If I had to pick just one dividend stock to buy and hold for the next 25 years, I wouldn’t chase the highest yield or the flashiest business. Instead, I’d look for consistency, resilience, and a proven ability to grow dividends through economic cycles.
Long-term investing is about compounding, and nothing compounds more reliably than a business that increases its payout year after year. Whether you’re building a retirement fund or seeking lifetime income from your Tax-Free Savings Account (TFSA), such a dividend stock won’t disappoint.
In this article, I’ll reveal a top TSX stock with growing dividends I believe is built to last and tell you why it could be a great fit for your portfolio for decades.
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A top dividend stock to buy and hold for decades
If I had to choose just one dividend stock that checks all the boxes, it would be Enbridge (TSX:ENB). Let me explain why this energy powerhouse belongs in a long-term portfolio.
This Calgary-based firm is one of North America’s largest energy infrastructure companies, moving about 30% of North America’s crude oil and 20% of the natural gas used in the United States. It’s also expanding its presence in renewables.
ENB stock is currently trading at $63.26 per share with a market cap of $137.9 billion. At the current price, it offers an attractive annualized dividend yield of nearly 6%, paid quarterly. More importantly, the company has been raising its dividends for 30 consecutive years.
While some stocks fluctuate wildly, Enbridge is known for delivering stable returns year after year. Over the last year, ENB stock has climbed roughly 28%, reflecting a solid rebound backed by investors’ confidence in its business model.
Consistent results through thick and thin
Enbridge’s latest earnings report shows just how solid its foundation is. In the first quarter of 2025, it reported a solid 12% YoY (year-over-year) jump in its adjusted earnings to $1.03 per share. The company’s adjusted quarterly EBITDA (earnings before interest, taxes, depreciation, and amortization) grew by 18% YoY to $5.8 billion. And while many companies are dealing with rising costs, Enbridge still managed to post a 9% jump in distributable cash flow, which is what funds its solid dividend payouts.
This consistent growth came from across its business segments. There was higher Mainline throughput, increased demand in its gas utilities, and contributions from recent acquisitions. Despite macroeconomic challenges, Enbridge kept its operations efficient and cash-generating — which is exactly what long-term investors want to see.
A decade-long growth roadmap
One of the most important factors that make ENB a top dividend stock to buy now and hold for decades is its long-term vision.
Enbridge is not just maintaining what it has. It recently sanctioned up to $2 billion of new investments in its Mainline system and expanded its secured growth backlog to $28 billion. This includes the company’s plans for natural gas pipeline expansions and U.S. utility upgrades, all of which are expected to fuel its earnings growth well into the next decade. Its diversified portfolio, focus on stable returns, and a decades-long history of dividend growth make it an ideal pick for anyone looking for reliability over hype.
