Data · The State of Dividends · quarterly
The State of Dividends, Q4 2026
Preliminary · Period 2026-10-01 to 2027-01-01 · Generated October 22, 2026 · updates daily until the period closes
Abstract
The State of Dividends, Q4 2026. SmarterDividends tracked 2,951 listed dividend payers during the quarter.
22 raised a regular dividend and 1 cut one, 22.0 increases per cut; 2 companies initiated a dividend and 0 paid a special.
The median increase was 7.2% and the median cut 35.9%.
As of 2026-10-22, 47% of payers with a fair-value estimate trade below it, and 469 are both undervalued and graded 75 or higher for dividend safety.
0% of the period's cuts came from companies graded C or lower beforehand.
Key figures
- Listed dividend payers
- 2,951
- Dividend increases
- 22 (237 (169 in Q2 2026) in Q3 2026)
- Dividend cuts
- 1 (11 (12 in Q2 2026) in Q3 2026)
- Increases per cut
- 22.0 (21.5 (14.1 in Q2 2026) in Q3 2026)
- Initiations
- 2
- Special dividends
- 0
- Median increase
- 7.2%
- Below fair value
- 47%
- snapshot 2026-10-22
- Cheap and safe
- 469
- undervalued and safety ≥ 75
- Graded A or B for safety
- 61%
Commentary
Financial Services accounts for most of the ten largest dividend increases, led by NPB’s 20.0% raise. CHCO, AFG, JPM, STT and FMAO also represent the sector in that group. The other leading increases span Technology, Industrials, Healthcare and Consumer Defensive, while the sole cut came from Consumer Defensive.
Increases outweighed cuts by 22 to one, and the monthly table places every reported action in October. The median raise was 7.2%, versus a 35.9% reduction for the sole cut. Two companies initiated dividends, while no company paid a special dividend.
Long streaks sit alongside several of the largest raises: INTU and CHCO each carried 14-year streaks, while FMAO’s reached 19 years. CPB’s Consumer Defensive payment fell from $0.3900 to $0.2500, and its safety grade before the cut was B.
SmarterDividends Team · written from the figures in this note · October 22, 2026
1.Dividend actions by month
| Month | Increases | Cuts | Initiations | Specials |
|---|---|---|---|---|
| 2026-10 | 22 | 1 | 2 | 0 |
2.Ten largest cuts
| Ex-date | Ticker | Company | Sector | Before | After | Change | Grade before |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | CPB | The Campbell's Company | Consumer Defensive | $0.3900 | $0.2500 | -35.9% | B |
3.Ten largest increases
| Ex-date | Ticker | Company | Sector | Before | After | Change | Streak (yrs) |
|---|---|---|---|---|---|---|---|
| 2026-10-15 | NPB | Northpointe Bancshares, Inc. | Financial Services | $0.0250 | $0.0300 | +20.0% | 0 |
| 2026-10-08 | INTU | Intuit Inc. | Technology | $1.2000 | $1.3800 | +15.0% | 14 |
| 2026-10-15 | CHCO | City Holding Company | Financial Services | $0.8700 | $1.0000 | +14.9% | 14 |
| 2026-10-13 | DAC | Danaos Corporation | Industrials | $0.9000 | $1.0000 | +11.1% | 4 |
| 2026-10-01 | EHC | Encompass Health Corporation | Healthcare | $0.1900 | $0.2100 | +10.5% | 2 |
| 2026-10-15 | AFG | American Financial Group, Inc. | Financial Services | $0.8800 | $0.9700 | +10.2% | 3 |
| 2026-10-06 | JPM | JPMorgan Chase & Co. | Financial Services | $1.5000 | $1.6500 | +10.0% | 15 |
| 2026-10-01 | STT | State Street Corporation | Financial Services | $0.8400 | $0.9200 | +9.5% | 15 |
| 2026-10-02 | PM | Philip Morris International Inc. | Consumer Defensive | $1.4700 | $1.6000 | +8.8% | 13 |
| 2026-10-09 | FMAO | Farmers & Merchants Bancorp, Inc. | Financial Services | $0.2300 | $0.2500 | +8.7% | 19 |
4.Valuation and safety by sector
| Sector | Payers | Median yield | Below fair value | Median safety score |
|---|---|---|---|---|
| Financial Services | 979 | 4.6% | 62% | 71 |
| Industrials | 282 | 1.5% | 27% | 84 |
| Real Estate | 213 | 5.5% | 37% | 60 |
| Consumer Cyclical | 200 | 2.5% | 40% | 74 |
| Energy | 161 | 3.3% | 40% | 62 |
| Technology | 147 | 1.4% | 29% | 82 |
| Basic Materials | 126 | 1.6% | 31% | 69 |
| Utilities | 113 | 3.8% | 25% | 85 |
| Consumer Defensive | 97 | 3.3% | 44% | 77 |
| Healthcare | 82 | 1.5% | 38% | 83 |
| Communication Services | 73 | 3.4% | 59% | 62 |
5.Dividend safety grades across the universe
| Grade | Payers | Share |
|---|---|---|
| A | 928 | 35% |
| B | 664 | 25% |
| C | 804 | 31% |
| D | 227 | 9% |
| F | 4 | 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 2026-10-22.
Cite this note
SmarterDividends (2026). The State of Dividends, Q4 2026. https://smarterdividends.com/data/state-of-dividends/2026-Q4
Free to quote and reproduce with attribution and a link to this page.
For informational purposes only; not investment advice.