The MaxDividends Macro Report is your monthly deep dive into global dividend trends — packed with data, insights, and analysis from the most dividend-focused team and community in the world.
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Hey Dividend Investors!
Our latest MaxDividends Macro Report — November 2025 is here, and it’s loaded with sharp, data-driven insights to keep your income strategy moving upward.
Each week, we track thousands of dividend-paying companies across global markets — studying trends, running the numbers, and cutting through the noise so you don’t have to. Every chart, metric, and signal you see here comes from hours of careful analysis by the MaxDividends team.
And the mission behind all that work stays the same: helping you build a dividend income stream that’s reliable today and growing for years ahead.
We’re the most dividend-focused community on Earth — and you’re right in the heart of it.
The MaxDividends Macro Report
Dividend Eagles: 3 Top-Performing Dividend Stocks of the Month
Updated Dividend Eagles Top Stocks List
The Most Notable Dividend Increases
Dividend Macro Highlights:
Global Dividend Trends
US Dividend Trends
⭐ My Personal Stock Watchlist for November 2025
The new MaxDividends PDF Macro Report for November is a must-see for every dividend investor.
🎁 Bonus!
Inside, you’ll find 5 outstanding dividend stock ideas, fresh market trends, macro insights, and real-world plans to grow your income — all crafted by the MaxDividends team.
We’re sharing it today with the entire community so everyone can see just how powerful these reports are — packed with value, guidance, and data worth far more than a couple cups of coffee. Trends, top lists, strategies, support, insights — and of course, the app that ties it all together.
Dividend Eagles Deliver ~$143B YTD
3 Top-Performing Dividend Eagles of November
The "Dividend Eagles List" comprises approximately 100 of the most reliable dividend-paying companies in the U.S. market, each boasting over 15 consecutive years of increasing dividends.
These companies have been meticulously selected based on stringent criteria established by the MaxDividends team.
🥉 +12.96% PH Parker-Hannifin Corp
Engineering Power, Built for Decades
Parker-Hannifin is one of the world’s leading manufacturers of motion and control technologies — powering equipment across aerospace, industrial automation, climate systems, energy, and advanced manufacturing. Its components sit inside aircraft, factories, heavy machinery, and mission-critical systems that must work flawlessly.
Founded in 1917 and headquartered in Cleveland, Ohio, Parker has spent over a century engineering high-precision components and systems for the most demanding applications.
Its scale, technical depth, and diversified end markets help produce resilient cash flows even in economic downturns — a foundation that supports its long, uninterrupted dividend growth record.
🥈 +16.82% JBHT J.B. Hunt Transport Services
Moving America, Mile After Mile
J.B. Hunt is one of America’s largest logistics operators, orchestrating freight movement across trucks, rail, and intermodal platforms. The company’s deep integration with major retailers and its leadership in intermodal efficiency make it a key pulse-check for the U.S. economy.
Founded in 1961 and based in Arkansas, J.B. Hunt pioneered the truck-to-rail intermodal model, cutting shipping costs and emissions long before it became industry standard.
Its technology-driven operations, strong contracts, and national scale support steady cash generation — keeping dividends growing as the company continues modernizing America’s supply chain.
🥇 +17.91% EXPD Expeditors International of Washington
Global Trade, Delivered with Precision
Expeditors is a global logistics and freight-forwarding leader specializing in air, ocean, and customs brokerage services. The company coordinates complex international shipments for thousands of businesses, ensuring goods move smoothly across borders, regulations, and continents.
Founded in 1979 and headquartered in Seattle, Expeditors built its business on operational discipline, asset-light efficiency, and a culture of financial conservatism.
Its model shines during volatile markets: high margins, flexible cost structure, and deep customer relationships translate into reliable cash flows — supporting a long track record of dividend growth and shareholder returns.
