Top 10 DGRO Holdings: Dividend Growth vs. EPS Growth (2017–2025)

Introduction

Dividend growth is often viewed as a sign of business quality, but earnings ultimately provide the foundation that supports long-term dividend increases. This visualization compares cumulative dividend growth, cumulative diluted EPS growth, and U.S. inflation from 2018 through 2025 for 10 well-known dividend-paying companies. Rather than focusing on a single year, the chart highlights how dividends and earnings evolved over an extended period, making it easier to identify where both metrics moved together and where meaningful gaps emerged.

Key insights

• Dividend growth exceeded inflation across the entire group

  Every company in the chart increased its dividend by more than cumulative U.S. inflation over the 2018–2025 period. That means each delivered positive real dividend growth, although the magnitude varied considerably between companies.

• Some companies raised dividends much faster than reported EPS

  Broadcom, JPMorgan Chase, Home Depot, and AbbVie all recorded cumulative dividend growth that exceeded cumulative diluted EPS growth over the measured period. Large gaps should be interpreted carefully, particularly where the chart includes notes about acquisition costs, amortization, or other GAAP-related factors that affected reported earnings.

• Strong earnings growth provided room for dividend increases

  Microsoft, Apple, Procter & Gamble, Johnson & Johnson, Philip Morris International, and Exxon Mobil finished the period with EPS growth that matched or exceeded dividend growth. Microsoft stands out in particular, with earnings growth substantially outpacing its already strong dividend growth.

• Context matters when comparing earnings and dividends

  Several companies include important annotations explaining unusual GAAP results. Johnson & Johnson's 2023 EPS reflects the Kenvue separation, AbbVie's earnings were affected by acquisition charges and Humira erosion, Broadcom's GAAP EPS includes acquisition-related amortization, and Exxon Mobil recorded negative GAAP EPS during the pandemic in 2020. These events can influence reported EPS growth without necessarily changing the long-term dividend trend shown in the visualization.

Methodology

DividendXray calculates cumulative dividend growth and cumulative diluted EPS growth using the first and last available annual values between 2018 and 2025 for each company. U.S. CPI serves as the inflation benchmark to measure real dividend growth over the same period. The visualization compares cumulative changes rather than year-by-year volatility, while company annotations identify notable GAAP events or special circumstances that may affect reported earnings interpretation.

Related links

• Blog article
• YouTube video