- Q2 2023 U.S. common dividend increases were $9.8 billion, down 50.4% from $19.7 billion in Q1 2023 and down 49.2% from $19.3 billion in Q2 2022.
- Q2 2023 U.S. common dividend decreases were $5.5 billion, down 44.9% from $10.0 billion in Q1 2023, and up 230% from $1.7 billion in Q2 2022.
- Q2 2023 net indicated dividend rate change increased $4.3 billion, compared to $9.7 billion in Q1 2023, and $17.6 billion in Q2 2022.
- For the 12-month period ending in June 2023, U.S. common dividend increases were $65.0 billion, down 27.6% from the comparable June 2022 period’s $89.8 billion; decreases were up 23.9% to $18.7 billion, compared to $15.1 billion for the June 2022 time period.
- The net 12-month June 2023 indicated dividend gain was $46.3 billion, compared to $74.8 billion ending in June 2022.
- S&P 500 Actual Q2 2023 increased 3.0% over Q2 2022, but declined 2.3% from the Q1 2023 level, as the seven consecutive quarters of record payments came to an end.
NEW YORK, July 5, 2023: S&P Dow Jones Indices announced today that the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $4.3 billion during Q2 2023, compared to $9.7 billion in Q1 2023 and $17.6 billion in Q2 2022. Increases were $9.8 billion versus $19.7 billion for Q1 2023, and decreases were $5.5 billion compared to $10.0 billion.
For all 12-months ending in June 2023, the net dividend rate increased $46.3 billion, compared to the net $74.8 billion ending in June 2022. Increases were $65.0 billion versus $89.8 billion, and decreases were $18.7 billion compared to $15.1 billion.
"Dividend payments slowed in the second quarter as uncertainty over a potential recession, earnings, and both government and corporate debt cost increased. In addition, there was also a shift seen in more selective consumer spending. Each of these factors resulted in companies becoming more cautious about dividend commitments, which is why we saw smaller increases in Q2," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices. "For 2023, the dollar aggregate of dividends are still expected to increase, but at less than half the pace of the double-digit 2022 growth. Given the current environment, we expect this to be in the 4% area, with the potential for additional growth."
Silverblatt continued, "The S&P 500 Q2 2023 actual payment declined 2.3% from the prior quarter, as the index ended its seven consecutive quarters of record payments. Financial dividends are expected to be limited due to the recent banking events and the expected new regulatory requirements, as well as Energy payouts, which remain volatile due to the underlying oil supply and demand issues. At this point, Q3 and Q4 payments are expected to increase with the potential of Q4 setting a new record, but it will be close."
