If you're looking to build a long-term income stream from ASX shares, the key isn't just yield — it is a combination of consistency, resilience, and room for growth.
That means focusing on companies with strong business models, reliable cash flow, and a clear ability to keep rewarding shareholders year after year.
With that in mind, here are three ASX shares that tick those boxes for analysts:
Coles Group Ltd (ASX: COL)
Coles is a household name and one of the big two Australian supermarket operators. It provides the kind of essential products that people continue buying regardless of what the economy is doing. That steady demand translates into reliable cash flow and fully franked dividends.
While its growth may be modest, Coles' focus on cost efficiency, digital expansion, and supply chain optimisation helps protect its margins and dividend payouts. For retirees and income investors, Coles offers the kind of consistency that can anchor a long-term dividend portfolio.
The team at UBS is positive on Coles and has a buy rating and $23.50 price target on its shares. It also expects a 3.8% dividend yield in FY 2026.
Treasury Wine Estates Ltd (ASX: TWE)
Another ASX share to look at for long term passive income is Treasury Wine Estates. It is one of the world's largest premium wine companies, with brands like Penfolds, Wolf Blass, and 19 Crimes sold across key markets including the US, China, and Europe.
Although the company has faced recent challenges — particularly in the US market — analysts are increasingly optimistic about its long-term earnings recovery and dividend growth.
In the meantime, due to significant weakness in its share price, the company's current dividend yield offers solid income and strong upside potential. For example, Morgans expects a 4.9% dividend yield in FY 2025 and then a 5.5% yield in FY 2026.
It also sees major upside potential with its buy rating and $11.06 price target.
Universal Store Holdings Ltd (ASX: UNI)
Finally, Universal Store could be a third ASX share for a passive income boost. It is a fashion retailer that targets Australia's youth and young adult market. This is a segment that has shown surprising resilience in recent years. Despite operating in a discretionary space, the company has delivered robust earnings, strong margins, and has a history of generous dividend payouts.
And as it grows its store network and drives efficiencies, there's room for both capital gains and growing income.
The team at Bell Potter expects this to be the case. It has a buy rating and $10.50 price target on its shares. The broker also estimates that it trades with an FY 2026 dividend yield of 4.8%.
