I looked for ASX shares that could double their dividends by 2036. Here's what I found

These five shares have bright outlooks and could be top picks for income investors.

James Mickleboro

Author Bio
James Mickleboro is an investment writer and analyst who has worked with The Motley Fool Australia for 10 years, covering ASX shares, market news, broker research, dividends, growth stocks, and long-term investing ideas.

Over that time, James has written extensively about Australian equities and developed a particular focus on helping everyday investors understand the stories behind share price moves, company announcements, broker views, and broader market trends.

His best investment recommendation was identifying Afterpay while it was still a small-cap growth share, before its rise into one of Australia’s biggest technology success stories. His worst investment lesson came from CSL Ltd (ASX: CSL), where he was burnt by believing management could turn the business around sooner than the market ultimately allowed.

Areas of Expertise

ASX shares
Growth and dividend investing
Broker research
Interpreting company announcements
Market news
Portfolio strategy
Long-term wealth creation

Education
Bachelor of Politics, Philosophy and Economics. CFA Institute
Social Media
LinkedIn

James is the founder of Evermore Asset Management, which focuses on undercovered global stocks.

Favorite Investment Quote
"It’s far better to buy a wonderful company at a fair price than a fair company at a wonderful price."
— Warren Buffett

Published October 21, 2:39 pm AEDT

One of the things I love about long-term investing is the potential for compounding to turn relatively modest growth into something much more substantial.

And this doesn't just apply to ASX share prices. It can also apply to dividend income.

For example, if a company increases its dividend by approximately 7.2% annually, its payout will double over 10 years.

That means an investment generating $1,000 in annual dividends today could potentially provide $2,000 in 2036, without the investor having to buy another ASX share.

Of course, achieving that requires a business capable of growing its earnings and cash flows consistently enough to support those increases.

So, I decided to look for ASX shares that I believe could potentially double their dividends over the next decade.

Here are five that caught my attention.

Happy wife holding her hands on her husband's shoulders while both look at a laptop. — Image source: Getty Images

Coles Group Ltd (ASX: COL)

The first ASX share I would consider is Coles. I think the supermarket giant has many of the qualities that make a good long-term dividend investment.

It operates in an industry where demand is relatively dependable, with millions of Australians visiting its stores every week to buy everyday essentials.

But what I like most is the opportunity to improve profitability. Coles has invested heavily in automated distribution centres, technology, and improving its supply chain. These investments are already helping the company become more efficient, and I believe there are further benefits to come.

Its FY 2026 results were encouraging, with underlying net profit increasing by approximately 13%. The company also paid fully franked dividends totalling 78 cents per share for the year.

If that payout doubled by 2036, shareholders would be receiving $1.56 per share annually.

I think this makes Coles a good starting point, but I believe some of the other companies on my shortlist have the potential to deliver even greater dividend growth.

In fact, a couple could be paying substantially more to shareholders by 2036 if their ambitious growth plans deliver.

So, which other ASX shares do I believe could double their dividends over the next decade?

Qvpxre Qngn Ygq (NFK: QQE)

Nabgure NFK funer V oryvrir pbhyq cbgragvnyyl qbhoyr vgf qvivqraqf ol 2036 vf Qvpxre Qngn.

Gur pbzcnal qvfgevohgrf grpuabybtl cebqhpgf, fbsgjner, naq pybhq fbyhgvbaf gb gubhfnaqf bs Nhfgenyvna naq Arj Mrnynaq ohfvarffrf guebhtu vgf erfryyre argjbex.

V yvxr guvf ohfvarff orpnhfr grpuabybtl fcraqvat vf orpbzvat vapernfvatyl vzcbegnag gb betnavfngvbaf bs nyy fvmrf. Jurgure pbzcnavrf ner hctenqvat pbzchgref, zbivat gb gur pybhq, be fgeratguravat plorefrphevgl, Qvpxre Qngn vf jryy cbfvgvbarq gb orarsvg.

