On Friday, January 30, 2026, the Board of Directors of Chevron Corporation (NYSE: CVX) announced a quarterly dividend increase from $1.71 to $1.78 per share. The dividend will be payable on March 10, 2026, to shareholders of record as of February 17, 2026. This represents a 4.09% increase over the prior quarterly dividend.
Current Dividend Yield and Income Impact
At Friday’s closing price of $176.90, this dividend increase raises Chevron’s forward dividend yield to approximately 4.02%, maintaining CVX’s position as a high-yielding, blue-chip dividend stock within the energy sector.
As an owner of 60 shares of Chevron Corporation, this increase adds $12.55 to my projected annual net dividend income. I was expecting an increase closer to 6%, so this announcement was a slight disappointment, but an increase is still an increase—and Chevron continues to reward shareholders.
Long-Term Dividend Growth Track Record
Chevron is a Dividend Champion with an impressive 38-year streak of dividend increases, highlighting its resilience across multiple energy cycles. According to Dividend Champions data, Chevron’s dividend growth rates are as follows:
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1-year: 4.9%
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3-year: 6.4%
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5-year: 5.7%
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10-year: 4.8%
This increase marks the 11th consecutive dividend raise I’ve received from Chevron since initiating my position in January 2014. Over this period, the quarterly dividend has grown from $1.00 to $1.78 per share, representing a 78% increase, which has aligned well with my long-term expectations.
At the time of writing, CVX represents approximately 1.12% of my portfolio and contributes about 1.14% of my projected annual dividend income. Following this increase, my yield on cost stands at 6.35%.
Quick Valuation Take
At current levels, Chevron appears fairly valued, trading near historical averages for a major integrated oil company. While energy prices remain volatile, Chevron’s strong balance sheet, disciplined capital spending, and shareholder-friendly policies help justify the valuation for long-term income investors.
Dividend Safety and Outlook
Chevron’s dividend remains very well covered, supported by robust free cash flow, a conservative payout ratio, and one of the strongest balance sheets in the energy sector. Management has consistently prioritized the dividend, even during downturns, making CVX’s dividend outlook secure with modest growth potential over time.
Final Thoughts
While the size of this increase came in slightly below my expectations, Chevron continues to perform its role as a core, dependable income holding in my portfolio. With a solid yield, a nearly four-decade dividend growth streak, and strong financial discipline, CVX remains a cornerstone dividend investment.
Summary of 2026 Dividend Increases / Cuts
Full Disclosure: Long CVX
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