Data · The State of Dividends · quarterly
The State of Dividends, Q2 2026
Final · Period 2026-04-01 to 2026-07-01 · Generated September 23, 2026
Abstract
The State of Dividends, Q2 2026. SmarterDividends tracked 2,883 listed dividend payers during the quarter.
169 raised a regular dividend and 12 cut one, 14.1 increases per cut; 0 companies initiated a dividend and 7 paid a special.
The median increase was 7.1% and the median cut 33.9%.
As of 2026-09-23, 53% of payers with a fair-value estimate trade below it, and 547 are both undervalued and graded 75 or higher for dividend safety.
91% of the period's cuts came from companies graded C or lower beforehand.
Key figures
- Listed dividend payers
- 2,883
- Dividend increases
- 169
- Dividend cuts
- 12
- Increases per cut
- 14.1
- Initiations
- 0
- Special dividends
- 7
- Median increase
- 7.1%
- Below fair value
- 53%
- Cheap and safe
- 547
- Graded A or B for safety
- 61%
1.Dividend actions by month
| Month | Increases | Cuts | Initiations | Specials |
|---|---|---|---|---|
| 2026-05 | 74 | 3 | 0 | 5 |
| 2026-06 | 95 | 9 | 0 | 2 |
2.Ten largest cuts
| Ex-date | Ticker | Company | Sector | Before | After | Change | Grade before |
|---|---|---|---|---|---|---|---|
| 2026-05-29 | CCAP | Crescent Capital BDC, Inc. | Financial Services | $0.4200 | $0.0300 | -92.9% | D |
| 2026-05-15 | EMBJ | Embraer S.A. | Industrials | $0.0490 | $0.0090 | -81.6% | C |
| 2026-06-30 | KREF | KKR Real Estate Finance Trust Inc. | Real Estate | $0.2500 | $0.1000 | -60.0% | D |
| 2026-06-30 | BGS | B&G Foods, Inc. | Consumer Defensive | $0.1900 | $0.0950 | -50.0% | C |
| 2026-06-12 | FLO | Flowers Foods, Inc. | Consumer Defensive | $0.2480 | $0.1250 | -49.6% | A |
| 2026-05-22 | ABR | Arbor Realty Trust, Inc. | Real Estate | $0.3000 | $0.1700 | -43.3% | D |
| 2026-06-12 | SLRC | SLR Investment Corp. | Financial Services | $0.4100 | $0.3100 | -24.4% | D |
| 2026-06-16 | NMFC | New Mountain Finance Corporation | Financial Services | $0.3200 | $0.2500 | -21.9% | D |
| 2026-06-15 | OCSL | Oaktree Specialty Lending Corporation | Financial Services | $0.4000 | $0.3400 | -15.0% | D |
| 2026-06-30 | CGBD | Carlyle Secured Lending, Inc. | Financial Services | $0.4000 | $0.3500 | -12.5% | D |
3.Ten largest increases
| Ex-date | Ticker | Company | Sector | Before | After | Change | Streak (yrs) |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | NMRK | Newmark Group, Inc. | Real Estate | $0.0300 | $0.0600 | +100.0% | 5 |
| 2026-05-15 | GGB | Gerdau S.A. | Basic Materials | $0.0190 | $0.0360 | +89.5% | 0 |
| 2026-05-22 | MCHB | Mechanics Bancorp | Financial Services | $0.4000 | $0.7000 | +75.0% | 1 |
| 2026-06-30 | EDD | Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | Financial Services | $0.1400 | $0.2400 | +71.4% | 3 |
| 2026-05-15 | OBK | Origin Bancorp, Inc. | Financial Services | $0.1500 | $0.2500 | +66.7% | 7 |
| 2026-06-03 | HAFN | Hafnia Limited | Industrials | $0.1760 | $0.2880 | +63.6% | 0 |
| 2026-05-21 | DHT | DHT Holdings, Inc. | Energy | $0.4100 | $0.6400 | +56.1% | 0 |
| 2026-06-12 | FRO | Frontline plc | Energy | $1.0300 | $1.5500 | +50.5% | 0 |
| 2026-05-18 | LPG | Dorian LPG Ltd. | Energy | $0.7000 | $1.0000 | +42.9% | 0 |
| 2026-05-20 | NGS | Natural Gas Services Group, Inc. | Energy | $0.1100 | $0.1500 | +36.4% | 0 |
4.Valuation and safety by sector
| Sector | Payers | Median yield | Below fair value | Median safety score |
|---|---|---|---|---|
| Financial Services | 991 | 4.3% | 71% | 71 |
| Industrials | 289 | 1.6% | 34% | 84 |
| Real Estate | 216 | 5.6% | 37% | 60 |
| Consumer Cyclical | 203 | 2.6% | 48% | 73 |
| Energy | 162 | 3.6% | 49% | 62 |
| Technology | 148 | 1.4% | 34% | 82 |
| Basic Materials | 124 | 1.5% | 29% | 69 |
| Utilities | 111 | 4.0% | 29% | 85 |
| Consumer Defensive | 98 | 3.4% | 48% | 77 |
| Healthcare | 85 | 1.7% | 47% | 83 |
| Communication Services | 73 | 3.5% | 60% | 62 |
5.Dividend safety grades across the universe
| Grade | Payers | Share |
|---|---|---|
| A | 932 | 36% |
| B | 644 | 25% |
| C | 781 | 30% |
| D | 218 | 8% |
| F | 7 | 0% |
Method and definitions
- Increases, cuts, initiations and specials follow the definitions used in the monthly notes: an increase is a regular payment more than 1% above the prior payment and at least equal to a year earlier; a cut is at least 3% below the prior payment and at least 10% below a year earlier. Fair value blends DCF, dividend-discount and earnings-multiple models. The safety score (0–100, graded A–F) weighs payout coverage, free cash flow, balance sheet, growth history and yield history.
- Universe: U.S.-listed dividend payers tracked by SmarterDividends; OTC and ADR duplicate listings are excluded. Valuation and safety figures are a snapshot as of 2026-09-23.
Cite this note
SmarterDividends (2026). The State of Dividends, Q2 2026. https://smarterdividends.com/data/state-of-dividends/2026-Q2
Free to quote and reproduce with attribution and a link to this page.
For informational purposes only; not investment advice.