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 16.33% is in line with its 5-year average of 16.33%, near the low end of its 5-year range (14.40%–21.46%).
As of the fiscal period ended Tuesday, June 30, 2026. 2.44% below its 12-month average of 16.74%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
16.33%
FCF PAYOUT RATIO AVG TTM
16.74%
FCF PAYOUT RATIO AVG 3Y
15.78%
FCF PAYOUT RATIO AVG 5Y
16.33%
FCF PAYOUT RATIO AVG 10Y
14.62%
FCF PAYOUT RATIO AVG 15Y
13.31%
FCF PAYOUT RATIO AVG 20Y
12.58%
CURRENT VS TTM AVG
-2.44%
CURRENT VS 3Y AVG
+3.46%
CURRENT VS 5Y AVG
+0.01%
CURRENT VS 10Y AVG
+11.68%
CURRENT VS 15Y AVG
+22.74%
CURRENT VS 20Y AVG
+29.77%
FCF Payout Ratio TTM
16.3%
Earnings Payout Ratio
19.0%
Dividend Yield
0.55%
FCF Yield
3.34%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.67B | $285.35M | 17.1% |
| 2024 | $1.70B | $258.78M | 15.2% |
| 2023 | $1.60B | $230.33M | 14.4% |
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 |
|---|---|
| 2026-06-30 | 16.33% |
| 2026-03-31 | 17.13% |
| 2025-12-31 | 17.07% |
| 2025-09-30 | 16.99% |
| 2025-06-30 | 16.18% |
| 2025-03-31 | 15.50% |
| 2024-12-31 | 15.21% |
| 2024-09-30 | 14.94% |
| 2024-06-30 | 14.67% |
| 2024-03-31 | 14.71% |
| 2023-12-31 | 14.40% |
| 2023-09-30 | 15.45% |
| 2023-06-30 | 16.62% |
| 2023-03-31 | 17.38% |
| 2022-12-31 | 20.01% |
| 2022-09-30 | 21.46% |
| 2022-06-30 | 21.42% |
| 2022-03-31 | 19.77% |
| 2021-12-31 | 17.58% |
| 2021-09-30 | 15.49% |
| 2021-06-30 | 14.83% |
| 2021-03-31 | 13.93% |
| 2020-12-31 | 13.68% |
| 2020-09-30 | 13.43% |
| 2020-06-30 | 12.49% |
| 2020-03-31 | 12.55% |
| 2019-12-31 | 12.60% |
| 2019-09-30 | 13.10% |
| 2019-06-30 | 14.36% |
| 2019-03-31 | 15.05% |
| 2018-12-31 | 15.28% |
| 2018-09-30 | 14.62% |
| 2018-06-30 | 13.32% |
| 2018-03-31 | 11.89% |
| 2017-12-31 | 10.91% |
| 2017-09-30 | 10.87% |
| 2017-06-30 | 11.94% |
| 2017-03-31 | 12.15% |
| 2016-12-31 | 12.01% |
| 2016-09-30 | 13.04% |
| 2016-06-30 | 12.83% |
| 2016-03-31 | 13.41% |
| 2015-12-31 | 14.25% |
| 2015-09-30 | 14.01% |
| 2015-06-30 | 13.90% |
| 2015-03-31 | 14.22% |
| 2014-12-31 | 12.30% |
| 2014-09-30 | 11.31% |
| 2014-06-30 | 10.62% |
| 2014-03-31 | 9.78% |
| 2013-12-31 | 9.78% |
| 2013-09-30 | 10.00% |
| 2013-06-30 | 9.99% |
| 2013-03-31 | 10.21% |
| 2012-12-31 | 9.56% |
| 2012-09-30 | 9.25% |
| 2012-06-30 | 8.73% |
| 2012-03-31 | 7.73% |
| 2011-12-31 | 8.38% |
| 2011-09-30 | 8.82% |
| 2011-06-30 | 8.46% |
| 2011-03-31 | 8.12% |
| 2010-12-31 | 7.44% |
| 2010-09-30 | 6.88% |
| 2010-06-30 | 7.72% |
| 2010-03-31 | 8.14% |
| 2009-12-31 | 7.71% |
| 2009-09-30 | 9.77% |
| 2009-06-30 | 10.28% |
| 2009-03-31 | 10.75% |
| 2008-12-31 | 12.65% |
| 2008-09-30 | 9.95% |
| 2008-06-30 | 9.87% |
| 2008-03-31 | 9.80% |
| 2007-12-31 | 10.69% |
| 2007-09-30 | 12.01% |
| 2007-06-30 | 11.01% |
| 2007-03-31 | 10.02% |
| 2006-12-31 | 9.57% |
| 2006-09-30 | 9.24% |
| 2006-06-30 | 9.83% |
| 2006-03-31 | 10.65% |
| 2005-12-31 | 11.79% |
| 2005-09-30 | 10.62% |
| 2005-06-30 | 12.56% |
| 2005-03-31 | 13.54% |
| 2004-12-31 | 11.61% |
| 2003-10-30 | 7.14% |
| 2003-06-30 | 7.48% |
| 2022 |
| $1.01B |
| $202.17M |
| 20.0% |
| 2021 | $1.05B | $184.59M | 17.6% |
| 2020 | $1.21B | $165.03M | 13.7% |
| 2019 | $1.01B | $127.50M | 12.6% |
| 2018 | $843.44M | $128.91M | 15.3% |
| 2017 | $758.18M | $82.73M | 10.9% |
| 2016 | $693.55M | $83.27M | 12.0% |
| 2015 | $603.46M | $85.99M | 14.2% |
| 2014 | $654.63M | $80.55M | 12.3% |
| 2013 | $597.35M | $58.41M | 9.8% |
| 2012 | $555.04M | $53.08M | 9.6% |
| 2011 | $457.75M | $38.37M | 8.4% |
| 2010 | $383.83M | $28.55M | 7.4% |
| 2009 | $331.61M | $25.58M | 7.7% |
| 2008 | $203.05M | $25.68M | 12.6% |
| 2007 | $240.90M | $25.75M | 10.7% |
| 2006 | $196.81M | $18.83M | 9.6% |
| 2005 | $142.60M | $16.81M | 11.8% |
| 2004 | $140.25M | $16.28M | 11.6% |
| 2003 | ($30.33M) | $8.12M | N/A (Loss) |
| 2002 | $86.29M | $7.90M | 9.2% |
| 2001 | $26.72M | $7.88M | 29.5% |
| 2000 | $50.17M | $7.70M | 15.3% |
| 1999 | $100.24M | $7.74M | 7.7% |
| 1998 | $28.55M | $7.84M | 27.5% |
| 1997 | $30.10M | $7.90M | 26.2% |
| 1996 | $33.50M | $7.90M | 23.6% |
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.
