This study aims to prove the effect of profitability, free cash flow and investment opportunity set on dividend policy. The sample used in this research is infrastructure companies listed on the Indonesia Stock Exchange (IDX) in 2018-2021. The sampling technique used was purposive sampling and a sample of 148 was obtained which met the criteria. The data analysis method used is multiple linear regression analysis. The results of this study indicate that profitability has a positive effect while free cash flow has no effect and Investment opportunity set has a negative effect on dividend policy.