Dividend Calculator
Enter your investment, dividend yield, and an optional annual dividend growth rate to see the income you collect now — and how it changes over the years.
Run it on real data — 99 years of S&P 500 dividends (1927–2025)
The calculator above uses a yield and a growth rate you assume. This one uses the dividends that were actually paid. Pick an amount and a period, and you get what that money would really have paid you.
⚠️ US S&P 500, shown in USD. Taxes and fees are not included.
Data and methodology
Source: the "S&P 500 & Raw Data" sheet of histretSP.xls, the public dataset maintained by Aswath Damodaran at NYU Stern. We take only the year-end close and that year's dividends and compute the yields ourselves, every year from 1927 to 2025. The script that rebuilds it (scripts/build-dividends.py) and the resulting dataset are both in the repository.
Why we ignore the source's own yield column
That dataset ships a "Dividend Yield" column, but its definition changes at 1960. Checked against the raw numbers, both halves fit with zero error — this is a change of definition, not a rounding artifact.
- 1928–1959 (31 years): that year's dividend ÷ that year's closing price
- 1960–2025 (67 years): that year's dividend ÷ the prior year-end close
Quote that column straight as "dividend yield by year" and you are silently mixing two definitions. The table below computes both from the raw data and shows them side by side.
Cross-check
Checked against Robert Shiller's monthly data (Yale), using December dividend ÷ price. Across 96 shared years the mean absolute difference is 0.28pp and the maximum is 3.62pp, in 1931. The gaps cluster in crash years: one series uses the year-end close, the other the average of December's daily closes, so a year of violent price moves pulls the denominators apart. That is a difference of basis, not an error.
The historical range
Yield at entry has ranged from 1.11% (2000) to 9.13% (1950), averaging 3.76% over 99 years. Assuming today's yield holds is a good way to be badly wrong in either direction.
What it leaves out
No dividend tax, no fees, no inflation adjustment, and no reinvestment. Reinvesting would produce a larger result than the figure shown.
Year-by-year raw data
Close and dividend are exactly as published. Both yields are computed from those two numbers.
| Year | Year-end close | Dividend | Entry yield | Current yield |
|---|---|---|---|---|
| 1927 | 17.66 | 0.62 | — | 3.50% |
| 1928 | 24.35 | 1.05 | 5.93% | 4.30% |
| 1929 | 21.45 | 0.88 | 3.61% | 4.10% |
| 1930 | 15.34 | 0.72 | 3.36% | 4.70% |
| 1931 | 8.12 | 0.50 | 3.23% | 6.10% |
| 1932 | 6.92 | 0.50 | 6.14% | 7.20% |
| 1933 | 9.97 | 0.41 | 5.91% | 4.10% |
| 1934 | 9.50 | 0.35 | 3.53% | 3.70% |
| 1935 | 13.43 | 0.51 | 5.37% | 3.80% |
| 1936 | 17.18 | 0.54 | 4.02% | 3.14% |
| 1937 | 10.55 | 0.56 | 3.25% | 5.30% |
| 1938 | 13.14 | 0.50 | 4.73% | 3.80% |
| 1939 | 12.46 | 0.54 | 4.08% | 4.30% |
| 1940 | 10.58 | 0.55 | 4.42% | 5.20% |
| 1941 | 8.69 | 0.54 | 5.09% | 6.20% |
| 1942 | 9.77 | 0.59 | 6.75% | 6.00% |
| 1943 | 11.67 | 0.55 | 5.61% | 4.70% |