Dividend One-Pager of the Month
A Proven Dividend Eagle 🦅
50+ consecutive years of dividend increases
Johnson & Johnson (JNJ) stands as one of the most reliable dividend stocks in the market, boasting 64 consecutive years of dividend increases—a rare achievement that earns it the prestigious title of a Dividend King.
The company has paid dividends without interruption since 1944 and has raised its payout every year since 1961, demonstrating unwavering commitment to shareholders even during economic downturns, litigation challenges, and industry disruptions.
As of 2025, JNJ offers a dividend yield of ~2.65%, well above the S&P 500 average, with a payout ratio of around 50%—indicating a sustainable balance between rewarding investors and reinvesting in growth.
Its pharmaceutical and medical technology segments generate steady cash flow, ensuring dividend reliability. Notably, J&J’s AAA credit rating (higher than the U.S. government) further underscores its financial strength to maintain and grow dividends.
If you want to dive deeper, the full list of all Dividend Eagles — with up-to-date analytics, financial scores, valuations, streaks, payout metrics, and every data point you need — is available in Premium inside the MaxDividends App for all partners right here:
👉 the full list of all Dividend Eagles
This is where you can explore every Eagle in detail, compare quality, screen for opportunities, and build a portfolio with true long-term horsepower.
And now, let’s get into the good part — a hand-picked set of dividend ideas worth your attention this month, selected for reliability, growth, and real income-producing strength. Let’s dive in.
List of Undervalued Dividend Stocks (November) 🔥
By investing in strong, undervalued companies that frequently increase their dividend rates, we benefit from dividend compounding and strong price performance—getting great businesses at a discount.
The Most Notable Dividend Increases of the Month
Exxon Mobil (XOM) – Dividend Increase: +4.00%
40+ consecutive years of rising dividends
Exxon Mobil (NYSE: XOM) is one of the world’s largest integrated energy companies, spanning upstream oil & gas production, refining, petrochemicals, carbon solutions, and global trading. Its scale, capital discipline, and low-cost legacy assets make it one of the most durable cash generators in the energy sector — built to withstand commodity cycles and return cash through thick and thin.
For Q3 2025, Exxon posted revenue of $92.3 billion, with net income of $8.33 billion, supported by downstream strength, stable refining margins, and record chemical volumes. Free cash flow remained robust as capital spending stayed within long-term guidance and high-return Permian assets delivered another quarter of efficiency gains. Management reiterated its multi-year plan focused on disciplined capex, low-cost barrels, and expanding high-margin chemical and LNG segments.
Exxon raised its quarterly dividend from $0.99 to $1.03, marking a 4% increase and extending its 40+ (42) year dividend growth streak. The annualized dividend now stands at $4.12 per share, yielding around 3.4%, backed by a conservative payout ratio and decades of cycle-tested cash generation. Five-year dividend growth is modest but steady, and the company continues to pair dividend increases with aggressive buybacks fueled by strong free cash flow.
Visa (V) – Dividend Increase: +13.60%
15+ consecutive years of rising dividends
Visa (NYSE: V) operates the world’s largest electronic payments network, powering trillions of dollars in global commerce across consumers, merchants, banks, and fintech platforms. It remains a compounder built on scale, brand trust, security infrastructure, and the unstoppable ongoing shift from cash to digital payments.
For fiscal Q4 2025, Visa generated net revenue of $8.9 billion, up on double-digit cross-border volume strength, growing tap-to-pay adoption, and continued expansion in value-added services. Net income reached $4.7 billion as operating margins remained elite — among the highest in the S&P 500 — supported by disciplined cost management and high incremental profitability. Management reaffirmed expectations for solid revenue growth into 2026 driven by travel recovery, debit strength, and new payment flows.
Visa lifted its quarterly dividend from $0.59 to $0.67, a 13.6% increase, continuing its 16-year dividend growth streak. The annualized payout now stands at $2.68 per share (yield ~0.7%). With a payout ratio below 25% and consistent double-digit earnings growth, Visa has one of the strongest long-term dividend runways in the market — a classic “low yield, high growth” compounding machine.
