Best Dividend Kings for Decades of Dividend Growth

Red King chess piece with the other pieces in black blurred in the background

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last updated 2 June 2025

Dividend Kings are a unique class of stock that offers investors a phenomenal track record of annual dividend increases.

These elite members have a few more years of dividend hikes under their belts than the Dividend Aristocrats (companies in the Standard & Poor's 500-stock index that have raised payouts once a year for 25 years running).

Specifically, Dividend Kings must have a minimum of 50 consecutive years of uninterrupted annual dividend hikes.

And while many Dividend Kings are members of the S&P 500, not all of them are.

Dividend Kings' appeal should be obvious amid the surges in volatility and uncertainty that we've seen in recent months.

"Shares in companies that raise their payouts like clockwork decade after decade can produce superior total returns (price change plus dividends) over the long run, even if they sport apparently ho-hum yields to begin with," writes Kiplinger contributor Dan Burrows in his feature on the best dividend stocks for dependable dividend growth.

Additionally, firms that consistently increase their dividends signal to investors that their balance sheets are strong and management's near-term outlook is promising, write John Eade, president and director of portfolio strategies, and Jim Kelleher, director of research at Argus.

With half a century of increasing distributions, Dividend Kings have a great track record that adds a layer of stability in an otherwise uncertain market environment.

Nothing is ever certain on Wall Street, but these are six of the best stocks to buy for dividend growth.

The names featured here are longtime leaders with more than 55 years of dividend increases, making them more trustworthy than your typical income investment.

And one pick has a track record of 70 straight dividend hikes!

Dividend yields are calculated by annualizing the most recent payout and dividing by the share price. Dividend history based on company information and S&P data.

Data is as of May 30.

Altria

Sector: Consumer discretionary
Market value: $102.1 billion
Consecutive dividend increases: 59
Dividend yield: 6.7%

All dividend investors should know and love Altria Group (MO). The tobacco giant has a tremendous track record of 59 straight dividend increases in the past 55 years. And it yields a mammoth 6.7%, more than five times the S&P 500.

Altria owns the companies behind such products as Marlboro cigarettes, Black & Mild pipe and cigar products, and Copenhagen smokeless tobacco.

MO might not be a growth darling, but it is regularly near the top of the list of stocks with the highest dividend yields in the S&P 500 because of generous and reliable payouts.

With big brands – and, bluntly, an addictive product – Altria sees steady sales even during times of market stress. That makes this Dividend King a lower-risk option for income investors looking for high yield and low volatility over the long haul.

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Coca-Cola

Sector: Consumer staples
Market value: $310.3 million
Consecutive dividend increases: 63
Dividend yield: 2.8%

Consumer staples stocks are lower-risk options for investors because they aren't prone to the ups and downs of discretionary companies when family budgets tighten up.

And when it comes to staples, Coca-Cola (KO) is a powerhouse that's hard to top. As proof, it recently declared its 63rd consecutive annual dividend hike in February, boosting its payout by more than 5%.

The Atlanta-based beverage company has a global scale with more than 130 years of operating history and operations in 200 nations.

While it's true that sugary soft drinks might not be a growth business in an age of healthier eating, Coke products have strong baseline demand.

It's also hedging its bets with brands that include Vitaminwater, Fuze tea, Powerade energy drinks, Minute Maid juices, and many more. When consumers eat out less, comfort foods and groceries tend to see a bump.

If that's not enough, Warren Buffett's Berkshire Hathaway (BRK.B) is KO's largest shareholder and there's a huge argument for share price stability thanks to institutional support.

All that means is that it's hard to imagine this Dividend King ending its long history of dividend hikes anytime soon.

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Johnson & Johnson

Sector: Health care
Market value: $373.5 billion
Consecutive dividend increases: 63
Dividend yield: 3.4%

In April, Johnson & Johnson (JNJ) declared its 63rd consecutive dividend increase, hiking its payout by nearly 5%. This keeps an important streak alive for the Dow Jones stock, which became a leaner company following the 2023 spinoff of Kenvue (KVUE), its consumer health business.

Even after the separation, Johnson & Johnson is still one of the 25 largest U.S. companies by market cap. It's also one of just two companies with an AAA rating for its credit. Tech giant Microsoft (MSFT) is the other.

This blue chip dividend stock has a long track record of dividend growth, proving its staying power and a long-term commitment to sharing profits with shareholders.

Moving forward, the decision to streamline the business to focus on its core prescription and medical devices segments will ensure a strong future for JNJ.

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Procter & Gamble

Sector: Consumer staples
Market value: $391.6 billion
Consecutive dividend increases: 69
Dividend yield: 2.5%

When it comes to mainstays of U.S. households, consumer products icon Procter & Gamble (PG) is perhaps top of mind for most investors.

The Cincinnati-based firm has been around since 1837, making it one of the oldest U.S. companies out there. And it has 69 straight years of dividend increases under its belt.

With a diversified operation that produces Gillette shaving products, Tide and Downy detergents, Crest dental products, Bounty and Charmin paper products, and a host of other goods, it's likely most of us have a handful of P&G-made items in our cupboards right now.

But it's not just U.S. shoppers who are loyal to this global brand. Procter & Gamble operations span 70 countries worldwide.

Shares don't always blow your hair back with big gains, but it's the long-term income potential that keeps many investors in it for the long haul.

And thanks to Procter & Gamble's reliable sales and broad diversification, there's a very good chance of additional dividend growth regardless of short-term stock performance on Wall Street.

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Walmart

Sector: Consumer staples
Market value: $789.9 billion
Consecutive dividend increases: 52
Dividend yield: 1.0%

With more than 10,000 stores worldwide, Walmart (WMT) is a retail giant with a scale that no other company can match. This gives it reliability that investors can trust, as evidenced by a streak of 52 consecutive years of dividend increases after an impressive 13% boost this April.

In many small towns across America, Walmart is the largest shopping destination as well as the biggest employer. This ensures it is deeply ingrained in the American economy.

There admittedly isn't breakneck growth ahead through store expansions, given the company's massive reach. However, the firm is accelerating its omnichannel strategy, having grown its e-commerce sales by double-digit percentages in each of the past 12 quarters.

The uncertainty around President Donald Trump's tariff policies creates some risk with the blue chip stock.

But given its five decades of dividend growth, investors should find some comfort in the fact that Walmart management knows how to weather short-term disruptions in order to deliver long-term dividend growth.

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American States Water

Sector: Utilities
Market value: $3.0 billion
Consecutive dividend increases: 70
Dividend yield: 2.4%

American States Water (AWR) is admittedly much smaller than the other names on this list of the best Dividend Kings, but is worth including because of its best-in-class record.

Indeed, AWR has a tremendous track record of dividends that includes distributions every year since 1931 and 70 consecutive years of growth. This puts American States Water in the running for one of the companies with the longest streaks of annual increases on Wall Street.

AWR provides water and wastewater services to municipalities and military bases. The company supplies water service to roughly 265,000 end-users in California, as well as 13 military bases throughout the country through long-term contracts.

It also operates Bear Valley Electric Service which serves a fair number of customers in San Bernardino County, California, though its wastewater business is the largest revenue stream for the aptly named American States Water.

Water is as much a necessity as electricity. As a result, American States has tremendous reliability in its revenue — and consistent increases to its dividend payouts, too.

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Jeff Reeves writes about equity markets and exchange-traded funds for Kiplinger. A veteran journalist with extensive capital markets experience, Jeff has written about Wall Street and investing since 2008. His work has appeared in numerous respected finance outlets, including CNBC, the Fox Business Network, the Wall Street Journal digital network, USA Today and CNN Money.