"Companies that have raised their dividend for more than 25 years but aren't on the Aristocrats list? Those are Dividend Champions." — While Dividend Aristocrats only includes companies that belong to the S&P 500 "prestige club," Dividend Champions cover all U.S.-listed companies that have raised their dividends for 25 years or more, regardless of index membership.

That means the Champions list contains all 69 Dividend Aristocrats, plus roughly 80 additional quality mid- and small-cap companies that don't qualify for the S&P 500 but have equally impressive dividend track records. As of 2026, the total stands at approximately 147 names—more than double the size of the Aristocrats list.

The focus of this guide is those 80-plus "hidden dividend gems." They lack the S&P 500 brand name, but they've been quietly raising their dividends for over 25 years—and hidden investment opportunities often lie in plain sight.

📋 Table of Contents

1. 🏆 What Are Dividend Champions?
2. 📊 2026 Complete Dividend Champions List
3. 💎 Hidden Dividend Gems Beyond the Aristocrats
4. 🔍 Is Investing in Mid- and Small-Cap Dividend Stocks Worth It?
5. ⚠️ Caveats to Consider
6. ❓ Frequently Asked Questions

EPD Enterprise Products Partners28 years of consecutive increases

Dividend Yield 6.05%Market Cap $80.7B

The largest U.S. midstream energy MLP (Master Limited Partnership). Despite a market cap of $80.7B, it's missing from the S&P 500 because of its MLP legal structure. Stable pipeline-driven cash flows support its 6%-plus yield. Note that MLPs involve complex tax treatment, so be sure to consult the tax guide before investing.

NNN NNN REIT35 years of consecutive increases

Dividend Yield 5.55%REIT

FRT and O are the Aristocrat REITs, but NNN is a hidden REIT exclusive to the Champions list. With 35 years of consecutive increases, its track record is longer than O's (30 years). A net-lease REIT specializing in single-tenant commercial properties, it holds defensive assets such as convenience stores and fast-food outlets. Compare other REITs in the monthly dividend guide.

CSL Carlisle Companies48 years of consecutive increases

Dividend Yield 1.30%5-Year Dividend Growth 15.42%

A building-materials specialist, focused particularly on commercial roofing. With 48 consecutive years of increases, it is just two years away from joining the Dividend Kings. The yield is modest, but the dividend has grown at an annualized rate of 15.42% over the past five years—a growth-oriented dividend stock that the Aristocrats list alone would never surface.

Not an Official Index

While the Dividend Aristocrats are an official S&P-managed index, the Champions list is an unofficial compilation maintained by the investing community. As a result, the company count and inclusion/exclusion criteria can vary slightly by source, and there is no dedicated ETF. Investors must select individual names themselves.

Watch Out for MLPs, BDCs, and Other Special-Structure Names

Vehicles like EPD, structured as MLPs (Master Limited Partnerships), distribute "distributions" rather than dividends and are taxed differently from common stocks. K-1 forms and other tax-filing complexities apply, so be sure to review the tax guide before investing in MLPs.