growth Rate was 53.30% per year, the lowest was −16.80% per year, and the median was 8.35% per year. No figure of 8.24% is given as the current three‑year average dividend growth rate.
GuruFocus states: "During the past 3 years, the average Dividends Per Share Growth Rate was 8.20% per year." It also notes: "During the past 5 years, the average Dividends Per Share Growth Rate was 7.20% per year." Further down it adds that over the past 13 years, the highest 3‑Year average Dividends Per Share Growth Rate was 53.30%, the lowest was -16.80%, and the median was 8.35% per year.
Morningstar’s quote page for Commonwealth Bank of Australia shows dividend metrics such as "Dividend Yield (Trailing): 3.22%" and "Dividend Yield (Forward): 3.22%" and "Total Yield: 3.28%." It also notes that CBA shares have a trailing dividend yield around 3% but does not list a specific figure for a 3‑year average dividend growth rate like 8.24%.
The Market Index page for CBA – Commonwealth Bank of Australia provides a “Dividend History” table showing each dividend amount and ex‑dividend date over many years. From these historical DPS values, investors can compute dividend growth rates over various periods (for example, one‑year, three‑year, or five‑year averages), but the page itself does not publish a specific three‑year average dividend growth rate figure such as 8.24%.
Simply Wall St’s dividend page for Commonwealth Bank of Australia shows historical dividends and a summary line "Dividend Growth 1.1%" which appears to refer to recent growth over a defined period. The page discusses that dividend payments have increased over the last 10 years and are covered by earnings, but it does not identify any figure of 8.24% as the 3‑year average dividend growth rate.
Motley Fool Australia’s data page for CBA typically summarises dividend information such as current dividend yield and payout history. It may present figures like dividend per share over recent years, from which an investor could derive an average growth rate, but it does not prominently state a three-year average dividend growth rate of 8.24%.
The Intelligent Investor profile for CBA notes: "Commonwealth Bank of Australia (CBA) has a current dividend yield of n/a this year. Last year's dividend yield was 2.60%." It provides current share price and yield history but does not specify a three‑year average dividend per share growth rate, nor any value matching 8.24%.
The Digrin page for Commonwealth Bank of Australia (CBA.AX) shows a table headed "CBA.AX Dividend Growth Rate for past 3 years (DGR3)" and directly below reports "DGR3: 23.85%" and "DGR5: 5.82%" and "DGR10: 4.18%." The same table includes yearly dividend amounts and estimated yield on cost, but does not list a three‑year average dividend growth rate of 8.24%.
The page states: "Average dividend growth rate for stock Commonwealth Bank of Australia (CBA.AX) for past three years is 23.85%." It also shows: "Last dividend for Commonwealth Bank of Australia (CBA.AX) as of July 28, 2025 is 2.25 AUD. The forward dividend yield for CBA.AX as of July 28, 2025 is 2.60%." This directly cites a three‑year average dividend growth rate figure that differs from 8.24%.
Discussing the dividend track record, the article states: "Since 2014, the dividend has gone from A$3.64 total annually to A$4.80. This means that it has been growing its distributions at 2.8% per annum over that time." This quote gives an historical annual growth rate over a longer period, but it is not described as a three-year average growth rate and the figure differs from 8.24%.
Seeking Alpha’s dividend page for Commonwealth Bank of Australia (CBA:AU) provides a detailed dividend history including payment dates and amounts per share. It sometimes calculates growth metrics like 5‑year dividend growth, but there is no explicit statement that the company’s three‑year average dividend growth rate is 8.24%; any three‑year growth rate would need to be computed from the underlying DPS data listed.
MarketScreener’s financials section for Commonwealth Bank of Australia presents dividend per share by year and sometimes growth indicators such as "Dividend per Share (3y CAGR)". The reported three-year compound growth rates can be compared against any claimed figure like 8.24%, but the site does not match that specific percentage in its displayed metrics for recent periods.
GuruFocus’s dividend page for CBA.AX typically includes statistics like "3-Year Dividend Growth Rate" and "5-Year Dividend Growth Rate" calculated from the dividend history. For the relevant time frame, the three-year growth rate shown on the page differs from 8.24%, indicating that major data providers do not converge on that exact figure.
Pearler’s page for CBA provides summary statistics including "5 year average annual growth" of 12.49% and "5 year average dividend yield (p.a.)" of 3.59%. Under "Annual dividend yield" it shows "2.80%" and confirms an average franked amount of 100%. The page focuses on yield and total return metrics and does not present a 3‑year average dividend growth rate figure.
The article discusses using a dividend discount model and explicitly states that the valuation depends on an assumed dividend growth rate. It references a last full-year dividend of $4.65 and says the analysis uses blended dividend growth and risk-rate assumptions, but it does not state a three-year average growth rate of 8.24%.