McDonald’s (MCD) – Dividend Increase: +5.00%
49 consecutive years of rising dividends
McDonald’s (NYSE: MCD) is the world’s largest restaurant company, serving nearly 70 million customers per day across 100+ countries. Its franchise-heavy model delivers stable royalty-based cash flows, global brand strength, pricing power, and unmatched operating leverage — a defensive giant built for every economic backdrop.
For Q3 2025, global comparable sales rose 5.5%, driven by menu pricing, digital ordering growth, and continued expansion of delivery partnerships. Systemwide sales hit $31.2 billion as operating income climbed on strong restaurant-level profitability. Management highlighted ongoing momentum across the U.S. and international markets, supported by loyalty program adoption and new store development in high-growth regions.
McDonald’s increased its quarterly payout from $1.77 to $1.86, a 5% raise, extending its 49 year track record as one of the most reliable dividend growers in the S&P 500. The annual dividend now stands at $7.44 per share (yield ~2.3%). With a balanced payout ratio and predictable cash generation, McDonald’s remains a textbook Dividend King in the making — steady hikes, consistent earnings, and a fortress brand.
The Most Solid Recent Dividend Hikes
Accenture (ACN) +10.14%
City Holding (CHCO) +10.13%
First United (FUNC) +18.18%
Microsoft (MSFT) +9.64%
Philip Morris International (PM) +8.89%
Dividend Macro Highlights: Global Dividend Trends
The macro report is updated quarterly
Global: Latest Dividend Data
The global cumulative dividend payout for Q3 2025 continued the upward trend seen in Q2 2020.
This indicates that most dividend-paying companies have weathered the impact of the 2020 crisis and successfully adapted their businesses to the new reality.
Global Total Quarterly Dividend Payments (US$ Billions)
Global dividend payments continued to show strong momentum through 2025. Companies paid out approximately $390 billion in dividends during the first quarter, followed by a significantly higher $570+ billion in the second quarter.
With Q3 now fully reported, total dividend payments reached $371.6 billion, including regular and special distributions. While lower than the exceptionally strong Q2 levels, the third quarter still reflects a solid global payout pace and underscores the resilience of corporate cash flows across major markets (Figure 1).
Global Dividend Breakdown — Q4 2025 Year-to-Date
These charts show how global dividend payments have been distributed across sectors and industries through the latest data for 2025.
Financial Services remain firmly in the lead, accounting for 26.23% of all global dividend payouts. Industrials contribute 10.83%, while Consumer Defensive (9.73%), Technology (9.54%), and Healthcare (9.31%) each play similarly sized roles in the global income landscape. The broad 34.35% “Other” category underscores the growing diversification of dividend-paying companies worldwide.
At the industry level, banks continue to dominate, with diversified and regional banks combining for 15.63% of total global payouts. Drug manufacturers (6.49%), integrated oil & gas (4.30%), and diversified insurance (2.45%) also remain meaningful contributors.
Meanwhile, the large 71.12% “Other” segment reflects the wide range of industries now participating in global dividend generation.
U.S. Dividend Landscape
The chart illustrates total dividend payments by U.S. companies in 2025, broken down by quarter.
Q1 and Q2 maintained strong momentum, with payouts in the $230–240 billion range — reflecting healthy profits and continued commitment to shareholder returns.
For Q3 2025, total dividends reached $223.9 billion, including $217.0 billion in regular dividends and $6.9 billion in special dividends.
Regular payouts continue to make up the vast majority of distributions, while special dividends add a modest boost — together confirming that U.S. companies remain financially strong and shareholder-oriented heading into year-end.
U.S. Dividend Breakdown — Q4 2025 Year-to-Date
These charts show how dividend payments in the U.S. market are distributed across sectors and industries as 2025 approaches its final stretch.
