A Sampling of Dividend Decreases in 2025
According to Standard & Poor, through October, there have been 145 dividend decreases announced by publicly traded U.S. firms during 2025.
But which companies have reduced their dividend payouts to their shareholding owners? Which industries have been most affected by the kinds of adverse business conditions that led the boards of directors at these companies to cut their dividends?
We’ve sampled 77 dividend decrease announcements made in the period from January 2025 through October 2025 to find out. Here’s that list, in which clicking the company’s name will take you to our source for the dividend decrease announcement and provide more information about it. We’re also presenting a bonus section that includes firms that declared they will pay lower dividends than they did in their previous dividend payout during the first seven days of November 2025….
January 2025
- MV Oil Trust (NYSE: MVO)
- Mesa Royalty Trust (NYSE: MTR)
- VOC Energy Trust (NYSE: VOC)
- PermRock Royalty Trust (NYSE: PRT)
- Dorchester Minerals (NASDAQ: DMLP)
February 2025
- Chesapeake Granite Wash Trust (NYSE: CHKR)
- Sabine Royalty Trust (NYSE: SBR)
- Ares Commercial Real Estate (REIT-Mortgage) (NYSE: ACRE)
- Cross Timbers Royalty Trust (NYSE: CRT)
- Marine Petroleum Trust (NASDAQ: MARPS)
- Genco Shipping & Trading (NYSE: GNK)
- Xerox (NYSE: XRX)
- Blooming’ Brands (Restaurants) (NASDAQ: BLMN)
March 2025
- Ready Capital (REIT-Mortgage) (NYSE: RC)
- Orion Office REIT (NYSE: ONL)
- Sabine Royalty Trust (NYSE: SBR)
- Kohl’s (Retail) (NYSE: KSS)
- Armada Hoffler Properties (REIT-Diversified) (NYSE: AHH)
- PermRock Royalty Trust (NYSE: PRT)
- Invesco Mortgage Capital (REIT-Mortgage) (NYSE: IVR)
April 2025
- Global Net Lease (REIT-Office) (NYSE: GNL)
- Easterly Government (REIT-Office) (NYSE: DEA)
- Cross Timbers Royalty Trust (NYSE: CRT)
- PermRock Royalty Trust (NYSE: PRT)
- Mesa Royalty Trust (NYSE: MTR)
- Dorchester Minerals (NASDAQ: DMLP)
May 2025
- Organon (NYSE: OGN)
- Wendy’s (Restaurants) (NASDAQ: WEN)
- Sabine Royalty Trust (NYSE: SBR)
- Chemours (NYSE: CC)
- TPG Inc. (NASDAQ: TPG)
- Ardmore Shipping (NYSE: ASC)
- Genco Shipping & Trading (NYSE: GNK)
- Sitio Royalties (NYSE: STR)
- Pangaea Logistics (NASDAQ: PANL)
- Permian Basin Royalty Trust (NYSE: PBT)
- Crown Castle International (REIT-Specialty) (NYSE: CCI)
- Xerox (NYSE: XRX)
- Global Medical REIT (REIT-Healthcare) (NYSE: GMRE)
June 2025
- Sabine Royalty Trust (NYSE: SBR)
- AFC Gamma REIT-Specialty (NASDAQ: AFCG)
- Two Harbors Investment (REIT-Mortgage) (NYSE: TWO)
- Cross Timbers Royalty Trust (NYSE: CRT)
- Permian Basin Royalty Trust (NYSE: PBT)
July 2025
- Sabine Royalty Trust (NYSE: SBR)
- MV Oil Trust (NYSE: MVO)
- Seven Hills Realty Trust (NASDAQ: SEVN)
- United-Guardian (NASDAQ: UG)
- Mesa Royalty Trust (NYSE: MTR)
- VOC Energy Trust (NYSE: VOC)
- Cross Timbers Royalty Trust (NYSE: CRT)
- PermRock Royalty Trust (NYSE: PRT)
- First Bancorp (NASDAQ: FBNC)
- Cal-Maine Foods (NASDAQ: CALM)
- Dow (NYSE: DOW)
- AllianceBernstein (NYSE: AB)
- Dorchester Minerals (NASDAQ: DMLP)
- Alliance Resource Partners (NASDAQ: ARLP)
- Westlake Chemical Partners (NYSE: WLKP)
- Tronox (NYSE: TROX)
- Sturm Ruger (NYSE: RGR)
August 2025
- Taitron Components (NASDAQ: TAIT)
- Chesapeake Granite Wash Trust (NYSE: CHKR)
- TXO Partners (NYSE: TXO)
- Mesa Royalty Trust (NYSE: MTR)
- Cross Timbers Royalty Trust (NYSE: CRT)
- Marine Petroleum Trust (NASDAQ: MARPS)
- PermRock Royalty Trust (NYSE: PRT)
- Two Harbors Investment (REIT-Mortgage) (NYSE: TWO)
- Fortive (NYSE: FTV)
- Guess (NYSE: GES)
September 2025
- Sabine Royalty Trust (NYSE: SBR)
- Boston Properties (REIT-Office) (NYSE: BXP)
