The quarterly payout will rise to $1.07 per share, up from $1.03, translating to an annualized rate of $4.28. Based on the closing price of $183.29 recorded Thursday, this adjustment pushes the annual yield to approximately 2.34%. Shareholders of record as of November 16 are set to receive the distribution on December 10.

This dividend growth keeps the Spring, Texas-based firm firmly within the Dividend Aristocrat index, a group of 69 companies boasting at least 25 years of consistent payout increases. The commitment to buybacks remains a central pillar of the company’s financial strategy, following a third-quarter period where the firm repurchased $5.1 billion in shares. With over four billion shares outstanding as of the end of June, the company intends to maintain this momentum through its planned $20 billion allocation for next year.