This study aims to examine the role of profitability in mediating the effect of debt to equity ratio, cash position, exchange rates and gross domestic product on dividend policy. The object of this research is using manufacturing companies listed on the Indonesia Stock Exchange. The data used are secondary data in the form of annual financial reports for the 2015-2019 period. As well as macroeconomic data downloaded from the Central Bureau of Statistics and the official website of Bank Indonesia. The collection technique used in this study was purposive sampling while the data analysis technique used in this study was multiple regression analysis. The analysis results show that the effect of debt to equity ratio, cash position and gross domestic product has a significant effect while the exchange rate has no significant effect on profitability. Meanwhile, the effect of cash position and return on assets on dividend policy has a significant effect, while the debt to equity ratio, exchange rates and gross domestic product have no significant effect on dividend policy. Profitability is able to mediate the effect of the debt to equity ratio, cash position and gross domestic product on the dividend payout ratio. However, it is unable to mediate the effect of exchange rates on the dividend payout ratio.