Dividend cuts: real cases and what the filings showed first
Every dividend decrease among the 65 companies we follow, with the date, the old and new payment, the company's own words, and the payout ratios in the years before. Filings, not hindsight.
Dow Inc.: -50%
Quarterly dividend US$0.7000 → US$0.3500.
“We are also adjusting our dividend to ensure we maintain a balanced capital allocation framework”
Dow halved its quarterly dividend from $0.70 to $0.35, saying it wanted to keep a balanced capital allocation framework.
What the filings showed beforehand: payout of earnings FY2022 45%, FY2023 >200%, FY2024 178%; cash payout FY2022 36%, FY2023 69%, FY2024 not covered.
BCE Inc.: -56.1%
Quarterly dividend C$0.9975 → C$0.4375.
“BCE annualized common share dividend established at $1.75 to support deleveraging efforts while providing enhanced flexibility”
BCE's annualized dividend went from C$3.99 to C$1.75, with a new payout policy of 40%–55% of free cash flow. Fiscal 2025 declared dividends totalled C$2.31 (one quarter at the old rate, three at the new).
What the filings showed beforehand: payout of earnings FY2022 124%, FY2023 170%, FY2024 >200%; cash payout FY2022 109%, FY2023 111%, FY2024 124%.
Walgreens Boots Alliance, Inc.: -100%
Quarterly dividend US$0.2500 → US$0.0000.
“aimed at strengthening WBA's balance sheet by reducing debt over time and improving free cash flow”
The board suspended the quarterly dividend. Walgreens was taken private on August 28, 2025.
What the filings showed beforehand: payout of earnings FY2022 38%, FY2023 not covered, FY2024 not covered; cash payout FY2022 77%, FY2023 >200%, FY2024 not covered.
TC Energy Corporation: -14.3%
Quarterly dividend C$0.9600 → C$0.8225.
“The dividend declared reflects TC Energy's proportionate allocation following the spinoff Transaction.”
TC Energy does not call this a cut. On October 1, 2024 holders received 0.2 South Bow shares per TC Energy share, and the company said dividends stayed whole on a combined basis. It raised the quarterly dividend to C$0.85 for 2025.
What the filings showed beforehand: payout of earnings FY2021 187%, FY2022 >200%, FY2023 135%; cash payout FY2021 not covered, FY2022 not covered, FY2023 not covered.
Algonquin Power & Utilities Corp.: -40.1%
Quarterly dividend US$0.1085 → US$0.0650.
“intended to create longer term value for shareholders as the Company focuses on improving its earnings and capital sustainability”
Announced with second-quarter 2024 results: a reduction of about 40%, to US$0.26 a year.
What the filings showed beforehand: payout of earnings FY2021 163%, FY2022 not covered, FY2023 >200%; cash payout FY2021 not covered, FY2022 not covered, FY2023 not covered.
Intel Corporation: -100%
Quarterly dividend US$0.1250 → US$0.0000.
“recognizing the importance of prioritizing liquidity to support the investments needed to execute its strategy”
Announced with second-quarter 2024 results. Intel later disclosed that its CHIPS Act funding agreement commits it to forgo dividends for two years.
What the filings showed beforehand: payout of earnings FY2021 29%, FY2022 75%, FY2023 185%; cash payout FY2021 53%, FY2022 not covered, FY2023 not covered.
3M Company: -53.6%
Quarterly dividend US$1.5100 → US$0.7000.
“following the spin of Solventum, 3M's dividend payout ratio is expected to be approximately 40% of adjusted free cash flow”
3M spun off Solventum on April 1, 2024 (one Solventum share for every four 3M shares) and reset its dividend in May, targeting a payout of about 40% of adjusted free cash flow. Fiscal 2024 declared dividends totalled $3.61.
What the filings showed beforehand: payout of earnings FY2021 59%, FY2022 59%, FY2023 not covered; cash payout FY2021 59%, FY2022 88%, FY2023 65%.
Walgreens Boots Alliance, Inc.: -47.9%
Quarterly dividend US$0.4800 → US$0.2500.
“Today we are announcing a 48 percent reduction in our quarterly dividend payment, while maintaining a competitive yield.”
Announced with fiscal first-quarter 2024 results. Fiscal 2024 declared dividends totalled $1.23.
What the filings showed beforehand: payout of earnings FY2021 64%, FY2022 38%, FY2023 not covered; cash payout FY2021 39%, FY2022 77%, FY2023 >200%.
W. P. Carey Inc.: -19.7%
Quarterly dividend US$1.0710 → US$0.8600.
“reflecting both the Company's strategic exit from the office assets within its portfolio (announced on September 21, 2023) and a lower payout ratio”
W. P. Carey reset its dividend policy after spinning off its office properties; the quarterly dividend went from $1.071 to $0.86. The company calls it a reset, not a cut.
What the filings showed beforehand: payout of earnings FY2020 161%, FY2021 188%, FY2022 142%; cash payout FY2020 >200%, FY2021 not covered, FY2022 not covered.
Intel Corporation: -65.8%
Quarterly dividend US$0.3650 → US$0.1250.
