10 Recession Proof Shares For Protected Dividends

Revealed on March thirtieth, 2026 by Bob Ciura

The S&P 500 Index carried out properly in 2025, however is down roughly 6% year-to-date.

Loads of dangers stay. The continuing wars world wide have elevated geopolitical threat. There may be additionally renewed political threat to the inventory market within the type of tariffs.

In instances of elevated dangers, earnings traders ought to pursue recession-proof shares.

The Dividend Kings are an awesome instance of this. The Dividend Kings have elevated their dividends for at the least 50 consecutive years.

You’ll be able to see the complete downloadable spreadsheet of all 57 Dividend Kings (together with essential monetary metrics comparable to dividend yields, payout ratios, and price-to-earnings ratios) by clicking on the hyperlink beneath:

The ten recession proof shares beneath are Dividend Kings based mostly within the U.S., with 50+ consecutive years of dividend will increase.

These 10 shares even have Dividend Threat Scores of ‘A’, our highest ranking. Lastly, they’re all given purchase rankings resulting from their excessive anticipated returns.

The ten shares are ranked by dividend yield beneath.

Desk of Contents

Recession Proof Inventory: PPG Industries (PPG)

PPG Industries is the world’s largest paints and coatings firm. Its solely opponents of comparable measurement are Sherwin-Williams and Dutch paint firm Akzo Nobel.

On January twenty seventh, 2026, PPG Industries introduced fourth quarter and full 12 months outcomes. For the quarter, income grew 4.8% to $3.91 billion, which topped estimates by $140 million. Adjusted earnings-per-share of $1.51 in contrast unfavorably to $1.61 within the prior 12 months and was $0.07 lower than anticipated.

For the 12 months, income grew 0.6% to $15.9 billion whereas adjusted earnings-per-share of $7.58 was down from $7.87 in 2024. Natural progress was 3% for the quarter and a couple of% for the 12 months.

For the quarter, income for International Architectural Coatings, which was previously a part of Efficiency Coatings, grew 8% to $951 million.

Development was pushed by greater costs and a profit from international foreign money translation. Quantity was unchanged and divestitures decreased outcomes by 3%.

As soon as once more, Latin America and Asia Pacific carried out properly in the course of the interval as natural progress improved by a excessive single-digit determine.

Efficiency Coatings grew 5% to $1.32 billion as greater costs and favorable foreign money change was solely partially offset by a 1% decline in quantity.

Aerospace had file fourth quarter gross sales and future positive factors ought to be supported by a $315 million enhance within the backlog. Automotive was weak, with gross sales lowering by a excessive single-digit proportion.

Income for Industrial Coatings improved 3% to $1.64 billion. Quantity grew 5%, however this was offset by barely weaker pricing and divestitures. Automotive OEMs posted one other quarter of progress as this section outpaced the worldwide automotive trade.

PPG Industries repurchased ~$100 million price of shares throughout This fall and retired ~$790 million price of inventory throughout 2025.

Click on right here to obtain our most up-to-date Positive Evaluation report on PPG (preview of web page 1 of three proven beneath):

Recession Proof Inventory: California Water Service Group (CWT)

California Water Service is the third largest publicly-owned water utility in america.

The corporate has six subsidiaries that present water to about two million folks, primarily in California, with some extra operations in Washington, New Mexico, and Hawaii.

California Water Service was based in 1926 and has elevated its dividend for greater than 50 consecutive years, which makes the corporate a Dividend King.

California Water Service reported its fourth quarter earnings outcomes on February twenty fifth. The corporate reported that its working revenues totaled $220 million in the course of the quarter, down 1% year-over-year.

The income decline was brought on by a decrease water consumption among the many firm’s clients, partially offset by greater charges.

California Water Service generated earnings-per-share of $0.19 in the course of the fourth quarter, which was weaker than what was anticipated by the analyst neighborhood.

