Morningstar

These 14 UK Stocks Pay Dividends in September 2026

AstraZeneca, HSBC, and Shell are among stocks paying income to investors.

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After a slow August in terms of dividend payments from the largest UK companies, September looks more eventful for investors holding dividend stocks.

Screening the 100 largest companies by market capitalization in the Morningstar Europe Index brings up 14 UK companies that pay a dividend next month.

Key Morningstar Metrics for AstraZeneca AZN

Karen Andersen, equity analyst for Morningstar, says: “We view Astra’s dividends and share repurchases as appropriate. Despite working through a tough patent cliff, the company maintained its dividend even though the payout ratio climbed above the industry average of close to 50%. As earnings have grown rapidly over the past couple of years, the payout ratio has returned close to the industry average of approximately 50%, which should allow the firm to maintain enough cash to support heavy R&D investment and fund acquisitions to augment internal pipeline development.”

Key Morningstar Metrics for RELX REL

Rob Hales, equity analyst for Morningstar, says: “RELX returns capital to shareholders through a combination of dividends and buybacks, which we think is appropriate given its business fundamentals and relatively mature end markets. Buybacks are regular, not opportunistic. Given its relatively stable business and low uncertainty, we think most buybacks will be completed at around fair value and therefore will not have a material impact on the valuation.”

Key Morningstar Metrics for Lloyds Banking Group LLOY

Niklas Kammer, equity analyst for Morningstar, says: “Lloyds’ Morningstar Capital Allocation Rating is Standard. The bank has an adequate common equity Tier 1 ratio, and we believe it is following a sound shareholder distribution policy.”

Key Morningstar Metrics for Barclays BARC

Niklas Kammer, equity analyst for Morningstar, says: “We rate Barclays’ Morningstar Capital Allocation Rating as Standard. The bank has an adequate common equity Tier 1 ratio and solid balance sheet. Barclays’ decision to return excess capital to shareholders in the form of share buybacks is a positive in our book. In general, we view it favorably that management is open to a flexible capital distribution approach.”

Key Morningstar Metrics for London Stock Exchange LSEG

Niklas Kammer, equity analyst for Morningstar, says: “LSEG’s Morningstar Capital Allocation Rating is Exemplary. The rating reflects our view of its sound balance sheet, exceptional investments, and appropriate shareholder distributions.”

Key Morningstar Metrics for Unilever ULVR

Diana Radu, equity analyst for Morningstar, says: “We think shareholder distributions are appropriate. Dividends have been the preferred vehicle for returning capital to shareholders, and Unilever has delivered slightly above-industry-average payout ratios of around 60% over the last decade. Share repurchases have also been an important use of surplus cash, especially following more sizable asset sales, and we think they have generally been carried out at a level that has created value for shareholders. We expect the firm to maintain its high dividend payout ratio and to be opportunistic when it comes to repurchasing shares. However, tuck-in acquisitions will probably remain a higher priority, particularly in the beauty and well-being space. Larger, transformative acquisitions are off the table.”

Key Morningstar Metrics for Rolls-Royce Holdings RR.

Loredana Muharremi, equity analyst for Morningstar, says: “With free cash flow now structurally higher, the company has moved to a more regular shareholder return framework. After resuming dividends in 2024, Rolls-Royce delivered a 2025 dividend of 9.5p per share and reiterated a target payout ratio of 30%-40% of underlying profit. In addition, it completed a £1 billion share buyback in 2025 and has committed to a multiyear £7 billion‑£9 billion buyback over 2026‑28, which is intended to be funded from free cash flow. Given the step‑up in free cash flow already delivered and the upgraded midterm guidance of £5.0 billion‑£5.3 billion per year by 2028, we view the planned buyback as achievable without compromising balance‑sheet strength.”

Key Morningstar Metrics for BP BP.

Allen Good, equity analyst for Morningstar, says: “We rate BP’s prior shareholder distribution policy as appropriate. The variable shareholder return model is better suited to BP’s new strategy and for potential commodity price volatility. It’s unclear what its future plans will be once target debt levels are reached, but we expect installation of another variable payout scheme that matches peers. This would ensure that the dividend remains safe even at lower oil prices, while setting investor expectations for returns at higher prices, when BP is likely to generate greater surplus cash. By including resilience in its dividend framework, BP should avoid the situation it faced in the past, where the payout grew to unmaintainable levels over time.”

Key Morningstar Metrics for NatWest Group NWG

Niklas Kammer, equity analyst for Morningstar, says: “NatWest’s Morningstar Capital Allocation Rating is Standard. We believe NatWest has sufficiently derisked and decluttered its balance sheet. As a result, the bank has been able to return significant portions of its capital to shareholders that were previously put to poor use. We believe NatWest’s distribution policy of a clear 50% dividend payout ratio, coupled with share buybacks using excess capital, is prudent.”

Key Morningstar Metrics for Glencore GLEN

Jon Mills, equity analyst for Morningstar, says: “With the balance sheet in good shape, we expect a greater share of free cash flow to find its way to shareholders. The company’s policy of paying a base distribution based on prior-year cash flows plus potential additional (or top-up) shareholder returns (including share repurchases and/or further distributions) to the extent net debt doesn’t exceed its USD 10 billion target is appropriate, in our view.”

Key Morningstar Metrics for Shell SHEL

Allen Good, equity analyst for Morningstar, says: “We rate Shell’s shareholder distribution policy as appropriate. After it cut its dividend in 2020, management introduced a variable shareholder-return model, which is better suited to its new strategy as well as to potential commodity price volatility. Shell will return 40%-50% of operating cash flow to shareholders through dividends, including 4% annual growth, and repurchases. This should ensure that the dividend remains safe even at lower oil prices while setting investor expectations for returns at higher prices when Shell is likely to generate greater amounts of operating cash. Although Shell is steadily increasing its dividends, it does so at a much reduced level. As such, we do not see Shell repeating the situation it faced in the past, where the payout grew to unmaintainable levels over time.”

Key Morningstar Metrics for Reckitt Benckiser Group RKT

Diana Radu, equity analyst for Morningstar, says: “Reckitt’s approach to shareholder distributions is appropriate. Reckitt has a progressive dividend policy and has increased dividends by 5% per year over the last two years, which we expect will continue over the midterm. Since October 2023, the company launched two share buyback programs for the amount of £1 billion each. The latest buyback program with around £1 billion amount was announced in early 2026. We believe these decisions were timely given the pronounced share price weakness experienced in recent years.”

Key Morningstar Metrics for Rio Tinto RIO

Jon Mills, equity analyst for Morningstar, says: “Rio Tinto’s balance sheet is sound, with low net debt at the end of June 2026, and we expect the company to run a relatively conservative balance sheet for the foreseeable future. This reflects painful lessons from the global financial crisis, when the company undertook a value-destructive discounted equity issue after taking on too much debt for acquisitions during the preceding boom. We like the focus on returning excess cash to shareholders and think the company’s approach to shareholder distributions is appropriate.”

Key Morningstar Metrics for HSBC HSBA

Kathy Chan, equity analyst for Morningstar, says: “HSBC has been making larger shareholder distributions through buybacks and dividends in the past few years as its earnings improved, which we view as appropriate.”

The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.

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