Reliable ASX dividend stocks are exactly what I want to have in my portfolio because of how much confidence they give me that expected dividend payments will continue to be paid to me.
If I want that dividend cash flow to spend in my life, I need to find businesses with resilient profitability and a history of regularly increasing payouts.
During the COVID-hit year of 2020, we saw dividend cuts from many of Australia's largest ASX blue-chip shares, including Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB), and ANZ Group Holdings Ltd (ASX: ANZ).
In 2025, we've seen dividend cuts from Australia's biggest miners – BHP Group Ltd (ASX: BHP), Rio Tinto Ltd (ASX: RIO), and Fortescue Ltd (ASX: FMG). Owners of Woodside Energy Group Ltd (ASX: WDS) shares have also seen dividend cuts in recent results.
There are a fair few Australian businesses that have increased their payout every year since before COVID struck the world. But it's even rarer to find reliable ASX dividend stocks that have increased their dividend payout every year since the GFC.
There's only one name on the ASX that has increased its annual (ordinary) dividend every year this century.
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Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
This business is the ultimate leader on the ASX when it comes to dividend growth.
It has grown its regular dividend every year since 1998. That means its payout has grown through the high inflation period, COVID, the GFC, and the dot com crash.
In fact, this company has paid a dividend every year (though not grown it) since 1903 when it first listed, including through wars and all the financial crashes.
While past dividends are not a guarantee of future dividends, I think this business is set up to remain the most reliable ASX dividend stock because of how it's set up.
It's an investment business that has a portfolio of both listed (almost entirely ASX) shares and private businesses.
Some of its largest ASX share investments include Brickworks Ltd (ASX: BKW), TPG Telecom Ltd (ASX: TPG), Tuas Ltd (ASX: TUA), New Hope Corporation Ltd (ASX: NHC), BHP Group Ltd (ASX: BHP), Macquarie Group Ltd (ASX: MQG), and Wesfarmers Ltd (ASX: WES).
Its private businesses are spread across industries like agriculture, swimming schools, financial services, and electrification.
I like the diversification offered by this varied portfolio.
The company has built its portfolio to be resilient and generate defensive cash flow, which allows those assets to continue sending money to Soul Patts in the form of dividends. The defensive cash flow adds another layer of protection for the Soul Patts dividend. Plus, those assets are regularly growing, making it likely they can increase their payouts to Soul Patts.
But it's not as though this reliable ASX dividend stock is paying out all of its profit to shareholders each year. It retains a portion of its cash flow (after paying for its operating expenses), which then gives the business funds to invest in more opportunities. In the FY25 half-year result, its dividend payout ratio represented only 55.8% of its net cash flow from investments.
I think this reliable ASX dividend share is likely to continue growing its annual dividend for the foreseeable future, particularly if its largest investments continue paying sizeable dividends.