| 1944 | 13.28 | 0.61 | 5.23% | 4.60% |
| 1945 | 17.36 | 0.68 | 5.10% | 3.90% |
| 1946 | 15.30 | 0.60 | 3.44% | 3.90% |
| 1947 | 15.30 | 0.80 | 5.20% | 5.20% |
| 1948 | 15.20 | 0.97 | 6.36% | 6.40% |
| 1949 | 16.79 | 1.19 | 7.84% | 7.10% |
| 1950 | 20.43 | 1.53 | 9.13% | 7.50% |
| 1951 | 23.77 | 1.50 | 7.33% | 6.30% |
| 1952 | 26.57 | 1.51 | 6.37% | 5.70% |
| 1953 | 24.81 | 1.44 | 5.42% | 5.80% |
| 1954 | 35.98 | 1.87 | 7.54% | 5.20% |
| 1955 | 45.48 | 2.23 | 6.19% | 4.90% |
| 1956 | 46.67 | 2.19 | 4.82% | 4.70% |
| 1957 | 39.99 | 1.80 | 3.86% | 4.50% |
| 1958 | 55.21 | 2.26 | 5.66% | 4.10% |
| 1959 | 59.89 | 1.98 | 3.58% | 3.30% |
| 1960 | 58.11 | 1.98 | 3.31% | 3.41% |
| 1961 | 71.55 | 2.04 | 3.51% | 2.85% |
| 1962 | 63.10 | 2.15 | 3.00% | 3.40% |
| 1963 | 75.02 | 2.35 | 3.72% | 3.13% |
| 1964 | 84.75 | 2.58 | 3.45% | 3.05% |
| 1965 | 92.43 | 2.83 | 3.34% | 3.06% |
| 1966 | 80.33 | 2.88 | 3.12% | 3.59% |
| 1967 | 96.47 | 2.98 | 3.71% | 3.09% |
| 1968 | 103.86 | 3.04 | 3.15% | 2.93% |
| 1969 | 92.06 | 3.24 | 3.12% | 3.52% |
| 1970 | 92.15 | 3.19 | 3.46% | 3.46% |
| 1971 | 102.09 | 3.16 | 3.43% | 3.10% |
| 1972 | 118.05 | 3.19 | 3.12% | 2.70% |
| 1973 | 97.55 | 3.61 | 3.06% | 3.70% |
| 1974 | 68.56 | 3.72 | 3.82% | 5.43% |
| 1975 | 90.19 | 3.73 | 5.45% | 4.14% |
| 1976 | 107.46 | 4.22 | 4.68% | 3.93% |
| 1977 | 95.10 | 4.86 | 4.52% | 5.11% |
| 1978 | 96.11 | 5.18 | 5.45% | 5.39% |
| 1979 | 107.94 | 5.97 | 6.21% | 5.53% |
| 1980 | 135.76 | 6.44 | 5.96% | 4.74% |
| 1981 | 122.55 | 6.83 | 5.03% | 5.57% |
| 1982 | 140.64 | 6.93 | 5.66% | 4.93% |
| 1983 | 164.93 | 7.12 | 5.07% | 4.32% |
| 1984 | 167.24 | 7.83 | 4.75% | 4.68% |
| 1985 | 211.28 | 8.20 | 4.90% | 3.88% |
| 1986 | 242.17 | 8.19 | 3.87% | 3.38% |
| 1987 | 247.08 | 9.17 | 3.79% | 3.71% |
| 1988 | 277.72 | 10.22 | 4.14% | 3.68% |
| 1989 | 353.40 | 11.73 | 4.22% | 3.32% |
| 1990 | 330.22 | 12.35 | 3.49% | 3.74% |
| 1991 | 417.09 | 12.97 | 3.93% | 3.11% |
| 1992 | 435.71 | 12.64 | 3.03% | 2.90% |
| 1993 | 466.45 | 12.69 | 2.91% | 2.72% |
| 1994 | 459.27 | 13.36 | 2.87% | 2.91% |
| 1995 | 615.93 | 14.17 | 3.08% | 2.30% |
| 1996 | 740.74 | 14.89 | 2.42% | 2.01% |
| 1997 | 970.43 | 15.52 | 2.10% | 1.60% |
| 1998 | 1,229.23 | 16.20 | 1.67% | 1.32% |
| 1999 | 1,469.25 | 16.71 | 1.36% | 1.14% |
| 2000 | 1,320.28 | 16.27 | 1.11% | 1.23% |
| 2001 | 1,148.09 | 15.74 | 1.19% | 1.37% |
| 2002 | 879.82 | 16.08 | 1.40% | 1.83% |
| 2003 | 1,111.91 | 17.39 | 1.98% | 1.56% |
| 2004 | 1,211.92 | 19.44 | 1.75% | 1.60% |
| 2005 | 1,248.29 | 22.22 | 1.83% | 1.78% |
| 2006 | 1,418.30 | 24.88 | 1.99% | 1.75% |
| 2007 | 1,468.36 | 27.73 | 1.96% | 1.89% |
| 2008 | 903.25 | 28.39 | 1.93% | 3.14% |
| 2009 | 1,115.10 | 22.41 | 2.48% | 2.01% |
| 2010 | 1,257.64 | 22.73 | 2.04% | 1.81% |
| 2011 | 1,257.60 | 26.43 | 2.10% | 2.10% |
| 2012 | 1,426.19 | 31.25 | 2.48% | 2.19% |
| 2013 | 1,848.36 | 36.28 | 2.54% | 1.96% |
| 2014 | 2,058.90 | 39.44 | 2.13% | 1.92% |
| 2015 | 2,043.90 | 43.39 | 2.11% | 2.12% |
| 2016 | 2,238.83 | 45.70 | 2.24% | 2.04% |
| 2017 | 2,673.61 | 48.93 | 2.19% | 1.83% |
| 2018 | 2,506.85 | 53.75 | 2.01% | 2.14% |
