- Q2 2025 U.S. common dividend increases were $9.8 billion, down 49.8% from $19.5 billion in Q1 2025 and down 52.1% from $20.4 billion in Q2 2024.
- Q2 2025 U.S. common dividend decreases were $2.3 billion, down 44.0% from $4.2 billion in Q1 2025, and down 46.8% from $4.4 billion in Q2 2024.
- Q2 2025 net indicated dividend rate change increased $7.4 billion.
- For the 12-months ending June 2025, U.S. common dividend increases were $57.6 billion down 26.8% from the 12-month June 2024 period’s $78.7 billion; decreases were down 43.9% to $13.5 billion compared to $24.1 billion for the prior 12-month period.
- The net 12-month June 2025 indicated dividend increase was $44.1 billion compared to $54.6 billion for the prior 12-month June 2024 period.
NEW YORK, July 7, 2025: S&P Dow Jones Indices today announced the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $7.4 billion during Q2 2025, compared to the $15.3 billion increase in Q1 2025 and the $16.0 billion increase in Q2 2024. Increases were $9.8 billion versus $19.5 billion for Q1 2025 and $20.4 billion in Q2 2024. Decreases were $2.3 billion compared to $4.2 billion in Q1 2025 and $4.4 billion in Q2 2024.
For the 12-months ending June 2025, the net dividend rate increased $44.1 billion compared to the net $54.6 billion for the 12-months ending June 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 June 2025 period were $57.6 billion versus the previous $78.7 billion, and decreases were $13.5 billion compared to $24.1billion in the previous period.
"Dividend growth declined in Q2 2025, as concern over forward cash commitment was inhabited by the uncertainty over tariffs and its 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). On the other hand, for the 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 speed and expected implementation of the current legislative changes from Washington, as well as an expected resolution to the tariff situation later this year (first through temporary extensions of the July 9 deadlines), companies may continue their uncertainty over economics. Once policies become clear, they will be in a better position to adjust their business plans, which may include a higher commitment to dividends."
Silverblatt concluded: "Working with a base case for a higher-level resolution, the second half of 2025 could be stronger than historical averages for dividends. Q3 is expected to start out with an improvement from big banks as they continue to increase their dividends, helped by the Fed’s recent positive stress test results; the third quarter has the potential to set a new quarterly dividend payment record. For 2025, the S&P 500 is expected to post a record payment, posting a 6% increase in dividend payments, which is down from the pre-2025 8% expectation; for 2024 dividend payments increased 6.4% and in 2023 5.1%."
