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 60.86% is 17% above its 5-year average of 51.80%, around the middle of its 5-year range (41.42%–72.66%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.15% above its 12-month average of 59.58%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
60.86%
FCF PAYOUT RATIO AVG TTM
59.58%
FCF PAYOUT RATIO AVG 3Y
57.14%
FCF PAYOUT RATIO AVG 5Y
51.80%
FCF PAYOUT RATIO AVG 10Y
50.02%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+2.15%
CURRENT VS 3Y AVG
+6.51%
CURRENT VS 5Y AVG
+17.48%
CURRENT VS 10Y AVG
+21.68%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
60.9%
Earnings Payout Ratio
192.4%
Dividend Yield
2.66%
FCF Yield
4.33%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $17.82B | $11.66B | 65.4% |
| 2024 | $17.83B | $11.03B | 61.8% |
| 2023 | $22.06B | $10.54B | 47.8% |
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 | 60.86% |
| 2026-03-31 | 56.64% |
| 2025-12-31 | 62.33% |
| 2025-09-30 | 55.90% |
| 2025-06-30 | 62.16% |
| 2025-03-31 | 72.66% |
| 2024-12-31 | 61.83% |
| 2024-09-30 | 69.76% |
| 2024-06-30 | 60.60% |
| 2024-03-31 | 48.65% |
| 2023-12-31 | 47.77% |
| 2023-09-30 | 42.13% |
| 2023-06-30 | 41.52% |
| 2023-03-31 | 43.27% |
| 2022-12-31 | 41.42% |
| 2022-09-30 | 44.94% |
| 2022-06-30 | 43.50% |
| 2022-03-31 | 42.93% |
| 2021-12-31 | 42.11% |
| 2021-09-30 | 41.74% |
| 2021-06-30 | 45.13% |
| 2021-03-31 | 46.52% |
| 2020-12-31 | 45.96% |
| 2020-09-30 | 47.04% |
| 2020-06-30 | 47.47% |
| 2020-03-31 | 48.27% |
| 2019-12-31 | 49.84% |
| 2019-09-30 | 48.12% |
| 2019-06-30 | 47.71% |
| 2019-03-31 | 45.78% |
| 2018-12-31 | 43.63% |
| 2018-09-30 | 43.27% |
| 2018-06-30 | 43.64% |
| 2018-03-31 | 42.38% |
| 2017-12-31 | 43.55% |
| 2017-09-30 | 47.42% |
| 2017-06-30 | 58.88% |
| 2017-03-31 | 58.21% |
| 2016-12-31 | 56.64% |
| 2016-09-30 | 52.12% |
| 2016-06-30 | 46.35% |
| 2016-03-31 | 45.34% |
| 2015-12-31 | 47.04% |
| 2015-09-30 | 70.23% |
| 2015-06-30 | 73.19% |
| 2015-03-31 | 72.13% |
| 2014-12-31 | 90.60% |
| 2014-09-30 | 55.19% |
| 2014-06-30 | 53.83% |
| 2014-03-31 | 49.57% |
| 2013-12-31 | 44.23% |
| 2013-09-30 | 34.62% |
| 2013-06-30 | 20.78% |
| 2013-03-31 | 11.20% |
| 2022 |
| $24.25B |
| $10.04B |
| 41.4% |
| 2021 | $21.99B | $9.26B | 42.1% |
| 2020 | $16.79B | $7.72B | 46.0% |
| 2019 | $12.77B | $6.37B | 49.8% |
| 2018 | $12.79B | $5.58B | 43.6% |
| 2017 | $9.43B | $4.11B | 43.5% |
| 2016 | $6.56B | $3.72B | 56.6% |
| 2015 | $7.00B | $3.29B | 47.0% |
| 2014 | $2.94B | $2.66B | 90.6% |
| 2013 | $5.78B | $2.56B | 44.2% |
| 2012 | $6.01B | $0 | 0.0% |
| 2011 | $5.89B | $0 | 0.0% |
| 2010 | $4.53B | $0 | 0.0% |
| 2009 | $5.05B | $0 | 0.0% |
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.