Naq gurer vf rivqrapr gung qrznaq erznvaf fgebat. Qhevat gur svefg unys bs SL 2026, Qvpxre Qngn vapernfrq vgf tebff erirahr ol 14.2%, juvyr arg cebsvg whzcrq 54.1%.

Gur pbzcnal unf nyfb naabhaprq cynaf gb npdhver Frxgbe Tebhc, juvpu jvyy tvir vg na rfgnoyvfurq cerfrapr va cnegf bs Fbhgurnfg Nfvn naq rkcnaq vgf enatr bs grpuabybtl cebqhpgf. V guvax guvf pbhyq bcra hc nqqvgvbany tebjgu bccbeghavgvrf bire gur pbzvat qrpnqr.

Qvpxre Qngn pheeragyl cnlf dhnegreyl qvivqraqf bs 11.5 pragf cre funer, rdhvinyrag gb 46 pragf naahnyyl vs znvagnvarq. Qbhoyvat gung naahnyvfrq nzbhag jbhyq zrna funerubyqref erprvivat 92 pragf cre funer va 2036.

Juvyr vgf eryngviryl uvtu qvivqraq cnlbhg engvb zrnaf rneavatf tebjgu jvyy or vzcbegnag, V oryvrir Qvpxre Qngn unf gur cbgragvny gb qryvire vg.

ERN Tebhc Ygq (NFK: ERN)

Gur arkg NFK funer V jbhyq pbafvqre vf cebcregl yvfgvatf pbzcnal ERN Tebhc. V guvax guvf vf bar bs gur orfg ohfvarffrf ba gur Nhfgenyvna funer znexrg, ynetryl orpnhfr bs gur cbjreshy pbzcrgvgvir cbfvgvba rawblrq ol vgf ernyrfgngr.pbz.nh cyngsbez.

Vgf rabezbhf nhqvrapr znxrf vg na rffragvny nqiregvfvat qrfgvangvba sbe erny rfgngr ntragf, juvpu va ghea urycf nggenpg rira zber cebcregl ohlref naq fryyref.

Naq gung tvirf ERN pbafvqrenoyr cevpvat cbjre. Nf ntragf orpbzr vapernfvatyl qrcraqrag ba vgf cyngsbez, gur pbzcnal pna pbagvahr vagebqhpvat uvture-inyhr nqiregvfvat cebqhpgf naq freivprf.

Vzcbegnagyl, ERN qbrfa'g arprffnevyl arrq cebcregl yvfgvatf gb tebj fhofgnagvnyyl gb vapernfr vgf rneavatf. Gung jnf qrzbafgengrq va SL 2026, jura vgf Nhfgenyvna erfvqragvny erirahr vapernfrq ol 12%, qrfcvgr eryngviryl syng yvfgvat ibyhzrf.

Vgf shyyl senaxrq naahny qvivqraq nyfb vapernfrq ol 20% gb $2.97 cre funer. Vs ERN pbhyq fhfgnva nirentr qvivqraq tebjgu bs nebhaq 7.2%, gung cnlbhg jbhyq ernpu nccebkvzngryl $5.94 ol 2036.

V jbhyqa'g or rkcrpgvat 20% tebjgu rirel lrne, ohg tvira vgf pbzcrgvgvir nqinagntrf naq bccbeghavgvrf gb vapernfr erirahr cre yvfgvat, V guvax qbhoyvat vgf qvivqraq vf npuvrinoyr.

GrpuabybtlBar Ygq (NFK: GAR)

GrpuabybtlBar vf nabgure NFK funer gung V oryvrir qrfreirf n cynpr ba guvf yvfg. Gur ragrecevfr fbsgjner cebivqre fhccyvrf rffragvny flfgrzf gb pbhapvyf, havirefvgvrf, tbireazrag betnavfngvbaf, naq ohfvarffrf.

