I believe ASX-listed stocks represent the ideal option for investors seeking substantial dividend income. This stems from the combination of generous payout ratios and the benefit of franking credits.

Several excellent ASX shares currently provide high dividend yields. However, I would only consider purchasing businesses where I have confidence in their ability to deliver consistent, and ideally growing, distributions.

Naturally, dividends are never guaranteed. Nevertheless, I hold a positive outlook on the future payments from these particular companies and anticipate that their payouts will increase in the coming years.

Shaver Shop Group Ltd (ASX: SSG)

In my assessment, Shaver Shop is a small yet compelling ASX share. It stands as a leading retailer specializing in personal grooming products for both men and women.

The company currently operates 126 Shaver Shop stores, offering items such as electric shavers, clippers, trimmers, and wet shaving products. Its range has also expanded into oral care, hair care, massage devices, air treatment, and beauty categories.

One might not expect a business in this niche to possess a resilient dividend history spanning several years, yet it does. The dividend increased annually between FY17 and FY23, was maintained in FY24, and was slightly raised again in FY25. I believe its earnings are more defensive compared to certain other retail sectors.

Notably, the last two dividends declared by the company represent a grossed-up dividend yield of 10.5% (including franking credits) at the current share price.

If the business continues to secure exclusive brand products, expands its own Transform-U label, and opens additional stores, I see a very promising future for this ASX share.

WAM Microcap Ltd (ASX: WMI)

The other high-yielding ASX share I wish to highlight is this listed investment company (LIC), which focuses on exciting, small-cap businesses.

I believe that small ASX shares can often be undervalued and are typically earlier in their growth trajectory, meaning they have the potential to outperform their larger counterparts.

It is this dynamic, in my view, that has enabled WAM Microcap to deliver an average annual return of 14.4% since its inception in June 2017, calculated before fees, expenses, and taxes.

LICs fund their dividends from investment profits and profit reserves. This structure has allowed the business to grow its annual ordinary dividend each year between FY18 and FY23, maintain it in FY24, and then increase it again in both FY25 and FY26.

This high-yielding ASX share anticipates paying an annual dividend of 10.7 cents per share in the 2026 financial year. This projection translates into a forward grossed-up dividend yield of 10.4% (including franking credits) at the current share price.

These are not the only ASX shares I would buy for dividends, but they currently offer two of the highest yields available.