Dividend Champions: 25+ Years Beyond the S&P 500

Dividend Champions are U.S. publicly traded companies that have increased their annual dividend per share for at least 25 consecutive years. At first glance, this sounds identical to the Dividend Aristocrats — and the streak requirement is the same. The crucial difference is that Champions have no index membership requirement. While Aristocrats must be in the S&P 500, Champions can be any publicly traded U.S. company regardless of market cap, trading volume, or index inclusion.

This distinction matters more than you might think. The S&P 500 requirement filters out dozens of excellent dividend growth companies that happen to be too small for the index. The Champions list captures these hidden gems alongside the large-cap names, giving dividend investors a substantially broader universe of quality income stocks to choose from.

How the Champions List Works

Unlike the Dividend Aristocrats, which are maintained by S&P Dow Jones Indices as an official benchmark, the Champions list is a community-curated resource. It was originally created and maintained by the late David Fish, an individual investor who meticulously tracked every U.S. company with consecutive dividend increases. After his passing in 2018, the list was continued by Justin Law and remains one of the most widely referenced dividend research tools in the investment community.

The Champions list is actually part of a broader tracking system that includes three tiers based on streak length:

• Champions: 25+ consecutive years of dividend increases
• Contenders: 10 to 24 consecutive years of dividend increases
• Challengers: 5 to 9 consecutive years of dividend increases

Together, these three tiers — often called the CCC list — catalog several hundred companies with meaningful dividend growth track records. For investors focused on finding reliable income stocks, this comprehensive database is invaluable.

Champions vs. Aristocrats: The Broader Universe

The Aristocrats list typically contains 60 to 70 companies. The Champions list, by removing the S&P 500 requirement, expands that number to well over 130 companies. The additional names come from several categories that the Aristocrats exclude:

• Mid-cap companies: Companies with market caps between $2 billion and $10 billion that are too small for the S&P 500 but have excellent 25+ year dividend growth records.
• Regional banks and utilities: Many community banks and water or electric utilities have raised dividends for 30+ years but are not large enough for major index inclusion. Companies like Northwest Natural Gas (NWN) with 65+ years of consecutive increases are Champions but not Aristocrats.
• Niche industrials and specialty companies: Smaller industrial firms, insurance companies, and specialty manufacturers with long dividend growth histories.

For investors willing to look beyond the most well-known large-cap names, the Champions list is a treasure trove of quality income stocks that often fly under the radar of mainstream financial media.

Notable Champions Outside the Aristocrats

Some of the most interesting Champions are companies you may not have heard of but that have remarkable dividend track records:

• SJW Group (SJW) — A water utility with 55+ consecutive years of dividend increases, serving communities in California, Connecticut, Maine, and Texas.
• Lancaster Colony (LANC) — A specialty food company with 60+ consecutive years of increases, known for brands like Marzetti and New York Bakery.
• Telephone and Data Systems (TDS) — A telecom holding company with a long dividend growth record serving rural and suburban markets.

These companies demonstrate that dividend excellence is not limited to household names. Use our dividend screener to discover Champions across every sector and market cap range.

Using the Champions List in Your Strategy

The Champions list serves as an excellent screening starting point for dividend investors. Because it includes companies of all sizes, you can find opportunities with higher yields and stronger growth rates than what the Aristocrats alone offer. Smaller Champions often trade at lower valuations than their large-cap counterparts, providing better entry points for income-seeking investors.

When using the Champions list, apply additional filters to narrow your choices. Check the payout ratio to ensure sustainability. Look at the recent dividend growth rate — some Champions have slowed to token increases. Verify that the company has adequate liquidity (trading volume) for your position size, since smaller Champions may trade fewer shares daily. And as always, diversify across sectors to manage risk. Track all payment dates with our dividend calendar once you have built your portfolio.