Financial Services remain the dominant dividend-paying sector, contributing 25.23% of all U.S. payouts. Technology follows with 14.26%, while Healthcare (12.24%), Consumer Defensive (10.57%), and Energy (9.68%) form a balanced group of steady contributors. The 28.03% “Other” category continues to signal a broadening dividend base across the market.
At the industry level, diversified banks lead with 11.85% of total payouts. Drug manufacturers add 8.95%, while regional banks contribute another 5.00%. Integrated oil & gas (4.58%) and semiconductors (4.07%) round out the next tier. The large 65.55% “Other” share highlights the wide variety of industries now playing meaningful roles in the U.S. dividend landscape.
Cumulative dividends paid by US companies in 2025
Dividends paid by U.S. companies in 2025 continue to grow steadily as the year progresses.
Cumulative payouts reached roughly $235B by Q1, climbed to around $470B by Q2, and moved past $680B in Q3. As of the latest Q4 data — with the quarter still underway — cumulative dividends have already exceeded $820B, pointing to another strong finish for the year.
Regular dividends remain the dominant driver of total payouts, while special dividends contribute only a small share, underscoring the reliability and consistency of U.S. corporate cash distributions.
Cumulative dividends paid by US Dividend Eagles in 2025
Dividend Eagles — companies with 15+ years of consecutive dividend growth — have now paid out more than $120B in dividends year-to-date 2025.
Payouts continued to rise quarter after quarter: roughly $35B by Q1, nearly $75B by Q2, and just over $110B by Q3. With Q4 still underway, total dividends have already surpassed $120B, reflecting another strong year of steady, reliable cash returns from America’s most consistent dividend growers.
Proof That Dividend Eagles Deliver, Year After Year
Over the past decade, US Dividend Eagles — companies with 15+ years of consecutive dividend increases — have nearly doubled their annual payouts, climbing from around $75B in 2016 to more than $140B in 2024. That’s pure cash returned to shareholders, without even counting the effect of reinvestment.
📊 This chart makes the MaxDividends concept crystal clear: when you own businesses that never stop paying and keep raising the bar every single year, your income stream snowballs in front of your eyes. These are not flashy promises — they are the most reliable wealth-building machines in the market.
Average Dividend Yield of Dividend Eagles, Q4 2025
In 2025, the average dividend yield of Dividend Eagles moved through a modest midyear cycle before stabilizing into year-end. Yields started near 2.10% in Q1, peaked around 2.30% in Q2, and then dipped to just above 2.08% in Q3.
By Q4, the average yield recovered to 2.12%, landing slightly below the long-term average of 2.15%. This mild rebound suggests steady income conditions and a broadly stable valuation backdrop for America’s most reliable dividend growers.
🥇 Top 5 Dividend Eagles by Total Payouts (2025 YTD)
These are the heavyweights — the Dividend Eagles returning the most cash to shareholders right now:
Microsoft (MSFT) — 💵 $25.38B in dividends
Johnson & Johnson (JNJ) — 💵 $12.37B
Procter & Gamble (PG) — 💵 $10.25B
Home Depot (HD) — 💵 $9.02B
Coca-Cola (KO) — 💵 $8.81B
📊 Together, just these five companies alone have distributed over $55 billion in dividends so far — a powerful reminder of what it means to own reliable, world-class businesses that never stop paying.
And that’s exactly what the Dividend Eagles List is all about. 🦅 It’s our curated lineup of 100+ U.S. companies that have raised dividends for 15+ consecutive years — the strongest, most consistent payers in the market. These aren’t just stocks; they’re proven wealth-building machines built on financial stability, resilience, and decades of shareholder commitment.
👉 The full, always-updated Dividend Eagles List is available inside the MaxDividends App — exclusive to our community.
Created by the MaxDividends Team. Available only on MaxDividends. Exclusive.
U.S. Dividend Landscape - (S&P 500)
S&P 500 Dividend Yield — Historical Perspective
The S&P 500 dividend yield has drifted even lower, now sitting at 1.16% — one of the lowest levels in more than a century of market history. Stock prices remain high relative to the dividends companies pay, keeping yield levels deeply compressed.