- Cherry Hill Mortgage (REIT-Mortgage) (NYSE: CHMI)
- Lument Finance Trust (REIT-Mortgage) (NASDAQ: LFT)
- Mesa Royalty Trust (NYSE: MTR)
- Brandywine Realty Trust (REIT-Office) (NASDAQ: BDN)
October 2025
- Cal-Maine Foods (NASDAQ: CALM)
- Sabine Royalty Trust (NYSE: SBR)
November 2025 (through 7 November 2025)
- TPG Inc. (NASDAQ: TPG)
- Chesapeake Granite Wash Trust (NYSE: CHKR)
- DineEquity (Restaurants) (NYSE: DIN)
- DuPont (NYSE: DD)
- Huntsman (NYSE: HUN)
- Sabine Royalty Trust (NYSE: SBR)
- Dorchester Minerals (NASDAQ: DMLP)
Some quick notes. First, there are a number of monthly dividend payers included in this sampling that pay variable dividends. These are primarily oil and gas royalty trusts, which pay distributions that are directly tied to their previous month’s revenues and earnings and which fluctuate with the price of oil. When you see a lot of these firms in a month, it usually means the oil and gas industry experienced some distress in the form of lower oil prices in the previous month. Several of these firms made multiple appearances in our sampling during 2025.
Other firms pay fixed dividends, where the firms’ board of directors deliberately acted to change their dividend policy. That’s a painful act for all involved: shareholders, managers, and the board members at these companies because their dividend decrease is often accompanied by a plunge in their stock price. That’s so painful they typically seek to avoid cutting their dividends unless they see no way around it because the outlook for the companies has changed for the worse.
2025 provided a great example of that kind of pain and reaction from an unexpected dividend cut in the story of Organon, which “blindsided” investors by slashing their dividend by 92% on 1 May 2025. Since then the company’s stock price has continued to flounder in no small part because its now-former CEO was engaged in an “improper” practice that artificially inflated the pharmaceutical firm’s earnings.
Other companies provided information that gave ample warning to investors long before they finally cut their dividend. One example is chemical industry giant Dow, which halved its dividend on 24 July 2025. The firm’s divided cut came after several quarters of a worsening business outlook in which investors expecting the firm would be forced to cut its dividend steadily sent its stock price lower.
Speaking of which, another chemical industry firm, LyondellBasell Industries (NYSE: LYB) has seen its stock price follow a similar downward trajectory that is still continuing as its business outlook worsened and as the sustainability of its dividend, which has not yet been cut, has increasingly come into question. This is a company to pay attention to pay attention to for that reason in the months ahead.
We’ll close with a chart showing which industries have experienced the most dividend decreases during the first ten months of 2025:
2025 has been a year in which oil and gas prices have fallen, which accounts for the oil and gas industry’s leading position in the chart. Real estate investment trusts (REITs) claimed second place, though much of this industry’s distress carried over from 2024 as the Biden-Harris era’s elevated mortgage and interest rates continued into 2025.
Image Credit: Microsoft Copilot Designer. Prompt: “A realistic image of a dividend cheque from ‘DIVIDEND PAYING COMPANY’ being cut in half by a pair of scissors, symbolizing dividend cuts or financial loss, with a neutral background”.
Source: https://politicalcalculations.blogspot.com/2025/11/a-sampling-of-dividend-decreases-in-2025.html
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