Since making their ASX debut back in late 2018, Coles Group Ltd (ASX: COL) shares have been a popular investment on the ASX, particularly with dividend investors. 

Since its first day on the ASX in its own right, Coles has been honing its dividend chops. The company has paid out a remarkably consistent dividend ever since, a dividend which has risen every single year since 2019.

Investors seem to have taken note of this, with the Coles share price bringing in a solid performance in recent years. 

As it stands today, Coles shares have appreciated by a rosy 20.75% over just the past year after hitting a new all-time high of $19.66 just last month. Check it out for yourself below:

But how much in dividend income can one expect if they buy Coles shares today? That's what we'll be discussing presently.

What is the current dividend yield on Coles shares?

Over the past 12 months, Coles has paid a total of 68 cents per share in dividend income, up 3.03% from the 66 cents per share investors bagged in 2023. That 68 cents was made up of the March interim dividend worth 36 cents per share and the September final dividend of 32 cents. Both of these payments came with full franking credits attached, as is the norm with Coles.

At today's closing share price of $19.32, these payments give Coles shares a trailing dividend yield of 3.52%. Not bad, one could say.

However, as any good dividend investor knows, a company's trailing yield does not reflect what you can expect to receive in income going forward if you buy the shares today. It's merely a shadow of what the company has paid out over the past 12 months.

Of course, we can't know for certain what dividends Coles will pay investors until the company officially declares them.

But at least one ASX broker is expecting the income investors receive from Coles to keep rising.

Earlier this month, my Fool colleague James looked at the views of ASX broker Citi. Citi had a 'buy' rating on Coles shares, alongside a 12-month share price target of $21 for the company.

Will the income keep rising?

Crucially, part of Citi's bullishness is built on a forecast that Coles will be able to fund 72 cents per share in dividends over the 2025 financial year, rising to 84 cents per share for FY2026.

If that forecast is accurate, Coles is currently trading on a forward yield of 3.73% for FY2025 and 4.35% for FY2026.

Of course, those are just predictions, and there is no guarantee that Coles shares will yield that level of cash going forward. But even so, income investors will no doubt appreciate this forecast. Let's see what Coles pulls out of its dividend hat when it reports its latest earnings this month.