Verizon Communications (VZ) has raised its dividend for the 20th consecutive year in January 2026. The company's new CEO, Dan Schulman, has made significant changes in his tenure, including cutting $9 billion in combined operating and capital expenses, closing the $20 billion acquisition of Frontier Communications and setting a $25 billion share buyback program. Despite these changes, Verizon remains a top dividend stock for passive income. The telecom giant's 5.5% yield is above the S&P 500 average and is backed by serious cash generation. The firm is also expected to generate at least $21.5 billion in free cash flow for 2026, a 7-plus increase from the previous year's $20.13 billion generated in 2025.