{"slug":"ex-dividend-date-explained","qid":"aapl_ex_gap","label":"AAPL's last eight ex-dividend mornings: adjusted reference vs. the actual open","post_title":"What Is an Ex-Dividend Date? How It Works","post_url":"/blog/ex-dividend-date-explained#q-aapl_ex_gap","columns":["ex_date","prior_session_close","adjusted_reference","ex_date_open","dividend","actual_overnight_change"],"rows":[{"ex_date":"2026-08-10","prior_session_close":313.3,"adjusted_reference":313.03,"ex_date_open":306.83,"dividend":0.27,"actual_overnight_change":-6.47},{"ex_date":"2026-05-11","prior_session_close":293.22,"adjusted_reference":292.95,"ex_date_open":291.979,"dividend":0.27,"actual_overnight_change":-1.24},{"ex_date":"2026-02-09","prior_session_close":278.03,"adjusted_reference":277.77,"ex_date_open":277.905,"dividend":0.26,"actual_overnight_change":-0.13},{"ex_date":"2025-11-10","prior_session_close":268.54,"adjusted_reference":268.28,"ex_date_open":268.96,"dividend":0.26,"actual_overnight_change":0.42},{"ex_date":"2025-08-11","prior_session_close":229.365,"adjusted_reference":229.1,"ex_date_open":227.92,"dividend":0.26,"actual_overnight_change":-1.45},{"ex_date":"2025-05-12","prior_session_close":198.54,"adjusted_reference":198.28,"ex_date_open":210.97,"dividend":0.26,"actual_overnight_change":12.43},{"ex_date":"2025-02-10","prior_session_close":227.71,"adjusted_reference":227.46,"ex_date_open":229.57,"dividend":0.25,"actual_overnight_change":1.86},{"ex_date":"2024-11-08","prior_session_close":227.69,"adjusted_reference":227.44,"ex_date_open":227.17,"dividend":0.25,"actual_overnight_change":-0.52}],"shape":"series","sql":"WITH divs AS (\n    SELECT 1 AS k, ex_dividend_date AS ex_date, cash_amount\n    FROM global_markets.stocks_dividends\n    WHERE ticker = 'AAPL' AND distribution_type = 'recurring' AND ex_dividend_date <= today()\n    ORDER BY ex_dividend_date DESC\n    LIMIT 8\n),\nrth AS (\n    SELECT toDate(toTimeZone(window_start, 'America/New_York')) AS et_date,\n           toTimeZone(window_start, 'America/New_York') AS et_ts,\n           open, close\n    FROM global_markets.delayed_stocks_minute_aggs\n    WHERE ticker = 'AAPL'\n      AND window_start >= now() - INTERVAL 800 DAY\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) >= 570\n      AND (toHour(toTimeZone(window_start, 'America/New_York')) * 60\n           + toMinute(toTimeZone(window_start, 'America/New_York'))) < 960\n),\nopens AS (SELECT 1 AS k, et_date, argMin(open, et_ts) AS day_open FROM rth GROUP BY et_date),\ncloses AS (SELECT 1 AS k, et_date, argMax(close, et_ts) AS day_close FROM rth GROUP BY et_date)\nSELECT d.ex_date,\n       c.day_close AS prior_session_close,\n       round(c.day_close - d.cash_amount, 2) AS adjusted_reference,\n       o.day_open AS ex_date_open,\n       d.cash_amount AS dividend,\n       round(o.day_open - c.day_close, 2) AS actual_overnight_change\nFROM divs d\nINNER JOIN opens o ON o.et_date = d.ex_date\nASOF INNER JOIN closes c ON c.k = d.k AND c.et_date < d.ex_date\nORDER BY d.ex_date DESC","computed_at":"2026-08-22T04:05:35.453861+00:00","elapsed":1.686434916}