Dividend Kings have a long history of delivering market-beating returns for investors and proving to be generally steady, safe holdings. A Dividend King is a company that's grown its dividend payment for at least 50 consecutive years.
Companies that pay -- and then grow -- their dividends every year generally have the sort of characteristics investors should look for:
- Durable competitive moats that help them generate steady profits year after year.
- Some ability to grow earnings per share over the long term.
- Prudent board members and management who prioritize returning excess profits not needed for reinvestment back to shareholders.
What is a Dividend King?
Many investors are familiar with the Dividend Aristocrats®. (The term Dividend Aristocrats® is a registered trademark of Standard & Poor's Financial Services, LLC.) These stocks are members of the S&P 500 that have increased their dividends for at least 25 consecutive years.
But there's an even more elite group of dividend stocks that doesn't receive as much attention. Dividend Kings don't have to be members of the S&P 500, but they must reach an ultramarathon-like dividend streak -- at least 50 consecutive years of payout growth.
Here's what you need to know about the Dividend Kings and how they can fit into your investment portfolio.
2025 Dividend Kings list
These 56 stocks qualified as Dividend Kings as of Oct. 13, 2025, including two "unofficial" Dividend Kings that qualify depending on how you interpret dividend growth.
Dividend King | Sector | Dividend Increase Streak |
|---|---|---|
American States Water (NYSE:AWR) | Utilities | 71 |
Dover Corporation (NYSE:DOV) | Industrials | 70 |
Northwest Natural Holdings (NYSE:NWN) | Utilities | 70 |
Genuine Parts (NYSE:GPC) | Consumer Goods | 69 |
Parker-Hannifin (NYSE:PH) | Industrials | 69 |
Procter & Gamble (NYSE:PG) | Consumer Goods | 69 |
Emerson Electric (NYSE:EMR) | Industrials | 67 |
Cincinnati Financial (NASDAQ:CINF) | Financials | 64 |
Coca-Cola (NYSE:KO) | Consumer Goods | 63 |
Kenvue (NYSE:KVUE) | Consumer Goods | 63* |
Marzetti (NASDAQ:MZTI) | Consumer Goods | 62 |
Colgate-Palmolive (NYSE:CL) | Consumer Goods | 62 |
Johnson & Johnson (NYSE:JNJ) | Healthcare | 62 |
Nordson (NASDAQ:NDSN) | Industrials | 62 |
Illinois Tool Works (NYSE:ITW) | Industrials | 62 |
Farmers & Merchants Bancorp (OTC:FMCB) | Financials | 60 |
Hormel Foods (NYSE:HRL) | Consumer Goods | 59 |
California Water Service Group (NYSE:CWT) | Utilities | 58 |
Federal Realty Investment Trust (NYSE:FRT) | Real Estate | 58 |
Tootsie Roll Industries (NYSE:TR) | Consumer Goods | 58** |
Stanley Black & Decker (NYSE:SWK) | Industrials | 58 |
ABM Industries (NYSE:ABM) | Industrials | 58 |
Commerce Bancshares (NASDAQ:CBSH) | Financials | 57 |
SJW Group (NASDAQ:SJW) | Utilities | 57 |
Stepan (NYSE:SCL) | Industrials | 57 |
H.B. Fuller (NYSE:FUL) | Materials | 56 |
Altria Group (NYSE:MO) | Consumer Goods | 56 |
Black Hills Corp. (NYSE:BKH) | Utilities | 55 |
National Fuel Gas (NYSE:NFG) | Energy | 55 |
Universal Corporation (NYSE:UVV) | Consumer Goods | 55 |
MSA Safety (NYSE:MSA) | Industrials | 55 |
Sysco (NYSE:SYY) | Consumer Goods | 55 |
Lowe's (NYSE:LOW) | Consumer Goods | 54 |
Target (NYSE:TGT) | Consumer Goods | 54 |
W.W. Grainger (NYSE:GWW) | Industrials | 54 |
PPG Industries (NYSE:PPG) | Industrials | 54 |
ADM (NYSE:ADM) | Industrials | 53 |
Kimberly-Clark (NASDAQ:KMB) | Consumer Goods | 53 |
Canadian Utilities (OTC:CDUAF) | Utilities | 53*** |
Abbott (NYSE:ABT) | Healthcare | 53 |
BD (NYSE:BDX) | Healthcare | 53 |
Tennant (NYSE:TNC) | Industrials | 53 |
AbbVie (NYSE:ABBV) | Healthcare | 53**** |
PepsiCo (NASDAQ:PEP) | Consumer Goods | 53 |
Walmart (NYSE:WMT) | Consumer Goods | 52 |
S&P Global (NYSE:SPGI) | Financials | 52 |
Consolidated Edison (NYSE:ED) | Utilities | 52 |
Nucor (NYSE:NUE) | Industrials | 52 |
The Gorman-Rupp Company (NYSE:GRC) | Industrials | 52 |
Middlesex Water (NASDAQ:MSEX) | Utilities | 52 |
RPM International (NYSE:RPM) | Industrials | 51 |
Fortis (NYSE:FTS) | Utilities | 51 |
United Bankshares (NASDAQ:UBSI) | Financials | 51 |
RLI Corp. (NYSE:RLI) | Financials | 50 |
Automatic Data Processing (NASDAQ:ADP) | Technology | 50 |
MGE Energy (NASDAQ:MGEE) | Utilities | 50 |
