3 High-Yield Dividend Stocks I'd Buy in September With No Hesitation

High-yield dividend stocks can look tempting, but a big yield sometimes signals that investors expect weaker earnings or even a dividend cut. That makes the cash behind the payout more important than the yield itself. Still, three names stand out this month: Altria (NYSE: MO), Verizon (NYSE: VZ), and Realty Income (NYSE: O), each of which yields more than 5%, but each funds its dividend differently.

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Here's what each company has in store for a dividend portfolio and why I'd buy either without hesitation.

Altria pays the biggest dividend yield of the three

Altria offers the biggest payout of the three, with a yield of 6.4%. It raised its dividend by 4.7% this quarter, marking its 61st increase during the past 57 years. That makes the new annual dividend $4.44 a share, or about 79% of the company's 2026 adjusted earnings-per-share (EPS) forecast.

The engine behind Altria's dividend is pricing power. Second-quarter adjusted EPS rose 2.8%, and net operating income from smokeable products increased 2.4% thanks to higher prices offsetting fewer cigarette shipments. To counter this, Altria hopes its portfolio of smoke-free products will carry more of the load.

Although Altria offers the highest yield of the three, it also carries the most long-term business risk.

Verizon backs its dividend with strong free cash flow

Verizon earns its income from broadband and wireless customers, giving it a predictable monthly cash flow.

Operating cash flow rose 9.9% in the first half of 2026, while free cash flow (FCF) climbed 16%. Management expects FCF to grow 9% to 10% this year. For context, Verizon paid roughly $11.5 billion in dividends last year, against about $20 billion in free cash flow, leaving significant room for future increases.

The bigger concern is the balance sheet. Net unsecured debt is a whopping $129 billion.

Even so, at a 5.4% yield, the dividend is backed by growing free cash flow, plus 20 straight years of dividend increases, all of which make it a solid case for income investors.

Realty Income offers reliable monthly dividend income

Realty Income earns rental income rather than cash flow from tobacco or telecom. The real estate investment trust (REIT) owned or held stakes in more than 15,000 properties as of June 2026, with almost 99% occupancy and an average lease term of about 8.6 years.

Unlike typical dividend stocks, REITs use adjusted funds from operations (AFFO) as the basis for dividend payouts. And right now, Realty Income uses just 75% of its AFFO to cover its monthly dividend payments, which have an annual yield of 5.6%. That, along with a long history of paying and raising monthly dividends, gives investors a fuller track record against which to judge coverage.

There is a trade-off, though. Realty Income relies on debt and equity to fund acquisitions, and higher financing costs can pressure future returns. Still, the company put about $2.6 billion to work during the quarter at a 7.3% cash yield, expanded its credit facility to $5.5 billion, and holds an A credit rating from Fitch.

The company's long record of dividend payments makes it appealing to investors seeking monthly income they can look forward to for years.

What these three high-yield dividend picks mean for investors

Right now, these three high-yield dividend stocks are some of the best investors can get this September. They also fit a wide range of investment cases. Altria is the classic high-risk, high-reward play. Verizon offers balance. Realty Income gives you a monthly paycheck so reliable that you can set your watch to it. Take your pick or get them all, but with cash flow backing each payout, I wouldn't hesitate to buy any of them this September.

Rick Orford has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Realty Income. The Motley Fool recommends Verizon Communications. The Motley Fool has a disclosure policy.