Want Decades of Passive Income? Here Are 2 Unstoppable Dividend Stocks to Buy Now.

Some companies are so profitable and generate such high sales volume every year that they can make regular dividend payments to shareholders. Income investors have a lot of good choices, but here are two top stocks that currently offer above-average yields and still have opportunities to grow their businesses for many years.

1. Coca-Cola

Coca-Cola (NYSE: KO) stock has climbed to new highs in 2024. This is despite economic softness in certain regions around the world that are weighing on Coke's sales. Still, it's delivering profitable growth and has an impressive dividend-growth record.

Coca-Cola still has a lot of opportunities to reach new consumers, especially in emerging markets, as noted by its latest financial results. Adjusted revenue grew 15% year over year in the second quarter, with India, Brazil, and the Philippines showing strength. Excluding the negative impact from currency changes, management expects 2024 adjusted earnings to be up 13% to 15% on a constant-currency basis over 2023.

Coco-Cola benefits from a capital-light business model where it invests in making concentrated flavored syrup that's then packaged for retail sale by its bottling partners. This allows the company to earn high margins on annual revenue. Over the last year, it produced $10 billion in free cash flow on $46 billion of revenue and paid 79% of its free cash flow in dividends to shareholders.

The beverage company has increased its dividend for 62 years. It's in elite company, as there are only 53 companies that have achieved at least 50 years of consecutive dividend increases (known as Dividend Kings ) as of May 21.

Coca-Cola's current quarterly payment is $0.485 per share, bringing the dividend yield to 2.97%. This is above the S&P 500 average of 1.32% and also above the consumer staples average of 1.89%.

2. Home Depot

Home Depot (NYSE: HD) is another top consumer brand that's seen its shares rise this year despite headwinds in the economy. The largest home-improvement retailer could benefit if interest rates come down over the next few years because it could fuel sales, along with its outstanding dividend-growth record.

Comparable sales, which measures performance of existing stores open at least a year, declined 2.8% year over year in Home Depot's fiscal first quarter. Management doesn't expect much improvement the rest of the year, with full-year comp sales expected to decline approximately 1% year over year. Higher interest rates are clearly hurting sales, as some customers have delayed projects due to the higher cost of financing.

Still, Home Depot serves a highly fragmented home-improvement market that can fuel a growing dividend for years to come. The installed base of homes in the U.S. is worth $45 trillion, which leaves Home Depot with an addressable market of $1 trillion.

This opportunity is why Home Depot stock continues to move toward new highs. Management sees a big opportunity to grow sales with professional contractors, in addition to opening more stores. These stores' large square footage gives Home Depot an inherent advantage in offering customers a wider selection of items, compared to smaller hardware stores.

The company has paid a growing dividend for 37 years and should continue that streak for decades to come. It paid shareholders 47% of its $17 billion of free cash flow over the last year and currently pays a quarterly dividend of $2.25 per share, which puts the current yield at 2.47%.

John Ballard has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Home Depot. The Motley Fool has a disclosure policy .