How your top 10 ASX income stocks have performed in 2025 so far

Back in December 2024, we asked Livewire and Market Index readers to share their picks for the top income stocks on the ASX for 2025.

It was a list dominated by big familiar names:

Now that we're more than halfway through the year and almost the other side of reporting season, we thought we'd check in and see how these stocks have performed, both from an income perspective and overall performance.

Please note: We are sharing information from the Livewire and Market Index readerships by publishing this list. We hope it inspires ideas for your investment research. This information is not, nor is it intended to be, a set of recommendations. Please do your own research and seek advice from a professional. Past performance is not a reliable indicator of future return. 

Here are the results, starting with the most-tipped (CBA) and working down the list:

Top-tipped income stocks in 2025

Key takeaways

• Average performance: 14.73%
• Average dividend: 4.30%
• Average total return: 19.04% (compared to 11.98% for XNT)
• Best overall performer: Wesfarmers (31.73%)
• Highest dividend yield: Woodside Energy (9.65%)

It's fair to say our readers have done well so far in 2025, even if some dividends leave a little to be desired. 

All 10 top-tipped income stocks have generated both a positive total return and positive share price so far in 2025.

Holding an equally-weighted portfolio of these stocks would have generated an overall dividend yield of 4.30%, with a total return of 19.04%. 

Not bad for 8 months' work, especially when compared to the broader ASX. 

The S&P/ASX 200 is up 9.69% in the same period, while the more relevant S&P/ASX 200 Net Total Return (XNT) is up 11.98%.

That's a 59% outperformance of the index. 

However, there are some important caveats, given this is meant to be an income-focused list. 

For starters, BHP, Fortescue and Wesfarmers have ex-dividend dates in early September, which could improve the overall income picture. 

But it has been a disappointing year from an income perspective for the big banks. With strong share price growth, dividend yields are down, and that's not ideal for income investors.

While it was an eventful year for CBA, hitting $190 in June after the ASX's "most hated rally", its dividend yield currently sits below 3% and looks set to stay there. 

Macquarie investors have also seen their dividend yields cut from 4% in 2024 to just over 2% in 2025. 

On a more positive note, Woodside maintained its strong dividend after posting an 8.91% dividend yield in 2024.

Telstra was also a strong performer, producing an improved dividend yield of 6.77%, despite the total dividend coming in below broker forecasts in its recently-released FY25 results. 

As a point of interest, here's what 1-year forward dividend yield forecasts looked like on these stocks when we first put together our Top 10 Income Stocks list at the start of the year:

1. Woodside Energy: 9.1% (beat)
2. APA Group: 8.1% (miss)
3. Fortescue: 6.4% (TBA)
4. BHP Group: 5.0% (TBA)
5. Westpac Banking Corporation: 5.0% (miss)
6. Telstra: 4.7% (beat)
7. National Australia Bank: 4.6% (miss)
8. Commonwealth Bank: 3.0% (beat)
9. Macquarie Group: 2.9% (miss)
10. Wesfarmers: 2.8% (TBA)

In summary

All-in-all, it's hard to argue with the returns, especially compared to how volatile our 2024 list ended up. 

But income investors will want to keep a close eye on how dividend yields continue to shake out.