- Q4 2024 U.S. common dividend increases were $14.2 billion, up 1.0% from $14.1 billion in Q3 2024 and down 18.8% from $17.5 billion in Q4 2023.
- Q4 2024 U.S. common dividend decreases were $2.5 billion, down 45.6% from $4.6 billion in Q3 2024, and down 35.7% from $3.9 billion in Q4 2023.
- Q4 2024 net indicated dividend rate change increased $11.7 billion.
- For the 12-months ending December 2024, U.S. common dividend increases were $71.4 billion up 9.7% from the 12-month December 2023 period's $65.2 billion;
decreases were down 36.7% to $18.1 billion compared to $28.6 billion for the prior 12-month period. - The net 12-month December 2024 indicated dividend increase was $53.3 billion compared to $36.5 billion for the prior 12-month December 2023 period.
NEW YORK, January 8, 2025: S&P Dow Jones Indices today announced the indicated dividend net changes (increases less decreases) for U.S. domestic common stocks increased $11.7 billion during Q4 2024, compared to the $9.5 billion increase in Q3 2024 and the $13.7 billion increase in Q4 2023. Increases were $14.2 billion versus $14.1 billion for Q3 2024 and $17.5 billion in Q4 2023. Decreases were $2.5 billion compared to $4.6 billion in Q3 2024 and $3.9 billion in Q4 2023.
For the 12-months ending December 2024, the net dividend rate increased $53.3 billion compared to the net $36.5 billion for the 12-months ending December 2023. For 2022 it was up $68.2 billion and in 2021 it was up $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 December 2024 period were $71.4 billion versus the previous $65.1 billion, and decreases were $18.1 billion compared to $28.6 billion in the previous period.
"Dividend growth continued in 2024, but noticeably slowed down in the second half after Brookings, Meta Platforms, Salesforce and Alphabet started to pay at a $16.4 billion annual rate in the first half of the year. Companies remained shy of larger dividend commitments in Q4 2024 due to the election and are now awaiting new policies to formulate their business and expenditures," said Howard Silverblatt, Senior Index Analyst at S&P Dow Jones Indices.
Silverblatt continued: "Given the expectation of at least one FOMC interest rate reduction in 2025, the expected record earnings for Q4 and projected record earnings for 2025, companies may commit funds to larger dividend increases for 2025. While February historically is the largest month for dividend increases, this coming February is expected to be stronger as some companies may attempt to make up for the previous restrained approach. In 2024, S&P 500 large caps performed better than most, with record earnings, sales and dividends. For 2025, S&P 500 large caps are expected to post an 8% increase in dividend payments compared to the 6.4% increase in 2024, 5.1% increase in 2023 and the 10.8% increase seen in 2022."
