Every Year of SCHD Dividends, How Fast They Have Grown and What That Means for Income Investors

SCHD, the Schwab U.S. Dividend Equity ETF, has paid a dividend every quarter since it launched in 2011, and its annual total has risen every year since its first full year. Adjusted for its 2024 share split, it paid about $0.27 per share in 2012 and about $1.05 per share in 2025, close to four times as much.

That works out to dividend growth of roughly 11% a year on average over 13 years. Over the most recent four quarters, SCHD paid about $1.05 per share, and Schwab reports a trailing distribution yield of about 3.2%.

This page shows every year of SCHD’s dividend history in dollars per share, before tax and adjusted for the split, along with the growth rate each year, what drives the payout and what the history means for income investors. Figures are updated at the end of each year as new data comes in. Past dividends do not guarantee future ones, and FRC has no relationship with Charles Schwab.

Prefer to watch? FRC’s fact-checked investing playlist on YouTube covers SCHD, JEPI and dividend investing.

SCHD Dividends by Year

The table below shows SCHD’s total dividends per share for each calendar year, adjusted for the 3-for-1 share split in 2024 so that every year can be compared directly. The growth column shows the change from the previous year.

Across its history, SCHD has paid about $9.25 per share in total dividends on a split-adjusted basis. All figures are before tax.

Understand the Fund Behind the Dividends

A dividend history is easier to read when you understand how the fund chooses its holdings. FRC’s guide to SCHD for passive income explains the fund’s strategy, and FRC’s ETF Investing for Beginners course explains how ETFs are built, priced and taxed, including how dividend funds pass income on to investors.

If you are building a career in finance, dividend strategies and fund income are core exam material. FRC’s Series 65 Exam Preparation course covers equity income, investment company products and portfolio strategy for clients, and it requires no sponsor, while the SIE Examination Preparation course covers equities, dividends and packaged products as part of the exam you can pass before you are hired.

FRC’s programs and memberships are open to everyone, and every course can be spread across interest-free monthly payments. The same knowledge helps whether you are investing your own money or explaining dividend funds to clients.

Where SCHD’s Dividends Come From

SCHD tracks the Dow Jones U.S. Dividend 100 Index, which holds about 100 US companies with long records of paying dividends. To be included, a company generally needs at least 10 consecutive years of dividend payments.

The index then ranks companies on measures of financial strength and dividend quality, including cash flow relative to debt, return on equity, dividend yield and five-year dividend growth. The result is a portfolio of established, profitable companies rather than simply the highest yielders.

SCHD’s dividend is the combined dividends of those companies, minus the fund’s very low expense ratio of 0.06%. When the companies raise their dividends, SCHD’s payout rises with them.

The Split and Why the Numbers Look Small

SCHD carried out a 3-for-1 share split in 2024. Each existing share became three shares, and the share price and dividend per share were divided by three.

The split did not change the value of anyone’s investment or the total income they received. Someone who owned 100 shares before the split owned 300 shares afterward, each paying a third of the old dividend.

All figures on this page are adjusted for the split, so older years appear as a third of the dividend that was actually paid per share at the time. That is the only way to compare every year on the same basis.

The Early Years

SCHD launched in 2011 and made one partial payment in its first year. Its first full year, 2012, paid about $0.27 per share on a split-adjusted basis.

From 2013 to 2016, the dividend grew by roughly 10% to 16% a year. Those were years of steady economic growth and rising corporate profits, which allowed the companies in the index to raise their payouts.

By 2016, the annual dividend had reached about $0.42 per share, more than 50% higher than in 2012. That pattern of steady, compounding growth became the fund’s defining feature.

A Slower Patch and a Sharp Jump

Growth slowed to about 7% a year in 2017 and 2018. Then, in 2019, the dividend jumped by almost 20%, followed by nearly 18% growth in 2020.

Part of that jump came from the index’s annual reconstitution, when companies are added and removed based on the screening rules. When the index shifts toward companies with higher yields or faster-growing dividends, the fund’s payout can rise faster than usual.

