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 43.76% is in line with its 5-year average of 47.64%, around the middle of its 5-year range (36.78%–59.94%).
As of the fiscal period ended Saturday, May 2, 2026. 8.66% below its 12-month average of 47.91%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
43.76%
FCF PAYOUT RATIO AVG TTM
47.91%
FCF PAYOUT RATIO AVG 3Y
51.32%
FCF PAYOUT RATIO AVG 5Y
47.64%
FCF PAYOUT RATIO AVG 10Y
47.12%
FCF PAYOUT RATIO AVG 15Y
49.31%
FCF PAYOUT RATIO AVG 20Y
47.44%
CURRENT VS TTM AVG
-8.66%
CURRENT VS 3Y AVG
-14.73%
CURRENT VS 5Y AVG
-8.15%
CURRENT VS 10Y AVG
-7.12%
CURRENT VS 15Y AVG
-11.25%
CURRENT VS 20Y AVG
-7.75%
FCF Payout Ratio TTM
43.8%
Earnings Payout Ratio
91.1%
Dividend Yield
1.12%
FCF Yield
2.50%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.28B | $1.92B | 45.0% |
| 2024 | $3.12B | $1.80B | 57.5% |
| 2023 | $3.56B | $1.68B | 47.2% |
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 |
|---|---|
| 2026-05-02 | 43.76% |
| 2026-01-31 | 42.81% |
| 2025-11-01 | 44.98% |
| 2025-08-02 | 51.50% |
| 2025-05-03 | 56.49% |
| 2025-02-01 | 57.34% |
| 2024-11-02 | 57.51% |
| 2024-08-03 | 59.94% |
| 2024-05-04 | 56.80% |
| 2024-02-03 | 53.05% |
| 2023-10-28 | 47.22% |
| 2023-07-29 | 44.48% |
| 2023-04-29 | 40.58% |
| 2023-01-28 | 36.78% |
| 2022-10-29 | 40.90% |
| 2022-07-30 | 40.77% |
| 2022-04-30 | 43.28% |
| 2022-01-29 | 44.77% |
| 2021-10-30 | 46.39% |
| 2021-07-31 | 43.51% |
| 2021-05-01 | 42.49% |
| 2021-01-30 | 48.00% |
| 2020-10-31 | 48.09% |
| 2020-08-01 | 47.42% |
| 2020-05-02 | 46.91% |
| 2020-02-01 | 40.11% |
| 2019-11-02 | 39.31% |
| 2019-08-03 | 37.85% |
| 2019-05-04 | 35.47% |
| 2019-02-02 | 33.34% |
| 2018-11-03 | 32.15% |
| 2018-08-04 | 32.36% |
| 2018-05-05 | 59.60% |
| 2018-02-03 | 67.44% |
| 2017-10-28 | 66.28% |
| 2017-07-29 | 72.56% |
| 2017-04-29 | 37.08% |
| 2017-01-28 | 41.69% |
| 2016-10-29 | 44.49% |
| 2016-07-30 | 59.21% |
| 2016-04-30 | 62.79% |
| 2016-01-30 | 62.15% |
| 2015-10-31 | 65.14% |
| 2015-08-01 | 58.72% |
| 2015-05-02 | 56.94% |
| 2015-01-31 | 63.53% |
| 2014-11-01 | 65.48% |
| 2014-08-02 | 62.65% |
| 2014-05-03 | 59.49% |
| 2014-02-01 | 55.51% |
| 2013-11-02 | 51.43% |
| 2013-08-03 | 51.89% |
| 2013-05-04 | 56.73% |
| 2013-02-02 | 57.07% |
| 2012-11-03 | 50.52% |
| 2012-08-04 | 47.72% |
| 2012-05-05 | 38.76% |
| 2012-02-04 | 37.41% |
| 2011-10-29 | 36.22% |
| 2011-07-30 | 33.62% |
| 2011-04-30 | 33.94% |
| 2011-01-29 | 29.39% |
| 2010-10-30 | 28.42% |
| 2010-07-31 | 30.75% |
| 2010-05-01 | 32.11% |
| 2010-01-30 | 43.67% |
| 2009-10-31 | 61.96% |
| 2009-08-01 | 71.70% |
| 2009-05-02 | 65.84% |
| 2009-01-31 | 55.04% |
| 2008-11-01 | 43.47% |
| 2008-08-02 | 38.79% |
| 2008-05-03 | 38.69% |
| 2008-02-02 | 35.23% |
| 2007-11-03 | 33.64% |
| 2007-08-04 | 34.94% |
| 2007-05-05 | 42.92% |
| 2007-02-03 | 41.81% |
| 2006-10-28 | 40.96% |
| 2006-07-29 | 33.50% |
| 2006-04-29 | 24.18% |
| 2006-01-28 | 21.65% |
| 2005-10-29 | 20.26% |
| 2005-07-30 | 18.93% |
| 2005-04-30 | 17.28% |
| 2005-01-29 | 14.77% |
| 2004-10-30 | 11.87% |
| 2004-07-31 | 9.13% |
| 2004-05-01 | 5.53% |
| 2004-01-31 | 3.38% |
| 2022 |
| $3.78B |
| $1.54B |
| 40.9% |
| 2021 | $2.39B | $1.11B | 46.4% |
| 2020 | $1.84B | $886.15M | 48.1% |
| 2019 | $1.98B | $777.48M | 39.3% |
| 2018 | $2.19B | $703.31M | 32.2% |
| 2017 | $908.49M | $602.12M | 66.3% |
| 2016 | $1.15B | $513.18M | 44.5% |
| 2015 | $753.84M | $491.06M | 65.1% |
| 2014 | $693.69M | $454.23M | 65.5% |
| 2013 | $789.27M | $405.95M | 51.4% |
| 2012 | $682.37M | $344.70M | 50.5% |
| 2011 | $777.53M | $281.63M | 36.2% |
| 2010 | $879.62M | $249.96M | 28.4% |
| 2009 | $376.05M | $232.99M | 62.0% |
| 2008 | $511.96M | $222.53M | 43.5% |
| 2007 | $678.55M | $228.28M | 33.6% |
| 2006 | $491.81M | $201.45M | 41.0% |
| 2005 | $587.25M | $119.00M | 20.3% |
| 2004 | $631.80M | $75.01M | 11.9% |
| 2003 | $365.23M | $0 | 0.0% |
| 2002 | $168.71M | $0 | 0.0% |
| 2001 | $546.38M | $0 | 0.0% |
| 2000 | $429.67M | $0 | 0.0% |
| 1999 | $349.80M | $0 | 0.0% |
| 1998 | $57.80M | $0 | 0.0% |
| 1997 | $117.80M | $0 | 0.0% |
| 1996 | ($90.40M) | $0 | N/A (Loss) |
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.