The industrial and consumer goods sectors make up more than half of the 2025 Dividend Kings list. This shouldn't be a surprise. Companies in these sectors tend to pay dividends and raise their prices with inflation, and many have also been in operation for a long time. The list breaks down as follows:
- 16 industrial companies
- 16 consumer goods
- 10 utility stocks
- 4 healthcare stocks
- 6 financial stocks
- 1 energy stock
- 1 materials stock
- 1 real estate stock
- 1 tech stock
There aren't any exchange-traded funds (ETFs) that focus exclusively on Dividend Kings. However, the ProShares S&P 500 Dividend Aristocrats ETF (NOBL -0.18%) owns shares of all Dividend Aristocrats®.
Dividend King changes in 2025
Companies that make this list don't often lose their status; the things that make a company strong enough to make it 50 years with annual dividend increases are usually very durable. Plus, there's tremendous pressure on companies that have increased their dividends for 50-plus years to keep the streak going. No CEO wants to be known as the leader who messed up such an impressive dividend track record.
Chief Executive Officer (CEO)
We have recently seen several companies achieve Dividend King status. Automatic Data Processing joined the exclusive club in 2024. So far in 2025, we have added two new Dividend Kings -- RLI Corp., with its 50th-straight annual dividend increase in February, and MGE Energy, which joined the club with its 50th in August.
These stocks lost Dividend King status
Despite management's efforts (or often because of them), not all companies stay on the list. In 2024, two then-Dividend Kings cut their payouts, losing their status.
Leggett & Platt (LEG -1.14%) was the first, slashing its dividend in April 2024 and ending a 52-year run of dividend growth. 3M (MMM -0.17%) cut its payout in May 2024 and brought its six-decade dividend growth streak to an end. In the case of both companies, bloated expenses, weak growth, and a number of acquisitions that haven't gone well played a role in the weakening of financial results and eventually led to a need to cut the payout. 3M also faced billions in losses from product liability lawsuits that played a significant role.
A note on two "unofficial" Dividend Kings
Canadian Utilities and Tootsie Roll Industries are on this list, but for slightly different reasons. Both have characteristics that make them Dividend Kings, though some investors may argue they make the cut on a technicality or two.
Canadian Utilities is certainly a King if you're a Canadian investor; however, the changes in foreign exchange rates have made the effective dividend paid to U.S. investors fall at times in the past. We don't want to shortchange the company or our Canadian investors because of this. The dividends per share -- in Canadian dollars -- have indeed increased for 53 years in a row.
Tootsie Roll is a little more complex. To start, the company has a long history of paying a dividend, but the $0.09 quarterly cash portion of the dividend has remained unchanged for years. Its payout has grown via the 3% stock dividend it also pays every year for the past six decades. So as long as the stock price increases in value, the total dividends paid grow. We thought this quirk was worth explaining in detail; it can be argued that maybe it isn't a King, but certainly worthy of consideration for dividend investors.
Likely Dividend King winners in 2025
Three key factors could affect many stocks in 2025, including several of the Dividend Kings:
- Inflation.
- Interest rates.
- A possible recession tied to the two factors above.
These factors could benefit some stocks but hurt others. Here are three Dividend Kings that could be winners in 2025:
| Name and ticker | Market cap | Dividend yield | Industry |
|---|---|---|---|
| Target (NYSE:TGT) | $42.9 billion | 4.77% | Food and Staples Retailing |
| Altria Group (NYSE:MO) | $107.1 billion | 6.46% | Tobacco |
| Johnson & Johnson (NYSE:JNJ) | $462.1 billion | 2.65% | Pharmaceuticals |
1. Target
NYSE: TGT
Key Data Points
Target has been on a seriously rough ride in recent years. Like many other big-box retailers, the impact of inflation and supply chain challenges left the company with too many of the wrong goods and rising costs, pressuring its cash flow following the COVID-19 pandemic.