The 2020 increase stands out because many companies cut or suspended dividends that year. SCHD’s focus on financially strong companies helped its payout keep rising when the broader market’s dividends fell.

Growth Through Higher Rates

From 2021 to 2025, SCHD’s dividend continued to rise every year, but the rate of growth varied widely. It grew by about 11% in 2021, 14% in 2022, only about 4% in 2023, 12% in 2024 and about 5% in 2025.

The slower years show that dividend growth is not guaranteed to be smooth. Changes in the index’s holdings, sector weightings and individual company decisions all affect the total.

Even so, the direction was consistent. By 2025, SCHD paid about $1.05 per share, more than one and a half times its 2020 level.

The Most Recent Year

Through the first three quarterly payments of 2026, SCHD has paid about $0.78 per share. Over the most recent four quarters, it has paid about $1.05 per share.

Schwab reports a trailing 12-month distribution yield of about 3.2% and a 30-day SEC yield of about 3.1%. This page is updated with the full-year figure once the year is complete.

Individual quarterly payments have moved both up and down compared with the same quarter a year earlier. The annual total is a more reliable guide than any single quarter.

What the History Shows

The first lesson is that SCHD’s dividend has grown every year since its first full year. Over 13 years, the annual payout rose from about $0.27 to about $1.05 per share, an average growth rate of roughly 11% a year.

The second lesson is that growth is uneven. Annual increases have ranged from under 4% to almost 20%, and quarterly payments within a year can fall as well as rise.

The third lesson is that a lower starting yield can still produce substantial income over time. An investor who bought early and held on has seen the income from each share they own rise many times over.

Dividend Growth Versus High Yield

SCHD’s yield of around 3% is much lower than the yields of covered call funds such as JEPI, which often pay 7% or more. The difference is in where the income comes from and how it behaves over time.

A covered call fund generates most of its income from option premiums, which rise and fall with market volatility. A dividend growth fund like SCHD passes on company dividends, which have historically tended to rise as companies grow.

FRC’s JEPI dividend history shows the contrast clearly. JEPI’s payout has moved up and down from year to year, while SCHD’s annual total has climbed steadily.

What 100 Shares Would Have Paid

Using split-adjusted figures, 100 shares of SCHD would have paid about $27 in 2012, about $42 in 2016, about $68 in 2020 and about $105 in 2025. These are before-tax figures, assuming the shares were held for the whole year.

The same number of shares produced almost four times as much income over 13 years, without the investor buying anything more. That is the core appeal of dividend growth investing.

Investors who reinvested their dividends would have done even better. Each reinvested dividend bought more shares, which then earned their own growing dividends.

Total Return, Not Just Income

Dividends are only part of SCHD’s return. The share price has also risen over time as the companies in the fund have grown.

According to Schwab, SCHD has returned about 13% a year on average since inception, including both price changes and reinvested dividends. Past returns do not predict future returns, and there have been years when the fund fell.

For long-term investors, the combination of a rising share price and rising income is what makes dividend growth funds attractive. Neither alone tells the full story.

How Much You Would Need to Live Off SCHD

A common question is how much SCHD you would need to generate a set monthly income. At a yield of about 3.2%, producing $1,000 a month, or $12,000 a year, would take roughly $375,000 invested, before tax.

That figure moves with the yield. If the share price rises faster than the dividend, the yield falls and more money is needed for the same income, while a lower share price has the opposite effect.

Because the dividend has historically grown over time, an investor who starts with a smaller amount and holds for many years may eventually reach the same income without adding more money. That is the trade-off of dividend growth investing: a lower starting income in exchange for growth over time.

How the Index Changes Each Year

The index behind SCHD is reconstituted once a year, when every eligible company is screened and ranked again. Companies that no longer meet the rules are removed, and new ones are added.

The index excludes real estate investment trusts, so SCHD’s income comes from operating companies rather than property trusts. Its sector weightings shift over time as the screening results change, which can move the dividend up or down.

Because of these annual changes, SCHD is not a fixed basket of the same companies. Its dividend history reflects the screening rules working over time, rather than the record of any single group of stocks.

