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 49.87% is 14% below its 5-year average of 58.03%, near the low end of its 5-year range (49.87%–71.13%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.10% below its 12-month average of 52.00%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
49.87%
FCF PAYOUT RATIO AVG TTM
52.00%
FCF PAYOUT RATIO AVG 3Y
55.14%
FCF PAYOUT RATIO AVG 5Y
58.03%
FCF PAYOUT RATIO AVG 10Y
58.37%
FCF PAYOUT RATIO AVG 15Y
57.45%
FCF PAYOUT RATIO AVG 20Y
54.92%
CURRENT VS TTM AVG
-4.10%
CURRENT VS 3Y AVG
-9.56%
CURRENT VS 5Y AVG
-14.07%
CURRENT VS 10Y AVG
-14.57%
CURRENT VS 15Y AVG
-13.20%
CURRENT VS 20Y AVG
-9.19%
FCF Payout Ratio TTM
49.9%
Earnings Payout Ratio
66.3%
Dividend Yield
2.66%
FCF Yield
5.12%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $4.77B | $2.40B | 50.3% |
| 2024 | $3.59B | $2.18B | 60.7% |
| 2023 | $3.64B | $1.90B | 52.4% |
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 |
|---|---|
| 2026-03-31 | 49.87% |
| 2025-12-31 | 54.60% |
| 2025-09-30 | 53.31% |
| 2025-06-30 | 50.28% |
| 2025-03-31 | 51.95% |
| 2024-12-31 | 52.52% |
| 2024-09-30 | 53.85% |
| 2024-06-30 | 60.74% |
| 2024-03-31 | 60.99% |
| 2023-12-31 | 61.05% |
| 2023-09-30 | 61.13% |
| 2023-06-30 | 52.35% |
| 2023-03-31 | 54.18% |
| 2022-12-31 | 59.27% |
| 2022-09-30 | 54.10% |
| 2022-06-30 | 65.16% |
| 2022-03-31 | 70.16% |
| 2021-12-31 | 61.10% |
| 2021-09-30 | 71.13% |
| 2021-06-30 | 60.89% |
| 2021-03-31 | 60.07% |
| 2020-12-31 | 62.49% |
| 2020-09-30 | 61.12% |
| 2020-06-30 | 61.02% |
| 2020-03-31 | 57.69% |
| 2019-12-31 | 60.47% |
| 2019-09-30 | 56.10% |
| 2019-06-30 | 60.94% |
| 2019-03-31 | 58.61% |
| 2018-12-31 | 49.82% |
| 2018-09-30 | 56.34% |
| 2018-06-30 | 52.03% |
| 2018-03-31 | 58.55% |
| 2017-12-31 | 69.60% |
| 2017-09-30 | 65.69% |
| 2017-06-30 | 60.12% |
| 2017-03-31 | 51.87% |
| 2016-12-31 | 53.69% |
| 2016-09-30 | 56.07% |
| 2016-06-30 | 64.02% |
| 2016-03-31 | 74.10% |
| 2015-12-31 | 65.34% |
| 2015-09-30 | 73.29% |
| 2015-06-30 | 59.08% |
| 2015-03-31 | 53.44% |
| 2014-12-31 | 57.98% |
| 2014-09-30 | 51.58% |
| 2014-06-30 | 60.75% |
| 2014-03-31 | 59.95% |
| 2013-12-31 | 62.48% |
| 2013-09-30 | 57.80% |
| 2013-06-30 | 62.23% |
| 2013-03-31 | 63.84% |
| 2012-12-31 | 60.17% |
| 2012-09-30 | 59.26% |
| 2012-06-30 | 44.54% |
| 2012-03-31 | 44.98% |
| 2011-12-31 | 46.54% |
| 2011-09-30 | 46.11% |
| 2011-06-30 | 48.48% |
| 2011-03-31 | 50.18% |
| 2010-12-31 | 47.25% |
| 2010-09-30 | 47.36% |
| 2010-06-30 | 46.27% |
| 2010-03-31 | 45.07% |
| 2009-12-31 | 51.10% |
| 2009-09-30 | 55.47% |
| 2009-06-30 | 48.09% |
| 2009-03-31 | 44.81% |
| 2008-12-31 | 37.31% |
| 2008-09-30 | 35.03% |
| 2008-06-30 | 36.37% |
| 2008-03-31 | 43.05% |
| 2007-12-31 | 44.06% |
| 2007-09-30 | 44.49% |
| 2007-06-30 | 47.30% |
| 2007-03-31 | 40.72% |
| 2006-12-31 | 32.68% |
| 2006-09-30 | 18.19% |
| 2006-06-30 | 14.13% |
| 2006-03-31 | 12.15% |
| 2005-12-31 | 19.75% |
| 2005-09-30 | 26.07% |
| 2005-06-30 | 27.88% |
| 2005-03-31 | 30.83% |
| 2004-12-31 | 25.07% |
| 2004-09-30 | 24.89% |
| 2004-06-30 | 25.98% |
| 2004-03-31 | 21.87% |
| 2003-12-31 | 21.19% |
| 2003-09-30 | 21.25% |
| 2003-06-30 | 19.88% |
| 2003-03-31 | 22.33% |
| 2022 |
| $2.55B |
| $1.66B |
| 65.2% |
| 2021 | $2.59B | $1.58B | 60.9% |
| 2020 | $2.41B | $1.47B | 61.0% |
| 2019 | $2.12B | $1.29B | 60.9% |
| 2018 | $2.04B | $1.06B | 52.0% |
| 2017 | $1.66B | $995.20M | 60.1% |
| 2016 | $1.47B | $943.60M | 64.0% |
| 2015 | $1.57B | $927.60M | 59.1% |
| 2014 | $1.45B | $883.10M | 60.7% |
| 2013 | $1.29B | $805.50M | 62.2% |
| 2012 | $1.66B | $739.70M | 44.5% |
| 2011 | $1.43B | $692.40M | 48.5% |
| 2010 | $1.46B | $673.40M | 46.3% |
| 2009 | $1.31B | $629.40M | 48.1% |
| 2008 | $1.51B | $548.90M | 36.4% |
| 2007 | $975.20M | $461.30M | 47.3% |
| 2006 | $1.40B | $393.90M | 28.1% |
| 2005 | $1.24B | $344.90M | 27.9% |
| 2004 | $1.19B | $308.61M | 26.0% |
| 2003 | $1.43B | $284.61M | 19.9% |
| 2002 | $1.28B | $276.86M | 21.7% |
| 2001 | $1.31B | $248.45M | 19.0% |
| 2000 | $904.09M | $212.58M | 23.5% |
| 1999 | $568.90M | $181.10M | 31.8% |
| 1998 | $315.10M | $152.90M | 48.5% |
| 1997 | $543.80M | $129.80M | 23.9% |
| 1996 | $480.60M | $112.10M | 23.3% |
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.
