- Q3 2025 U.S. common dividend increases were $14.0 billion, up 43.0% from $9.8 billion in Q2 2025 and down 0.7% from $14.1 billion in Q3 2024.
- Q3 2025 U.S. common dividend decreases were $3.4 billion, up 46.1% from $2.3 billion in Q2 2025 and down 25.2% from $4.6 billion in Q3 2024.
- Q3 2025 net indicated dividend rate change increased $10.6 billion.
- For the 12-months ending September 2025 U.S. common dividend increases were $57.5 billion, down 23.1% from the 12-month September 2024 period’s $74.7 billion; decreases were down 36.4% to $12.4 billion compared to $19.5 billion for the prior 12-month period.
- The net 12-month September 2025 indicated dividend increase was $45.1 billion compared to $44.1 billion for the 12-months ending June 2025 and $55.3 billion for the prior 12-month September 2024 period.
NEW YORK, October 10, 2025: S&P Dow Jones Indices today announced the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $10.6 billion during Q3 2025, compared to the $7.4 billion increase in Q2 2025 and the $9.5 billion increase in Q3 2024. Increases were $14.0 billion versus $9.8 billion for Q2 2025 and $14.1 billion in Q3 2024. Decreases were $3.4 billion compared to $2.3 billion in Q2 2025 and $4.6 billion in Q3 2024.
For the 12-months ending September 2025, the net dividend rate increased $45.1 billion compared to the net $55.3 billion for the prior 12-months ending September 2024. For 2024 it was up $53.4 billion, 2023 was $36.5 billion, 2022 was $68.2 billion, and in 2021 it was $69.8 billion, with the 2020 net change negative as 43 S&P 500 issues suspended their dividends at -$40.8 billion. Increases for the 12-month September 2025 period were $57.5 billion versus the previous $74.7 billion, and decreases were $12.4 billion compared to $19.5 billion in the previous period.
"Dividend growth continued to be slow in Q3 2025, as concern over forward cash commitment was inhabited by the uncertainty over the evolving tariff polices, along with their impact on sales, costs and the general economy. Overall, companies continued to increase their dividends, but with smaller increases for those on a perceived schedule (annually). For companies not on a perceived schedule, many appeared to put off their actions for now," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.
Silverblatt continued: "Given the start of tariff and policy clarity in Q3, companies may increase their payouts but still require more legislative and executive assurances for forward, long-term dividend commitments. Current tax and write-off benefits from the ‘One Big Beautiful Bill’ have added to corporate earnings; as expected increased tax refunds for consumers (starting in February 2026) has permitted increased sales expectations, giving companies short-term assurances but not the longer-term confidence for larger dividend commitment."
Silverblatt concluded: "Working with a base case for a higher-level resolution of economic related issues, lower interest rates from the FOMC, and continued U.S. consumer and equity support, Q4 dividends appear in place to set to a new quarterly record, with the full year S&P 500 payment expected to post a record level, nearing a 6% increase in dividend payments over 2024."
