On this page is an interactive history of S&P 500 dividend growth – the year-over-year change in the index's trailing twelve-month dividends per share, going back to 1872. Switch between nominal and real growth and snap the summary stats to any window you want.
The S&P 500 dividend growth calculator
Using the S&P 500 dividend growth calculator
The tool opens on nominal year-over-year dividend growth, drawn as one bar per year. Change the basis, or drag the chart and the summary statistics and numbers refresh on the spot.
- Nominal / Real (CPI-adj) – see growth in current dollars, or after removing inflation from both years.
- Highlights cards – the most recent year-over-year change, the window's average growth (next to the all-time average), plus the best and worst years in that range.
- Chart range – pick a span with the 10Y / 20Y / 30Y / 50Y / Max shortcuts or drag the slider beneath the chart. Copy or download with the buttons on the right.
- By-year table – one row per December, newest first, sortable, with nominal and real growth columns.
S&P 500 dividend growth by year
Below is the year-by-year history of S&P 500 dividend growth (December over December), in both nominal and real terms. Click to expand.
S&P 500 dividend growth by year
| Year | Nominal | Real (CPI-adj) |
|---|---|---|
| 2025 | +5.46% | +2.71% |
| 2024 | +6.45% | +3.46% |
| 2023 | +5.05% | +1.64% |
| 2022 | +10.79% | +4.08% |
| 2021 | +3.64% | -3.18% |
| 2020 | +0.07% | -1.28% |
| 2019 | +8.35% | +5.93% |
| 2018 | +9.85% | +7.79% |
| 2017 | +7.07% | +4.86% |
| 2016 | +5.32% | +3.18% |
| 2015 | +10.02% | +9.22% |
| 2014 | +12.72% | +11.87% |
| 2013 | +11.97% | +10.31% |
| 2012 | +18.24% | +16.21% |
| 2011 | +16.28% | +12.93% |
| 2010 | +1.43% | -0.07% |
| 2009 | -21.06% | -23.15% |
| 2008 | +2.38% | +2.29% |
| 2007 | +11.45% | +7.08% |
| 2006 | +11.97% | +9.20% |
| 2005 | +14.30% | +10.53% |
| 2004 | +11.79% | +8.26% |
| 2003 | +8.21% | +6.22% |
| 2002 | +2.10% | -0.27% |
| 2001 | -3.26% | -4.74% |
| 2000 | -1.27% | -4.51% |
| 1999 | +1.73% | -0.93% |
| 1998 | +4.52% | +2.86% |
| 1997 | +4.03% | +2.29% |
| 1996 | +8.05% | +4.57% |
| 1995 | +4.63% | +2.04% |
| 1994 | +4.77% | +2.04% |
| 1993 | +1.62% | -1.10% |
| 1992 | +1.48% | -1.39% |
| 1991 | +0.83% | -2.17% |
| 1990 | +9.50% | +3.20% |
| 1989 | +13.57% | +8.52% |
| 1988 | +10.44% | +5.77% |
| 1987 | +6.40% | +1.88% |
| 1986 | +4.81% | +3.67% |
| 1985 | +4.91% | +1.07% |
| 1984 | +6.21% | +2.17% |
| 1983 | +3.20% | -0.57% |
| 1982 | +3.62% | -0.20% |
| 1981 | +7.63% | -1.19% |
| 1980 | +9.03% | -3.10% |
| 1979 | +11.44% | -1.64% |
| 1978 | +8.57% | -0.41% |
| 1977 | +15.31% | +8.07% |
| 1976 | +10.05% | +4.95% |
| 1975 | +2.22% | -4.41% |
| 1974 | +6.51% | -5.19% |
| 1973 | +7.30% | -1.29% |
| 1972 | +2.61% | -0.77% |
| 1971 | -2.23% | -5.32% |
| 1970 | -0.63% | -5.88% |
| 1969 | +2.93% | -3.08% |
| 1968 | +5.14% | +0.40% |
| 1967 | +1.74% | -1.26% |
| 1966 | +5.51% | +1.99% |
| 1965 | +8.80% | +6.75% |
| 1964 | +9.65% | +8.59% |
| 1963 | +7.04% | +5.31% |
| 1962 | +5.45% | +4.06% |
| 1961 | +3.59% | +2.90% |
| 1960 | +6.56% | +5.13% |
| 1959 | +4.57% | +2.79% |
| 1958 | -2.23% | -3.93% |
| 1957 | +2.87% | -0.02% |
| 1956 | +6.10% | +3.02% |
| 1955 | +6.49% | +6.10% |
| 1954 | +6.21% | +7.00% |
| 1953 | +2.84% | +2.07% |
| 1952 | +0.00% | -0.75% |
| 1951 | -4.08% | -9.51% |
| 1950 | +28.95% | +21.73% |
| 1949 | +22.58% | +25.18% |
| 1948 | +10.71% | +7.50% |
| 1947 | +18.31% | +8.70% |
| 1946 | +7.58% | -8.94% |
