4 Dividend-Paying Dow Jones Industrial Stocks That Beat Q3 Estimates
Quick Read
Coca-Cola (KO) and Johnson & Johnson (JNJ) both beat Q3 estimates and carry 60+ year dividend increase streaks, earning A grades on the dividend scorecard.
Travelers crushed its Q3 consensus by 25%, then raised its quarterly dividend 14% to $1.25, the fastest payout growth among the four Dow stocks.
Honeywell’s dividend dropped to $0.70 from $1.19 after its Aerospace spin-off, holding its grade at C+ until a post-spin payout policy is confirmed.
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Four of the Dow’s best-known dividend payers just exceeded Wall Street’s third-quarter profit estimates, and each has paid shareholders within the past two months. Coca-Cola (NYSE:KO), Johnson & Johnson (NYSE:JNJ), Travelers (NYSE:TRV) and Honeywell (NYSE:HON) each delivered an earnings beat. Their dividend stories differ more than the headline results suggest. The scorecard below rates each payout on yield, coverage, growth, and how well the latest quarter supports the next check.
Dividend Scorecard: Four Dow Stocks That Just Paid Investors
Forward yields use each company’s annualized dividend and the latest share price. Payout ratios compare the annualized dividend with 2026 adjusted EPS guidance (Coca-Cola, J&J, Honeywell) or trailing four-quarter core EPS (Travelers).
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Coca-Cola: A Dividend King With Raised Guidance Behind It
Coca-Cola reported adjusted EPS of $0.91 on October 27, exceeding the $0.88 consensus. Revenue of $13.38 billion beat the $12.93 billion estimate and rose 7.4% year over year. Unit case volume grew 5%, Coca-Cola Zero Sugar climbed 16%, and comparable operating margin expanded to 32.9% from 31.9%.
Management now expects comparable EPS growth of at least 11% versus $3 in 2025 and free cash flow of at least $13 billion. Net debt leverage is now 1.3 times EBITDA, below the company’s 2 to 2.5 times target range. Coca-Cola raised its quarterly dividend to $0.53 from $0.51 this year, a 3.9% increase that continues a 60+ year run of annual hikes. A $0.53 payment is scheduled for December 15.
One item to track: CFO John Murphy said the company is “continuing to judiciously manage our balance sheet as we await a court decision related to our ongoing dispute with the IRS.” An adverse ruling could weigh on cash available for buybacks, though the dividend has strong coverage.
KO Analyst Ratings — 24/7 Wall St.
KO Price Target — 24/7 Wall St.
Johnson & Johnson: 64 Years of Raises and a $100 Billion Revenue Year
J&J reported third-quarter adjusted EPS of $2.59 on October 13, ahead of the $2.5042 consensus. Sales rose 6% to $25.4 billion, edging past the $25.38 billion estimate. Tremfya surged 68.2%, and oncology grew about 17%. Reported EPS fell to $0.09 after about $7 billion in charges linked to a proposed talc settlement and deal costs.
Management set 2026 adjusted EPS guidance at $11.05–$11.15, a range that includes a $0.64 hit from the Firefly Bio and Cell BioMedicines transactions, and reaffirmed free cash flow of $21 billion. CFO Joseph Wolk listed the goal to “increase our annual dividend” among capital priorities. The quarterly payout rose to $1.34 from $1.30 earlier this year, marking 64 consecutive years of increases. Payment is due December 8. MedTech remains the soft spot, with sales up just 2.5%.
JNJ Analyst Ratings — 24/7 Wall St.
JNJ Price Target — 24/7 Wall St.
Travelers: Fastest Dividend Grower With Room to Spare
Travelers produced the biggest beat of the group. Core EPS of $9.18 exceeded the $7.36 consensus by about 25%, and revenue of $12.41 billion beat the $11.02 billion estimate. The combined ratio improved to 86.8%, core return on equity reached 22.1%, and pre-tax net investment income hit a record $1.098 billion.
The quarterly dividend climbed to $1.25 from $1.10, a 13.6% raise. Still, the payout represents only a small piece of earnings, because Travelers channels most excess capital into buybacks. Of the $1.8 billion returned in the quarter, $1.5 billion went to repurchases and $261 million to dividends. The low yield keeps the grade below an A, but coverage is excellent. A $1.25 check due December 31 awaits holders of record on December 10. Catastrophe losses of $538 million pre-tax and a $295 million asbestos reserve addition are the swing factors to monitor.
TRV Analyst Ratings — 24/7 Wall St.
TRV Price Target — 24/7 Wall St.
Honeywell: Strong Quarter, Smaller Check After the Spin-Off
In its first quarter as a standalone automation company, Honeywell posted adjusted EPS of $2.27 against a $2.17 consensus. Revenue of $4.994 billion slightly missed the $5.01 billion estimate, though organic sales grew 7%. Segment margin expanded 370 bps to 21.3%, and free cash flow rose 15% to $688 million. Management raised 2026 adjusted EPS guidance to $8.40–$8.45 from $8.05–$8.35.
The dividend explains the lower grade. Honeywell’s September payment was $0.70, down from $1.19 in each of the prior three quarters, as the payout reset for a smaller company following the Aerospace separation. No new declaration appears yet. The balance sheet points to future flexibility: management expects gross debt below $13 billion by year-end, down from $18 billion in the second quarter, with a backlog of nearly $19 billion. CEO Vimal Kapur said, “Our transformation into a pure-play automation company is complete.”
HON Analyst Ratings — 24/7 Wall St.
HON Price Target — 24/7 Wall St.
What Income Investors Should Watch Next
Coca-Cola and J&J pair Dividend King runs with raised outlooks and moderate payout ratios, earning top marks. (We rated ten Dividend Kings by valuation in a free report you can grab here.) Travelers offers the fastest recent dividend growth and the lowest payout ratio, with a modest yield. Honeywell’s operations look strong, but income investors need to see what its first post-spin dividend declaration looks like before the grade can rise.
Key dates ahead include J&J’s November 24 ex-dividend date, Coca-Cola’s December 1 ex-dividend date, and Travelers’ December 10 record date. J&J’s usual first-quarter dividend increase, Coca-Cola’s IRS ruling, and Honeywell’s next declaration will shape the 2027 dividend picture for all four.
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