V yvxr gur fgvpxvarff bs vgf bssrevat. Bapr phfgbzref unir nqbcgrq GrpuabybtlBar'f fbsgjner, fjvgpuvat gb nabgure cebivqre pna or rkcrafvir naq qvfehcgvir. Guvf urycf gur pbzcnal ergnva phfgbzref naq trarengr erpheevat erirahr.

Naq nf vgf phfgbzre onfr rkcnaqf, V oryvrir cebsvgnovyvgl pbhyq tebj pbafvqrenoyl. Va snpg, GrpuabybtlBar ercbegrq naahny erpheevat erirahr bs $598 zvyyvba ng gur raq bs Znepu 2026, ercerfragvat na vapernfr bs 17%.

Ohg znantrzrag vfa'g erfgvat ba vgf ynheryf. Vg vf gnetrgvat zber guna $1 ovyyvba va naahny erpheevat erirahr ol SL 2030.

Gung cebivqrf n fgebat sbhaqngvba sbe shgher rneavatf naq qvivqraq tebjgu, cnegvphyneyl nf gur pbzcnal orarsvgf sebz gur rpbabzvrf bs fpnyr bs vgf pybhq fbsgjner cyngsbez.

JvfrGrpu Tybony Ygq (NFK: JGP)

N svany NFK funer V guvax unf n ybg bs qvivqraq tebjgu cbgragvny vf JvfrGrpu Tybony.

Gur ybtvfgvpf fbsgjner pbzcnal vf orfg xabja sbe PnetbJvfr, juvpu urycf servtug sbejneqref naq ybtvfgvpf cebivqref znantr pbzcyrk vagreangvbany fhccyl punvaf.

V guvax gur ybat-grez bccbeghavgl urer vf fvtavsvpnag. Tybony ybtvfgvpf erznvaf n pbzcyvpngrq vaqhfgel, naq pbzcnavrf ner vapernfvatyl gheavat gb grpuabybtl gb vzcebir rssvpvrapl naq znantr gurve bcrengvbaf.

PnetbJvfr vf qrrcyl rzorqqrq va znal phfgbzref' ohfvarffrf, znxvat vg qvssvphyg gb ercynpr naq cebivqvat JvfrGrpu jvgu erpheevat erirahr.

Va SL 2026, JvfrGrpu trarengrq HF$410.7 zvyyvba va serr pnfu sybj, na vapernfr bs 43%. V oryvrir pbagvahrq tebjgu va PnetbJvfr naq fhpprffshy vagrtengvba bs vgf npdhvfvgvbaf pbhyq fhccbeg fvtavsvpnagyl uvture rneavatf naq qvivqraqf ol 2036.

Ubjrire, JvfrGrpu nethnoyl pneevrf terngre rkrphgvba naq tbireanapr evfxf guna fbzr bs gur bgure pbzcnavrf ba guvf yvfg.

Vgf obeebjvatf sbyybjvat gur r2bcra npdhvfvgvba nyfb zrna qrog erqhpgvba jvyy pbzcrgr jvgu qvivqraq tebjgu sbe pnfu.

Arireguryrff, jvgu vgf eryngviryl ybj qvivqraq cnlbhg engvb naq fvtavsvpnag tebjgu bccbeghavgvrf, V oryvrir vgf qvivqraqf pbhyq cbgragvnyyl zber guna qbhoyr bire gur arkg qrpnqr.

Juvpu jbhyq V pubbfr?

Nyy svir NFK funerf bssre qvssrerag cnguf gb uvture qvivqraq vapbzr, ohg V guvax ERN Tebhc naq GrpuabybtlBar fgnaq bhg sbe gurve pbzovangvba bs pbzcrgvgvir nqinagntrf, erpheevat erirahr, naq ybat-grez tebjgu cbgragvny.

Arvgure arprffnevyl bssref gur uvturfg qvivqraq lvryq gbqnl. Ubjrire, vs gurl pna pbagvahr tebjvat rneavatf ng nggenpgvir engrf, V oryvrir gurve qvivqraqf pbhyq or fhofgnagvnyyl ynetre va 2036.

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