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 59.75% is 27% below its 5-year average of 82.31%, near the low end of its 5-year range (15.37%–491.62%).
As of the fiscal period ended Tuesday, June 30, 2026. 100.95% above its 12-month average of 29.73%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
59.75%
FCF PAYOUT RATIO AVG TTM
29.73%
FCF PAYOUT RATIO AVG 3Y
33.22%
FCF PAYOUT RATIO AVG 5Y
33.60%
FCF PAYOUT RATIO AVG 10Y
43.08%
FCF PAYOUT RATIO AVG 15Y
32.71%
FCF PAYOUT RATIO AVG 20Y
32.52%
CURRENT VS TTM AVG
+100.95%
CURRENT VS 3Y AVG
+79.84%
CURRENT VS 5Y AVG
+77.81%
CURRENT VS 10Y AVG
+38.69%
CURRENT VS 15Y AVG
+82.67%
CURRENT VS 20Y AVG
+83.75%
FCF Payout Ratio TTM
59.7%
Earnings Payout Ratio
92.4%
Dividend Yield
2.69%
FCF Yield
4.51%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.20B | $987.00M | 23.5% |
| 2024 | $1.23B | $985.00M | 80.3% |
| 2023 | $2.97B | $977.00M | 32.9% |
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 | 59.75% |
| 2026-03-31 | 20.74% |
| 2025-12-31 | 23.48% |
| 2025-09-30 | 20.92% |
| 2025-06-30 | 23.78% |
| 2025-03-31 | 435.27% |
| 2024-12-31 | 80.15% |
| 2024-09-30 | 27.85% |
| 2024-06-30 | 31.19% |
| 2024-03-31 | 18.69% |
| 2023-12-31 | 32.94% |
| 2023-09-30 | 196.72% |
| 2023-06-30 | 25.97% |
| 2023-03-31 | 55.99% |
| 2022-12-31 | 41.64% |
| 2022-09-30 | 31.68% |
| 2022-06-30 | 52.06% |
| 2022-03-31 | 21.96% |
| 2021-12-31 | 15.37% |
| 2021-09-30 | 20.68% |
| 2021-06-30 | 491.62% |
| 2017-12-31 | 62.82% |
| 2017-09-30 | 47.26% |
| 2017-06-30 | 32.12% |
| 2017-03-31 | 73.72% |
| 2016-12-31 | 118.21% |
| 2016-09-30 | 43.11% |
| 2016-06-30 | 94.91% |
| 2016-03-31 | 49.14% |
| 2015-12-31 | 50.66% |
| 2015-09-30 | 110.67% |
| 2015-06-30 | 19.21% |
| 2015-03-31 | 14.30% |
| 2014-12-31 | 15.04% |
| 2014-09-30 | 15.17% |
| 2014-06-30 | 18.92% |
| 2014-03-31 | 14.60% |
| 2013-12-31 | 11.62% |
| 2013-09-30 | 8.40% |
| 2013-06-30 | 12.74% |
| 2013-03-31 | 20.05% |
| 2012-12-31 | 41.31% |
| 2012-06-30 | 31.55% |
| 2012-03-31 | 14.04% |
| 2011-12-31 | 12.82% |
| 2010-06-30 | 34.54% |
| 2010-03-31 | 61.10% |
| 2009-09-30 | 47.64% |
| 2009-06-30 | 10.08% |
| 2009-03-31 | 8.78% |
| 2008-12-31 | 9.22% |
| 2008-09-30 | 41.63% |
| 2006-09-30 | 131.10% |
| 2006-06-30 | 39.41% |
| 2006-03-31 | 84.01% |
| 2005-12-31 | 25.56% |
| 2005-09-30 | 24.18% |
| 2005-06-30 | 13.94% |
| 2005-03-31 | 8.46% |
| 2004-12-31 | 14.85% |
| 2004-09-30 | 60.69% |
| 2003-12-31 | 76.83% |
| 2003-09-30 | 23.97% |
| 2003-06-30 | 23.53% |
| 2022 |
| $2.16B |
| $899.00M |
| 41.6% |
| 2021 | $5.43B | $834.00M | 15.4% |
| 2020 | ($3.21B) | $809.00M | N/A (Loss) |
| 2019 | ($6.28B) | $789.00M | N/A (Loss) |
| 2018 | ($5.63B) | $758.00M | N/A (Loss) |
| 2017 | $1.16B | $730.00M | 62.8% |
| 2016 | $593.00M | $701.00M | 118.2% |
| 2015 | $1.17B | $687.00M | 58.9% |
| 2014 | $4.15B | $624.00M | 15.0% |
| 2013 | $4.31B | $501.00M | 11.6% |
| 2012 | $1.44B | $461.00M | 32.0% |
| 2011 | ($3.59B) | $455.00M | N/A (Loss) |
| 2010 | $1.12B | $395.00M | 35.3% |
| 2009 | $3.44B | $11.00M | 0.3% |
| 2008 | ($4.98B) | $11.00M | N/A (Loss) |
| 2007 | ($895.00M) | $54.00M | N/A (Loss) |
| 2006 | $614.03M | $97.00M | 15.8% |
| 2005 | $1.50B | $0 | 0.0% |
| 2004 | ($475.90M) | $0 | N/A (Loss) |
| 2003 | $661.16M | $0 | 0.0% |
| 2002 | $1.17B | $0 | 0.0% |
| 2001 | $591.01M | $0 | 0.0% |
| 2000 | $386.66M | $0 | 0.0% |
| 1999 | $412.30M | $0 | 0.0% |
| 1998 | ($459.90M) | $0 | N/A (Loss) |
| 1997 | ($168.80M) | $0 | N/A (Loss) |
| 1996 | $99.60M | $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.
