Capital Group Global Equity Study: U.S. dividend growth across industries reaches Q3 record

• U.S. companies distributed $180.7 billion in dividends during the third quarter, with 96% increasing or maintaining their payouts
• Financials contributed more than one-quarter of the increase in U.S. dividends
• Global dividends rose 7.5% to a Q3 record of $546 billion, with financials, mining and technology driving growth
• Broad-based dividend growth creates opportunities for active managers to identify companies with the cash generation and earnings power to sustain and grow payouts over time 

LOS ANGELES, Nov. 6, 2026 /PRNewswire/ -- U.S. companies distributed $180.7 billion in dividends to investors in Q3, with 96% increasing or maintaining their payouts, according to the latest Dividend Watch from Capital Group, the world's largest active fund manager¹, and part of the Capital Group Global Equity Study².

"The market's underlying sources of investor returns appear broader than the narrow group dominating the headlines," said David Unanue, Head of Asset Class Services at Capital Group. "While investors are understandably focused on the growth of AI, record dividend payments show that companies across a range of industries are generating cash and returning more of it to investors. For long-term active investors like Capital Group, that creates an opportunity to look across sectors and distinguish between companies that simply offer attractive payouts today and those with the underlying cash generation, earnings growth and financial flexibility to sustain them over time."

Global growth accelerates
Globally, dividends reached a third-quarter record of $546 billion, increasing 7.5% on a core basis year over year. Financials were the largest contributor, accounting for approximately one-third of the increase, or $11 billion. General financial companies increased payouts by 17.6%, supported by strong capital markets, trading activity and fee income.

But financials were not the only source of growth. Mining and chemicals recorded the fastest sector increase, with payouts rising 21.7%, while technology dividends increased 10.9%. Mining and technology each contributed approximately one-sixth of the overall increase in global dividends.

2026 outlook improves
Following stronger-than-expected Q3 results, the study upgraded the 2026 global dividend forecast to a record $2.24 trillion. Core growth is now expected to reach 6.8%, up from the previous forecast of 6.0%, reflecting stronger underlying distributions and improved expectations for the final quarter.

Resilient earnings and healthy cash generation continue to support the outlook for investor distributions, although economic and geopolitical uncertainty and uneven growth across markets remain considerations heading into year-end.

Footnotes
¹ Source: Morningstar Direct as of June 30, 2026. This does not include money market funds, feeder funds or fund of funds.

² Capital Group Global Equity Study: Dividend Watch – October 2026. 

About Capital Group
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