Procter & Gamble: 69 Years of Dividend Growth Fueled by Rising Cash Flow

The Procter & Gamble Company (NYSE:PG) is one of the best dividend stocks for a bear market.

The company is a dividend powerhouse, having delivered consistent payouts for decades, driven by its reliable cash flow, which also supports future dividend growth.

A happy couple viewing the products of this household and personal product company in a mass merchandiser store.

In fiscal Q3 2025, The Procter & Gamble Company (NYSE:PG) generated $3.7 billion in operating cash flow and reported $3.8 billion in net earnings. Its adjusted free cash flow productivity stood at 75%, a measure calculated by subtracting capital spending from operating cash flow and comparing it to net earnings.

In the same quarter, The Procter & Gamble Company (NYSE:PG) returned $3.8 billion to shareholders, $2.4 billion through dividends and $1.4 billion via share buybacks. In April,  the company announced its 69th consecutive annual dividend increase. Impressively, it has paid a dividend every year since its incorporation in 1890, marking 135 straight years of shareholder payouts.

The Procter & Gamble Company (NYSE:PG) is focusing on supply chain upgrades, digital improvements, and a portfolio restructuring to drive growth. The company expects steady earnings growth and is well-equipped to maintain its streak of dividend increases. Currently, it offers a quarterly dividend of $1.0568 per share and has a dividend yield of 2.68%, as of June 17.

While we acknowledge the potential of PG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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