“The decision to decrease the quarterly dividend reflects the board's deliberate approach to capital allocation”
Intel cut its quarterly dividend by about two-thirds while spending heavily on new chip factories.
What the filings showed beforehand: payout of earnings FY2020 27%, FY2021 29%, FY2022 75%; cash payout FY2020 26%, FY2021 53%, FY2022 not covered.
Algonquin Power & Utilities Corp.: -40%
Quarterly dividend US$0.1808 → US$0.1085.
“AQN intends to lower its quarterly dividend from $0.1808 to $0.1085 per common share, improving financial flexibility”
Announced in an investor update alongside lower capital spending and a commitment to a BBB credit rating.
What the filings showed beforehand: payout of earnings FY2020 44%, FY2021 163%, FY2022 not covered; cash payout FY2020 not covered, FY2021 not covered, FY2022 not covered.
AT&T Inc.: -46.6%
Quarterly dividend US$0.5200 → US$0.2775.
“to account for the distribution of WarnerMedia to AT&T shareholders and support AT&T's plans to step-up investment in its growth areas”
AT&T set its new dividend as WarnerMedia was spun off and merged with Discovery (completed April 8, 2022), sizing the payout at about 40% of projected free cash flow. The annual rate went from $2.08 to $1.11.
What the filings showed beforehand: payout of earnings FY2019 109%, FY2020 not covered, FY2021 76%; cash payout FY2019 51%, FY2020 53%, FY2021 57%.
International Paper Company: -9.8%
Quarterly dividend US$0.5125 → US$0.4625.
“takes into account the fact that the spin-off completed on October 1, 2021, will result in a decrease in the amount of cash generated”
International Paper reduced its quarterly dividend from $0.5125 to $0.4625 when it spun off its printing papers business as Sylvamo.
What the filings showed beforehand: payout of earnings FY2018 40%, FY2019 66%, FY2020 168%; cash payout FY2018 48%, FY2019 32%, FY2020 34%.
Dominion Energy, Inc.: -33%
Quarterly dividend US$0.9400 → US$0.6300.
“reflects the absence of income from the divested assets and a revision to the company's target payout ratio to align with best-in-class industry peers”
Dominion rebased its quarterly dividend from $0.94 to $0.63 from the fourth quarter of 2020, after agreeing to sell its gas transmission business, aligning its payout ratio with peers.
What the filings showed beforehand: payout of earnings FY2017 64%, FY2018 89%, FY2019 >200%; cash payout FY2017 not covered, FY2018 >200%, FY2019 >200%.
Suncor Energy Inc.: -54.8%
Quarterly dividend C$0.4650 → C$0.2100.
“reducing the current level of dividends is required to drive down the cash breakeven of the company to a WTI price of US$35 per barrel”
Announced as oil prices and demand collapsed in 2020; Suncor called it a 55% reduction. Dividends have since been raised above the earlier level.
What the filings showed beforehand: payout of earnings FY2017 48%, FY2018 71%, FY2019 90%.
Cenovus Energy Inc.: -100%
Quarterly dividend C$0.0625 → C$0.0000.
“In the context of recent commodity price forecasts and economic, market and business conditions in the oil and gas industry”
Cenovus suspended its dividend in April 2020 and restored it in 2021, after its merger with Husky Energy.
What the filings showed beforehand: payout of earnings FY2017 —, FY2018 —, FY2019 12%; cash payout FY2017 15%, FY2018 29%, FY2019 12%.
Ford Motor Company: -100%
Quarterly dividend US$0.1500 → US$0.0000.
“Dividend suspension to preserve cash and provide additional flexibility in the current environment”
Ford suspended its dividend in March 2020 to preserve cash and reinstated it at $0.10 a quarter in the fourth quarter of 2021.
What the filings showed beforehand: payout of earnings FY2017 31%, FY2018 65%, FY2019 >200%; cash payout FY2017 23%, FY2018 40%, FY2019 24%.
The Kraft Heinz Company: -36%
Quarterly dividend US$0.6250 → US$0.4000.
“We believe this action will help us accelerate our deleveraging plan”
Kraft Heinz cut its quarterly dividend from $0.625 to $0.40, saying the money would help it accelerate debt reduction.
What the filings showed beforehand: payout of earnings FY2016 85%, FY2017 28%, FY2018 not covered; cash payout FY2016 >200%, FY2017 not covered, FY2018 182%.
The Williams Companies, Inc.: -68.7%
Quarterly dividend US$0.6400 → US$0.2000.
“Williams intends to reinvest approximately $1.7 billion into Williams Partners through 2017, funded by reduced quarterly cash dividends.”
Announced with second-quarter 2016 results, to reinvest about US$1.7 billion in Williams Partners through 2017.
Kinder Morgan, Inc.: -75.5%
Quarterly dividend US$0.5100 → US$0.1250.
“the resulting increased cost of equity and debt issuances have made it less economical to do so”
Announced in December 2015, before the start of our data window. Kinder Morgan later raised its dividend 60% in 2018.
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