• Q4 2025 U.S. common dividend increases were $16.1 billion, up 14.9% from $14.0 billion in Q3 2025 and up 13.0% from $14.2 billion in Q4 2024.
  
• Q4 2025 U.S. common dividend decreases were $3.0 billion, down 12.4% from $3.4 billion in Q3 2025 and up 20.5% from $2.5 billion in Q4 2024.
  
• Q4 2025 net indicated dividend rate change increased $13.1 billion.
  
• For 2025 U.S. common dividend increases were $59.3 billion, down 16.9% from the 2024 period's $71.4 billion; decreases were down 28.8% to $12.9 billion compared to $18.1 billion for the prior 12-month period.
  
• The net 2025 indicated dividend increase was $46.4 billion compared to $45.1 billion for the 12-months ending September 2025 and $53.3 billion for 2024.
  

• 634 dividend increases were reported during Q4 2025 compared to 635 during Q4 2024, a 0.2% year-over-year decrease.
  
• Total dividend increases were $16.1 billion for the quarter, up from $14.2 billion in Q4 2024.
  
• For 2025, 2,293 issues increased their payments, down from the 2,450 issues for 2024.
  
• Total dividend increases for 2025's period were $59.3 billion, down from $71.4 billion in 2024.
  

• 38 issues decreased dividends in Q4 2025, a 15.2% year-over-year increase compared to 33 issues in Q4 2024.
  
• Dividend decreases were $3.0 billion in Q4 2025, compared to $2.5 billion in Q4 2024.
  
• For 2025, 176 issues decreased their dividend payments, a 33.3% increase compared to the 132 decreases for 2024.
  
• Dividend decreases were $12.9 billion for 2025, a 28.8% decrease from 2024's $18.1 billion.
  

• The percentage of non-S&P 500 domestic dividend-paying common issues declined to 19.4% from Q3 2025's 19.60% and was down from Q4 2024's 20.1%.
  
• The weighted indicated dividend yield for paying issues was 2.53% in Q4 2025, up from the 2.49% in Q3 2025 and down from 2.83% in Q4 2024. The average indicated yield decreased to 3.07% in Q4 2025 compared to Q3 2025's 3.11% and 3.19% in Q4 2024.
  

Quote:UPRR is a Class I railroad operating in the U.S. We have 32,880 route miles, connecting Pacific Coast and Gulf Coast ports with the Midwest and Eastern U.S. gateways and providing several corridors to key Mexican and Canadian gateways. We serve the western two-thirds of the country and maintain coordinated schedules with other rail carriers to move freight to and from the Atlantic Coast, the Pacific Coast, the Southeast, the Southwest, Canada, and Mexico. Export and import traffic moves through Gulf Coast, Pacific Coast, and East Coast ports and across the Mexican and Canadian borders.

• I've added railroad specific statistics for any railroad analysis sheets. CN/CNI reports on these consistently for the last 10 years and have quite a variety of statistics they discuss. The other railroads seem to pick only what they want to show. See the notes on the spreadsheet.
  
  
• Revenue is broken down into the different categories of products transported. Usually this does not total 100% of GAAP reported revenues as there are miscellaneous other sources also. I just wanted to get a feel for which sectors of the economy make up their sales.
  
  
• Lastly, I've added a graph to the share price history tab. This is a rough version of the FastGraphs graph with data points based on the previous years' results. If you don't like it, you can just delete it. It just helps me look at valuation.
  
  

Quote:CN is engaged in the rail and related transportation business and powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the Gulf of Mexico, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919. 

CN's freight revenues are derived from seven commodity groups representing a diversified and balanced portfolio of goods transported between a wide range of origins and destinations. This product and geographic diversity better position the Company to face economic fluctuations and enhances its potential for growth opportunities. For the year ended December 31, 2024, CN's largest commodity group, Intermodal, accounted for 22% of total revenues. From a geographic standpoint, 35% of revenues relate to overseas traffic, 32% to transborder traffic, 17% to Canadian domestic traffic and 16% to U.S. domestic traffic. The Company is the originating carrier for over 85%, and the originating and terminating carrier for over 65%, of traffic moving along its network, which allows it both to capitalize on service advantages and build on opportunities to efficiently use assets.

• I've added railroad specific statistics for any railroad analysis sheets. CN/CNI reports on these consistently for the last 10 years and have quite a variety of statistics they discuss.
  
  
• Revenue is broken down into the different categories of products transported. Usually this does not total 100% of GAAP reported revenues as there are miscellaneous other sources also. I just wanted to get a feel for which sectors of the economy make up their sales.
  
  
• Lastly, I've added a graph to the share price history tab. This is a rough version of the FastGraphs graph with data points based on the previous years' results. If you don't like it, you can just delete it. It just helps me look at valuation.
  

