The retail behemoth will now pay out $1.21 a share over the course of the current fiscal year, compared with $1.09 a share in fiscal 2010.
The first quarterly payment of 30.25 cents will be made on April 5 to shareholders of record on March 12.
Wal-Mart has increased its dividend every year since 1974. In 2009, the company raised its dividend 15% to $1.09 from 95 cents the year prior.-- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.