Click on right here to obtain our most up-to-date Positive Evaluation report on CWT (preview of web page 1 of three proven beneath):

Recession Proof Inventory: H2O America (HTO)

H2O America, previously generally known as SJW Group, is a water utility firm that produces, purchases, shops, purifies and distributes water to shoppers and companies within the Silicon Valley space of California, the realm north of San Antonio, Texas, Connecticut, and Maine.

It additionally has a small actual property division that owns and develops properties for residential and warehouse clients in California and Tennessee. The corporate generates about $670 million in annual revenues.

On July eighth, 2025, H2O America introduced that it bought Quadvest for $540 million. This buy provides to the corporate’s place within the Houston space.

Quadvest has 50,500 energetic connections, nearly 91,000 connections underneath contract and pending growth, 50 water remedy vegetation, 27 wastewater remedy vegetation, and 89 raise stations and underground belongings.

On January twenty sixth, 2026, H2O America raised its quarterly dividend 4.8% to $0.44, extending the corporate’s dividend progress streak to 58 consecutive years.

On February twenty fifth, 2026, H2O America launched fourth quarter and full 12 months outcomes for the interval ending December thirty first, 2025. For the quarter, income declined 1.9% to $194.1 million, which missed estimates by $23.3 million.

Earnings-per-share of $0.45 in contrast unfavorably to earnings-per-share of $0.74 within the prior 12 months and was $0.07 beneath expectations.

For the 12 months, income grew 7% to $800.6 million whereas earnings-per-share of $2.92 in comparison with $2.87 in 2024.

Development for the 12 months was pushed by a $67.4 million enhance in charges and $1.5 million from new clients offset by an $8 million headwind from regulatory mechanisms and decrease by $7.2 million from decrease utilization.

Click on right here to obtain our most up-to-date Positive Evaluation report on HTO (preview of web page 1 of three proven beneath):

Recession Proof Inventory: ABM Industries (ABM)

ABM Industries is a number one supplier of facility options, which incorporates janitorial, electrical & lighting, vitality options, amenities engineering, HVAC & mechanical, panorama & turf, and parking.

The corporate employs about 117,000 folks in additional than 350 places of work all through america and varied worldwide areas, primarily in Canada.

ABM Industries has elevated its dividend for 58 consecutive years.

ABM Industries reported its fourth quarter earnings leads to December. The corporate introduced that its revenues totaled $2.3 billion in the course of the quarter, which was up 5.4% versus the earlier 12 months’s quarter and which beat estimates by $30 million.

ABM Industries was capable of generate earnings-per-share of $0.88 in the course of the fourth quarter, which was beneath the analyst consensus estimate. ABM Industries’ earnings-per-share had been unchanged versus the earlier 12 months’s quarter on an adjusted foundation.

Earnings-per-share are anticipated in a spread of $3.85 to $4.15 on an adjusted foundation for 2026, with a steerage midpoint of $4.00, which might be a file for the corporate.

Click on right here to obtain our most up-to-date Positive Evaluation report on ABM (preview of web page 1 of three proven beneath):

Recession Proof Inventory: Stepan Co. (SCL)

Stepan manufactures primary and intermediate chemical substances, together with surfactants, specialty merchandise, germicidal and cloth softening quaternaries, phthalic anhydride, polyurethane polyols and particular substances for the meals, complement, and pharmaceutical markets.

It’s organized into three distinct enterprise strains: surfactants, polymers, and specialty merchandise. These companies serve all kinds of finish markets, which means that Stepan isn’t beholden to only a handful of industries.

The surfactants enterprise is Stepan’s largest by income, accounting for ~68% of whole gross sales in the latest quarter. A surfactant is an natural compound that incorporates each water-soluble and water-insoluble elements.

Stepan posted fourth quarter and full-year earnings on February twenty third, 2026. Adjusted earnings-per-share got here to a lack of two cents.