When viewed against nearly 150 years of data, today’s yield stands far below the long-term historical norm of 3–5%.
S&P 500 Historical Dividend Trends
Inflation-adjusted dividends for the S&P 500 continue to show a steady long-term upward trajectory. Even with periodic economic shocks and market volatility, the underlying growth trend in real dividends has remained intact for more than a century.
The previous inflation-adjusted peak came in May 2020, when dividends reached 73.09. Today, that figure stands at 78.48, setting a new all-time high and highlighting the ongoing strength of corporate cash flows within the index.
S&P 500 Dividend Growth
The S&P 500 dividend growth trend continues to demonstrate long-term resilience. Over the past 32 years, negative dividend growth has appeared only during major crisis periods — confirming how rarely large U.S. companies reduce their payouts.
The latest reading shows dividend growth at 6.92%, reflecting a steady pace of expansion and solid earnings support across the index.
Despite market volatility and shifting economic conditions, the broader pattern remains firmly positive.
Inflation’s Impact on Dividends
Inflation has continued to move in a narrow range through 2025, shaping how real (inflation-adjusted) S&P 500 dividends appear on the long-term chart. After cooling sharply from the 2022 peak, inflation remained subdued in early 2025 — dipping to 2.3% in March — which provided a more supportive backdrop for real dividend growth.
Through mid-2025, inflation hovered between 2.4% and 2.7%, before rising again toward 2.9% in late summer and touching 3.0% in September.
This mild reacceleration limits the pace at which inflation-adjusted S&P 500 dividends can expand, keeping real dividend growth steady but far from the powerful upswing seen right after the 2022 inflation peak.
For your convenience, we have prepared a PDF version of the Dividend Macro Overview. You can download and review it at any time.
🎁 One More Bonus!
My Personal Stock Watchlist — November 2025
A hand-picked list of the dividend stocks I’m actively tracking this month.
Each month I hand-pick a focused shortlist of dividend stocks worth watching. No guesswork, no hype — I screen thousands of companies and keep only the ones with strong balance sheets, reliable dividend growth, and long-term wealth-building potential.
This watchlist is where I’m putting my energy — a mix of high-yield opportunities and growth names with the power to multiply income streams over time. If you’re serious about building a future where dividends cover your lifestyle, this is where to start.
🎯 My 6 Standout Candidates for November
Novo Nordisk (NVO)
Dividend Yield 3.75% | MaxRatio 26.23 | Financial Score 97
Novo Nordisk is a global healthcare leader best known for its diabetes and obesity treatments. Founded in 1923 and headquartered in Denmark, the company operates in more than 170 countries, with products serving millions of patients worldwide.
Key Business Segments
Diabetes & Obesity Care – Insulin, GLP-1 therapies, and innovative treatments for diabetes and weight management.
Rare Disease Treatments – Specialty medicines targeting hemophilia, growth disorders, and other rare conditions.
Biopharma & R&D – Heavy investment in next-generation biologics and clinical trials for chronic diseases.
Takeaway: With 29 straight years of dividend increases and 173% dividend growth in the last five years, Novo Nordisk is one of the most reliable healthcare dividend growth engines in the world.
Shoe Carnival (SCVL)
Dividend Yield 3.46% | MaxRatio 31.72 | Financial Score 98
Shoe Carnival Inc. is a U.S. footwear retailer offering affordable brand-name shoes for the entire family. Founded in 1978 and headquartered in Evansville, Indiana, it runs 400+ stores across the U.S. and Puerto Rico, blending value pricing with an upbeat in-store experience.
Key Business Segments
Retail Stores – Wide selection of athletic, casual, and dress footwear for men, women, and children.
E-Commerce – Online sales with buy-online, pick-up in-store convenience.
Private Label Brands – Exclusive offerings that boost margins and differentiate the product mix.
Loyalty Program (Shoe Perks) – Personalized promotions and repeat-customer rewards.