| 1945 | +3.13% | +0.86% |
| 1944 | +4.92% | +2.56% |
| 1943 | +3.39% | +0.42% |
| 1942 | -16.90% | -23.79% |
| 1941 | +5.97% | -3.60% |
| 1940 | +8.06% | +7.30% |
| 1939 | +21.57% | +21.57% |
| 1938 | -36.25% | -34.43% |
| 1937 | +11.11% | +8.02% |
| 1936 | +53.19% | +51.00% |
| 1935 | +4.44% | +1.42% |
| 1934 | +2.27% | +0.75% |
| 1933 | -12.00% | -12.67% |
| 1932 | -39.02% | -32.04% |
| 1931 | -16.33% | -7.73% |
| 1930 | +1.03% | +7.93% |
| 1929 | +14.12% | +13.45% |
| 1928 | +10.39% | +11.68% |
| 1927 | +11.59% | +14.17% |
| 1926 | +15.00% | +16.30% |
| 1925 | +9.09% | +5.43% |
| 1924 | +3.77% | +3.77% |
| 1923 | +3.92% | +1.52% |
| 1922 | +10.87% | +13.49% |
| 1921 | -9.80% | +1.14% |
| 1920 | -3.77% | -6.25% |
| 1919 | -7.02% | -18.82% |
| 1918 | -17.39% | -31.41% |
| 1917 | +23.21% | +4.33% |
| 1916 | +30.23% | +15.64% |
| 1915 | +2.38% | +0.39% |
| 1914 | -12.50% | -13.37% |
| 1913 | +0.00% | -3.00% |
| 1912 | +2.13% | -4.82% |
| 1911 | +0.00% | +2.10% |
| 1910 | +6.82% | +15.61% |
| 1909 | +10.00% | -0.46% |
| 1908 | -9.09% | -12.01% |
| 1907 | +10.00% | +12.39% |
| 1906 | +21.21% | +14.84% |
| 1905 | +6.45% | +6.45% |
| 1904 | -11.43% | -15.40% |
| 1903 | +6.06% | +12.22% |
| 1902 | +3.13% | -3.74% |
| 1901 | +6.67% | +1.59% |
| 1900 | +42.86% | +48.30% |
| 1899 | +5.00% | -10.15% |
| 1898 | +11.11% | +9.47% |
| 1897 | +0.00% | +0.00% |
| 1896 | -5.26% | -3.84% |
| 1895 | -9.52% | -12.07% |
| 1894 | -16.00% | -9.99% |
| 1893 | +4.17% | +12.60% |
| 1892 | +9.09% | +7.80% |
| 1891 | +0.00% | +5.05% |
| 1890 | +0.00% | -1.27% |
| 1889 | -4.35% | +1.54% |
| 1888 | -8.00% | -8.00% |
| 1887 | +13.64% | +7.05% |
| 1886 | -8.33% | -3.87% |
| 1885 | -22.58% | -21.63% |
| 1884 | -6.06% | +4.72% |
| 1883 | +3.13% | +11.62% |
| 1882 | +0.00% | +1.90% |
| 1881 | +23.08% | +14.98% |
| 1880 | +30.00% | +32.60% |
| 1879 | +11.11% | -6.30% |
| 1878 | -5.26% | +10.14% |
| 1877 | -36.67% | -28.41% |
| 1876 | +0.00% | +1.77% |
| 1875 | -9.09% | -4.35% |
| 1874 | +0.00% | +5.82% |
| 1873 | +10.00% | +16.86% |
| 1872 | +15.38% | +12.80% |
What is S&P 500 dividend growth?
Dividend growth is the percentage change in the index's trailing-twelve-month dividends per share from one year to the next, measured December over December.
It behaves very differently from earnings growth. Dividends are cash that boards are loath to cut, so typical companies either keep things flat or raise. That means index dividend growth is positive in most years and rarely lurches – the prominent exception being 2009, when financial-sector cuts pulled index dividends down.
Real growth strips inflation from both years. A stretch of solid nominal dividend increases in the 1970s and early 1980s looks far more modest once high inflation is taken out, and a few of those years go negative in real terms.
Methodology and sources
Dividends come from Robert J. Shiller's compiled dataset, with recent quarters from S&P Dow Jones Indices. Growth is the change between two December readings.
For how the underlying dividend series is built, see the S&P 500 Return Calculator.
- Dividend growth is the December-over-December change in trailing-twelve-month dividends per share.
- Quarter-end months hold the actual reported figures, so each annual growth rate compares two real full-year numbers rather than interpolated ones.
- Real growth deflates both years with CPI-U before taking the change.
\text{Dividend Growth}_y = \dfrac{\text{Dividend}_{\text{Dec},\,y}}{\text{Dividend}_{\text{Dec},\,y-1}} - 1