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 100.71% is 18% above its 5-year average of 85.44%, around the middle of its 5-year range (62.00%–118.97%).
As of the fiscal period ended Thursday, March 5, 2026. 37.04% above its 12-month average of 73.49%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
100.71%
FCF PAYOUT RATIO AVG TTM
73.49%
FCF PAYOUT RATIO AVG 3Y
85.20%
FCF PAYOUT RATIO AVG 5Y
85.44%
FCF PAYOUT RATIO AVG 10Y
87.08%
FCF PAYOUT RATIO AVG 15Y
N/A
FCF PAYOUT RATIO AVG 20Y
N/A
CURRENT VS TTM AVG
+37.04%
CURRENT VS 3Y AVG
+18.21%
CURRENT VS 5Y AVG
+17.88%
CURRENT VS 10Y AVG
+15.66%
CURRENT VS 15Y AVG
N/A
CURRENT VS 20Y AVG
N/A
FCF Payout Ratio TTM
100.7%
Earnings Payout Ratio
160.7%
Dividend Yield
5.49%
FCF Yield
5.56%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $810.00M | $845.00M | 104.3% |
| 2024 | $829.00M | $722.00M | 87.1% |
| 2023 | $735.00M | $723.00M | 98.4% |
| 2022 | $999.00M | $732.00M | 73.3% |
| 2021 | $993.00M | $742.00M | 74.7% |
| 2020 | $984.00M | $761.00M | 77.3% |
| 2019 | $443.90M | $679.70M | 153.1% |
| 2018 | $349.75M | $523.59M | 149.7% |
| 2017 | $217.59M | $488.62M | 224.6% |
| 2016 | ($105.39M) | $483.00M | N/A (Loss) |
| 2015 | $356.84M | $479.48M | 134.4% |
| 2014 | $190.75M | $467.26M | 245.0% |
| 2013 | $113.98M | $436.41M | 382.9% |
| 2012 | ($299.24M) | $453.98M | N/A (Loss) |
| 2011 | ($285.15M) | $462.77M | N/A (Loss) |
| 2010 | ($270.68M) | $243.23M | N/A (Loss) |
| 2009 | ($284.57M) | $232.83M | N/A (Loss) |
| 2008 | ($272.86M) | $292.57M | N/A (Loss) |
| 2007 | ($62.00M) | $270.74M | N/A (Loss) |
| 2006 | ($100.25M) | $229.14M | N/A (Loss) |
| 2005 | ($361.58M) | $264.28M | N/A (Loss) |
| 2004 | ($181.57M) | $157.31M | N/A (Loss) |
| 2003 | ($356.31M) | $130.04M | N/A (Loss) |
| 2002 | $281.89M | $118.96M | 42.2% |
| 2001 | ($3.21M) | $87.01M | N/A (Loss) |
| 2000 | ($20.24M) | $145.92M | N/A (Loss) |
| 1999 | ($92.79M) | $165.49M | N/A (Loss) |
| 1998 | ($234.23M) | $149.55M | N/A (Loss) |
| 1997 | ($422.62M) | $178.98M | N/A (Loss) |
| 1996 | ($237.43M) | $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.
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 |
|---|---|
| 2026-03-05 | 100.71% |
| 2025-12-31 | 66.14% |
| 2025-09-30 | 62.00% |
| 2025-06-30 | 71.81% |
| 2025-03-31 | 66.81% |
| 2024-12-31 | 94.88% |
| 2024-09-30 | 107.75% |
| 2024-06-30 | 87.24% |
| 2024-03-31 | 88.65% |
| 2023-12-31 | 86.61% |
| 2023-09-30 | 79.14% |
| 2023-06-30 | 96.36% |
| 2023-03-31 | 99.45% |
| 2022-12-31 | 87.97% |
| 2022-09-30 | 87.25% |
| 2022-06-30 | 73.72% |
| 2022-03-31 | 79.40% |
| 2021-12-31 | 87.93% |
| 2021-09-30 | 76.77% |
| 2021-06-30 | 74.72% |
| 2021-03-31 | 118.97% |
| 2020-12-31 | 122.90% |
| 2020-09-30 | 158.49% |
| 2020-06-30 | 136.04% |
| 2020-03-31 | 129.69% |
| 2019-12-31 | 104.94% |
| 2019-09-30 | 75.40% |
| 2019-06-30 | 99.28% |
| 2019-03-31 | 112.76% |
| 2018-12-31 | 86.79% |
| 2018-09-30 | 38.99% |
| 2018-06-30 | 104.88% |
| 2018-03-31 | 93.95% |
| 2017-12-31 | 84.82% |
| 2017-09-30 | 726.97% |
| 2017-06-30 | 74.16% |
| 2017-03-31 | 73.03% |
| 2016-12-31 | 71.92% |
| 2016-09-30 | 66.74% |
| 2016-06-30 | 62.19% |
| 2016-03-31 | 63.31% |
| 2015-12-31 | 64.46% |
| 2015-09-30 | 66.90% |
| 2015-06-30 | 69.53% |
| 2015-03-31 | 66.06% |
| 2014-12-31 | 62.77% |
| 2014-09-30 | 60.72% |
| 2014-06-30 | 58.79% |
| 2014-03-31 | 67.49% |
| 2013-12-31 | 76.90% |
| 2013-09-30 | 71.65% |
| 2013-06-30 | 67.12% |
