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 24.04% is 12% above its 5-year average of 21.47%, around the middle of its 5-year range (4.11%–58.47%).
As of the fiscal period ended Tuesday, March 31, 2026. 4.11% above its 12-month average of 23.09%.
Rolling trailing-12-month FCF payout ratio sampled each quarter; raw quarterly payout is intentionally not charted.
FCF PAYOUT RATIO
24.04%
FCF PAYOUT RATIO AVG TTM
23.09%
FCF PAYOUT RATIO AVG 3Y
30.68%
FCF PAYOUT RATIO AVG 5Y
21.47%
FCF PAYOUT RATIO AVG 10Y
27.21%
FCF PAYOUT RATIO AVG 15Y
26.19%
FCF PAYOUT RATIO AVG 20Y
22.27%
CURRENT VS TTM AVG
+4.11%
CURRENT VS 3Y AVG
-21.64%
CURRENT VS 5Y AVG
+11.96%
CURRENT VS 10Y AVG
-11.64%
CURRENT VS 15Y AVG
-8.19%
CURRENT VS 20Y AVG
+7.96%
FCF Payout Ratio TTM
24.0%
Earnings Payout Ratio
25.1%
Dividend Yield
2.66%
FCF Yield
11.15%
| Year | Free Cash Flow | Dividends Paid | FCF Payout Ratio |
|---|---|---|---|
| 2025 | $1.78B | $360.00M | 20.2% |
| 2024 | $769.00M | $353.00M | 45.9% |
| 2023 | $772.00M | $308.00M | 39.9% |
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 |
|---|---|
| 2026-03-31 | 24.04% |
| 2025-12-31 | 20.24% |
| 2025-09-30 | 19.13% |
| 2025-06-30 | 22.40% |
| 2025-03-31 | 29.65% |
| 2024-12-31 | 45.67% |
| 2024-09-30 | 37.92% |
| 2024-06-30 | 58.47% |
| 2024-03-31 | 36.08% |
| 2023-12-31 | 38.69% |
| 2023-09-30 | 27.93% |
| 2023-06-30 | 25.27% |
| 2023-03-31 | 13.31% |
| 2022-12-31 | 8.13% |
| 2022-09-30 | 6.42% |
| 2022-06-30 | 4.79% |
| 2022-03-31 | 4.88% |
| 2021-12-31 | 4.11% |
| 2021-09-30 | 4.39% |
| 2021-06-30 | 5.82% |
| 2021-03-31 | 13.58% |
| 2020-12-31 | 169.77% |
| 2020-03-31 | 264.79% |
| 2017-09-30 | 408.60% |
| 2017-06-30 | 72.66% |
| 2017-03-31 | 50.60% |
| 2016-12-31 | 78.79% |
| 2012-09-30 | 84.07% |
| 2012-06-30 | 14.33% |
| 2012-03-31 | 11.66% |
| 2011-12-31 | 10.64% |
| 2011-09-30 | 12.82% |
| 2011-06-30 | 12.66% |
| 2011-03-31 | 12.57% |
| 2010-12-31 | 12.54% |
| 2010-09-30 | 8.19% |
| 2010-06-30 | 8.60% |
| 2010-03-31 | 17.41% |
| 2009-12-31 | 35.20% |
| 2008-12-31 | 21.91% |
| 2008-09-30 | 10.63% |
| 2008-06-30 | 13.39% |
| 2008-03-31 | 15.10% |
| 2007-12-31 | 23.40% |
| 2007-03-31 | 74.38% |
| 2006-12-31 | 89.27% |
| 2006-09-30 | 19.90% |
| 2006-06-30 | 14.55% |
| 2006-03-31 | 33.41% |
| 2005-12-31 | 19.04% |
| 2005-09-30 | 19.74% |
| 2005-06-30 | 17.23% |
| 2005-03-31 | 15.21% |
| 2004-12-31 | 11.66% |
| 2004-09-30 | 10.65% |
| 2004-06-30 | 8.94% |
| 2004-03-31 | 6.91% |
| 2003-12-31 | 6.56% |
| 2003-09-30 | 6.49% |
| 2003-06-30 | 10.34% |
| 2003-03-31 | 11.99% |
| 2022 |
| $2.54B |
| $207.00M |
| 8.1% |
| 2021 | $2.39B | $52.00M | 2.2% |
| 2020 | $114.00M | $146.00M | 128.1% |
| 2019 | ($94.00M) | $376.00M | N/A (Loss) |
| 2018 | ($127.00M) | $382.00M | N/A (Loss) |
| 2017 | ($332.00M) | $380.00M | N/A (Loss) |
| 2016 | $481.00M | $379.00M | 78.8% |
| 2015 | ($2.14B) | $377.00M | N/A (Loss) |
| 2014 | ($3.01B) | $365.00M | N/A (Loss) |
| 2013 | $279.00M | $360.00M | 129.0% |
| 2012 | ($960.00M) | $332.00M | N/A (Loss) |
| 2011 | $2.88B | $306.00M | 10.6% |
| 2010 | $1.80B | $226.00M | 12.5% |
| 2009 | $592.54M | $208.60M | 35.2% |
| 2008 | $1.09B | $239.36M | 21.9% |
| 2007 | $875.09M | $204.75M | 23.4% |
| 2006 | $172.68M | $154.14M | 89.3% |
| 2005 | $616.41M | $117.39M | 19.0% |
| 2004 | $775.03M | $90.37M | 11.7% |
| 2003 | $1.11B | $72.83M | 6.6% |
| 2002 | $343.35M | $68.88M | 20.1% |
| 2001 | $409.95M | $54.49M | 13.3% |
| 2000 | $518.86M | $52.95M | 10.2% |
| 1999 | $46.88M | $42.30M | 90.2% |
| 1998 | ($228.00M) | $28.20M | N/A (Loss) |
| 1997 | ($8.10M) | $25.30M | N/A (Loss) |
| 1996 | ($151.60M) | $23.40M | 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.