Who SCHD Tends to Suit

SCHD’s history makes it most suitable for investors with a long time horizon who want income that grows. Younger investors often reinvest the dividends for years, then switch to taking them as cash in retirement.

Investors who need a high level of income immediately may find the starting yield too low on its own. Some combine a dividend growth fund like SCHD with a higher-yielding fund to balance current income with future growth.

Investors who want the broadest possible market exposure may prefer a total market fund instead. SCHD holds only about 100 companies, so it will behave differently from the S&P 500 in any given year.

How to Calculate SCHD’s Yield Yourself

The trailing 12-month yield adds the last four quarterly payments and divides by the current share price. Because SCHD pays quarterly, one unusually large or small payment can shift this figure.

The 30-day SEC yield is a standardized measure based on the fund’s recent net investment income after expenses. It is the figure most comparable across different funds.

Yield on cost is a different measure, used by long-term holders. It divides the current annual dividend by the price you originally paid, which shows how much your income has grown relative to your original investment.

When SCHD Pays

SCHD pays dividends quarterly, with ex-dividend dates near the end of each calendar quarter and payment a few days later. To receive a dividend, you must own the shares before the ex-dividend date.

The first quarterly payment of each year has often been the smallest. That reflects the timing of dividends from the underlying companies rather than any change in the fund’s strategy.

Because payments are quarterly rather than monthly, investors who rely on the income for living expenses often hold cash to smooth out the gaps between payments.

How SCHD’s Dividends Are Taxed

Most of SCHD’s dividends are usually qualified, because they come from US companies that the fund has held long enough. Qualified dividends are taxed at the lower long-term capital gains rates of 0%, 15% or 20%, provided you meet the holding period for your own shares.

That makes SCHD more tax-efficient than many high-yield income funds in a taxable account. FRC’s guides to qualified vs non-qualified dividends and Form 1099-DIV explain how dividends are taxed and reported.

Reinvested dividends are still taxed in the year they are paid in a taxable account. Inside an IRA or 401(k), dividends are not taxed when paid.

Common Mistakes to Avoid

The first mistake is comparing pre-split and post-split figures without adjusting. Older articles and screenshots may show dividends three times larger per share, which can make it look as though the payout fell.

The second is judging SCHD by its current yield alone. A 3% yield can look modest, but the history shows how much the income from each share has grown.

The third is assuming the growth rate is fixed. Past increases have ranged widely, and future growth depends on the companies in the index and the economy as a whole.

The fourth is ignoring the gaps between payments. Because SCHD pays quarterly, investors who rely on the income need to plan for months with no payment at all.

Show What You Know

Being able to read a dividend history, adjust for a share split and explain the difference between yield and dividend growth is exactly the kind of practical knowledge clients value and employers expect. FRC’s Professional Membership lets you show that knowledge, not just claim it.

A QR code on your resume takes an employer to your verified Digital Profile, with your credentials, your exam progress and a short Video Resume in your own voice. You give them a fuller picture of who you are, and they spend less time checking claims.

Common Questions

How much does SCHD pay per year? Over the most recent four quarters, it paid about $1.05 per share. In 2025, it paid about $1.05 per share, up from about $0.27 in 2012 on a split-adjusted basis.

How often does SCHD pay dividends? Quarterly, with ex-dividend dates near the end of each calendar quarter.

Has SCHD ever cut its annual dividend? No. Its annual total has risen every year since its first full year, although individual quarterly payments have sometimes been lower than the same quarter a year earlier.

How fast has SCHD’s dividend grown? By roughly 11% a year on average over 13 years, with annual increases ranging from under 4% to almost 20%.

Are SCHD dividends qualified? Most usually are, because they come from US companies. You must also meet the holding period for your own shares.

Your Next Step

SCHD has paid a dividend every quarter since launch, and its annual total has grown from about $0.27 to about $1.05 per share on a split-adjusted basis. The yield is modest, but the growth in income per share has been substantial.

Before you invest, decide whether you need high income now or growing income over time, check the tax treatment for the account you would use and compare the dividend growth with the total return. Then check this page at the end of each year for the latest figures.