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 48.86% is in line with its 5-year average of 53.16%, around the middle of its 5-year range (32.69%–77.72%).
As of the fiscal period ended Tuesday, June 30, 2026. 12.24% below its 12-month average of 55.68%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
48.86%
FCF PAYOUT RATIO AVG TTM
55.68%
FCF PAYOUT RATIO AVG 3Y
60.60%
FCF PAYOUT RATIO AVG 5Y
53.16%
FCF PAYOUT RATIO AVG 10Y
51.91%
FCF PAYOUT RATIO AVG 15Y
51.46%
FCF PAYOUT RATIO AVG 20Y
49.12%
CURRENT VS TTM AVG
-12.24%
CURRENT VS 3Y AVG
-19.37%
CURRENT VS 5Y AVG
-8.08%
CURRENT VS 10Y AVG
-5.86%
CURRENT VS 15Y AVG
-5.04%
CURRENT VS 20Y AVG
-0.52%
FCF Payout Ratio TTM
48.9%
Earnings Payout Ratio
79.7%
Dividend Yield
2.29%
FCF Yield
4.62%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $7.39B | $4.12B | 55.7% |
| 2024 | $6.35B | $3.84B | 60.4% |
| 2023 | $5.06B | $3.56B | 70.3% |
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 | 48.86% |
| 2026-03-31 | 56.76% |
| 2025-12-31 | 55.66% |
| 2025-09-30 | 58.46% |
| 2025-06-30 | 58.64% |
| 2025-03-31 | 58.66% |
| 2024-12-31 | 60.40% |
| 2024-09-30 | 58.06% |
| 2024-06-30 | 65.33% |
| 2024-03-31 | 73.59% |
| 2023-12-31 | 70.29% |
| 2023-09-30 | 77.72% |
| 2023-06-30 | 62.48% |
| 2023-03-31 | 49.35% |
| 2022-12-31 | 42.40% |
| 2022-09-30 | 38.45% |
| 2022-06-30 | 38.49% |
| 2022-03-31 | 39.67% |
| 2021-12-31 | 37.03% |
| 2021-09-30 | 32.69% |
| 2021-06-30 | 33.35% |
| 2021-03-31 | 35.77% |
| 2020-12-31 | 44.72% |
| 2020-09-30 | 54.22% |
| 2020-06-30 | 52.96% |
| 2020-03-31 | 52.35% |
| 2019-12-31 | 50.47% |
| 2019-09-30 | 57.60% |
| 2019-06-30 | 51.81% |
| 2019-03-31 | 46.02% |
| 2018-12-31 | 40.24% |
| 2018-09-30 | 39.63% |
| 2018-06-30 | 39.70% |
| 2018-03-31 | 37.86% |
| 2017-12-31 | 41.69% |
| 2017-09-30 | 44.37% |
| 2017-06-30 | 53.65% |
| 2017-03-31 | 59.34% |
| 2016-12-31 | 73.92% |
| 2016-09-30 | 83.55% |
| 2016-06-30 | 88.05% |
| 2016-03-31 | 83.51% |
| 2015-12-31 | 77.75% |
| 2015-09-30 | 63.67% |
| 2015-06-30 | 58.72% |
| 2015-03-31 | 59.68% |
| 2014-12-31 | 51.66% |
| 2014-09-30 | 41.28% |
| 2014-06-30 | 48.65% |
| 2014-03-31 | 48.27% |
| 2013-12-31 | 40.49% |
| 2013-09-30 | 74.74% |
| 2013-06-30 | 43.69% |
| 2013-03-31 | 44.63% |
| 2012-12-31 | 42.33% |
| 2012-09-30 | 41.48% |
| 2012-06-30 | 42.97% |
| 2012-03-31 | 39.48% |
| 2011-12-31 | 39.29% |
| 2011-09-30 | 34.36% |
| 2011-06-30 | 34.56% |
| 2011-03-31 | 33.92% |
| 2010-12-31 | 34.60% |
| 2010-09-30 | 35.67% |
| 2010-06-30 | 33.20% |
| 2010-03-31 | 35.29% |
| 2009-12-31 | 39.03% |
| 2009-09-30 | 39.79% |
| 2009-06-30 | 40.96% |
| 2009-03-31 | 40.30% |
| 2008-12-31 | 35.90% |
| 2008-09-30 | 39.51% |
| 2008-06-30 | 49.97% |
| 2008-03-31 | 53.28% |
| 2007-12-31 | 55.54% |
| 2007-09-30 | 49.21% |
| 2007-06-30 | 50.73% |
| 2007-03-31 | 47.17% |
| 2006-12-31 | 44.52% |
| 2006-09-30 | 43.16% |
| 2006-06-30 | 40.30% |
| 2006-03-31 | 36.62% |
| 2005-12-31 | 42.51% |
| 2005-09-30 | 49.37% |
| 2005-06-30 | 60.79% |
| 2005-03-31 | 69.80% |
| 2004-12-31 | 51.34% |
| 2004-09-30 | 52.46% |
| 2004-06-30 | 47.67% |
| 2004-03-31 | 54.06% |
| 2003-12-31 | 60.64% |
| 2003-09-30 | 50.39% |
| 2003-06-30 | 52.62% |
| 2022 |
| $7.80B |
| $3.31B |
| 42.4% |
| 2021 | $8.65B | $3.20B | 37.0% |
| 2020 | $5.72B | $2.56B | 44.7% |
| 2019 | $4.50B | $2.27B | 50.5% |
| 2018 | $4.91B | $1.97B | 40.2% |
| 2017 | $4.43B | $1.85B | 41.7% |
| 2016 | $2.08B | $1.54B | 73.9% |
| 2015 | $1.86B | $1.44B | 77.7% |
| 2014 | $2.60B | $1.34B | 51.7% |
| 2013 | $2.18B | $882.00M | 40.5% |
| 2012 | $7.52B | $3.18B | 42.3% |
| 2011 | $7.48B | $2.94B | 39.3% |
| 2010 | $7.72B | $2.67B | 34.6% |
| 2009 | $6.19B | $2.41B | 39.0% |
| 2008 | $6.06B | $2.17B | 35.9% |
| 2007 | $3.53B | $1.96B | 55.5% |
| 2006 | $3.99B | $1.78B | 44.5% |
| 2005 | $3.97B | $1.69B | 42.5% |
| 2004 | $3.12B | $1.60B | 51.3% |
| 2003 | $2.50B | $1.52B | 60.6% |
| 2002 | $2.89B | $1.43B | 49.5% |
| 2001 | $2.40B | $1.27B | 52.9% |
| 2000 | $2.06B | $1.15B | 55.5% |
| 1999 | $1.95B | $1.00B | 51.4% |
| 1998 | $1.49B | $891.70M | 59.8% |
| 1997 | $1.42B | $809.60M | 57.0% |
| 1996 | $1.43B | $728.10M | 50.8% |
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.