• I can't guarantee every number is correct. After looking through a ton of pdf files and hand copying data, errors are bound to creep in. If you find any errors, feel free to let me know about them so I can correct it.
  
  
• Sometimes data from a prior year is restated in a following document due to accounting rule changes, data changing or clarified through the reorganization process, etc. When I enter it in the spreadsheet, I generally use the numbers published in the original data for that year. I DO NOT go back and modify prior data since it is my opinion that the pricing of a company's stock is dependent on the data that was available at the time it was published.
  
  
• I am not a financial planner nor a degreed accountant so any misstatement or calculation of statistics are as I best understand it. Often statistics can be calculated in several different ways depending on how that data is being used. I've used Investopedia extensively to double check my calculations using the data specifically available to me and focusing on the investment viewpoint.
  
  
• When a company is going through some financial hardship or reorganization, some of the numbers don't make any sense; i.e., a negative P/E ratio or ROE. Other rating services usually mark it as "Not Measureable" or set it to zero. I will usually leave it as calculated so I can judge how drastic the change is from the norm.
  
  
• Do not use this information as the sole source to make investment decisions. I highly recommend you at least skim a couple years of annual reports to become familiar with the company. I make no guarantees along with all the other disclaimers other organizations usually list.
  
  

Quote:Dividend Radar has been discontinued

After much consideration, we have decided to discontinue Dividend Radar, our weekly publication of dividend stocks. This was not an easy decision, as we know many of you have come to rely on the list as part of your investing research. We’ve chosen to shift our focus toward new opportunities and projects.

We want to thank you sincerely for your readership, support, and feedback over the years. It has been a privilege to serve you.

• Dividend Champions: U.S. stocks that have grown dividends for the last 25+ consecutive years
  
• Dividend Contenders: U.S. stocks that have grown dividends for the last 10-24 consecutive years
  
• Dividend Challengers: U.S. stocks that have grown dividends for the last 5-9 consecutive years
  

• I can't guarantee every number is correct. After looking through a ton of pdf files and hand copying data, errors are bound to creep in. If you find any errors, feel free to let me know about them so I can correct it.
  
  
• Sometimes data from a prior year is restated in a following document due to accounting rule changes, data changing or clarified through the reorganization process, etc. When I enter it in the spreadsheet, I generally use the numbers published in the original data for that year. I DO NOT go back and modify prior data since it is my opinion that the pricing of a company's stock is dependent on the data that was available at the time it was published.
  
  
• I am not a financial planner nor a degreed accountant so any misstatement or calculation of statistics are as I best understand it. Often statistics can be calculated in several different ways depending on how that data is being used. I've used Investopedia extensively to double check my calculations using the data specifically available to me and focusing on the investment viewpoint.
  
  
• When a company is going through some financial hardship or reorganization, some of the numbers don't make any sense; i.e., a negative P/E ratio or ROE. Other rating services usually mark it as "Not Measurable" or set it to zero. I will usually leave it as calculated so I can judge how drastic the change is from the norm. You can mark these fields zero (0) or NM (Not Measurable) and the statistics should adjust if you desire.
  
  
• Do not use this information as the sole source to make investment decisions. I highly recommend you at least skim a couple years of annual reports to become familiar with the company. I make no guarantees along with all the other disclaimers other organizations usually list.
  

• Monte Carlo simulations
  
• Ability to change tax rates, sources of income and expenditures on a yearly basis
  
• Change the rate of return on your investments on a yearly basis
  
• Account for Roth conversions
  
• Calculate and save multiple scenarios
  
• Account for one-time large withdrawals such as buying a car or major remodeling project
  

• I can't guarantee every number is correct. After looking through a ton of pdf files and hand copying data, errors are bound to creep in. If you find any errors, feel free to let me know about them so I can correct it.
  
  
• Sometimes data from a prior year is restated in a following document due to accounting rule changes, data changing or clarified through the reorganization process, etc. When I enter it in the spreadsheet, I generally use the numbers published in the original data for that year. I DO NOT go back and modify prior data since it is my opinion that the pricing of a company's stock is dependent on the data that was available at the time it was published.
  
  
• I am not a financial planner nor a degreed accountant so any misstatement or calculation of statistics are as I best understand it. Often statistics can be calculated in several different ways depending on how that data is being used. I've used Investopedia extensively to double check my calculations using the data specifically available to me and focusing on the investment viewpoint.
  
  
• When a company is going through some financial hardship or reorganization, some of the numbers don't make any sense; i.e., a negative P/E ratio or ROE. Other rating services usually mark it as "Not Measureable" or set it to zero. I will usually leave it as calculated so I can judge how drastic the change is from the norm.
  
  
• Do not use this information as the sole source to make investment decisions. I highly recommend you at least skim a couple years of annual reports to become familiar with the company. I make no guarantees along with all the other disclaimers other organizations usually list.