Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the FCF payout ratio high or low?
The FCF payout ratio of 44.71% is 50% below its 5-year average of 88.61%, near the low end of its 5-year range (22.45%–323.43%).
As of the fiscal period ended Tuesday, June 30, 2026. 12.35% below its 12-month average of 51.01%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
44.71%
FCF PAYOUT RATIO AVG TTM
51.01%
FCF PAYOUT RATIO AVG 3Y
43.89%
FCF PAYOUT RATIO AVG 5Y
69.09%
FCF PAYOUT RATIO AVG 10Y
82.74%
FCF PAYOUT RATIO AVG 15Y
73.22%
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
-12.35%
CURRENT VS 3Y AVG
+1.87%
CURRENT VS 5Y AVG
-35.29%
CURRENT VS 10Y AVG
-45.96%
CURRENT VS 15Y AVG
-38.94%
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
44.7%
Earnings Payout Ratio
46.0%
Dividend Yield
1.18%
FCF Yield
2.65%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.47B | $1.91B | 42.7% |
| 2024 | $3.83B | $1.77B | 46.2% |
| 2023 | $3.52B | $1.71B | 48.7% |
FCF Payout Ratio measures trailing dividends paid as a percentage of trailing free cash flow. Unlike earnings-based payout, it compares dividends with cash generated after capital expenditures.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | FCF PAYOUT RATIO |
|---|---|
| 2026-06-30 | 44.71% |
| 2026-03-31 | 72.67% |
| 2025-12-31 | 42.48% |
| 2025-09-30 | 45.30% |
| 2025-06-30 | 49.90% |
| 2025-03-31 | 22.45% |
| 2024-12-31 | 46.19% |
| 2024-09-30 | 42.03% |
| 2024-06-30 | 41.76% |
| 2024-03-31 | 34.01% |
| 2023-12-31 | 48.66% |
| 2023-09-30 | 74.00% |
| 2023-06-30 | 97.05% |
| 2023-03-31 | 148.52% |
| 2022-12-31 | 323.43% |
| 2022-09-30 | 224.60% |
| 2022-06-30 | 158.99% |
| 2022-03-31 | 131.28% |
| 2021-12-31 | 68.76% |
| 2021-09-30 | 62.29% |
| 2021-06-30 | 81.72% |
| 2021-03-31 | 120.56% |
| 2020-12-31 | 173.77% |
| 2020-09-30 | 98.86% |
| 2020-06-30 | 87.02% |
| 2020-03-31 | 139.82% |
| 2019-12-31 | 113.56% |
| 2019-09-30 | 117.13% |
| 2019-06-30 | 135.30% |
| 2019-03-31 | 74.39% |
| 2018-12-31 | 85.21% |
| 2018-09-30 | 89.29% |
| 2018-06-30 | 73.13% |
| 2018-03-31 | 92.01% |
| 2017-12-31 | 57.37% |
| 2017-09-30 | 64.62% |
| 2017-06-30 | 61.10% |
| 2016-03-31 | 43.12% |
| 2015-12-31 | 46.13% |
| 2015-09-30 | 49.78% |
| 2015-06-30 | 50.46% |
| 2015-03-31 | 62.53% |
| 2014-12-31 | 65.31% |
| 2014-09-30 | 60.40% |
| 2014-06-30 | 59.35% |
| 2014-03-31 | 60.88% |
| 2013-12-31 | 65.45% |
| 2013-09-30 | 58.45% |
| 2013-06-30 | 71.95% |
| 2013-03-31 | 70.54% |
| 2012-12-31 | 65.73% |
| 2012-09-30 | 94.34% |
| 2012-06-30 | 94.58% |
| 2012-03-31 | 77.88% |
| 2011-12-31 | 69.05% |
| 2011-09-30 | 66.10% |
| 2011-06-30 | 85.71% |
| 2011-03-31 | 41.55% |
| 2010-12-31 | 38.87% |
| 2010-09-30 | 67.61% |
| 2010-06-30 | 37.28% |
| 2010-03-31 | 33.68% |
| 2009-12-31 | 39.87% |
| 2009-09-30 | 13.05% |
| 2009-06-30 | 10.63% |
| 2009-03-31 | 7.20% |
| 2008-12-31 | 5.30% |
| 2022 |
| $525.00M |
| $1.70B |
| 323.4% |
| 2021 | $2.51B | $1.73B | 68.8% |
| 2020 | $999.00M | $1.74B | 173.8% |
| 2019 | $1.56B | $1.68B | 107.2% |
| 2018 | $2.15B | $1.72B | 79.8% |
| 2017 | $2.85B | $1.64B | 57.4% |
| 2016 | $3.10B | $0 | 0.0% |
| 2015 | $2.94B | $1.36B | 46.1% |
| 2014 | $2.82B | $1.84B | 65.3% |
| 2013 | $2.55B | $1.67B | 65.4% |
| 2012 | $2.49B | $1.63B | 65.4% |
| 2011 | $2.59B | $1.57B | 60.6% |
| 2010 | $3.36B | $1.11B | 33.1% |
| 2009 | $3.06B | $193.00M | 6.3% |
| 2008 | $2.81B | $1.06B | 37.7% |
| 2007 | $2.34B | $449.00M | 19.2% |
| 2006 | $1.41B | $203.00M | 14.4% |
| 2005 | $565.00M | $0 | 0.0% |
| 2004 | $727.00M | $0 | 0.0% |
| 2003 | ($708.00M) | $0 | N/A (Loss) |
| 2002 | ($546.00M) | $0 | N/A (Loss) |
| 2001 | $1.22B | $502.00M | 41.1% |
| 2000 | $1.42B | $531.00M | 37.4% |
| 1999 | $736.00M | $503.00M | 68.3% |
Formula: FCF Payout Ratio TTM = trailing 4Q dividends paid / trailing 4Q free cash flow × 100
FCF payout and earnings payout:
Reading the series: Use the chart and table to compare dividend payments with cash generation over time.
