Low interest rates and high valuations have made it difficult to find quality high-yield investments for retirement income. However, there are still reasonably valued dividend stocks with high yields. The Dividend Kings are a group of just 56 stocks that have all increased their dividends for at least 50 consecutive years.

This article will discuss 3 top Dividend Kings to build retirement income.

Consolidated Edison (ED)

Consolidated Edison is a holding company that delivers electricity, natural gas, and steam to its customers in New York City and Westchester County. The company has annual revenues of more than $16 billion. ED has increased its dividend for 51 consecutive years.

On November 6th, 2025, Consolidated Edison reported third quarter results for the period ending September 30th, 2025. For the quarter, revenue increased 10.7% to $4.5 billion, which was $310 million ahead of estimates.

Adjusted earnings of $686 million, or $1.90 per share, compared to adjusted earnings of $583 million, or $1.68 per share, in the previous year. Adjusted earnings-per-share were also $0.15 better than expected.

Average rate base balances are still projected to grow by 8.2% annually through 2029 based off 2025 levels. This is up from the company’s prior forecast of 6.4%. The company will update its forecast through 2030 in February of next year.

Consolidated Edison still expects capital investments of $38 billion for the 2025 to 2029 period, which was up from $28 billion previously. The company also expects capital investments of ~$72 billion over the next decade.

Consolidated Edison provided updated guidance for 2025 as well, with the company now expecting earnings-per-share in a range of $5.60 to $5.70 for the year, up from $5.50 to $5.70 previously. The company expects 5% to 7% earnings growth from 2025 levels through 2029.

Target Corporation (TGT)

Target is a major retailer with operations solely in the U.S. market. Its business consists of about 1,850 big box stores, which offer general merchandise and food, as well as serving as distribution points for the company’s burgeoning e-commerce business. Target should produce more than $100 billion in total revenue this year. The company also sports an extremely impressive dividend increase streak of 57 years.

Target posted third quarter earnings on November 19th, 2025, and results were slightly better than expected. Adjusted earnings-per-share came to $1.78, which was seven cents ahead of estimates. Revenue was $25.3 billion, meeting expectations, but declining just over 1% year-over-year. Sales were off 1.5% year-over-year, reflecting merchandise sales declines of 1.9%, partially offset by a 17.7% increase in non-merchandise sales.

Comparable sales were off 2.7%, missing estimates for a 2.1% decline. Physical store sales fell 3.8% on a comparable basis, partially offset by digital comparable sales growth of 2.4%. Operating income was $1.1 billion on an adjusted basis, with gross margin off 10 basis points to 28.2% of revenue. This reflected merchandising pressure from increased markdowns.

Share repurchases were $152 million during the quarter at an average price of $91.59. The company has about $8.3 billion in remaining repurchase capacity under the 2021 authorization that is still incomplete.

National Fuel Gas (NFG)

National Fuel Gas Co. is a diversified energy company that operates in four business segments: Upstream & Gathering, Pipeline & Storage, Utility, and Energy Marketing. The largest segment of the company is Exploration & Production. With 55 years of consecutive dividend increases, National Fuel Gas qualifies to be a Dividend King.

In early November, National Fuel Gas reported (11/5/25) financial results for the fourth quarter of fiscal 2025. The company grew its production 21% over the prior year’s quarter, primarily thanks to strong performance in new pads. In addition, the average realized price of natural gas grew 9%, from $2.40 to $2.61. As a result, earnings-per-share surged 58%, from $0.77 to $1.22, and exceeded the analysts’ consensus by $0.11.

The company has beaten the analysts’ estimates in 22 of the last 26 quarters. National Fuel Gas provided strong guidance for fiscal 2026, expecting earnings-per-share of $7.60-$8.10. Accordingly, we expect earnings-per-share of $7.90. If this proves correct, it will mark 14% growth of earnings-per-share over the previous year.

National Fuel Gas has a healthy balance sheet while its interest coverage level stands at a strong 6.1. Moreover, its dividend payout ratio is sufficiently low to enable continued dividend growth even if earnings stall temporarily.

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