| 2019 | 3,230.78 | 58.50 | 2.33% | 1.81% |
| 2020 | 3,756.07 | 57.00 | 1.76% | 1.52% |
| 2021 | 4,766.18 | 59.20 | 1.58% | 1.24% |
| 2022 | 3,839.50 | 66.98 | 1.41% | 1.74% |
| 2023 | 4,769.80 | 70.30 | 1.83% | 1.47% |
| 2024 | 5,881.63 | 74.83 | 1.57% | 1.27% |
| 2025 | 6,845.50 | 78.57 | 1.34% | 1.15% |
How it works
How dividend income is computed
Your annual dividend income is simply investment × dividend yield. Put 10,000 into a portfolio yielding 4% and you collect 400 a year, or about 33 a month on average. That monthly figure is an average — most companies pay quarterly, so real payments arrive in lumps rather than smooth installments.
Dividend growth and reinvestment
A rising dividend lifts your yield on cost. If that 4% payout grows 5% a year, after 10 years the same shares pay roughly 6.5% on your original 10,000, without you adding a cent. Reinvesting each payment compounds faster still, because new shares earn their own dividends. This calculator stays conservative and models growth only, leaving out price gains and reinvestment.
How to read your result
Treat the projected figure as a scenario, not a promise. It answers one question: if the dividend grows at your assumed rate, what might the annual payout become?
Caveats
- Dividends are not guaranteed and can be cut or suspended.
- An unusually high yield can be a warning sign, not a bargain (a yield trap).
- Total return — price plus dividends — matters more than yield alone.
- Taxes on dividends vary by country and account type.
Read next
What a dividend is and how it actually works →
Frequently Asked Questions
How is annual dividend income calculated?
Multiply your investment by the dividend yield. For example, 10,000 at a 4% yield pays 400 a year, which is about 33 per month on average across quarterly payments.
What does the dividend growth rate do?
It models a company raising its payout each year. Growth lifts your yield on cost: income rises on your original investment even if you never add money. The tool excludes price gains and reinvestment to stay conservative.
Should I reinvest my dividends?
Reinvesting buys more shares that earn their own dividends, so compounding accelerates over long periods. Many investors automate this with a reinvestment plan, while those who need income simply take the cash instead.
Are dividends guaranteed?
No. A dividend is paid at the board discretion and can be reduced or suspended when profits fall. Treat the yield and growth rate here as assumptions, not fixed returns.
Is a higher yield always better?
Not necessarily. An unusually high yield can signal that the share price has fallen because the market doubts the payout — a so-called yield trap. Weigh total return and dividend safety, not just the headline percentage.
Are dividends taxed?
Usually yes, though the treatment depends on your country and the type of account you hold. Tax-advantaged accounts may defer or reduce the bill. Check local rules or a qualified adviser for your situation.
This calculator is an educational estimate, not individual investment advice. It ignores taxes, and dividends are not guaranteed.