More recently, it has continued to struggle with inventory mix and weak traffic as shoppers cut back on discretionary spending, something that affects Target more than competitors like Walmart, with its more discount-focused model and massive grocery business. And while Target hasn't delivered the growth many expected, it's in far better shape than the stock would have many investors believe and it's built to succeed when consumer confidence and appetite for increased spending returns.
Its e-commerce investments and large physical presence are a powerful combination that should serve Target well. Target is a major supplier of consumer staples, and even as consumers feel the pinch on their discretionary spending, Target is built to profit across economic environments.
Trading for a cheap valuation and paying a safe dividend, Target looks like a great Dividend King to buy today and hold for the long term.
2. Altria
NYSE: MO
Key Data Points
Some investors look at the tobacco giant with disdain; others simply won't buy a company whose products cause so much harm. But if that's not a concern for you, Altria should be on your list.
The company has had a number of missteps around vaping products in recent years, and its ability to crack the cannabis market isn't clear (or the future of cannabis's legality in many of Altria's markets).
However, it continues to generate mountains of cash -- $8.7 billion in free cash flow over the past four quarters -- and returns much of that to shareholders in dividend income. It also sells a product that its customers buy across every economic condition, making its sizable dividend safe in every economic environment.
3. Johnson & Johnson
NYSE: JNJ
Key Data Points
Another Dividend King that's gone through a tumultuous past several years is Johnson & Johnson (J&J). However, the healthcare giant could emerge as a winning stock this year. To start, today's J&J is a more streamlined business, having divested Kenvue, its consumer products business, in 2023. Now, the company is focused on pharmaceuticals, medical devices, and technology exclusively.
Over the past few years, J&J stock hasn't made for a great investment, even with dividend growth, with paltry returns from 2022 through 2024. However, despite the disappointing return in recent years, the five- and 10-year returns are considerably better, even with the recent weakness. With the company now lean and focused on its core pharma and medical devices businesses, 2025 is proving to be a bounce-back year, with 34.6% in total returns this year through mid-October.
Future Dividend Kings
Residential and commercial water management company Pentair (PNR +0.57%) is on the cusp of joining the Dividend Kings, having announced its 49th straight annual dividend increase in July of 2025. One more year to go!
Several large, well-known companies are also primed to join the Dividend Kings list in the next half-decade. We'll update the list as they move closer.
Pros and cons of investing in Dividend Kings
Here are some of the reasons why investors should consider Dividend Kings:
- Proven businesses across many economic cycles.
- History of adapting to disruption and new markets.
- Track record of earnings growth that funds higher dividends.
- Often lower volatility, making it easier to hold through market downturns.
There are also reasons to be cautious:
- Like other dividend stocks, future dividend growth is not guaranteed.
- Many Dividend Kings have underperformed the stock market's total returns despite dividend growth.
- Sometimes management may ignore ongoing issues and keep raising the payout, resulting in future cuts and big losses (see 3M and Walgreens for recent examples).
Related investing topics
Factors to consider when choosing Dividend Kings
If you're interested in investing in a Dividend King, you're probably looking for a company that can keep growing its dividend for years to come. As such, one of the most important factors to consider when choosing a Dividend King to buy is its financial health. Be sure the dividend is supported by strong free cash flow in excess of the total dividend payment. Steady and growing earnings per share and a solid balance sheet are also important factors to ensure management can keep raising its dividend.
Investors also want to assess the long-term health of the business. Does the business hold a competitive advantage, which will protect it in economic downturns? Is the industry it operates in growing or in decline?
On top of that, investors will want to assess a Dividend King just like any other stock. Since most long-time dividend payers are value stocks, it makes sense to ensure the stock trades for an attractive valuation.
How to invest in Dividend Kings
- Open your brokerage app: Log in to your brokerage account where you handle your investments.
- Search for the stock: Enter the ticker or company name into the search bar to bring up the stock's trading page.
- Decide how many shares to buy: Consider your investment goals and how much of your portfolio you want to allocate to this stock.
- Select order type: Choose between a market order to buy at the current price or a limit order to specify the maximum price you're willing to pay.
- Submit your order: Confirm the details and submit your buy order.
- Review your purchase: Check your portfolio to ensure your order was filled as expected and adjust your investment strategy accordingly.
Why invest in Dividend Kings?
Dividend Kings aren't necessarily a good fit for every investor, but their long records of growing payouts are often underpinned by good businesses that are worth owning. A few key reasons:
- Dividend Kings can be a great component of retirement portfolios or for investors looking for reliable income.
- Most of these stocks offer higher dividend yields than the average yield of S&P 500 members.
- Their consistency in paying and increasing dividend payouts can also provide a measure of confidence for people living on the income generated by the dividend stocks they own.
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