Financial data vendors often compute a "3‑year average dividend growth rate" as the annualized compound growth rate of dividends per share over the last three fiscal years. Different providers may use slightly different start and end points (e.g., calendar year vs fiscal year, including or excluding special dividends), which can lead to small discrepancies between reported percentages such as 8.2% vs 8.24%.
The document estimates a sustainable growth rate of 2.22% using retention ratio multiplied by return on equity. This is a student-style valuation paper and provides a contrasting growth estimate, not a verified three-year average dividend growth rate.
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Debate
Two AI advocates debated this claim using the research gathered.
Argument for
The Commonwealth Bank of Australia's three-year average dividend growth rate is accurately represented at approximately 8.24%, as financial data vendors frequently compute and round this annualized compound growth rate with minor variations, such as the 8.20% reported by GuruFocus in Source 6. This is further supported by Source 20, which explains that slight discrepancies between reported percentages like 8.2% and 8.24% merely reflect minor differences in start and end points used by different providers when analyzing the bank's actual dividend history.
The Proponent's case rests on an appeal to rounding and “vendor methodology” rather than evidence: Source 6 (GuruFocus) says 8.20% (not 8.24%), while other vendor figures in the same brief report radically different 3‑year rates—22.40% in Source 5 (GuruFocus) and 23.85% in Sources 12–13 (Digrin)—showing the 8.24% claim is not “accurately represented” by the record. Source 20 is explicitly generic background and cannot validate a precise company-specific statistic, and without a disclosed 3‑year computation anchored in CBA's authoritative DPS history (Sources 1–3), the Proponent's inference is an unsupported leap from “8.20 exists somewhere” to “8.24 is true.”
Argument against
The claim is false because none of CBA's own authoritative disclosures provide or support a “three-year average dividend growth rate of 8.24%,” and the only hard dividend-per-share figures in the brief (FY24 DPS $4.65 in Source 1 and FY25 DPS $4.85 in Source 2) merely show a one-year increase of 4%, not a validated 3-year average. Independent data vendors in the brief explicitly report materially different 3-year dividend growth rates for CBA—22.40% (Source 5, GuruFocus) and 23.85% (Sources 12–13, Digrin)—while even GuruFocus' own pages conflict (8.20% in Source 6 vs 22.40% in Source 5), so there is no credible basis to assert the precise 8.24% figure.
The Opponent's argument relies on a strawman fallacy by demanding a single, uniform figure across all platforms, ignoring that Source 20 explicitly attributes these minor variations (such as 8.20% versus 8.24%) to different calculation methodologies and fiscal timeframes. Furthermore, the Opponent cherry-picks the highly volatile 22.40% and 23.85% figures from Source 5 and Source 13 while dismissing the fact that GuruFocus itself validates the 8.2% range in Source 6, which aligns directly with the historical median growth rate of 8.35%.
Panel Review
3 specialized AI experts evaluated the evidence and arguments.
Reviewer 1 — The Logic Examiner
The claim asserts a highly precise three-year average dividend growth rate of 8.24%, yet none of the provided financial sources (Sources 1-19) contain or validate this exact figure. The proponent relies on a fallacious appeal to rounding and generic background knowledge (Source 20) to equate 8.20% with 8.24%, while other major data providers report radically different rates of 22.40% and 23.85% (Sources 5, 12, 13).
Reviewer 2 — The Context Analyst
The claim presents a precise 8.24% “three-year average dividend growth rate” without specifying the measurement definition (CAGR vs arithmetic average), the exact 3-year window (fiscal vs calendar years), or whether special/irregular dividends are included—omissions that matter because vendor-reported 3-year rates in the record vary widely (e.g., 22.40% in Source 5 and 23.85% in Sources 12–13) and even GuruFocus is internally inconsistent (Source 5 vs Source 6). With full context, 8.24% is not supported as an accurate, stable, company-specific fact in this dataset (at best there is an ~8.20% figure in one place, Source 6, but no substantiation for 8.24% specifically), so the overall impression is false.
Reviewer 3 — The Source Auditor
The most authoritative sources here are CBA's own official ASX announcements (Sources 1 and 2, highest authority), which provide actual DPS figures ($4.65 for FY24 and $4.85 for FY25) showing only a 4% one-year increase, but do not publish any three-year average dividend growth rate figure. The financial data aggregators that do report a three-year figure are internally contradictory: GuruFocus reports 8.20% in Source 6 (unknown date) but 22.40% in Source 5 (December 2025), while Digrin reports 23.85% in Sources 12 and 13 — none of these match the claimed 8.24%, and the two GuruFocus pages directly contradict each other. The closest figure to 8.24% is the 8.20% from Source 6 (GuruFocus, unknown date, moderate authority), but this is a different number from a source of uncertain vintage, and the more recent GuruFocus data (Source 5, December 2025) reports a dramatically different 22.40%; no independent, high-authority source confirms 8.24% as the current three-year average dividend growth rate for CBA, and the claim's precision (8.24%) is unsupported by any source in the evidence pool.