Future dividend growth will depend on earnings growth as well as payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Colgate-Palmolive's current payout ratio is 59%. This means it paid out 59% of its trailing 12-month EPS as dividend. CL is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2020 is $2.88 per share, which represents a year-over-year growth rate of 1.77%.