Income was up 5.4% year-over-year to $554 million, lacking estimates by $16.7 million. International gross sales quantity was down 3% year-over-year as quantity globally was flat.

Consolidated adjusted EBITDA was $33.8 million for the quarter, down from $35 million a 12 months earlier, which was resulting from decrease working earnings in Surfactants.

Surfactants income was $402 million, up from $379 million a 12 months earlier, however natural quantity was off 3%. Polymers web gross sales had been $132 million, on an 11% quantity enhance.

Money from operations was $60 million for the quarter, with free money move at $25 million, each of which had been greater from the year-ago interval. Internet debt was $494 million on the finish of the quarter, a $32 million discount from the tip of 2024.

Stepan boosted its dividend for the 59th consecutive 12 months.

Click on right here to obtain our most up-to-date Positive Evaluation report on SCL (preview of web page 1 of three proven beneath):

Recession Proof Inventory: Automated Information Processing (ADP)

Automated Information Processing is likely one of the largest enterprise providers outsourcing corporations on the planet. The corporate gives payroll providers, human assets know-how, and different enterprise operations to greater than 700,000 company clients.

ADP posted second quarter earnings on January twenty eighth, 2026, and outcomes had been higher than anticipated on each the highest and backside strains.

Adjusted earnings-per-share got here to $2.62, which was a nickel forward of estimates, and was up from $2.49 in Q1, and from $2.35 within the year-ago interval. Income was up 7.2% year-over-year to $5.36 billion, beating estimates by $20 million.

Bills got here to $4.08 billion, which was greater from $3.98 billion in Q1 and $3.88 billion a 12 months earlier. Adjusted EBIT margin was 26.0% of income, up from 25.5% in Q1 and from 25.2% a 12 months in the past.

The corporate guided for income progress of 6% for this 12 months, adjusted EBIT margin of ~60 foundation factors, and adjusted diluted earnings-per-share progress of 9% to 10%.

Click on right here to obtain our most up-to-date Positive Evaluation report on ADP (preview of web page 1 of three proven beneath):

Recession Proof Inventory: Northwest Pure Holding (NWN)

NW Pure was based in 1859 and has grown from only a handful of shoppers to serving greater than 760,000 in the present day. The utility’s mission is to ship pure fuel to its clients within the Pacific Northwest.

The corporate’s areas served are proven within the picture beneath.

On November fifth, 2025 the corporate reported outcomes for the third quarter of fiscal 2025. The corporate posted a web lack of $0.73 per share for Q3, practically unchanged from a $0.71 per share loss in the identical quarter a 12 months in the past.

On a year-to-date foundation protecting the primary 9 months of 2025 the agency achieved web earnings of $1.36 per share, up from $0.88 per share within the prior 12 months, with an adjusted web earnings of $1.52 per share.

Income for the nine-month interval rose to roughly $895.2 million from about $782.1 million a 12 months earlier, reflecting the affect of acquisitions and price will increase.

Click on right here to obtain our most up-to-date Positive Evaluation report on NWN (preview of web page 1 of three proven beneath):

Recession Proof Inventory: PepsiCo Inc. (PEP)

PepsiCo is a world meals and beverage firm that generates nearly $94 billion in annual gross sales. The corporate’s merchandise embody Pepsi, Mountain Dew, Frito-Lay chips, Gatorade, Tropicana orange juice and Quaker meals.

The corporate has greater than 20 $1 billion manufacturers in its portfolio.

On February third, 2026, PepsiCo introduced that it will enhance its annualized dividend by 4.0% to $5.92 beginning with the cost that was made in June 2026, extending the corporate’s dividend progress streak to 54 consecutive years.

That very same day, PepsiCo launched fourth quarter and full 12 months outcomes for the interval ending December thirty first, 2025. For the quarter, income grew 5.6% to $29.3 billion, which beat estimates by $370 million.

Adjusted earnings-per-share of $2.26 in contrast favorably to $1.96 the prior 12 months, which was $0.02 greater than anticipated.

