Oil prices have been climbing back toward $100 per barrel in September, adding pressure on packaging, shipping, and other transportation costs. Higher prices at the pump also squeeze household budgets, and that can weigh on demand even for consumer staples.
That’s exactly why Coca-Cola (NYSE: KO) and Procter & Gamble (NYSE: PG) stand out right now. In a choppy consumer spending environment, they’re among the most reliable dividend stocks you can own. Both companies have raised their dividends for more than half a century, backed by resilient brands that can drive steady sales and profits in almost any economy.
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1. Coca-Cola
Coca-Cola owns a massive beverage portfolio with dozens of brands spanning sparkling drinks, water, sports drinks, juices, coffee, tea, and more. It’s also a consistently profitable business, generating $14 billion in net income on $50 billion of revenue over the past year. These brand advantages have helped fuel 64 consecutive years of dividend growth.
The company pays a quarterly dividend of $0.53, or $2.12 annualized. That’s a 2.40% forward yield at the recent $88 share price as of Sept. 18, 2026, and the dividend is well covered, with a payout ratio of 62% over the past year.
Analysts expect the company’s earnings to grow about 7% annually, which should support further dividend increases. Even in a challenging economy, the company consistently grows unit case volumes, posting a 5% year-over-year increase in the second quarter. That translated to a 6% increase in organic revenue, with strong margin performance lifting comparable earnings 11% over the year-ago quarter.
Coca-Cola’s competitive moat is brand power, backed by marketing execution. It received more than 9 billion digital and social media views during the 2026 World Cup, underscoring its reach. That’s part of an “all-weather” strategy designed to keep sales growing across economic cycles.
Even with higher gas prices pressuring consumer spending, people still consume more than 2.2 billion servings of the company’s products every day. Coca-Cola has weathered numerous recessions and still raised its dividend, which is why it remains a rock-solid dividend stock to buy and hold for the long term.
2. Procter & Gamble
Procter & Gamble is another top consumer staple, offering everyday essentials people buy year-round. Its portfolio includes Tide, Pampers, Gillette, Oral-B, and other recognizable brands that collectively generate $16 billion in net income on $87 billion of annual sales. It has paid a growing dividend for 70 consecutive years.