Takeaway: With 218% dividend growth in just five years and a conservative payout ratio under 20%, Shoe Carnival has emerged as a true dividend growth underdog.
Bank OZK (OZK)
Dividend Yield 4.08% | MaxRatio 11.08 | Financial Score 92
Bank OZK is a regional bank headquartered in Little Rock, Arkansas. Founded in 1903, it operates across the Southern U.S., offering retail and commercial banking services with a focus on conservative lending.
Key Business Segments
Community Banking – Personal checking, savings, and lending services across multiple states.
Commercial Real Estate Lending – Nationally recognized lender in real estate development finance.
Treasury & Wealth Management – Services tailored to both individuals and businesses.
Takeaway: With 25 consecutive years of dividend increases and a payout ratio under 30%, Bank OZK is a steady regional bank with dependable dividend growth.
goeasy Ltd (GSY) | Canada
Dividend Yield 4.75% | MaxRatio 55.79 | Financial Score 98
goeasy Ltd. is a Canadian financial services company providing non-prime lending and lease-to-own products. Founded in 1990 and headquartered in Mississauga, Ontario, it serves customers often overlooked by traditional banks.
Key Business Segments
easyfinancial – Non-prime consumer lending and installment loans across Canada.
easyhome – Lease-to-own business for household goods and furniture.
Credit & Insurance Services – Expanding portfolio of credit protection and related products.
Takeaway: With 277% dividend growth in the last five years and 21 straight years of raises, goeasy is one of the most aggressive dividend growth stories in North America.
FedEx (FDX)
Dividend Yield 2.17% | MaxRatio 10.91 | Financial Score 97
FedEx Corporation is a global leader in logistics, e-commerce, and business services. Founded in 1971 and headquartered in Memphis, Tennessee, it operates in over 220 countries and territories with one of the world’s largest express delivery networks.
Key Business Segments
FedEx Express – Time-definite international and domestic shipping.
FedEx Ground – Cost-effective package delivery across the U.S. and Canada.
FedEx Freight – Less-than-truckload freight services nationwide.
FedEx Logistics – Supply chain solutions including brokerage and warehousing.
Takeaway: With over 100% dividend growth in the last five years and a growing role in global trade, FedEx is turning into a surprisingly strong dividend growth stock.
Zoetis (ZTS)
Dividend Yield 1.66% | MaxRatio 10.22 | Financial Score 99
Zoetis is the world’s largest animal health company, supplying medicines, vaccines, diagnostics, and precision technologies for both pets and livestock. Founded in 1952 as part of Pfizer and headquartered in New Jersey, it operates in more than 60 countries and supports veterinarians, farmers, and pet owners globally.
Key Business Segments
Companion Animal Health – Treatments, vaccines, dermatology solutions, and diagnostics for dogs, cats, and horses — the company’s fastest-growing segment driven by rising pet ownership.
Livestock Health – Veterinary pharmaceuticals and vaccines for cattle, swine, poultry, and fish, helping producers maintain herd health and farm productivity.
Diagnostics & Precision Animal Tech – Digital tools, diagnostic platforms, and monitoring solutions that improve clinical accuracy and long-term care.
Biopharma R&D – A robust pipeline focused on parasiticides, dermatology, chronic conditions, and next-gen vaccines.
Takeaway: With more than a decade of uninterrupted dividend increases, high-margin products, and a dominant position in the global animal health market, Zoetis stands out as a long-term compounder.
✨ These six are my “front runners” for November. They’ve cleared every screen, proven themselves over time, and sit at the top of my focus list this month.
A complete list of my favorite stocks I’m currently tracking—only the best make it in.
💬 Like, share, and repost to spread the dividend mindset!
Happy dividends for all the holders!
- Max & MaxDividends Team
MaxDividends Mission
Helping people build growing passive income, retire early, and live off dividends.
Someone’s sitting in the shade today because someone planted a tree a long time ago. ― Warren Buffett.
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