For the 12 months, income grew 2.3% to $93.9 billion whereas adjusted earnings-per-share of $8.14 was down from $8.16 in 2024. Natural gross sales grew 2.1% for the quarter and 1.7% for the 12 months.

For the quarter, meals quantity fell 2% whereas drinks grew 1%. PepsiCo Drinks North America’s natural income improved 2% for the interval whilst quantity decreased by 4%.

Income for PepsiCo Meals North America as decrease by 1%, largely resulting from divestitures. Meals quantity declined 1%.

The Worldwide Drinks section grew 2% resulting from 3% quantity progress. Revenues in Europe/Center East/Africa had been up 5%. Meals quantity declined 5%, however this was offset by a 1% achieve in drinks.

Forex was a 7% headwind for this area. Latin America Meals elevated 5% and Asia Pacific Meals grew 4%.

PepsiCo offered steerage for 2026 as properly, with the corporate anticipating natural gross sales in a spread of two% to 4%. The corporate expects earnings-per-share progress in a spread of 4% to six%.

Click on right here to obtain our most up-to-date Positive Evaluation report on PEP (preview of web page 1 of three proven beneath):

Recession Proof Inventory: Real Components Co. (GPC)

Real Components Firm was based in 1928 and since that point, it has grown right into a sprawling conglomerate that sells automotive and industrial elements, electrical supplies, and basic enterprise merchandise.

Its international span reaches all through North America, Australia, New Zealand, and Europe and is comprised of greater than 3,000 areas. It has about 63,000 workers with about $24 billion in annual income.

Real Components can also be a Dividend King, having raised its dividend for an unimaginable 69 consecutive years.

Real Components posted fourth quarter and full-year earnings on February seventeenth, 2026, and outcomes had been weak on each the highest and backside strains. Adjusted earnings-per-share got here to $1.55, which was properly off of estimates that had been 27 cents greater. Income was up 4.1% year-over-year to $6 billion, however missed estimates by $60 million.

Gross sales efficiency was attributed to a 1.7% enhance in comparable gross sales, a 1.5% profit from acquisitions, and a foreign exchange translation achieve of 0.9%. Gross revenue was up 70 foundation factors on an adjusted foundation to 37.6% of gross sales. Earnings was down from $1.61 per share a 12 months earlier.

The corporate guided for whole gross sales progress of three% to five.5%, and adjusted earnings-per-share of $7.50 to $8.00.

Click on right here to obtain our most up-to-date Positive Evaluation report on GPC (preview of web page 1 of three proven beneath):

Recession Proof Inventory: Black Hills Company (BKH)

Black Hills Company is an electrical utility that gives electrical energy and pure fuel to clients in Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming.

The corporate has 1.35 million utility clients in eight states. Its pure fuel belongings embody 49,200 miles of pure fuel strains. Individually, it has ~9,200 miles of electrical strains and 1.4 gigawatts of electrical era capability.

Black Hills Company reported its fourth quarter earnings leads to February. The corporate generated income of $635 million in the course of the quarter, which was 6% greater than the earlier 12 months’s fourth quarter.

Black Hills Company generated earnings-per-share of $1.41 in the course of the fourth quarter, which was according to the consensus analyst estimate. Earnings-per-share had been up $0.04 versus the earlier 12 months’s quarter.

This fall and Q1 are seasonally stronger quarters resulting from greater pure fuel demand for heating, which was once more showcased by the above-average profitability throughout the latest quarter. Black Hills Company forecasts earnings-per-share of $4.25 to $4.45 for the present fiscal 12 months.

Click on right here to obtain our most up-to-date Positive Evaluation report on BKH (preview of web page 1 of three proven beneath):

Extra Sources

The Dividend Kings usually are not the one high-quality dividend progress inventory concepts.

Positive Dividend maintains comparable databases on the next helpful universes of shares: