ETF Holdings

Dividend Growth of 14 Major DIVO Holdings (2017–2025)

Compare annual dividend growth across 14 major DIVO holdings from 2017–2025, highlighting consistency, freezes, cuts, and standout growth years.

Published September 14, 2026 · Updated September 14, 2026

dividend growth · dividend stocks · DIVO holdings

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Annual dividend growth by company, with 2016–2025 CAGR

Annual dividend growth by company, with 2016–2025 CAGR201720182019202020212022202320242025CAGR1AAPLApple Inc.Apple Inc.10.3%14.6%7.8%6.3%7.1%5.2%4.4%4.2%4%7.1%2AMGNAmgen Inc.Amgen Inc.15%14.8%9.8%10.3%10%10.2%9.8%5.6%5.8%10.1%3AXPAmerican Express CompanyAmerican Express Comp…10.1%9.9%11.1%7.5%0%15.7%16.6%16.4%17%11.5%4CATCaterpillar Inc.Caterpillar Inc.0.6%5.8%15.2%9%3.9%7.9%8.2%8.4%7.7%7.4%5CMECME Group Inc.CME Group Inc.10%6.1%7.1%13.3%5.9%11.1%10%4.5%8.7%8.5%6CVXChevron CorporationChevron Corporation0.7%3.7%6.2%8.4%2.9%7%6.3%7.9%4.9%5.3%7GSThe Goldman Sachs Group, Inc.The Goldman Sachs Gro…11.5%8.6%31.7%20.5%30%38.5%16.7%9.5%21.7%20.6%8JPMJPMorgan Chase & Co.JPMorgan Chase & Co.10.9%21.6%33.1%9.1%2.8%8.1%1.2%13.6%20.7%13.1%9MRKMerck & Co., Inc.Merck & Co., Inc.2.2%5.3%13.6%9.7%4.8%6.2%5.8%5.5%5.2%6.4%10MSFTMicrosoft CorporationMicrosoft Corporation8.2%8.2%9.9%10.6%10%10.4%9.8%10.4%10.4%9.8%11NVDANVIDIA CorporationNVIDIA Corporation17.5%7%4.9%0%0%0%0%112.5%17.6%14.2%12RTXRTX CorporationRTX Corporation3.8%4.2%3.7%2%6.2%7.7%7.4%6.9%7.7%5.5%13TJXThe TJX Companies, Inc.The TJX Companies, In…21%23.8%19.4%-74%352.2%10.1%12.9%12.8%13.2%14.3%14VVisa Inc.Visa Inc.17.9%27.5%19.3%16.2%9.4%18%18.7%15%13.5%17.2%Dividend CutFreeze0–3%3–6%6–10%10–20%20%+

Introduction

Dividend growth can reveal patterns that a current dividend yield alone cannot. This heatmap compares year-over-year dividend growth across 14 companies from 2017 through 2025, making it easier to see which companies delivered steady increases and which experienced freezes, cuts, or unusually large changes. Each cell represents the percentage change in the annual dividend from the prior year. The colors classify those changes from cuts and freezes through low, moderate, strong, high, and exceptional growth.

Key insights

  • Consistency stands out

    Several companies maintained positive dividend growth throughout the entire nine-year grid. Microsoft, Apple, Caterpillar, Visa, Goldman Sachs, JPMorgan Chase, Chevron, and Amgen are among the companies with no dividend-cut years in the period.

  • NVIDIA followed a very different pattern

    NVIDIA recorded four consecutive dividend freezes from 2020 through 2023 before posting 112.5% growth in 2024 and 17.6% in 2025. The 2024 jump is an exceptional single-year increase and should not be interpreted as a persistent annual growth rate.

  • TJX shows why individual years need context

    TJX contains both extremes of the heatmap: a 74% dividend cut in 2020 followed by a 352.2% increase in 2021. After that rebound, annual growth settled into a much narrower range, reaching 13.2% in 2025. The sequence illustrates how a sharp cut can make the following year's percentage increase unusually large.

Methodology

The heatmap covers 14 companies and nine annual observations per company from 2017 through 2025, for 126 company-year cells. Each cell uses the supplied year-over-year dividend growth percentage; these percentages were not recalculated for this analysis. Colors correspond to DividendXray's growth categories: cut, freeze, low, moderate, strong, high, and exceptional. A negative value represents a reduction in the dividend compared with the prior year, while 0% represents a dividend freeze.

Data as of: September 14, 2026

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