The DivGro Weekly—11.07.25

194 Consecutive dividend increases

Weekly Dividend Progress

This week we received further real-time, tangible evidence of outstanding business progress when we collected our quarterly dividend from FirstService and became entitled to our quarterly dividends from American Express, Roper, Mastercard and Intuit, all meaningfully higher than this time last year.

How We Are Tracking

Since DivGro's inception we have predicted and benefited from 194 consecutive dividend increases across our portfolio companies, with no decreases. The average rate of these dividend increases is 14.42%.

Intuit

Excellent companies let their numbers do the talking. Take Intuit: the financial software company has grown its dividend at around 15% per annum compounded since initiating quarterly dividends in 2011. Founded in 1983 in Palo Alto, Intuit has grown into the dominant accounting and tax software provider for small businesses and individuals primarily in the US. More recently, Intuit has upscaled its customer base from 30 million to more than 100 million users — all in the last 10 years. Notably, while Intuit has added 70 million new accounts, it has only added 10,000 employees to do so, overcoming a triple-edged barrier of trust, time and effort required of new users to set up or transfer their data to its platforms. These very same upfront efforts also solidify customer loyalty and deter users from switching software providers, with additional, seamlessly integrated modules further glueing customers to Intuit’s products. So ensues a virtuous cycle: with many more customers available to capture and countless potential new modules to sell to existing customers, Intuit is excellently positioned to enhance its segment dominance and extend its superb dividend growth record.