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Ex-dividend and record dates
Who gets a dividend: the ex-dividend, record and payment dates, why the ex-date now matches the record date, and the exception for very large dividends.
The short answer
A dividend goes to whoever owned the shares before the ex-dividend date. If shares change hands on the ex-dividend date or later, the seller gets that dividend, not the buyer. Since US trades began settling one business day after the trade in 2024, the ex-dividend date for an ordinary cash dividend is the same day as the record date. Apple's $0.27 dividend, for example, goes to holders of record on Nov 12, 2026, so that's also its ex-dividend date: shares bought by the close on Nov 11, 2026 receive it.
The four dates, with Apple's dividend
Apple's earnings release, filed as an exhibit to an 8-K on Nov 2, 2026, says its board "declared a cash dividend of $0.27 per share", "payable on November 16, 2026, to shareholders of record as of the close of business on November 12, 2026".
| Date | Apple | What happens |
|---|---|---|
| Declaration | Monday, Nov 2, 2026 | The board announces the amount and the dates. |
| Last day to buy | Wednesday, Nov 11, 2026 | A purchase that day settles by the record date. |
| Ex-dividend | Thursday, Nov 12, 2026 | Shares now trade without the dividend. |
| Record | Thursday, Nov 12, 2026 | The company takes its list of shareholders. |
| Payment | Monday, Nov 16, 2026 | The cash is paid. |
Last day to buy and ex-dividend date worked out from the record date under the rules below; Apple's release gives the declaration, record and payment dates.
Why the ex-date matches the record date
A stock purchase isn't final until it settles. SEC Rule 15c6-1 requires settlement no "later than the first business day after the date of the contract", known as T+1, which took effect on May 28, 2024. A share bought the day before the record date settles on the record date, so the buyer is on the list. A share bought on the record date settles a day too late.
The ex-dividend date itself is set by the market's rules. FINRA Rule 11140 says that for ordinary dividends the ex-dividend date "shall be the record date if the record date falls on a business day". Before T+1, with two-day settlement, the ex-date came one business day before the record date.
The exception for very large dividends
For dividends or distributions worth 25% or more of the share price, the rule flips: the ex-dividend date "shall be the first business day following the payable date". Until then, shares trade with a right to the payment, so a seller between the record date and the ex-date passes the dividend on to the buyer. The same treatment applies to large stock dividends and to splits.
What happens to the share price
On the ex-dividend date the price usually opens lower by about the amount of the dividend, all else equal, because new buyers no longer get it. Over a single day other news moves prices more, so the drop isn't always visible. Buying just before the ex-date to collect a dividend doesn't produce a gain on its own: the value of the shares falls by about what's paid out, and the dividend may be taxable.
How the dates are announced
Companies announce dividends in a press release, often attached to an 8-K, as Apple's was. SEC Rule 10b-17 requires a listed company to give notice of a dividend "no later than 10 days prior to the record date". Dividends covers payout ratios and dividend growth, and 8-K items explains how those filings are organized.
Common questions
What is an ex-dividend date?
The first day a stock trades without its next dividend. Buyers on or after that date don't receive it; the seller does.
What is the difference between the ex-dividend date and the record date?
The record date is when the company takes its list of shareholders. Under one-day settlement, the ex-dividend date for an ordinary dividend is the same day.
Which purchases qualify for a dividend?
Purchases made before the ex-dividend date, by the close of the business day before it. For Apple's $0.27 dividend with a record date of Nov 12, 2026, that was Nov 11, 2026.
If I sell on the ex-dividend date, do I still get the dividend?
Yes. You owned the shares going into the ex-date, so you're entitled to the dividend even if you sell that day.
Why does the ex-dividend date come after the payment date for big dividends?
For distributions of 25% or more of the share price, FINRA's rule sets the ex-date on the business day after the payment date, so shares trade with the right to the payment until then.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Nov 11, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Nov 9, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
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