Matt DiLallo, The Motley Fool

Sat, May 24, 2025, 1:16 AM5 min read

• Chevron has hiked its dividends for 38 straight years.

• Johnson & Johnson recently raised its dividend for the 63rd year in a row.

• Verizon has the longest dividend growth streak in the U.S. telecom sector.

• 10 stocks we like better than Chevron ›

The Dow Jones Industrial Average is an iconic stock market index. It tracks the performance of 30 of the country's most prominent publicly traded companies. Its components do get changed over time as new leaders rise and old ones fade, but as a rule, those that earn and keep a place in the Dow are some of the bluest of blue chip stocks.

Most of these companies pay dividends. Some of these payouts are currently very attractive if you want to generate passive income. Chevron (NYSE: CVX), Johnson & Johnson (NYSE: JNJ), and Verizon (NYSE: VZ) stand out as the top Dow stocks to buy for income in 2025 and beyond.

At its current share price, the dividend that Chevron pays now yields just over 5%. That's more than double the average yield of a Dow component, which was recently right below 2%.

The oil giant has an excellent track record on dividends: It has raised its payments for 38 straight years, a time frame that included multiple commodity cycles. Moreover, Chevron didn't just provide modest increases to keep its streak alive; it has delivered peer-leading dividend growth over the past decade.

Chevron should have no trouble continuing to grow its high-yielding dividend in the future. The company has the most resilient portfolio in the sector, with an industry-leading breakeven level of around $30 per barrel. It also has a strong balance sheet. Its leverage ratio is currently at 14%, which is below its 20% to 25% target range and at the low end of its peer group. Chevron management says it expects to boost its free cash flow by $9 billion by next year assuming oil averages $60 a barrel (around the current level) as it completes several growth projects. All of these factors suggest the company will have plenty of fuel to continue growing its dividend.

Johnson & Johnson's dividend at its current share price yields around 3.4%. The healthcare giant recently hiked its payout by nearly 5%, extending its dividend growth streak to 63 straight years. That kept the company in the elite group of Dividend Kings, companies with 50 or more years of annual dividend increases.

Johnson & Johnson has one of the healthiest financial profiles in the world. It's one of just two companies with an AAA bond rating, which is higher than the U.S. government. It ended the first quarter with a mere $13.5 billion of net debt ($38.8 billion of cash and $52.3 billion of debt) -- a pittance for a healthcare behemoth with a $370 billion market cap.